Company registration number SC514277 (Scotland)
STEDER GROUP (UK) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
31 December 2023
STEDER GROUP (UK) LIMITED
CONTENTS
Page
Company information
1
Strategic report
2 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 24
STEDER GROUP (UK) LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr S G Logan
Mr F H Speirs
Mr S J Ward
Company number
SC514277
Registered office
48 St. Vincent Street
Glasgow
United Kingdom
G2 5HS
Auditor
Consilium Audit Limited
169 West George Street
Glasgow
Scotland
G2 2LB
Business address
Unit 3, Sentinel Court
Atholl Avenue
Hillington
Glasgow
Scotland
G52 4UG
STEDER GROUP (UK) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

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

Review of the business

Turnover decreased by £7.8m during the year, to £30.9m.The decrease in turnover is reflective of sea freight rates returning to historical levels.

 

At the year end the company’s net current asset position had increased to £8.13m and the company’s net asset position had grown to £8.06m.

 

The directors take confidence from the diverse and successful customer base that the company works with and consider that maintenance of the company’s high level of customer service will enable the business to retain existing customers and continue to grow the customer base, while protecting trading margin.

Principal risks and uncertainties

Financial Risk Management

 

The company continuously monitors its working capital requirement to ensure that its cash position is not adversely affected. In addition, the company carries sufficient cash balances to provide adequate headroom during periods of significant uplift in trading activity.

 

Where possible, the company invoices customers in the same currency as costs are incurred, to provide a level of natural currency hedge. While the company does experience periods of foreign exchange gains and losses, the directors do not consider short term fluctuations in foreign currency rates to be of sufficient value as to be a material risk to the business. There are no long-term commitments that present a foreign currency risk to the business.

 

The directors consider that the financial controls in place are adequate for management of financial risks.

 

Competitive Risk Assessment

 

The company operates in an extremely competitive environment but the directors consider that through its significant customer base, very high level of customer service and diverse service offering, the business is well placed to continue growing profitably.

 

The company offers a full portfolio of services to connect global supply chains for a wide range of customers including air, sea, road, rail, customs clearance and warehouse provision, through a combination of in-house and outsourced provision. In addition, the global spread and connections of the company’s parent group, Neele Vat, continues to help the company offer additional service and options to customers.

Key performance indicators

The directors use a number of key performance indicators to measure departmental performance, changes in customer activity and retention, service levels, gross profit margin and EBITDA, along with other financial/departmental key performance indicators to monitor the company's development and performance throughout the year. The key performance indicators are in line with management expectations throughout the business.

Future prospects

The directors continue to be excited about the growth prospects for the company and, in particular, the significant referral potential across Neele Vat group.

 

The directors consider that the company is very well placed to make use of opportunities for further growth within its key target markets for the foreseeable future.

STEDER GROUP (UK) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

On behalf of the board

Mr S G Logan
Director
4 April 2024
STEDER GROUP (UK) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

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

Principal activities

The principal activity of the company in the year under review was that of a logistic service provider.

 

Review of Business

Turnover for the year ended 31 December 2023 was £30,865,098 (2022: £38,704,487) with a gross margin of 25.5% (2022: 21.3%).

 

The company generated an operating profit of £4,284,290 (2022: £4,807,329). As a result the Company's profit before taxation for the period was £4,306,515 (2022: £4,799,294) resulting in a net margin of 14.0% (2022: 12.4%)

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £1,694,362 (2022: £1,583,863). The directors do not recommend payment of a further dividend.

Directors

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

Mr S G Logan
Mr F H Speirs
Mr S J Ward
Auditor

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

Statement of directors' responsibilities

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.

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.

STEDER GROUP (UK) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
On behalf of the board
Mr S G Logan
Director
4 April 2024
STEDER GROUP (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF STEDER GROUP (UK) LIMITED
- 6 -
Opinion

We have audited the financial statements of Steder Group (UK) Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows 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 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 financial statements are authorised for issue.

 

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

Other information

The 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:

STEDER GROUP (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STEDER GROUP (UK) LIMITED
- 7 -
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 or 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.

 

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

 

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

 

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

STEDER GROUP (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STEDER GROUP (UK) LIMITED
- 8 -

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.

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.

Brian Thomson BA(Hons) CA
Senior Statutory Auditor
For and on behalf of Consilium Audit Limited
Statutory Auditor
169 West George Street
Glasgow
Scotland
G2 2LB
4 April 2024
STEDER GROUP (UK) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
Notes
£
£
Turnover
2
30,865,098
38,704,487
Cost of sales
(22,983,049)
(30,456,152)
Gross profit
7,882,049
8,248,335
Administrative expenses
(3,597,759)
(3,441,006)
Operating profit
3
4,284,290
4,807,329
Interest receivable and similar income
7
22,225
-
0
Interest payable and similar expenses
8
-
0
(8,035)
Profit before taxation
4,306,515
4,799,294
Tax on profit
9
(1,017,204)
(928,919)
Profit for the financial year
3,289,311
3,870,375

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

The notes on pages 13 to 24 form part of these financial statements.

STEDER GROUP (UK) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
335,449
381,919
Investments
12
1
1
335,450
381,920
Current assets
Debtors
13
5,986,102
6,631,114
Cash at bank and in hand
6,932,152
4,695,457
12,918,254
11,326,571
Creditors: amounts falling due within one year
14
(5,122,899)
(5,162,338)
Net current assets
7,795,355
6,164,233
Total assets less current liabilities
8,130,805
6,546,153
Provisions for liabilities
Deferred tax liability
15
74,699
84,996
(74,699)
(84,996)
Net assets
8,056,106
6,461,157
Capital and reserves
Called up share capital
17
1,000
1,000
Profit and loss reserves
8,055,106
6,460,157
Total equity
8,056,106
6,461,157

The notes on pages 13 to 24 form part of these financial statements.

The financial statements were approved by the board of directors and authorised for issue on 4 April 2024 and are signed on its behalf by:
Mr S G Logan
Director
Company Registration No. SC514277
STEDER GROUP (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
1,000
4,173,645
4,174,645
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
3,870,375
3,870,375
Dividends
10
-
(1,583,863)
(1,583,863)
Balance at 31 December 2022
1,000
6,460,157
6,461,157
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
3,289,311
3,289,311
Dividends
10
-
(1,694,362)
(1,694,362)
Balance at 31 December 2023
1,000
8,055,106
8,056,106

The notes on pages 13 to 24 form part of these financial statements.

STEDER GROUP (UK) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
22
5,057,777
3,757,952
Amounts advanced to related parties
-
243,175
Interest received
22,225
-
Interest paid
-
0
(8,035)
Income taxes paid
(1,151,064)
(1,595,835)
Net cash inflow from operating activities
3,928,938
2,397,257
Investing activities
Purchase of tangible fixed assets
(127,259)
(224,610)
Proceeds on disposal of tangible fixed assets
42,250
-
0
Net cash used in investing activities
(85,009)
(224,610)
Financing activities
Dividends paid
(1,694,362)
(1,583,863)
Net cash used in financing activities
(1,607,234)
(1,583,863)
Net increase in cash and cash equivalents
2,236,695
588,784
Cash and cash equivalents at beginning of year
4,695,457
4,106,673
Cash and cash equivalents at end of year
6,932,152
4,695,457
STEDER GROUP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
1
Accounting policies
Company information

Steder Group (UK) Limited is a private company limited by shares incorporated in Scotland. The registered office is 48 St. Vincent Street, Glasgow, United Kingdom, G2 5HS. The principal place of business is Unit 3, Sentinel Court, Atholl Avenue, Hillington, Glasgow, Scotland, G52 4UG. The company's registration number is SC514277.

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.

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.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Steder Group (UK) Limited is a wholly owned subsidiary of Neele-Vat Logistics B.V. and the results of Steder Group (UK) Limited are included in the consolidated financial statements of Neele-Vat Logistics B.V. which are available from Dienstenstraat 15, 3161 GN, Rhoon, Holland.

1.2
Going concern

Atruet 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.

1.3
Turnover

The turnover shown in the Income Statement represents the value of all services delivered at a selling price exclusive of Value Added Tax. Sales are recognised at the point at which the Company has fulfilled its contractual obligations and the risks and rewards of ownership have been transferred to the customer.

1.4
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 land and buildings
20% straight line
Plant and equipment
25% straight line
Fixtures and fittings
20% straight line
Computers
20% - 50% straight line
Motor vehicles
20% straight line

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 the profit and loss account.

STEDER GROUP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
1.5
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 the profit and loss account.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

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.

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 the profit and loss account, 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.

STEDER GROUP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
Impairment of financial assets

Financial assets, other than those held at fair value through the profit and loss account 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 the profit and loss account.

 

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 the profit and loss account.

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 the profit and loss account 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 the profit and loss account. Debt instruments may be designated as being measured at fair value through the profit and loss account 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.

STEDER GROUP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
Derecognition of financial liabilities

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

1.8
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.

1.9
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 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.

1.10
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.

1.11
Retirement benefits

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

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account 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 leases asset are consumed.

STEDER GROUP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.13
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 the profit and loss account.

2
Turnover and other revenue
2023
2022
£
£
Other revenue
Interest income
22,225
-

All turnover in the current and prior years has arose from trade within the UK.

3
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
6,584
79,927
Fees payable to the company's auditor for the audit of the company's financial statements
22,900
23,569
Depreciation of owned tangible fixed assets
146,112
94,335
Profit on disposal of tangible fixed assets
(14,633)
-
4
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
22,900
23,569
5
Employees

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

2023
2022
58
52
STEDER GROUP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Employees
(Continued)
- 18 -

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
2,082,454
1,829,161
Social security costs
203,425
191,579
Pension costs
214,234
321,670
2,500,113
2,342,410
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
37,500
37,500
Company pension contributions to defined contribution schemes
167,995
165,750
205,495
203,250
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
22,225
-
0
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
22,225
-
0
8
Interest payable and similar expenses
2023
2022
£
£
Other finance costs:
Other interest
-
0
8,035
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
1,027,501
889,405
STEDER GROUP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Taxation
2023
2022
£
£
(Continued)
- 19 -
Deferred tax
Origination and reversal of timing differences
(10,297)
39,514
Total tax charge
1,017,204
928,919

From April 2023 onwards, the main rate of Corporation Tax rose from 19% to 25%. Companies with profits of £50,000 or less continued to be taxed at 19% which was a new small profits rate. Deferred tax has been calculated at a rate of 25%.

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
4,306,515
4,799,294
Expected tax charge based on the standard rate of corporation tax in the UK of 23.50% (2022: 19.00%)
1,012,031
911,866
Tax effect of expenses that are not deductible in determining taxable profit
8,277
5,051
Depreciation on assets not qualifying for tax allowances
1,243
1,094
Deferred tax at different rate
(610)
20,399
Enhanced capital allowances
(159)
(9,491)
Disposal of fixed assets
(3,442)
-
0
Structures and buildings allowance
(136)
-
0
Taxation charge for the year
1,017,204
928,919
10
Dividends
2023
2022
£
£
Final paid
1,694,362
1,583,863
STEDER GROUP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
11
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
58,283
465,009
100,082
27,286
11,750
662,410
Additions
-
0
35,086
8,576
66,097
17,500
127,259
Disposals
-
0
(82,700)
-
0
-
0
(11,750)
(94,450)
At 31 December 2023
58,283
417,395
108,658
93,383
17,500
695,219
Depreciation and impairment
At 1 January 2023
16,613
164,715
73,840
13,573
11,750
280,491
Depreciation charged in the year
5,017
99,640
13,511
24,444
3,500
146,112
Eliminated in respect of disposals
-
0
(55,083)
-
0
-
0
(11,750)
(66,833)
At 31 December 2023
21,630
209,272
87,351
38,017
3,500
359,770
Carrying amount
At 31 December 2023
36,653
208,123
21,307
55,366
14,000
335,449
At 31 December 2022
41,670
300,294
26,242
13,713
-
0
381,919
12
Fixed asset investments
2023
2022
£
£
Investments in subsidiaries
1
1
13
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
5,864,334
6,401,640
Corporation tax recoverable
31,703
-
0
Amounts owed by group undertakings
2,148
58,870
Other debtors
-
0
9,975
Prepayments and accrued income
87,917
160,629
5,986,102
6,631,114
STEDER GROUP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
14
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
3,893,306
3,552,590
Amounts owed to group undertakings
188,828
158,422
Corporation tax
-
0
91,860
Other taxation and social security
127,368
76,903
Other creditors
13,186
645,850
Accruals and deferred income
900,211
636,713
5,122,899
5,162,338
15
Deferred taxation

The following are the major deferred tax liabilities recognised by the company and movements thereon:

2023
2022
Balances:
£
£
Accelerated capital allowances
74,699
84,996
2023
Movements in the year:
£
Liability at 1 January 2023
84,996
Credit to profit or loss
(10,297)
Liability at 31 December 2023
74,699
16
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
214,234
321,670

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.

STEDER GROUP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
17
Share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
700 A Ordinary of £1
700
700
100 B Ordinary of £1
100
100
100 C Ordinary of £1
100
100
100 E Ordinary of £1
100
100
1,000
1,000

All classes of shares rank pari passu in all respects. However, when paying dividends the directors may differentiate between the classes of shares to which payments are being made in respect of the amount or percentage of dividend payable.

18
Operating lease commitments
Lessee

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

2023
2022
£
£
Within one year
720,281
481,000
Between two and five years
1,320,361
1,292,000
In over five years
990,000
1,320,000
3,030,642
3,093,000
STEDER GROUP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
19
Related party transactions
Transactions with related parties

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

Sales
Purchases
2023
2022
2023
2022
£
£
£
£
Value of recharges to group undertakings
10,121
-
-
-
Group undertakings
660,968
659,532
1,897,817
2,360,279

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due to related parties
£
£
Amounts owed to group undertakings
188,828
158,422
2023
2022
Amounts due from related parties
£
£
Amounts owed by group undertakings
2,148
58,870
20
Ultimate controlling party

The Company was under the control of the shareholders of the ultimate parent company throughout the current year and prior period.

21
Ultimate parent company

The largest and smallest group in which the results of the company are consolidated is that headed by Neele-Vat Logistics BV. The consolidated accounts of this company are available to the public and may be obtained from Seattleweg 13, 3195 ND Rotterdam-Pernis The Netherlands. No other group accounts include the results of the company.

 

 

 

STEDER GROUP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
22
Cash generated from operations
2023
2022
£
£
Profit for the year after tax
3,289,311
3,870,375
Adjustments for:
Taxation charged
1,017,204
928,919
Finance costs
-
0
8,035
Investment income
(22,225)
-
0
Gain on disposal of tangible fixed assets
(14,633)
-
Depreciation and impairment of tangible fixed assets
146,112
94,335
Movements in working capital:
Decrease/(increase) in debtors
619,993
(1,836,224)
Increase in creditors
22,015
692,512
Cash generated from operations
5,057,777
3,757,952
23
Analysis of changes in net funds
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
4,695,457
2,236,695
6,932,152
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