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REGISTERED NUMBER: 06440914 (England and Wales)


















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

SEAFAST LOGISTICS LIMITED

SEAFAST LOGISTICS LIMITED (REGISTERED NUMBER: 06440914)

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










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 7

Balance Sheet 8

Statement of Changes in Equity 9

Notes to the Financial Statements 10


SEAFAST LOGISTICS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: D J Halliday
I R Liddell



SECRETARY: N K Brooks



REGISTERED OFFICE: Felixstowe Mega Distribution Centre
Clickett Hill Road
Felixstowe
Suffolk
IP11 4BA



REGISTERED NUMBER: 06440914 (England and Wales)



SENIOR STATUTORY AUDITOR: Andrew Green LLB FCA



AUDITORS: THP Limited
Chartered Accountants
and Statutory Auditors
34-40 High Street
Wanstead
London
E11 2RJ

SEAFAST LOGISTICS LIMITED (REGISTERED NUMBER: 06440914)

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
Although turnover fell by 5% compared to the previous year, the company was able to deliver a 1% improvement in the gross profit margin, leading to an overall improvement in operating profits.

The company remains focussed on delivering two areas of specialisation, these being Refrigerated Shipping Worldwide and logistics into remote, difficult to serve and emerging markets.

The Company's key performance indicators are as follows:

31 December 2023 31 December 2022
£ £
Turnover 44,447,021 46,782,926
Gross profit 3,731,589 3,302,271
Gross profit % 8.4% 7.1%
Operating result 647,481 420,985

The net assets of the Company are £2,899,812 (2022: £2,359,504) at the balance sheet date, reflecting the solid position of the Company from a solvency and liquidity point of view, and this strong balance sheet is the foundation on which the Company can continue to grow and prosper.

PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and the nature of the company's strategy are subject to a number of risks.

The Directors have set out below the principal risks facing the business.

The Directors are of the opinion that a thorough risk management process is adopted which involves a formal review of all risks identified below. Where possible, processes are in place to mitigate such risks.

Credit Risk
As with most businesses the Company is exposed to the credit risk of customers and their ability to pay debts on a timely basis. The Directors have continued to be prudent in status checks for new and existing customers, keeping debtor days as low as possible and limiting the dominance of any single customer in the overall turnover of the Company.

Regulatory Risk
Due to the nature of the Company's operations there are a number of operational risks it is exposed to, including non-compliance with Environmental and Health and Safety Legislation. The Directors conduct regular appraisals of compliance in this area and are continually reviewing site procedures to ensure compliance.

Wages Cost Inflation
The Company is continually affected by wage cost inflation and pressures within the labour market. The Company monitors the market to ensure complete compliance with labour market regulations, and maintains employment policies, remuneration and benefits packages that are designed to be competitive with other companies and recognise the value and contribution provided by employees, as well as providing colleagues with fulfilling career opportunities which offer progression. The Company regularly reviews pay and benefits. As with most UK based employers there remain ongoing challenges in terms of recruiting and retaining sufficiently capable staff.

Commercial Risk
The Company has exposed to commercial risks. Recently these have included above inflationary cost increases in a number of areas including utility bills, fuel prices, wages and increased volatility in foreign exchange rates. These are managed and monitored on an ongoing basis and are passed on to clients where necessary.

Global political uncertainty
Global political uncertainty, for example that caused by the conflicts in the Middle East and Ukraine, has the potential to disrupt supply chains and therefore impact the business. The Directors monitor the markets in which the Company operates in order to mitigate risks and capitalise on opportunities as they arise.

ON BEHALF OF THE BOARD:





I R Liddell - Director


3 September 2024

SEAFAST LOGISTICS LIMITED (REGISTERED NUMBER: 06440914)

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 sea and airfreight forwarding, logisitics and customs clearance.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023 (2022: £nil).

FUTURE DEVELOPMENTS
The management are confident that the continued focus on the group's 5 year strategy will lead to further growth and profits in future years.

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

D J Halliday
I R Liddell

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.

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

ON BEHALF OF THE BOARD:





I R Liddell - Director


3 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SEAFAST LOGISTICS LIMITED


Opinion
We have audited the financial statements of Seafast Logistics Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, 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 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.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SEAFAST LOGISTICS LIMITED


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.

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 identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other
management, and from our commercial knowledge and experience of the sector in which the company operates;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, contract law, taxation legislation, Bribery Act, GDPR and data protection, employment law, environmental health regulations, import and export regulations and Health and Safety regulations;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of
management and inspecting legal correspondence; and - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of
actual, suspected and alleged fraud; and - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC and any other relevant regulators as required.

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, if any.
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.

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
SEAFAST LOGISTICS 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.




Andrew Green LLB FCA (Senior Statutory Auditor)
for and on behalf of THP Limited
Chartered Accountants
and Statutory Auditors
34-40 High Street
Wanstead
London
E11 2RJ

3 September 2024

SEAFAST LOGISTICS LIMITED (REGISTERED NUMBER: 06440914)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 44,447,021 46,782,926

Cost of sales 40,715,432 43,480,655
GROSS PROFIT 3,731,589 3,302,271

Administrative expenses 3,088,833 2,901,285
642,756 400,986

Other operating income 4,725 19,999
OPERATING PROFIT 5 647,481 420,985

Interest receivable and similar income 7,652 356
655,133 421,341

Interest payable and similar expenses 6 185 2,995
PROFIT BEFORE TAXATION 654,948 418,346

Tax on profit 7 114,640 (120,397 )
PROFIT FOR THE FINANCIAL YEAR 540,308 538,743

SEAFAST LOGISTICS LIMITED (REGISTERED NUMBER: 06440914)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 8,610 33,936
8,610 33,936

CURRENT ASSETS
Debtors 10 8,137,231 9,227,338
Cash at bank 4,281,214 3,136,384
12,418,445 12,363,722
CREDITORS
Amounts falling due within one year 11 9,527,243 10,038,154
NET CURRENT ASSETS 2,891,202 2,325,568
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,899,812

2,359,504

CAPITAL AND RESERVES
Called up share capital 13 50,000 50,000
Retained earnings 14 2,849,812 2,309,504
SHAREHOLDERS' FUNDS 2,899,812 2,359,504

The financial statements were approved by the Board of Directors and authorised for issue on 3 September 2024 and were signed on its behalf by:





I R Liddell - Director


SEAFAST LOGISTICS LIMITED (REGISTERED NUMBER: 06440914)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 50,000 1,770,761 1,820,761

Changes in equity
Total comprehensive income - 538,743 538,743
Balance at 31 December 2022 50,000 2,309,504 2,359,504

Changes in equity
Total comprehensive income - 540,308 540,308
Balance at 31 December 2023 50,000 2,849,812 2,899,812

SEAFAST LOGISTICS LIMITED (REGISTERED NUMBER: 06440914)

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


1. STATUTORY INFORMATION

Seafast Logistics 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. 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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
a) Critical judgements in applying the entity's accounting policies
There are no specific judgements, apart from those involving estimates as detailed below, that management has made in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements.

b) Critical accounting estimates and assumptions

(i) Direct cost accruals

Due to the nature of the operations, management will often recognise costs before an invoice is received from a supplier. In these cases, the expected costs are accrued based on pre-agreed prices or recent similar transaction with the relevant supplier. Where costs are more uncertain, particularly in relation to sea freight, costs are only accrued once they have been agreed and confirmed with the supplier.

(ii) Impairment of debtors

The company makes an estimate of the recoverable value of trade and other debtors. When assessing their impairment, the management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Import trade - income is recognised when the goods to customer have been cleared and are out for delivery in the UK.

Exports - income is recognised when the ship departs from the UK or other location.

Cross trades - income is recognised when the ship departs from the UK or other location.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost


SEAFAST LOGISTICS LIMITED (REGISTERED NUMBER: 06440914)

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


3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

The GB Europe Holdings Limited group offsets its corporation tax profits against the losses of other entities within the group via group relief as permitted by the UK tax legislation. Where such relief is claimed no payment is made between group entities.

The company is party to group transactions where transfer pricing regulations apply. A formal transfer pricing review is in progress which may impact the tax treatment of group transactions. Should adjustment for transfer pricing result, then any group entity with additional tax liability will be compensated by the group entity with reduced tax liability.

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

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.

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 1,358,932 1,334,240
Social security costs 136,254 112,530
Other pension costs 38,868 32,567
1,534,054 1,479,337

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

Accounts and operations 35 33

2023 2022
£    £   
Directors' remuneration 107,260 108,160

SEAFAST LOGISTICS LIMITED (REGISTERED NUMBER: 06440914)

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


5. OPERATING PROFIT

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

2023 2022
£    £   
Hire of plant and machinery 24,127 30,070
Depreciation - owned assets 29,424 56,762
Auditors' remuneration 20,250 20,250
Foreign exchange differences (21,680 ) 39,325

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
HMRC interest 185 -
Hire purchase interest - 2,995
185 2,995

7. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 114,640 -
Under/(over) provision in
prior year - (120,397 )

Tax on profit 114,640 (120,397 )

UK corporation tax has been charged at 23.50% (2022 - 19%).

Reconciliation of total tax charge/(credit) 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 654,948 418,346
Profit multiplied by the standard rate of corporation tax in the UK of
23.500% (2022 - 19%)

153,913

79,486

Effects of:
Expenses not deductible for tax purposes 7,829 1,421
Depreciation in excess of capital allowances 6,920 9,013
Utilisation of tax losses (54,192 ) (89,920 )
Adjustments to tax charge in respect of previous periods - (120,397 )
Tax rate 170 -
Total tax charge/(credit) 114,640 (120,397 )

SEAFAST LOGISTICS LIMITED (REGISTERED NUMBER: 06440914)

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


8. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 66,111
AMORTISATION
At 1 January 2023
and 31 December 2023 66,111
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

9. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 6,462 90,550 145,614 242,626
Additions 4,098 - - 4,098
At 31 December 2023 10,560 90,550 145,614 246,724
DEPRECIATION
At 1 January 2023 6,421 73,572 128,697 208,690
Charge for year 630 16,978 11,816 29,424
At 31 December 2023 7,051 90,550 140,513 238,114
NET BOOK VALUE
At 31 December 2023 3,509 - 5,101 8,610
At 31 December 2022 41 16,978 16,917 33,936

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 3,350,573 6,066,985
Amounts owed by group undertakings 4,044,007 2,594,989
Other debtors 32,289 321
Directors' current accounts 321 -
VAT 505,794 157,494
Prepayments and accrued income 204,247 407,549
8,137,231 9,227,338

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 12) - 51,183
Trade creditors 3,489,137 1,787,265
Amounts owed to group undertakings 3,842,153 2,171,966
Corporation tax 114,640 -
Social security and other taxes 70,293 54,064
Other creditors 7,096 1,052
Accrued expenses 2,003,924 5,972,624
9,527,243 10,038,154

SEAFAST LOGISTICS LIMITED (REGISTERED NUMBER: 06440914)

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


12. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year - 51,183

Non-cancellable operating leases
2023 2022
£    £   
Within one year 32,032 29,249
Between one and five years 14,157 40,209
46,189 69,458

The above leases relate to equipment and motor vehicles.

There are no formal lease agreements in place with fellow group companies for the office premises.

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
50,000 Ordinary shares £1 50,000 50,000

14. RESERVES
Retained
earnings
£   

At 1 January 2023 2,309,504
Profit for the year 540,308
At 31 December 2023 2,849,812

15. CONTINGENT LIABILITIES

The bank hold a fixed and floating charge over the assets of the company.

16. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
D J Halliday
Balance outstanding at start of year - -
Amounts advanced 321 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 321 -

SEAFAST LOGISTICS LIMITED (REGISTERED NUMBER: 06440914)

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


17. ULTIMATE CONTROLLING PARTY

The immediate parent company is Seafast Holdings Limited, a company incorporated in England and Wales.

The ultimate parent company is GB Global Holdco. Pte. Ltd, a company incorporated in Singapore.

The largest group in the UK for which group accounts are prepared is headed by GB Europe Holdings Limited. A copy of the consolidated accounts may be obtained from Companies House.

The ultimate controlling party is I R Liddell.