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Registration number: 06197455

Stanton Logistics Limited

Annual Report and Financial Statements

for the Year Ended 31 March 2023

 

Stanton Logistics Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 7

Profit and Loss Account

8

Balance Sheet

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11 to 22

 

Stanton Logistics Limited

Company Information

Directors

Mr Christopher Allender

Mr Christopher McGinley

Mr Sean Wilson

Company secretary

Mr Christopher Allender

Registered office

Stanton Building
Colliery Lane
Thurnscoe
Rotherham
S63 0JF

Auditor

GBAC Ltd
Old Linen Court
83-85 Shambles Street
Barnsley
South Yorkshire
S70 2SB

 

Stanton Logistics Limited

Strategic Report for the Year Ended 31 March 2023

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

Principal activity

The principal activity of the company is hiring out commercial vehicles and drivers.

Fair review of the business

The Sales received an increase of 7% on the previous year, Gross profit was up on the previous year by 9%, and the resultant profit before tax has a decreased by 9% on the previous year.

The directors are suitably pleased with the results and the direction the business has been following which has beaten internal budgets and exceeded expectations.

Principal risks and uncertainties

There are a number of risks and uncertainties that affect the operational activities, continued increasing bank of England base interest rates are adding an extra financial load to the industry in general. The Ukraine war continues and is also contributing to variability with fuel prices. The rising cost of living are also a concern and appear to be having a negative effect on the economy


Key Performance Indicators

We rely on the below key performance indicators along with a number of internal KPI's including cash flow management, sales growth, weekly P&L, monthly internal management accounts and more.
 

2023
£

2022
£

Difference
£

%

Sales

17,203,861

16,111,319

1,092,542

7

Gross Profit

3,018,237

2,774,045

244,192

9

Operating Profit

847,868

814,273

33,595

4

Profit Before Tax

671,194

735,740

(64,546)

(9)

Approved and authorised by the Board on 15 November 2023 and signed on its behalf by:
 

.........................................
Mr Christopher Allender
Company secretary and director

 

Stanton Logistics Limited

Directors' Report for the Year Ended 31 March 2023

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

Directors of the company

The directors who held office during the year were as follows:

Mr Christopher Allender - Company secretary and director

Mr Christopher McGinley

Mr Sean Wilson

Information included in the Strategic Report

The result for the year are set out on page 8. The profit for the year after taxation was £631,469. The dividends paid during the year totalled £608,920.

Future developments

The directors are confident that the company will continue to increase turnover and profitability in the future period.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor are unaware.

Auditor
The auditor, GBAC Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Approved and authorised by the Board on 15 November 2023 and signed on its behalf by:
 

.........................................
Mr Christopher Allender
Company secretary and director

 

Stanton Logistics Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities 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:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and 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.

 

Stanton Logistics Limited

Independent Auditor's Report to the Members of Stanton Logistics Limited

Opinion

We have audited the financial statements of Stanton Logistics Limited (the 'company') for the year ended 31 March 2023 which comprise the income statement, the statement of financial position, the statement of changes in equity 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:

give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor 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 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 company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 auditors' report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
 

We have nothing to report in this regard.

 

Stanton Logistics Limited

Independent Auditor's Report to the Members of Stanton Logistics Limited

Opinion on other matter prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

In the light of our 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 where the Companies Act 2006 requires us to report to you if, in our opinion:

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

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

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

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

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

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.

 

Stanton Logistics Limited

Independent Auditor's Report to the Members of Stanton Logistics Limited

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 obtained an understanding of the company and the sector in which it operates to identify laws and regulations that could reasonably be expected to have a direct effect on the financial statements. We obtained our understanding in this regard through discussions with management, application of cumulative audit knowledge and experience of the sector.

We determined the principal laws and regulations relevant to the company in this regard to be those arising from the Companies Act 2006, Local tax laws and regulations, Anti Money Laundering Legislation, Bribery Act 2010, Road Vehicles (Authorised Weight) Regulations 1998 and Road Traffic Act 1988.

We designed our audit procedures to ensure the audit team considered whether there were any indications of non-compliance by the company with those laws and regulations. These procedures included, but were not limited to; a review of general ledger transactions and discussions with management.

We also identified the risks of material misstatement of the financial statements due to fraud. We considered, in addition to the non-rebuttable presumption of a risk of fraud arising from management override of controls, including the potential for management bias identified in relation to the provisions and estimates and we addressed this by challenging the assumptions and judgements made by management when auditing that significant accounting estimate.

As in all of our audits, we addressed the risk of fraud arising from management override of controls by performing audit procedures which included, but were not limited to: the testing of journals; reviewing accounting estimates for evidence of bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

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

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.

......................................
Emma Dawson (Senior Statutory Auditor)
For and on behalf of GBAC Ltd, Statutory Auditor

Old Linen Court
83-85 Shambles Street
Barnsley
South Yorkshire
S70 2SB

15 November 2023

 

Stanton Logistics Limited

Profit and Loss Account for the Year Ended 31 March 2023

Note

2023
£

2022
£

Turnover

3

17,203,861

16,111,319

Cost of sales

 

(14,185,624)

(13,337,274)

Gross profit

 

3,018,237

2,774,045

Administrative expenses

 

(2,170,455)

(1,968,341)

Other operating income

4

86

8,569

Operating profit

6

847,868

814,273

Other interest receivable and similar income

7

8

2,203

Interest payable and similar expenses

8

(176,682)

(80,736)

   

(176,674)

(78,533)

Profit before tax

 

671,194

735,740

Tax on profit

12

(43,625)

(207,365)

Profit for the financial year

 

627,569

528,375

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Stanton Logistics Limited

(Registration number: 06197455)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

13

3,163,684

2,186,818

Other financial assets

14

25,000

25,000

 

3,188,684

2,211,818

Current assets

 

Debtors

15

3,218,648

3,427,393

Cash at bank and in hand

16

684,910

804,352

 

3,903,558

4,231,745

Creditors: Amounts falling due within one year

17

(4,192,587)

(4,218,503)

Net current (liabilities)/assets

 

(289,029)

13,242

Total assets less current liabilities

 

2,899,655

2,225,060

Creditors: Amounts falling due after more than one year

17

(1,976,516)

(1,364,195)

Provisions for liabilities

18

(476,218)

(432,593)

Net assets

 

446,921

428,272

Capital and reserves

 

Called up share capital

20

210

210

Retained earnings

446,711

428,062

Shareholders' funds

 

446,921

428,272

Approved and authorised by the Board on 15 November 2023 and signed on its behalf by:
 

.........................................
Mr Christopher Allender
Company secretary and director

 

Stanton Logistics Limited

Statement of Changes in Equity for the Year Ended 31 March 2023

Share capital
£

Retained earnings
£

Total
£

At 1 April 2022

210

428,062

428,272

Profit for the year

-

627,569

627,569

Dividends

-

(608,920)

(608,920)

At 31 March 2023

210

446,711

446,921

Share capital
£

Retained earnings
£

Total
£

At 1 April 2021

210

417,546

417,756

Profit for the year

-

528,375

528,375

Dividends

-

(517,859)

(517,859)

At 31 March 2022

210

428,062

428,272

 

Stanton Logistics Limited

Notes to the Financial Statements for the Year Ended 31 March 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:
Stanton Building
Colliery Lane
Thurnscoe
Rotherham
S63 0JF

These financial statements were authorised for issue by the Board on 15 November 2023.

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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland 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.

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 avaliable 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 therfore taken advantage of exemptions from the following disclosure requirements:

- section 7 'Statement of cash flows': Presentation of a statement of cash flow and related notes and disclosures.

The financial statements of the company are consolidated in the financial statements of 2 AM Management Company Limited. These consolidated financial statements are available from its registered office or can be obtained from Companies House.

The currency is £ rounded to the nearest pound.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

 

Stanton Logistics Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Government grants

Grants received in relation to the governments's Coronovirus Job Retention Scheme have been recognised within other operating income. The grant is accounted for on the accruals basis once the related payroll return has been submitted.

Tax

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

The tax currently payable is based on the taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 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 the 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 the other assets and liabilities in a transaction that affects neither the tax profit not 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 income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax ia also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset cureent tax assets and libilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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

Vehicle cameras

2 years straight line

Plant and equipment

2 years straight line

Motor vehicles

5 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

 

Stanton Logistics Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

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.

Dividends

Dividend distribution to the company’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 company 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.

 

Stanton Logistics Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Employee benefits

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

The cost of any unused holiday entitlement is recogined 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.

 

Stanton Logistics Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

3

Revenue

The analysis of the company's turnover for the year by market is as follows:

2023
 £

2022
 £

UK

17,203,861

16,111,319

The analysis of the company's turnover for the year by class of business is as follows:

2023
 £

2022
 £

General Haulage

9,299,267

9,190,955

Groupage

4,439,761

4,676,248

Newton Aycliffe

3,464,833

2,244,116

Total sales

17,203,861

16,111,319

4

Other operating income

The analysis of the company's other operating income for the year is as follows:

2023
 £

2022
 £

Government grants

-

8,262

Miscellaneous other operating income

86

307

86

8,569

5

Other gains and losses

The analysis of the company's other gains and losses for the year is as follows:

2023
 £

2022
 £

Gain/loss on disposal of property, plant and equipment

38,676

72,558

 

Stanton Logistics Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

6

Operating profit

Arrived at after charging/(crediting)

2023
 £

2022
 £

Depreciation expense

777,390

621,613

Profit on disposal of property, plant and equipment

(38,676)

(72,558)

Auditors remuneration

8,500

8,685

7

Other interest receivable and similar income

2023
 £

2022
 £

Interest income on bank deposits

8

6

Dividend income

-

2,197

8

2,203

8

Interest payable and similar expenses

2023
 £

2022
 £

Interest on obligations under finance leases and hire purchase contracts

75,415

36,670

Interest expense on other finance liabilities

8,031

165

Other finance costs

93,236

43,901

176,682

80,736

9

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023
 £

2022
 £

Wages and salaries

5,518,504

4,778,781

Social security costs

556,461

479,344

Other short-term employee benefits

417

418

Pension costs, defined contribution scheme

124,489

76,623

Other employee expense

11,176

34,417

6,211,047

5,369,583

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

 

Stanton Logistics Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

2023
No.

2022
No.

Administration and support

20

19

Distribution

146

125

166

144

10

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
 £

2022
 £

Remuneration

12,570

13,087

11

Auditors' remuneration

2023
 £

2022
 £

Audit of the financial statements

8,500

8,685


 

12

Taxation

Tax charged/(credited) in the profit and loss account

2023
£

2022
£

Deferred taxation

Arising from origination and reversal of timing differences

43,625

207,365

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2022 - the same as the standard rate of corporation tax in the UK) of 19% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit before tax

671,194

735,740

Corporation tax at standard rate

127,526

139,791

Other tax effects for reconciliation between accounting profit and tax expense (income)

(83,901)

67,574

Total tax charge

43,625

207,365

The future taxable losses carried forward are £1,099,702.56

 

Stanton Logistics Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

13

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

108,997

3,235,707

102,118

3,446,822

Additions

10,331

1,896,303

13,347

1,919,981

Disposals

-

(430,410)

-

(430,410)

At 31 March 2023

119,328

4,701,600

115,465

4,936,393

Depreciation

At 1 April 2022

86,371

1,101,234

72,399

1,260,004

Charge for the year

23,795

726,381

27,214

777,390

Eliminated on disposal

-

(264,685)

-

(264,685)

At 31 March 2023

110,166

1,562,930

99,613

1,772,709

Carrying amount

At 31 March 2023

9,162

3,138,670

15,852

3,163,684

At 31 March 2022

22,626

2,134,473

29,719

2,186,818

Assets held under finance leases and hire purchase contracts

The depreciation charged during the year was £642,173 (2022: £459,760).

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

 

2023
£

2022
£

Plant & Machinery

2,975,244

1,961,989

     
 

Stanton Logistics Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

14

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2022

25,000

25,000

At 31 March 2023

25,000

25,000

Impairment

Carrying amount

At 31 March 2023

25,000

25,000

The £25,000 asset relates to 5 £1 shares in Pall-Ex Investments Ltd with a subscription value of £5,000 each.

15

Debtors

Current

2023
£

2022
£

Trade debtors

2,359,106

2,639,790

Other debtors

25,000

88,683

Prepayments

408,503

327,524

Accrued income

426,039

371,396

 

3,218,648

3,427,393

The carrying amount of trade debtors pledged as security for liabilities amounted to £1,374,130 (2022 - £1,779,739).

 

16

Cash and cash equivalents

2023
 £

2022
 £

Cash at bank

684,910

804,352

 

Stanton Logistics Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

17

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

21

2,174,293

2,336,231

Trade creditors

 

829,319

1,067,199

Amounts due to related parties

23

248,768

24,944

Social security and other taxes

 

619,811

410,268

Outstanding defined contribution pension costs

 

7,650

2,697

Other payables

 

257

32

Accrued expenses

 

312,489

377,132

 

4,192,587

4,218,503

Due after one year

 

Loans and borrowings

21

1,976,516

1,364,195

18

Provisions for liabilities

Deferred tax
£

Total
£

At 1 April 2022

432,593

432,593

Increase (decrease) in existing provisions

43,625

43,625

At 31 March 2023

476,218

476,218

19

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £124,489 (2022 - £76,623).

Contributions totalling £7,650 (2022 - £2,697) were payable to the scheme at the end of the year and are included in creditors.

 

Stanton Logistics Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

20

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

200

200

200

200

Ordinary A of £1 each

10

10

10

10

 

210

210

210

210

21

Loans and borrowings

2023
 £

2022
 £

Non-current loans and borrowings

HP and finance lease liabilities

1,976,516

1,364,195

2023
 £

2022
 £

Current loans and borrowings

HP and finance lease liabilities

827,163

556,492

Other borrowings

1,347,130

1,779,739

2,174,293

2,336,231

The finance leases are secured against the assets to which they relate.

Other borrowings

Advances against invoices are secured by a first charge over trade debtors, a personal guarantee of £25,000 from each director and a cross guarantee with 2AM Management Company Ltd.

 

Stanton Logistics Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

22

Commitments

Capital commitments

The total amount contracted for but not provided in the financial statements was £Nil (2022 - £124,015).

23

Related party transactions

Summary of transactions with parent

2AM Management Company Limited owns 95.2% of Stanton Logistics Ltd.
 During the year management charges of £462,072 (2022: £352,207) were paid to 2AM Management Company Limited.
The balance owing to 2AM Management Company Limited at the year end was £240,000 (2022: £0).

 

Summary of transactions with other related parties

2AM Management Company Ltd owns 91.6% of Talstaff Ltd.


 During the year Stanton Logistics Limited made purchases from Talstaff Limited of £505,825 (2022: £626,445).
The amount due to Talstaff Limited at the year end was £8,768 (2022: £24,944).

 The key management personnel are Mr C McGinley & Mr C Allender.

During the year the group paid £20,000 (2022: £20,000) in sponsorship to McAllen Racing Ltd, a company in which Mr C McGinley and Mr C Allender are Directors. There was no balance outstanding at the year end (2022: £nil).

24

Parent Company

The company's immediate parent is 2 AM Management Company Ltd, incorporated in England and Wales.

 

The address of is:
Fields End Business Park
Thurnscoe
Rotherham
South Yorkshire
S63 0JF