Company Registration No. 03670240 (England and Wales)
PORT OF CREEKSEA LIMITED
(FORMERLY BALTIC DISTRIBUTION LIMITED)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PAGES FOR FILING WITH REGISTRAR
PORT OF CREEKSEA LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 10
PORT OF CREEKSEA LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 1 -
2025
2024
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
4
10,797
10,500
Tangible assets
5
2,448,675
2,587,808
2,459,472
2,598,308
Current assets
Stocks
10,386
5,194
Debtors
6
672,208
710,057
Cash at bank and in hand
500
500
683,094
715,751
Creditors: amounts falling due within one year
7
(6,445,598)
(5,999,919)
Net current liabilities
(5,762,504)
(5,284,168)
Total assets less current liabilities
(3,303,032)
(2,685,860)
Provisions for liabilities
Deferred tax liability
8
-
0
(24,951)
Net liabilities
(3,303,032)
(2,710,811)
Capital and reserves
Called up share capital
10
25,000
25,000
Profit and loss reserves
(3,328,032)
(2,735,811)
Total equity
(3,303,032)
(2,710,811)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 30 June 2026 and are signed on its behalf by:
P A Marklund
Director
Company Registration No. 03670240
PORT OF CREEKSEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
1
Accounting policies
Company information

Port of Creeksea Limited is a private company limited by shares incorporated in England and Wales. The registered office and principal place of business is Baltic Wharf, Wallasea Island, Rochford, Essex, SS4 2HA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true

Despite the company incurring a loss of £592,211 during the year ended 31 December 202 5 and, as of that date, current liabilities exceeding total assets by £3,303,032, the directors have received assurances that the support already given by the intermediate parent, Bergs Timber AB, of £6,217,814 (note 7) will remain in place for at least twelve months from the date of approval of these financial statements.

As a consequence of these factors and other evidence available to the directors in respect of the company's trading prospects, the directors are satisfied that the company has sufficient resources to meet its liabilities as they fall due for a period of at least twelve months from the date of signing of these financial statements. Accordingly, the financial statements are prepared on a going concern basis and do not include any adjustments which would be necessary if this basis of preparation was inappropriate.

1.3
Turnover

Turnover represents the net invoiced value of services net of VAT and trade discounts, except for site storage and similar facilities, which is recognised in the period to which it relates. Invoices for other services are rendered once the service obligations have been undertaken.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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

Website
20% straight line
PORT OF CREEKSEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 3 -
1.5
Tangible fixed assets

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

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

Leasehold improvements
10% straight line, 10% residual value
Plant and machinery
10-25% straight line, 10% residual value
Computer equipment
33.3% straight line, 10% residual value

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

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition, calculated on a first in first out (FIFO) basis.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company applies the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments, which are classified as basic.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end date.

Classification of 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 deducting all of its liabilities.

PORT OF CREEKSEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

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

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax able profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

PORT OF CREEKSEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 5 -
1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account on a straight line basis.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
17,000
16,000
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was 33 (2024: 30).

PORT OF CREEKSEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -
4
Intangible fixed assets
Website
£
Cost
At 1 January 2025
10,500
Additions
2,497
Disposals
(2,200)
At 31 December 2025
10,797
Amortisation and impairment
At 1 January 2025 and 31 December 2025
-
0
Carrying amount
At 31 December 2025
10,797
At 31 December 2024
10,500
5
Tangible fixed assets
Leasehold improvements
Plant and machinery
Computer equipment
Total
£
£
£
£
Cost
At 1 January 2025
3,356,159
1,261,922
33,296
4,651,377
Additions
426,729
25,226
981
452,936
Disposals
-
0
(152,591)
-
0
(152,591)
At 31 December 2025
3,782,888
1,134,557
34,277
4,951,722
Depreciation and impairment
At 1 January 2025
1,172,972
866,551
24,046
2,063,569
Depreciation charged in the year
350,273
188,768
7,030
546,071
Eliminated in respect of disposals
-
0
(106,593)
-
0
(106,593)
At 31 December 2025
1,523,245
948,726
31,076
2,503,047
Carrying amount
At 31 December 2025
2,259,643
185,831
3,201
2,448,675
At 31 December 2024
2,183,187
395,371
9,250
2,587,808
PORT OF CREEKSEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
6
Debtors: amounts falling due within one year
2025
2024
£
£
Trade debtors
551,850
547,450
Amounts due from group undertakings
68,707
23,535
Other debtors
51,651
139,072
672,208
710,057
7
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
95,906
127,122
Amounts due to group undertakings
6,219,314
5,672,078
Other taxation and social security
45,713
34,688
Other creditors
84,665
166,031
6,445,598
5,999,919

8
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
-
25,572
Short term timing differences
-
(621)
-
24,951
2025
Movements in the year:
£
Liability at 1 January 2025
24,951
Credit to profit or loss
(24,951)
Liability at 31 December 2025
-

The deferred tax liability is calculated at a rate of 25% (2024: 25%), being the rate substantively enacted by the Finance Bill 24 May 2021.

PORT OF CREEKSEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
9
Retirement benefit schemes

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Contributions totalling £5,960 (2024: £6,766) were payable to the fund at the balance sheet date and are included within other creditors.

10
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
25,000
25,000
25,000
25,000
11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its loss for the year then ended;

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

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

Senior Statutory Auditor:
Daniel Graves BA(Hons) FCA
Statutory Auditor:
Azets Audit Services
Date of audit report:
6 July 2026
12
Financial commitments, guarantees and contingent liabilities

In February 2025, all of Bergs Timber AB's bank loans were amortised. Bergs Timber AB then retained a revolving credit facility with Danske Bank A/S and AB Svensk Exportkredit (SEK) of SEK 200 million, which was not utilszed during the year and which was terminated in December 2025. In addition to this credit facility, Bergs Timber AB and its subidiaries had an overdraft facility with Danske Bank A/S of SEK 50 million.

In March 2026, the parent company took out a long-term loan from Danske Bank A/S of SEK 200 million for its long-term financing. The loan has a term of three years with the possibility of extension for a further two years. In addition, the overdraft facility with Danske Bank was increased to SEK 100 million from 1 January 2026. The loan agreement contains, in addition to customary financial covenant undertakings, restrictions regarding the pledging of assets, the taking out of loans or the provision of guarantees, the sale or transfer of assets, acquisitions, and the merging or consolidation of operations with another company; however there are no specific Group securities/guarantees for the UK Group entities in relation to this refinancing loan.

PORT OF CREEKSEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
13
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
Total commitments
1,062,396
55,188
14
Related party transactions

Bergs Timber AB prepares group financial statements and copies can be obtained from Bergs väg 13, SE-570 84, Mörlunda, Sweden. Accordingly the company has taken advantage of the exemptions available in paragraph 33.1A of FRS102 not to make disclosures concerning group related party transactions.

The balances due from and to group undertakings are disclosed in notes 6 and 7.

15
Parent company

The immediate parent company is Bergs UK Holdings Limited (formerly Continental Wood Limited), a company registered in England, and the intermediate parent company is Bergs Timber AB, a company registered in Sweden.

The ultimate parent company is Norvik hf., a company registered in Iceland. Norvik hf forms the smallest and largest group for which group accounts are prepared and of which the company is a member. The registered office of Norvik hf. is Vallakor 4, 203 Koubavogira (Kopavogur), Iceland.

16
Change of company name

On 11 March 2026, the company changed name from Baltic Distribution Limited to Port of Creeksea Limited.

17
Prior period adjustment

Following a review of rates accruals, management consider that a prior year adjustment is appropriate and hence an adjustment that has de creased opening retained profits by £88,904 has been reflected in these financial statements.

Changes to the balance sheet
As previously reported
Adjustment at 1 Jan 2024
Adjustment at 31 Dec 2024
As restated at 31 Dec 2024
£
£
£
£
Creditors due within one year
Other creditors
(5,876,327)
(31,665)
(57,239)
(5,965,231)
Capital and reserves
Profit and loss reserves
(2,646,907)
(31,665)
(57,239)
(2,735,811)
PORT OF CREEKSEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
17
Prior period adjustment
(Continued)
- 10 -
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 December 2024
£
£
£
Administrative expenses
(2,185,246)
(57,239)
(2,242,485)
Loss for the financial period
(436,009)
(57,239)
(493,248)
2025-12-31 2025-01-01 false false false 06 July 2026 CCH Software CCH Accounts Production 2026.100 No description of principal activity P A Marklund P O Nilsson N A Pannell D M Atkins 03670240 2025-01-01 2025-12-31 03670240 2025-12-31 03670240 2024-12-31 03670240 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2025-12-31 03670240 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2024-12-31 03670240 core:PlantMachinery 2025-12-31 03670240 core:ComputerEquipment 2025-12-31 03670240 core:LandBuildings 2024-12-31 03670240 core:PlantMachinery 2024-12-31 03670240 core:ComputerEquipment 2024-12-31 03670240 core:CurrentFinancialInstruments core:WithinOneYear 2025-12-31 03670240 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 03670240 core:ShareCapital 2025-12-31 03670240 core:ShareCapital 2024-12-31 03670240 core:RetainedEarningsAccumulatedLosses 2025-12-31 03670240 core:RetainedEarningsAccumulatedLosses 2024-12-31 03670240 core:ShareCapitalOrdinaryShareClass1 2025-12-31 03670240 core:ShareCapitalOrdinaryShareClass1 2024-12-31 03670240 bus:Director1 2025-01-01 2025-12-31 03670240 core:IntangibleAssetsOtherThanGoodwill 2025-01-01 2025-12-31 03670240 core:LandBuildings core:LeasedAssetsHeldAsLessee 2025-01-01 2025-12-31 03670240 core:PlantMachinery 2025-01-01 2025-12-31 03670240 core:ComputerEquipment 2025-01-01 2025-12-31 03670240 2024-01-01 2024-12-31 03670240 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2024-12-31 03670240 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2025-01-01 2025-12-31 03670240 core:LandBuildings core:LeasedAssetsHeldAsLessee 2024-12-31 03670240 core:PlantMachinery 2024-12-31 03670240 core:ComputerEquipment 2024-12-31 03670240 2024-12-31 03670240 core:LandBuildings core:LeasedAssetsHeldAsLessee 2025-12-31 03670240 core:CurrentFinancialInstruments 2025-12-31 03670240 core:CurrentFinancialInstruments 2024-12-31 03670240 bus:OrdinaryShareClass1 2025-01-01 2025-12-31 03670240 bus:OrdinaryShareClass1 2025-12-31 03670240 bus:OrdinaryShareClass1 2024-12-31 03670240 core:ContinuingOperations 2024-01-01 2024-12-31 03670240 bus:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 03670240 bus:FRS102 2025-01-01 2025-12-31 03670240 bus:Audited 2025-01-01 2025-12-31 03670240 bus:Director2 2025-01-01 2025-12-31 03670240 bus:Director3 2025-01-01 2025-12-31 03670240 bus:Director4 2025-01-01 2025-12-31 03670240 bus:SmallCompaniesRegimeForAccounts 2025-01-01 2025-12-31 03670240 bus:FullAccounts 2025-01-01 2025-12-31 xbrli:pure xbrli:shares iso4217:GBP