VLT Logistics Limited 04340150 false 2022-02-01 2023-01-31 2023-01-31 The principal activity of the company is Freight transport by road Digita Accounts Production Advanced 6.30.9574.0 true true 04340150 2022-02-01 2023-01-31 04340150 2023-01-31 04340150 bus:OrdinaryShareClass1 2023-01-31 04340150 core:RetainedEarningsAccumulatedLosses 2023-01-31 04340150 core:ShareCapital 2023-01-31 04340150 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 04340150 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 04340150 core:LandBuildings 2023-01-31 04340150 core:MotorVehicles 2023-01-31 04340150 core:OtherPropertyPlantEquipment 2023-01-31 04340150 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-01-31 04340150 bus:SmallEntities 2022-02-01 2023-01-31 04340150 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 04340150 bus:FullAccounts 2022-02-01 2023-01-31 04340150 bus:SmallCompaniesRegimeForAccounts 2022-02-01 2023-01-31 04340150 bus:RegisteredOffice 2022-02-01 2023-01-31 04340150 bus:Director1 2022-02-01 2023-01-31 04340150 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 04340150 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 04340150 core:CommercialMotorVehicles 2022-02-01 2023-01-31 04340150 core:LandBuildings 2022-02-01 2023-01-31 04340150 core:LeaseholdImprovements 2022-02-01 2023-01-31 04340150 core:MotorVehicles 2022-02-01 2023-01-31 04340150 core:OtherPropertyPlantEquipment 2022-02-01 2023-01-31 04340150 core:PlantMachinery 2022-02-01 2023-01-31 04340150 1 2022-02-01 2023-01-31 04340150 countries:EnglandWales 2022-02-01 2023-01-31 04340150 2022-01-31 04340150 core:LandBuildings 2022-01-31 04340150 core:MotorVehicles 2022-01-31 04340150 core:OtherPropertyPlantEquipment 2022-01-31 04340150 2021-02-01 2022-01-31 04340150 2022-01-31 04340150 bus:OrdinaryShareClass1 2022-01-31 04340150 core:RetainedEarningsAccumulatedLosses 2022-01-31 04340150 core:ShareCapital 2022-01-31 04340150 core:CurrentFinancialInstruments core:WithinOneYear 2022-01-31 04340150 core:Non-currentFinancialInstruments core:AfterOneYear 2022-01-31 04340150 core:LandBuildings 2022-01-31 04340150 core:MotorVehicles 2022-01-31 04340150 core:OtherPropertyPlantEquipment 2022-01-31 04340150 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-01-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 04340150

VLT Logistics Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2023

 

VLT Logistics Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

VLT Logistics Limited

(Registration number: 04340150)
Balance Sheet as at 31 January 2023

Note

2023

2022

   

£

£

£

£

Fixed assets

   

 

Tangible assets

5

 

3,254,983

 

2,144,725

Current assets

   

 

Debtors

6

1,765,840

 

1,425,332

 

Cash at bank and in hand

 

1,894,134

 

1,507,329

 

 

3,659,974

 

2,932,661

 

Creditors: Amounts falling due within one year

7

(2,160,986)

 

(1,705,217)

 

Net current assets

   

1,498,988

 

1,227,444

Total assets less current liabilities

   

4,753,971

 

3,372,169

Creditors: Amounts falling due after more than one year

7

 

(1,329,465)

 

(1,426,765)

Provisions for liabilities

 

(735,000)

 

(352,000)

Net assets

   

2,689,506

 

1,593,404

Capital and reserves

   

 

Called up share capital

8

2

 

2

 

Profit and loss account

2,689,504

 

1,593,402

 

Total equity

   

2,689,506

 

1,593,404

For the financial year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

VLT Logistics Limited

(Registration number: 04340150)
Balance Sheet as at 31 January 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 July 2023 and signed on its behalf by:

.........................................

A D Land

Director

 

VLT Logistics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 8, Leeds Bradford Airport Estate
Harrogate Road
Yeadon
Leeds
LS19 7WP

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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' including the disclosure and presentation requirements of Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company's functional and presentation currency is pound sterling.

Summary of disclosure exemptions

The company has taken advantage of the exemption under Financial Reporting Standard 102 Section 1AC.35 from disclosing transactions and balances with fellow group undertakings that are wholly owned.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

The company recognises revenue when the amount of revenue can be measured reliably and it is probable that future economic benefits will flow to the entity.

Tax

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

The current corporation 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 taxable income.

 

VLT Logistics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance basis

Plant and machinery

25% reducing balance basis

Leasehold improvements

10% straight line basis

Provisions

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

VLT Logistics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments


Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

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

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

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

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

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 58 (2022 - 50).

 

VLT Logistics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

4

Government grants

During the year the company has received grant income of £594 (2022 - £6,602) in respect of the Coronavirus Job Retention Scheme and £3,000 (2022 - £4,000) in respect of the Clean Air HGV Fund Grant.

5

Tangible assets

Land and buildings
£

Plant and machinery
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2022

-

378,579

4,328,579

4,707,158

Additions

227,212

763,890

881,335

1,872,437

Disposals

-

-

(277,811)

(277,811)

At 31 January 2023

227,212

1,142,469

4,932,103

6,301,784

Depreciation

At 1 February 2022

-

286,036

2,276,397

2,562,433

Charge for the year

8,756

130,776

590,743

730,275

Eliminated on disposal

-

-

(245,907)

(245,907)

At 31 January 2023

8,756

416,812

2,621,233

3,046,801

Carrying amount

At 31 January 2023

218,456

725,657

2,310,870

3,254,983

At 31 January 2022

-

92,543

2,052,182

2,144,725

Included within the net book value of land and buildings above is £218,456 (2022 - £Nil) in respect of short leasehold land and buildings.
 

6

Debtors

Current

2023
£

2022
£

Trade debtors

1,375,277

1,292,332

Prepayments

390,563

133,000

 

1,765,840

1,425,332

 

VLT Logistics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

7

Creditors

2023
£

2022
£

Due within one year

Loans and borrowings

826,705

571,624

Trade creditors

489,945

514,367

Amounts owed to group undertakings

9,902

25,502

Taxation and social security

288,785

141,908

Accruals and deferred income

529,819

444,670

Other creditors

15,830

7,146

2,160,986

1,705,217

Creditors include bank loans and net obligations under finance lease and hire purchase contracts which are secured of £587,366 (2022 - £511,088). The bank loan is secured by a fixed and floating charge over the assets of the company. The hire purchase contracts are secured against the assets to which they relate.

2023
£

2022
£

Due after one year

Loans and borrowings

1,322,715

1,417,765

Deferred income

6,750

9,000

1,329,465

1,426,765

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £1,322,715 (2022 - £1,198,321). The bank loan is secured by a fixed and floating charge over the assets of the company. The hire purchase contracts are secured against the assets to which they relate.

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

2

2

2

2

         
 

VLT Logistics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £11,135,041 (2022 - £255,058). The financial commitments are in in respect of operating leases.

10

Related party transactions

Expenditure with and payables to related parties

2023

£

Interest free directors loan account

30,480

2022

£

Interest free directors loan account

30,675

11

Parent and ultimate parent undertaking

The company's immediate parent is VLT Holdings Limited, incorporated in England & Wales. The registered address of VLT Holdings Limited is Unit 8, Leeds Bradford Airport Estate, Harrogate Road, Yeadon, Leeds, LS19 7WP.

 The ultimate parent is Vernon Land Transport Limited, incorporated in England & Wales.

  These financial statements are available upon request from Companies House, Crown Way, Cardiff.