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REGISTERED NUMBER: 00138263 (England and Wales)














IMMEDIATE TRANSPORTATION COMPANY LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023






IMMEDIATE TRANSPORTATION COMPANY LIMITED (REGISTERED NUMBER: 00138263)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 November 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


IMMEDIATE TRANSPORTATION COMPANY LIMITED

COMPANY INFORMATION
for the Year Ended 30 November 2023







DIRECTORS: R Mantel
M J Mantel
S M Mantel



REGISTERED OFFICE: Unit 2a/B Ridgeway Industrial Estate
The Ridgeway
Iver
Buckinghamshire
SL0 9JQ



REGISTERED NUMBER: 00138263 (England and Wales)



SENIOR STATUTORY AUDITOR: Roger Cox FCA



AUDITORS: Miller & Co
Statutory Auditor
Chartered Accountants
5 Imperial Court
Laporte Way
Luton
Bedfordshire
LU4 8FE

IMMEDIATE TRANSPORTATION COMPANY LIMITED (REGISTERED NUMBER: 00138263)

STRATEGIC REPORT
for the Year Ended 30 November 2023

The directors present their strategic report for the year ended 30 November 2023.

REVIEW OF BUSINESS
The results for the year are set out on page 9. The Company's key performance indicators are Turnover and Operating Profit.

Turnover for the year amounted to £13,615,284 (2022 £19,937,240) and is down by 32% when compared with the previous year. In 2022 turnover was up by 31% compared to 2021 so turnover is back to normal historical levels. Last years results were driven by additional work from existing customers arising from Brexit and the post covid surge in international trade.

Following increased operating costs in global trade and the anticipated reduction in turnover, the company increased its margins on sales during the year. This has lead to the company posting a profit for the year after tax of £207,179. The profit for 2022 was £647,055.

The Company continues to have significant liquid resources and has no external borrowing.

The directors are pleased that they have managed to stabilize the Company's fortunes after a period of volatility. The directors believe the Company continues to benefit from the wide range of activities it carries out and from its strong management team and are pleased with the financial performance of the Company.

PRINCIPAL RISKS AND UNCERTAINTIES
The principle risks and uncertainties facing the Company continue to be the impact of market share and the pressure on margins brought about by ever increasing competition.

The Company, in an effort to manage its commercial risk, ensures that its pricing policy remains competitive and that it keeps a close relationship with its customers whose needs are treated as paramount. However the current strength of the shipping industry has made it difficult to maintain margins.

The Company's credit risk is primarily attributed to its trade debtors and continues to be managed by operating strict credit checks on new customers and closely monitoring the credit limits of existing customers by reference to current financial information. The Company continues to have an increasingly diversified customer base, which helps to reduce the exposure to bad debts.

The Company's response to a difficult economic climate continues to be to develop its sales activity.

Cash flow is closely monitored as part of the Company's day to day control procedures.

The directors continue to focus on these points in their strategy for the future.

Despite initial Brexit problems, the directors are pleased that the additional paperwork and processes arising from Brexit offer the company an additional revenue stream in providing the services to deal with this bureaucracy.

ON BEHALF OF THE BOARD:





M J Mantel - Director


13 August 2024

IMMEDIATE TRANSPORTATION COMPANY LIMITED (REGISTERED NUMBER: 00138263)

REPORT OF THE DIRECTORS
for the Year Ended 30 November 2023

The directors present their report with the financial statements of the company for the year ended 30 November 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of Shipping and Forwarding Agents with Ancillary Activities.

DIVIDENDS
The Directors do not recommend payment of a dividend on the Ordinary Shares. (2022 nil).

Since 1988 the directors have suspended payment of the Preference Share Dividend until further notice. This suspension is still in place and at 30 November 2023 the arrears of Preference Share Dividend amounted to £40,839 (2022 £39,688).

FUTURE DEVELOPMENTS
The Company continues to promote its activities, in particular its warehousing and distribution division.

The Company is also currently exploring opportunities to relocate to larger premises in nearby locations which will expand its warehousing and distribution capabilities.

The Company is hoping to take advantage of any opportunities that may result from any relocation.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 December 2022 to the date of this report.

R Mantel
M J Mantel
S M Mantel

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). 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.

IMMEDIATE TRANSPORTATION COMPANY LIMITED (REGISTERED NUMBER: 00138263)

REPORT OF THE DIRECTORS
for the Year Ended 30 November 2023


AUDITORS
The auditors, Miller & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M J Mantel - Director


13 August 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
IMMEDIATE TRANSPORTATION COMPANY LIMITED

Opinion
We have audited the financial statements of Immediate Transportation Company Limited (the 'company') for the year ended 30 November 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 30 November 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 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
IMMEDIATE TRANSPORTATION COMPANY 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 three, 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
IMMEDIATE TRANSPORTATION COMPANY 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:

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, including fraud.

Extent to which the audit was considered capable of detecting irregularities, including fraud

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.

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to these risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- the nature of the industry, control environment and business performance;
- the results of our enquiries of management about their own identification and assessments of the risks of
irregularities;
- any matters we identified having obtained and reviewed the company's policies and procedures relating to:

o identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of
non-compliance;
o detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or
alleged fraud;
o the matters discussed among the audit engagement team regarding how and where fraud might occur in the
financial statements and any potential indicators of fraud.

In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override.

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
IMMEDIATE TRANSPORTATION COMPANY 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.




Roger Cox FCA (Senior Statutory Auditor)
for and on behalf of Miller & Co
Statutory Auditor
Chartered Accountants
5 Imperial Court
Laporte Way
Luton
Bedfordshire
LU4 8FE

13 August 2024

IMMEDIATE TRANSPORTATION COMPANY LIMITED (REGISTERED NUMBER: 00138263)

INCOME STATEMENT
for the Year Ended 30 November 2023

2023 2022
Notes £    £   

TURNOVER 5 13,615,284 19,937,240

Cost of sales 8,259,258 14,293,577
GROSS PROFIT 5,356,026 5,643,663

Administrative expenses 5,369,806 5,246,470
(13,780 ) 397,193

Other operating income 6 224,772 262,631
OPERATING PROFIT 8 210,992 659,824

Interest receivable and similar income 9 5,849 86
216,841 659,910

Interest payable and similar expenses 10 9,662 12,855
PROFIT BEFORE TAXATION 207,179 647,055

Tax on profit 11 - -
PROFIT FOR THE FINANCIAL YEAR 207,179 647,055

IMMEDIATE TRANSPORTATION COMPANY LIMITED (REGISTERED NUMBER: 00138263)

OTHER COMPREHENSIVE INCOME
for the Year Ended 30 November 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 207,179 647,055


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

207,179

647,055

IMMEDIATE TRANSPORTATION COMPANY LIMITED (REGISTERED NUMBER: 00138263)

BALANCE SHEET
30 November 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 12 108,585 62,852
Investments 13 68,535 68,535
177,120 131,387

CURRENT ASSETS
Stocks 14 - 40,660
Debtors 15 2,248,988 2,735,308
Cash at bank and in hand 768,354 1,363,856
3,017,342 4,139,824
CREDITORS
Amounts falling due within one year 16 2,064,294 3,354,976
NET CURRENT ASSETS 953,048 784,848
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,130,168

916,235

CREDITORS
Amounts falling due after more than one
year

17

38,449

31,695
NET ASSETS 1,091,719 884,540

CAPITAL AND RESERVES
Called up share capital 21 1,000 1,000
Retained earnings 22 1,090,719 883,540
SHAREHOLDERS' FUNDS 1,091,719 884,540

The financial statements were approved by the Board of Directors and authorised for issue on 13 August 2024 and were signed on its behalf by:




M J Mantel - Director



S M Mantel - Director


IMMEDIATE TRANSPORTATION COMPANY LIMITED (REGISTERED NUMBER: 00138263)

STATEMENT OF CHANGES IN EQUITY
for the Year Ended 30 November 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 December 2021 1,000 236,485 237,485

Changes in equity
Total comprehensive income - 647,055 647,055
Balance at 30 November 2022 1,000 883,540 884,540

Changes in equity
Total comprehensive income - 207,179 207,179
Balance at 30 November 2023 1,000 1,090,719 1,091,719

IMMEDIATE TRANSPORTATION COMPANY LIMITED (REGISTERED NUMBER: 00138263)

CASH FLOW STATEMENT
for the Year Ended 30 November 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (320,292 ) 892,544
Interest paid (6,975 ) (6,086 )
Interest element of hire purchase payments
paid

(2,687

)

(6,769

)
Tax paid 2 -
Net cash from operating activities (329,952 ) 879,689

Cash flows from investing activities
Purchase of tangible fixed assets (147,882 ) (34,890 )
Sale of tangible fixed assets 47,999 35,496
Interest received 5,849 86
Net cash from investing activities (94,034 ) 692

Cash flows from financing activities
Loan repayments in year (75,000 ) -
Capital repayments in year 34,984 (38,493 )
Amount introduced by directors - 256,499
Amount withdrawn by directors (131,500 ) (125,000 )
Net cash from financing activities (171,516 ) 93,006

(Decrease)/increase in cash and cash equivalents (595,502 ) 973,387
Cash and cash equivalents at beginning of
year

2

1,363,856

390,469

Cash and cash equivalents at end of year 2 768,354 1,363,856

IMMEDIATE TRANSPORTATION COMPANY LIMITED (REGISTERED NUMBER: 00138263)

NOTES TO THE CASH FLOW STATEMENT
for the Year Ended 30 November 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 207,179 647,055
Depreciation charges 77,038 55,772
Profit on disposal of fixed assets (22,888 ) (35,496 )
Finance costs 9,662 12,855
Finance income (5,849 ) (86 )
265,142 680,100
Decrease/(increase) in stocks 40,660 (40,660 )
Decrease in trade and other debtors 486,421 44,201
(Decrease)/increase in trade and other creditors (1,112,515 ) 208,903
Cash generated from operations (320,292 ) 892,544

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 November 2023
30.11.23 1.12.22
£    £   
Cash and cash equivalents 768,354 1,363,856
Year ended 30 November 2022
30.11.22 1.12.21
£    £   
Cash and cash equivalents 1,363,856 390,469


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.12.22 Cash flow At 30.11.23
£    £    £   
Net cash
Cash at bank and in hand 1,363,856 (595,502 ) 768,354
1,363,856 (595,502 ) 768,354
Debt
Finance leases (34,831 ) (34,984 ) (69,815 )
Debts falling due after 1 year (14,380 ) - (14,380 )
(49,211 ) (34,984 ) (84,195 )
Total 1,314,645 (630,486 ) 684,159

IMMEDIATE TRANSPORTATION COMPANY LIMITED (REGISTERED NUMBER: 00138263)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 November 2023

1. GENERAL INFORMATION

The nature of the company's operations and principal activity is set out in the Report of the Directors.

2. STATUTORY INFORMATION

The presentation currency of the financial statements is the Pound Sterling rounded to the nearest pound.

3. STATEMENT OF COMPLIANCE

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

4. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about IMMEDIATE TRANSPORTATION COMPANY LIMITED as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, ITC (Holdings) Limited.

Significant judgements and estimates
In the application of the Company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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

Critical accounting judgements and key sources of estimation uncertainty
The Directors are of the opinion that there are no critical judgements that have been applied in preparing the financial statements.

Turnover and revenue recognition
Turnover represents the amounts charged for services provided as Shipping and Forwarding Agents to customers, for which the company has obtained the right to consideration, net of value added tax.

Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for services rendered, net of discounts and value added tax.

Revenue from services is recognised on shipment of goods, when the significant risks and rewards of ownership have been transferred to the buyer, the company retains no continuing involvement or control over the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of transactions can be measured reliably.

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.
Short leasehold - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost

Tangible assets are stated at cost less accumulated depreciation and any provision for impairment.

IMMEDIATE TRANSPORTATION COMPANY LIMITED (REGISTERED NUMBER: 00138263)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2023

4. ACCOUNTING POLICIES - continued

Investments in subsidiaries
Investment in a subsidiary company is held at cost.

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

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities including cash and bank balances, trade and other accounts receivable and payable and loans from banks and other third parties. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets
Basic financial assets, which include debtors and cash balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction or debt instrument is measured at the present value of future receipts discounted at a market rate of interest. Such assets and debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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

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

Basic financial liabilities
Basic financial liabilities, which include creditors and bank loans are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction or debt instrument is measured at the present value of future receipts discounted at a market rate of interest. Such assets and debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities due within one year are not amortised.

Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

IMMEDIATE TRANSPORTATION COMPANY LIMITED (REGISTERED NUMBER: 00138263)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2023

4. ACCOUNTING POLICIES - continued

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 shorter.

The capital element of lease obligations is recorded as a liability on inception of the arrangement. Lease payments are apportioned between capital repayment and finance charge, using the effective interest rate method, to produce a constant rate of charge on the balance of capital repayments outstanding.

The interest element of these obligations is charged to the profit or loss over the relevant period. The capital element of future payments is treated as a liability.

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

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of the incentives is recognised as a reduction of rental expenses on a straight-line basis over the period of the first rent review date on which the rent is adjusted to market rates.

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.

Other significant accounting policies
Trade and other debtors
Trade and other debtors that are receivable within one year and do not constitute a financing transaction are recorded at the un-discounted amount expected to be received, net of impairment. Those that are receivable after more than one year or constitute a financing transaction are recorded initially at fair value less transaction costs and subsequently at amortised cost, net of impairment.

Trade and other creditors
Trade and other creditors are initially recognised at the transaction price and are thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be material, in which case they are stated at cost.

Government grants
Government grants are included in the financial statements in the period to which they relate.

5. TURNOVER

Turnover represents the amounts charged for services provided as Shipping and Forwarding Agents to customers, for which the company has obtained the right to consideration, net of Value Added Tax. The total charges less allowances to customers for the year amounted to £13,615,284 (2022 £19,937,240). The company did not export any goods as principal during the year.

IMMEDIATE TRANSPORTATION COMPANY LIMITED (REGISTERED NUMBER: 00138263)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2023

6. OTHER OPERATING INCOME
2023 2022
£    £   
Services receivable 201,450 165,300
Grants received - 111,616
Exchange gains 23,322 (14,285 )
224,772 262,631

7. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 2,247,643 2,285,046
Social security costs 238,588 241,703
Other pension costs 147,410 85,610
2,633,641 2,612,359

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

Office and Administration 8 8
Operational 56 59
64 67

2023 2022
£    £   
Directors' remuneration 238,645 200,126
Directors' pension contributions to money purchase schemes 91,667 17,814

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

Money purchase schemes 2 2

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 121,509 94,140
Pension contributions to money purchase schemes 46,667 15,076

IMMEDIATE TRANSPORTATION COMPANY LIMITED (REGISTERED NUMBER: 00138263)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2023

8. OPERATING PROFIT

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

2023 2022
£    £   
Hire of plant and machinery 304,577 297,550
Other operating leases 560,012 538,045
Depreciation - owned assets 31,071 48,321
Depreciation - assets on hire purchase contracts 45,967 7,450
Profit on disposal of fixed assets (22,888 ) (35,496 )
Auditors' remuneration 21,270 20,750
Foreign exchange differences (23,322 ) 14,285

9. INTEREST RECEIVABLE AND SIMILAR INCOME
2023 2022
£    £   
Bank interest receivable 5,849 86

10. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Other interest 6,975 6,086
Hire purchase 2,687 6,769
9,662 12,855

11. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 30 November 2023 nor for the year ended 30 November 2022.

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

2023 2022
£    £   
Profit before tax 207,179 647,055
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2022 - 19%)

51,795

122,940

Effects of:
Expenses not deductible for tax purposes 2,131 3,692
Capital allowances in excess of depreciation (25,792 ) (1,802 )
Utilisation of tax losses (28,134 ) (124,830 )

Total tax charge - -

In accordance with the company's accounting policies, no provision has been made for a deferred tax asset in respect of trading losses carried forward at the balance sheet date.

IMMEDIATE TRANSPORTATION COMPANY LIMITED (REGISTERED NUMBER: 00138263)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2023

12. TANGIBLE FIXED ASSETS
Fixtures
Short and Motor
leasehold fittings vehicles Totals
£    £    £    £   
COST
At 1 December 2022 107,127 117,973 609,465 834,565
Additions - - 147,882 147,882
Disposals - - (91,706 ) (91,706 )
At 30 November 2023 107,127 117,973 665,641 890,741
DEPRECIATION
At 1 December 2022 107,127 98,784 565,802 771,713
Charge for year - 11,780 65,258 77,038
Eliminated on disposal - - (66,595 ) (66,595 )
At 30 November 2023 107,127 110,564 564,465 782,156
NET BOOK VALUE
At 30 November 2023 - 7,409 101,176 108,585
At 30 November 2022 - 19,189 43,663 62,852

The net book value of tangible fixed assets includes £ 74,900 (2022 - £ 86,878 ) in respect of assets held under hire purchase contracts.

13. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 December 2022
and 30 November 2023 68,535
NET BOOK VALUE
At 30 November 2023 68,535
At 30 November 2022 68,535

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Langstaff Erembert and Co. Limited
Registered office: The registered office for Langstaff Erembert and Co. Limited is in the United Kingdom.
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 73,730 73,730

IMMEDIATE TRANSPORTATION COMPANY LIMITED (REGISTERED NUMBER: 00138263)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2023

14. STOCKS
2023 2022
£    £   
Stocks - 40,660

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,784,683 2,322,171
Amounts owed by group undertakings 12,620 12,519
Other debtors 14,103 9,840
VAT 145,222 155,017
Prepayments and accrued income 292,360 235,761
2,248,988 2,735,308

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 19) 45,746 17,516
Trade creditors 1,741,592 2,901,588
Amounts owed to group undertakings 86,785 161,684
Tax 2 -
Social security and other taxes 70,668 72,444
Other creditors 514 24
Directors' current accounts - 131,500
Accruals and deferred income 118,987 70,220
2,064,294 3,354,976

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Preference shares (see note 18) 14,380 14,380
Hire purchase contracts (see note 19) 24,069 17,315
38,449 31,695

18. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due in more than five years:
Repayable otherwise than by instalments
Preference shares 14,380 14,380

IMMEDIATE TRANSPORTATION COMPANY LIMITED (REGISTERED NUMBER: 00138263)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2023

18. LOANS - continued

Details of the shares shown as liabilities are as follows:


Allotted, issued and fully paid:


Number:

Class:
Nominal
value:


2023

2022
£ £
Cumulative participating
14,380 preference shares £1 14,380 14,380



19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Gross obligations repayable:
Within one year 50,205 19,542
Between one and five years 26,212 19,287
76,417 38,829

Finance charges repayable:
Within one year 4,459 2,026
Between one and five years 2,143 1,972
6,602 3,998

Net obligations repayable:
Within one year 45,746 17,516
Between one and five years 24,069 17,315
69,815 34,831

Non-cancellable operating leases
2023 2022
£    £   
Within one year 756,574 533,594
Between one and five years - 377,467
756,574 911,061

Each hire purchase agreement has the option to purchase assets at the end of the agreement period. The company would intend to exercise the purchase options when due.

IMMEDIATE TRANSPORTATION COMPANY LIMITED (REGISTERED NUMBER: 00138263)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2023

20. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 69,815 34,861

The bank has fixed and floating charges over the company's assets although there are no current outstanding borrowings with the bank.

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary £1 1,000 1,000

22. RESERVES
Retained
earnings
£   

At 1 December 2022 883,540
Profit for the year 207,179
At 30 November 2023 1,090,719

23. RELATED PARTY DISCLOSURES

At 30 November 2023 the company was owed £12,519 (2022 £12,519) by an entity over which the company has control.

At 30 November 2023 the company owed £86,785 (2022 £86,785) to an entity over which the company has control.

At 30 November 2023 the company was controlled by another entity to which it was owed £101 (30 November 2022 it owed £74,900)

At 30 November 2023, a member of the key management personnel was owed £Nil (30 November 2022 £131,500), in respect of monies loaned to the company. During the year to 30 November 2023, £131,500 (2022 £125,000) was repaid to that member of the key management personnel. There is no interest payable on this loan and it is repayable on demand.

The company employed the spouses of two members of the key management personnel.

24. ULTIMATE PARENT COMPANY

ITC (Holdings) Limited is regarded by the director's as being the company's ultimate parent company.

IMMEDIATE TRANSPORTATION COMPANY LIMITED (REGISTERED NUMBER: 00138263)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2023

25. KEY MANAGEMENT PERSONNEL COMPENSATION

The company's key management personnel are considered to be the directors.

Their compensation during the year was as follows:


Year
Ended


Year Ended
30.11.23 30.11.22
£ £

Short-term benefits 238,645 200,126
Post employment benefits 91,667 17,814
330,312 217,940