Company registration number 04777033 (England and Wales)
ACUMEN LOGISTICS GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
ACUMEN LOGISTICS GROUP LIMITED
COMPANY INFORMATION
Directors
J M Doughty
C C C Doughty
S Brown
N Ashraf
(Appointed 4 April 2023)
Secretary
J M Doughty
Company number
04777033
Registered office
Acumen House
Park Circle
Tithe Barn Way
Swan Valley
Northampton
NN4 9BH
Auditor
Ashgates Corporate Services Limited
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG
ACUMEN LOGISTICS GROUP LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of income and retained earnings
7
Balance sheet
8
Notes to the financial statements
9 - 14
Non-statutory pages
ACUMEN LOGISTICS GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

The directors present the strategic report for the year ended 31 March 2023.

Review of the business

The results for the year are shown on page 9 of the financial statements.

 

The company is a non-trading holding company and therefore acts as an intermediary between the trading subsidiaries and the ultimate parent company.

 

An impairment of investments was made in the year in respect of 1 of the trading subsidiaries but this was in line with expectations. The subsidiaries in the group continue to perform well as recorded in the ultimate parent company's consolidated financial statements.

Approved by the board and signed on its behalf by
C C C Doughty
Director
10 November 2023
ACUMEN LOGISTICS GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -

The directors present their annual report and financial statements for the year ended 31 March 2023.

Principal activities

The principal activity of the company continued to be that of transportation services.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

J M Doughty
C C C Doughty
S Brown
N Ashraf
(Appointed 4 April 2023)
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Approved by the board and signed on its behalf by
C C C Doughty
Director
10 November 2023
ACUMEN LOGISTICS GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

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

ACUMEN LOGISTICS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ACUMEN LOGISTICS GROUP LIMITED
- 4 -
Opinion

We have audited the financial statements of Acumen Logistics Group Limited (the 'company') for the year ended 31 March 2023 which comprise the statement of income and retained earnings, the balance sheet and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

 

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

 

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

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

ACUMEN LOGISTICS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ACUMEN LOGISTICS GROUP LIMITED
- 5 -
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 and 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:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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.

Auditor's 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 auditor's 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.

We are not responsible for preventing irregularities. Our approach to detecting irregularities included, but was not limited to, the following:

• obtaining an understanding of the legal and regulatory framework applicable to the entity and how the entity is complying with that framework;

• obtaining an understanding of the entity's risk assessment process, including the risk of fraud;

• enquiring of management as to actual and potential fraud, litigation and claims;

• designing our audit procedures to respond to our risk assessment;

• assessing whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and

• performing analytical procedures to identify any large, unusual or unexpected relationships.

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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

ACUMEN LOGISTICS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ACUMEN LOGISTICS GROUP LIMITED
- 6 -

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 auditor's 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.

Gavin Robert Booth (Senior Statutory Auditor)
For and on behalf of Ashgates Corporate Services Limited,
Statutory Auditor
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG
10 November 2023
ACUMEN LOGISTICS GROUP LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
2023
2022
Notes
£
£
Impairment of investments
(900,000)
-
0
Interest receivable and similar income
4
1,130,714
230,714
Profit before taxation
230,714
230,714
Tax on profit
-
0
-
0
Profit for the financial year
230,714
230,714
Retained earnings brought forward
23,591
1,800,134
Dividends
(230,714)
(2,007,257)
Retained earnings carried forward
23,591
23,591

The profit and loss account has been prepared on the basis that all operations are continuing operations.

ACUMEN LOGISTICS GROUP LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
5
1,462,323
2,362,323
Current assets
Debtors
7
412,348
-
0
Creditors: amounts falling due within one year
8
(1,642,029)
(2,129,681)
Net current liabilities
(1,229,681)
(2,129,681)
Net assets
232,642
232,642
Capital and reserves
Called up share capital
9
1
1
Share premium account
209,050
209,050
Profit and loss reserves
23,591
23,591
Total equity
232,642
232,642
The financial statements were approved by the board of directors and authorised for issue on 10 November 2023 and are signed on its behalf by:
C C C Doughty
Director
Company Registration No. 04777033
ACUMEN LOGISTICS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
1
Accounting policies
Company information

Acumen Logistics Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is Acumen House, Park Circle, Tithe Barn Way, Swan Valley, Northampton, NN4 9BH.

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 amounts in these financial statements are rounded to the nearest £.

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

                        

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Acumen Logistics Group Holdings Limited. These consolidated financial statements are available upon request from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.

1.2
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.3
Financial instruments
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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

ACUMEN LOGISTICS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 10 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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.

Basic financial liabilities

Basic financial liabilities, including creditors, 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 payments 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. Amounts 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

ACUMEN LOGISTICS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 11 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2
Judgements 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.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Valuation of investments

Management considers whether its investment in subsidiaries are impaired on a regular basis. Where management believe an indication of impairment is identified and required, the determination of recoverable value requires estimation of future cash flows and selection of appropriate assumptions.

 

3
Employees

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

2023
2022
Number
Number
Total
3
3
4
Interest receivable and similar income
2023
2022
£
£
Interest receivable and similar income includes the following:
Income from shares in group undertakings
1,130,714
230,714
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1,462,323
2,362,323
ACUMEN LOGISTICS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
5
Fixed asset investments
(Continued)
- 12 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 April 2022 & 31 March 2023
2,362,323
Impairment
At 1 April 2022
-
Impairment losses
900,000
At 31 March 2023
900,000
Carrying amount
At 31 March 2023
1,462,323
At 31 March 2022
2,362,323
6
Subsidiaries

Details of the company's subsidiaries at 31 March 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
J&A Transporters Ltd
UK
Ordinary
90.00
Acumen Automotive Logistics Ltd
UK
Ordinary
100.00
Paradigm Fleet Services Ltd
UK
Ordinary
100.00
Acumen Distribution Ltd
UK
Ordinary
100.00
Acumen Automotive Ltd
UK
Ordinary
100.00
VAS Ltd
UK
Ordinary
100.00

Acumen Automotive Logistics Limited

The principal activity of Acumen Automotive Logistics Limited is that of vehicle transportation and deliveries.

 

Acumen Distribution Limited

The principal activity of Acumen Distribution Limited is that of transportation services.

 

J & A Transporters Limited

The principal activity of Acumen Distribution Limited is that of transportation services.

 

Paradigm Fleet Services Limited

The principal activity of Paradigm Fleet Services Limited is that of a transporter sale, retail of parts and related services.

 

Acumen Automotive Limited

The principal activity of Acumen Automotive Limited is that of a dormant company.

 

VAS Limited

The principal activity of VAS Limited is that of a dormant company.

ACUMEN LOGISTICS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 13 -
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
412,348
-
0
8
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
1,640,029
2,127,681
Other creditors
2,000
2,000
1,642,029
2,129,681
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
125
125
1
1
10
Reserves

Profit and loss reserve

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.

11
Financial commitments, guarantees and contingent liabilities

The company has entered into a cross guarantee arrangement with its bankers to secure the liabilities of related companies. The contingent liability as at 31 March 2023 is £868,305 (2022 - £1,489,678). The future outcome is dependent on the performance of the individual companies concerned. However the directors do not expect any liability to crystalise.

 

12
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

 

At the balance sheet date the amount due to related parties amounted to £1,200,000 (2022 - £1,200,000).

 

The company is a wholly-owned member of Acumen Logistics Group Limited and as such has taken advantage of the exemption permitted by Section 33 Related Party Disclosures, not to provide disclosures of transactions entered into with other wholly-owned members of the group.

 

ACUMEN LOGISTICS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 14 -
13
Parent company

The parent of the largest and smallest group in which these financial statements are consolidated is Acumen Logistics Group Holdings Limited, incorporated in England.

 

The address of Acumen Logistics Group Holdings Limited is:

Acumen House Park Circle, Tithe Barn Way, Swan Valley, Northampton, United Kingdom, NN4 9BH

 

These financial statements are available upon request from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.

 

The ultimate controlling party is C C C Doughty.

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