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REGISTERED NUMBER: 03425857 (England and Wales)



















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

CARLSON VEHICLE TRANSFER LIMITED

CARLSON VEHICLE TRANSFER LIMITED (REGISTERED NUMBER: 03425857)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Profit and Loss Account 10

Statement of Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Notes to the Financial Statements 14


CARLSON VEHICLE TRANSFER LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







Directors: S Reynolds
S M Warren
E Cumino
A L M Ritz



Registered office: Carlson House
Bradfield Road
Wix
Manningtree
Essex
CO11 2SP



Registered number: 03425857 (England and Wales)



Auditors: Baverstocks Limited
Statutory Auditor
Chartered Certified Accountants
Dickens House
Guithavon Street
Witham
Essex
CM8 1BJ



Bankers: BNP Paribas
10 Harewood Avenue
London
NW1 6AA

CARLSON VEHICLE TRANSFER LIMITED (REGISTERED NUMBER: 03425857)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

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

Review of business
The company's activities during the year continued to be the delivery services of Car Transport Logistics.

The key financial performance indicators for the year were as follows:


2023 2022 % Change
(000's ) (000's )

Turnover 29,906 26,431 13.15
Operating Profit/(Loss) 38 (2,514 ) 101.51
Profit/(Loss) After Taxation (89 ) (2,618 ) 2.79
Equity Shareholders Funds 2,467 2,556 96.60
Current assets as % of current liabilities 199% 147%
Average number of employees 188 181 3.87

The annual number of new car registrations in 2023 reached a level of 1,903,054 million which represented a 17.9% increase against the previous year level. The increase in the main driven by Fleet registrations.

Transition continued with Electric Cars and plug in hybrid vehicles in the UK Market.

Management Team monitored all key risks and putting in place level of controls to support the business requirements.

Manufacturing and parts supply availability for investment of new equipment was prolonged due to lead times.

- Driver costs, impacted by the continuation of UK driver retention challenges.
- Increase in supply costs and high inflation in UK attributed to operational cost increase.

Key areas of the business development were:
With the market conditions recovery throughout 2023 investment strategy commenced for future years.

Driver Academy provided successes to encourage new drivers into the business activities.


CARLSON VEHICLE TRANSFER LIMITED (REGISTERED NUMBER: 03425857)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Principal risks and uncertainties
Competitive Risk
Market pricing - imperative that due to cost increases and decision to re-invest it is key that it is recognized that revenues need to increase from the customer base to sustain the services provided to the industry sector for future years.

Driver Retention - Driver retention in the Automotive sector continues to suffer severely therefore risk for everyone in the future, the industry must invest in our people.

Volume Recovery vs Capacity - Impact on lead times can increase cost base therefore collaborative working practices between customer & supply chain must be aligned.

Legislative Risks
The operations of the company are heavily affected by many legislative controls including health and safety, employment, transport, and financial legislation.

We aim to ensure appropriate professional training for all relevant Managers. We also continue to enhance this knowledge with sustained and continual reference to our professional advisors.

Carlson Vehicle Transfer Limited is a member of the representative trade organisations who lobby the UK government and European institutions, those memberships give Carlson Vehicle Transfer Limited an opportunity to minimise any legislative risk it may suffer.

On behalf of the board:





S Reynolds - Director


9 July 2024

CARLSON VEHICLE TRANSFER LIMITED (REGISTERED NUMBER: 03425857)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

Principal activity
The principal activity of the company in the year under review was that of specialised transportation of vehicles.

Dividends
The directors have not recommended that a final dividend be paid to shareholders on the register of members.

Directors
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

S Reynolds
S M Warren
E Cumino
A L M Ritz

Going concern
Since the balance sheet date, the company has returned to a healthy profit and are budgeting for this to continue for at least the next 12 months. Due to the improvement in trade the company are embarking on a programme of reinvestment in the fleet. On the basis of these elements, taking into account the company benefits from the cash pooling of the Group which supports the future trading activities, at the date of closing of the accounts on 31 December 2023, the company has concluded that there are no material uncertainties that would call into question the going concern principle.

Statement of directors' responsibilities
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-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.

Statement as to disclosure of information to auditors
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

CARLSON VEHICLE TRANSFER LIMITED (REGISTERED NUMBER: 03425857)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


Auditors
The auditors, Baverstocks Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:





S Reynolds - Director


9 July 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CARLSON VEHICLE TRANSFER LIMITED

Opinion
We have audited the financial statements of Carlson Vehicle Transfer Limited (the 'company') for the year ended 31 December 2023 which comprise the Profit and Loss Account, Statement of Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of 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 December 2023 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors' 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CARLSON VEHICLE TRANSFER LIMITED


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 Report of the Directors.

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 Statement of Directors' Responsibilities set out on page four, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CARLSON VEHICLE TRANSFER LIMITED


Auditors' 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 a Report of the Auditors 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:

Our approach to assessing the risks of material misstatement due to fraud and noncompliance with laws and regulations was as follows:-

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that relate to compliance with the Companies Act 2006, Financial Reporting Standard 102, relevant tax legislation and the employment legislation for haulage drivers.

We assessed the risks of material misstatements in respect of fraud and determined that the principal risks were related to posting of journal entries to manipulate the results for the financial year. We made enquiries of management during the audit to determine any instances of fraud, while also discussing the areas of risk in relation to audit as part of our audit team meeting.

Based upon the results of our risk assessment we designed our audit procedures to identify noncompliance with such laws and regulations identified above and also material misstatements in respect of fraud as follows:-

- We obtained an understanding of the legal and regulatory framework in relation to the entity and how
it complies with this framework. This included discussions with management, reviews of legal and
professional fees and reviews of compliance with employment legislation.

-
We discussed with the management the entity's policies and procedures including systems and
controls. Compliance with these was tested via discussion and walkthrough testing of controls.

-
We enquired of management of their policies and procedures in relation to fraud and their knowledge
of any actual, suspected, or alleged fraud.

-
We ensured compliance with Pay as You Earn and Value Added Tax laws via reviewing returns and
correspondence.

-
We discussed with management to ensure continued compliance with employment legislation for
haulage drivers.


-
We considered the risk of fraud through management override, and, in response, we incorporated
testing of manual journal entries into our audit approach. This included the testing of journal entries
throughout the year as well as year end journals.
- We agreed the financial statement disclosures to underlying supporting documentation.
- We enquired of management if there were any potential litigation or claims.

Whilst considering how our audit work addressed the detection of irregularities, we also consider the likelihood of detection based on our approach. Irregularities from fraud are inherently more difficult to detect than those arising from error.

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 for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CARLSON VEHICLE TRANSFER LIMITED


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 a Report of the Auditors 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.




Steven Collins (Senior Statutory Auditor)
for and on behalf of Baverstocks Limited
Statutory Auditor
Chartered Certified Accountants
Dickens House
Guithavon Street
Witham
Essex
CM8 1BJ

10 July 2024

CARLSON VEHICLE TRANSFER LIMITED (REGISTERED NUMBER: 03425857)

PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £'000 £'000

Turnover 3 29,906 26,431

Cost of sales 27,758 26,863
Gross profit/(loss) 2,148 (432 )

Administrative expenses 2,137 2,178
11 (2,610 )

Other operating income 4 27 96
Operating profit/(loss) 6 38 (2,514 )


Interest payable and similar expenses 7 127 104
Loss before taxation (89 ) (2,618 )

Tax on loss 8 - -
Loss for the financial year (89 ) (2,618 )

CARLSON VEHICLE TRANSFER LIMITED (REGISTERED NUMBER: 03425857)

STATEMENT OF OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £'000 £'000

Loss for the year (89 ) (2,618 )


Other comprehensive income - -
Total comprehensive income for the
year

(89

)

(2,618

)

CARLSON VEHICLE TRANSFER LIMITED (REGISTERED NUMBER: 03425857)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £'000 £'000 £'000 £'000
Fixed assets
Intangible assets 9 - -
Tangible assets 10 4,055 5,228
4,055 5,228

Current assets
Stocks 11 24 17
Debtors 12 10,483 14,797
Cash at bank 1,581 437
12,088 15,251
Creditors
Amounts falling due within one year 13 6,088 10,408
Net current assets 6,000 4,843
Total assets less current liabilities 10,055 10,071

Creditors
Amounts falling due after more than one
year

14

7,588

7,515
Net assets 2,467 2,556

Capital and reserves
Called up share capital 17 - -
Retained earnings 18 2,467 2,556
Shareholders' funds 2,467 2,556

The financial statements were approved by the Board of Directors and authorised for issue on 9 July 2024 and were signed on its behalf by:





S Reynolds - Director


CARLSON VEHICLE TRANSFER LIMITED (REGISTERED NUMBER: 03425857)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Total
capital earnings equity
£'000 £'000 £'000
Balance at 1 January 2022 - 5,174 5,174

Changes in equity
Total comprehensive income - (2,618 ) (2,618 )
Balance at 31 December 2022 - 2,556 2,556

Changes in equity
Total comprehensive income - (89 ) (89 )
Balance at 31 December 2023 - 2,467 2,467

CARLSON VEHICLE TRANSFER LIMITED (REGISTERED NUMBER: 03425857)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. Statutory information

Carlson Vehicle Transfer Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 33.7.

Preparation of consolidated financial statements
The financial statements contain information about Carlson Vehicle Transfer Limited as an individual company and do not contain consolidated financial statements as the parent of the group. The company has taken the option under Section 402 of the Companies Act 2006 by claiming exemption from preparing consolidated financial statements due to the subsidiary undertaking not needing to be included. The subsidiary is excluded from the consolidation under Section 405 of the Companies Act 2006 due to its inclusion not being material.

Critical accounting judgements and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

There are no estimates and assumptions that have a significant risk of causing material adjustment in the financial statements.

Turnover
Turnover represents the income receivable (excluding value added tax) in the ordinary course of business for service provided and, in respect of unbilled charges, includes an accrual for measured income unbilled at the end of the financial year.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of various businesses is being amortised evenly over its estimated useful life of three to five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

CARLSON VEHICLE TRANSFER LIMITED (REGISTERED NUMBER: 03425857)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. Accounting policies - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to Property - Straight line over 10 years and Straight line over 3 years
Plant and Machinery - Straight line over 10 years and Straight line over 3 years
Fixtures and Fittings - Straight line over 10 years
Motor Vehicles - 20% Cost less estimated residual value, 12.5% on cost and 10% on cost

For motor vehicles over 5 years old, the residual value is written off at a rate of 15% on straight line.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

CARLSON VEHICLE TRANSFER LIMITED (REGISTERED NUMBER: 03425857)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. Accounting policies - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. Turnover

The turnover and loss before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2023 2022
£'000 £'000
Rendering of services 29,906 26,431
29,906 26,431

4. Other operating income
2023 2022
£'000 £'000
Rent and Ancillary Services 27 40
Government Grants - 56
27 96

5. Employees and directors
2023 2022
£'000 £'000
Wages and salaries 9,236 8,387
Social security costs 965 867
Other pension costs 220 180
10,421 9,434

The average number of employees during the year was as follows:
2023 2022

Transportation 161 155
Administration 27 26
188 181

2023 2022
£    £   
Directors' remuneration 126,574 115,553

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

CARLSON VEHICLE TRANSFER LIMITED (REGISTERED NUMBER: 03425857)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

6. Operating profit/(loss)

The operating profit (2022 - operating loss) is stated after charging/(crediting):

2023 2022
£'000 £'000
Subcontractors 4,453 3,694
Depreciation - owned assets 1,047 958
Depreciation - assets on hire purchase contracts 242 540
Auditors Remuneration 22 21
Foreign exchange differences (133 ) 367

7. Interest payable and similar expenses
2023 2022
£'000 £'000
Parent Company Loan Interest 111 75
Hire Purchase Interest 16 29
127 104

8. Taxation

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 31 December 2023 nor for the year ended 31 December 2022.

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£'000 £'000
Loss before tax (89 ) (2,618 )
Loss multiplied by the standard rate of corporation tax in the UK of
25% (2022 - 19%)

(22

)

(497

)

Effects of:
Expenses not deductible for tax purposes 1 2
Deferred tax asset not provided 21 495
Total tax charge - -

CARLSON VEHICLE TRANSFER LIMITED (REGISTERED NUMBER: 03425857)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

9. Intangible fixed assets
Goodwill
£'000
Cost
At 1 January 2023
and 31 December 2023 21
Amortisation
At 1 January 2023
and 31 December 2023 21
Net book value
At 31 December 2023 -
At 31 December 2022 -

10. Tangible fixed assets
Improvements Fixtures
to Plant and and
Property Machinery Fittings
£'000 £'000 £'000
Cost
At 1 January 2023 55 82 81
Additions 2 - -
Disposals - - -
At 31 December 2023 57 82 81
Depreciation
At 1 January 2023 55 82 70
Charge for year - - 5
Eliminated on disposal - - -
At 31 December 2023 55 82 75
Net book value
At 31 December 2023 2 - 6
At 31 December 2022 - - 11

CARLSON VEHICLE TRANSFER LIMITED (REGISTERED NUMBER: 03425857)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

10. Tangible fixed assets - continued

Assets
Motor Under
Vehicles Construction Totals
£'000 £'000 £'000
Cost
At 1 January 2023 22,226 - 22,444
Additions - 147 149
Disposals (2,168 ) - (2,168 )
At 31 December 2023 20,058 147 20,425
Depreciation
At 1 January 2023 17,009 - 17,216
Charge for year 1,284 - 1,289
Eliminated on disposal (2,135 ) - (2,135 )
At 31 December 2023 16,158 - 16,370
Net book value
At 31 December 2023 3,900 147 4,055
At 31 December 2022 5,217 - 5,228

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
Vehicles
£'000
Cost
At 1 January 2023 2,403
Disposals (406 )
Transfer to ownership (238 )
At 31 December 2023 1,759
Depreciation
At 1 January 2023 1,196
Charge for year 242
Eliminated on disposal (401 )
Transfer to ownership (191 )
At 31 December 2023 846
Net book value
At 31 December 2023 913
At 31 December 2022 1,207

11. Stocks
2023 2022
£'000 £'000
Stocks 24 17

CARLSON VEHICLE TRANSFER LIMITED (REGISTERED NUMBER: 03425857)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

12. Debtors: amounts falling due within one year
2023 2022
£'000 £'000
Trade Debtors 7,060 10,915
Other Debtors 135 122
Prepayments 3,288 3,760
10,483 14,797

13. Creditors: amounts falling due within one year
2023 2022
£'000 £'000
Hire purchase contracts (see note 15) 341 353
Trade Creditors 3,616 8,092
Social Security and Other
Taxes 544 241
Other Creditors 46 65
Accruals and Deferred Income 1,541 1,657
6,088 10,408

14. Creditors: amounts falling due after more than one year
2023 2022
£'000 £'000
Hire purchase contracts (see note 15) 149 455
Amounts owed to group undertakings 7,439 7,060
7,588 7,515

15. Leasing agreements

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£'000 £'000
Gross obligations repayable:
Within one year 348 369
Between one and five years 150 462
498 831

Finance charges repayable:
Within one year 7 16
Between one and five years 1 7
8 23

Net obligations repayable:
Within one year 341 353
Between one and five years 149 455
490 808

CARLSON VEHICLE TRANSFER LIMITED (REGISTERED NUMBER: 03425857)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

15. Leasing agreements - continued

Non-cancellable operating leases
2023 2022
£'000 £'000
Within one year 178 98
Between one and five years 702 360
In more than five years 495 585
1,375 1,043

16. Secured debts

The following secured debts are included within creditors:

2023 2022
£'000 £'000
Hire purchase contracts 490 808

The hire purchase debt is secured against the specific fixed asset purchased.

17. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

18. Reserves
Retained
earnings
£'000

At 1 January 2023 2,556
Deficit for the year (89 )
At 31 December 2023 2,467

19. Ultimate parent company

The largest and smallest entity to consolidate these financial statements is Global Automotive Logistics (GAL).

The immediate controlling party is Compagnie D'Affrètement et de Transport SAS (CAT SAS), incorporated in France. Copies of the group financial statements of CAT are available from 5-7 rue Frédéric Clavel - 92150 SURESNES.

At the financial year end CAT SAS is wholly owned by Global Automotive Logistics (GAL), incorporated in France. GAL is wholly owned by Two Continent Logistics, a company incorporated in Spain.

20. Related party disclosures

CARLSON VEHICLE TRANSFER LIMITED (REGISTERED NUMBER: 03425857)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

20. Related party disclosures - continued

Key management personnel of the entity or its parent (in the aggregate)
2023 2022
£'000 £'000
Purchases 31 31

The key management personnel are the directors and therefore the compensation due to them is the same as the directors emoluments disclosed in note 3.

21. Ultimate controlling party

The ultimate controlling party is Manuel Antelo.