REGISTERED NUMBER: |
STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
FOR |
TRANSOL LOGISTICS LTD |
REGISTERED NUMBER: |
STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
FOR |
TRANSOL LOGISTICS LTD |
TRANSOL LOGISTICS LTD (REGISTERED NUMBER: 08096066) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 30 September 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
profit and loss account | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 11 |
Notes to the Financial Statements | 12 |
TRANSOL LOGISTICS LTD |
COMPANY INFORMATION |
for the year ended 30 September 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditors |
1110 Elliott Court |
Herald Avenue |
Coventry Business Park |
Coventry |
West Midlands |
CV5 6UB |
TRANSOL LOGISTICS LTD (REGISTERED NUMBER: 08096066) |
STRATEGIC REPORT |
for the year ended 30 September 2023 |
The directors present their strategic report for the year ended 30 September 2023. |
REVIEW OF BUSINESS |
The principal activities of Transol Logistics Ltd is the provision of transport, distribution and warehouse storage. |
The core areas of the business are: |
Distribution - Pallet services and general haulage. |
Primary - Same day pick up and drop off and trucking services. |
Storage - Storing Pallets and large goods for a retail customers. |
In 2023 we looked at the contracts and eliminated work which were making low margins. During the year rent, vehicle leasing costs and repairs and renewals were lower. All these factors increased the bottom line. |
For 2024, revenue and profit will be higher this year compared to the previous years; this is partially due to winning a new contract in April 2024. We have added a new very experienced Transport Manager who is further increasing our compliance. The fleet has been upgraded during the year, this lowers emissions and C02. |
Transol has agreed a lease for the property next door, this will help with current parking issues. Give our mechanics a permanent base and lead to extra storage contract. |
At the year end the company has net current assets of £878,305 (2022: £603,376) and net assets of £1,709,064 (2022: £1,224,513). |
FUTURE PROSPECTS |
Sales continue to grow through having a presence out on patch with our business development managers, targeted to contact 30 new prospects per day. Regular follow up and arranging face to face meetings enables us to secure the business. Existing customers have regular review meetings which helps us to streamline the existing work but also to discuss further opportunities. Palletways telemarketing work on our behalf on a weekly basis securing appointments for our overnight pallet service. Customer service is paramount to our business and building strong relationships with our customers to build a robust level of trust, which enables our existing customers to grow the business. |
KEY PERFORMANCE INDICATORS |
Given the nature of the business, the company directors believe the only necessary KPIs that give an understanding of the development, performance or position of the business to be: turnover, margin percentage and profit before tax. |
TRANSOL LOGISTICS LTD (REGISTERED NUMBER: 08096066) |
STRATEGIC REPORT |
for the year ended 30 September 2023 |
PRINCIPAL RISKS AND UNCERTAINTIES |
COMPLIANCE |
The Regulatory compliance framework for the UK Road Haulage industry has always been rigorously enforced and indeed most of the EC Regulation 561/2006 that the industry must adhere to are derived from the old British AETR Driving Rules. With a fleet of 75 HGV vehicles and in excess of 50 HGV trailers we have a huge amount of management and administration burden to ensure compliance with all of the regulations and good practice guides. We have held our Operators Licence since 2013 and we have been FORS Bronze Accredited since 2015. |
ENVIRONMENT |
The Company recognises the importance of its environmental responsibilities and we have policies in place to ensure appropriate disposal of all waste on site to include recycling of wood, paper, plastic. Assessments take place to identify and mitigate environmental risks and reducing waste, conserving energy and minimising emissions. Forklift trucks have been upgraded to electrical to help reduce our impact on the environment. The company is looking to implement HVO renewable diesel which can reduce emissions by 90%. The Company adopts sustainable practices, such as recycling using eco-friendly materials, and managing resources efficiently. Additionally, staying up-to-date with relevant environmental laws and acts. |
Consideration is being taken to for the company to undertake ISO 14001 accreditation for environmental management systems. |
EMPLOYEE REMUNERATION AND POLICIES |
The company does not discriminate on the basis of race, colour or nationality, ethnic or national origin, sex, gender reassignment, sexual orientation, marital or civil partner status, pregnancy or maternity, disability, religion or belief, age or any other ground on which it is or becomes unlawful to discriminate under the laws of England and Wales. The company retains standards of business conduct which all employees are expected to observe. There is a policy for customer service, anti-bribery, slavery and human trafficking which the directors make certain are adhered to. In attracting and retaining employees they company offer industry standard pay and additional benefits package. Remunerations packages are reviewed on a regular basis and offered to the all employees. |
There are many other risks the company faces, it eliminates them to a minimum which is the key. The one outside of the businesses control is fuel prices. This is dependent on many factors from the Russia war to OPEC output. We purchase fuel in bulk and back this up with fuel cards to keep the cost low as possible. |
We also have the following: |
Key workers |
Competition |
Ransomware |
The company aims to keep all risk as low as possible and have continuance plans in place. |
ON BEHALF OF THE BOARD: |
TRANSOL LOGISTICS LTD (REGISTERED NUMBER: 08096066) |
REPORT OF THE DIRECTORS |
for the year ended 30 September 2023 |
The directors present their report with the financial statements of the company for the year ended 30 September 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of freight transport operation by road. |
DIVIDENDS |
The total distribution of dividends for the year ended 30 September 2023 is £300,000 (2022: £750,000) |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 October 2022 to the date of this report. |
FINANCIAL INSTRUMENTS |
The principal financial instruments of the company comprise bank balances and borrowings, trade creditors, trade debtors and hire purchase contracts. The main purpose of these instruments is to raise funds for the company's operations and to finance its continuing operations. Liquidity risk is managed by the use of bank balances and fixed deposit facilities along with efficient monitoring and forecasting of cash flow to ensure there are sufficient funds to meet liabilities. Trade debtors are managed in respect of credit and cash flow risk by policies monitoring the credit offered to customers, and regular monitoring of amounts outstanding for both time and credit limits. |
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. |
TRANSOL LOGISTICS LTD (REGISTERED NUMBER: 08096066) |
REPORT OF THE DIRECTORS |
for the year ended 30 September 2023 |
AUDITORS |
The auditors, Luckmans Duckett Parker Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
TRANSOL LOGISTICS LTD |
Opinion |
We have audited the financial statements of Transol Logistics Ltd (the 'company') for the year ended 30 September 2023 which comprise the profit and loss account, 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 30 September 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. The comparative figures were not audited. |
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 |
TRANSOL LOGISTICS LTD |
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. |
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 designing audit procedures by tailoring and directing testing to aid and support the determined level of risk. In response, the procedures we perform to determine the level of risk include: |
- Reference to past history and experience of the Entity; |
- enquiry of management, including obtaining and reviewing supporting documentation concerning the |
Entity's procedures relating to: |
- identifying and complying with laws and regulations and whether they were aware of any instances |
of non-compliance; |
- detection and response to risk of fraud and whether they were aware of any actual or suspected |
instances of fraud. |
- assessment of the controls and processes that the Entity has in place to mitigate risk. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
TRANSOL LOGISTICS LTD |
Our assessments included the identification of the following potential areas for fraud: |
- Management override of control; |
- Revenue recognition, particularly in respect of rendering of services |
We design audit procedures by tailored and directed testing to aid and support the determined level of risk. In response to the assessed risk we plan audit tests and procedures that target specific areas where |
misstatement may occur. These procedures and the extent to which they are capable of detecting |
irregularities, including fraud, are detailed below: |
- We critically assessed the appropriateness and tested the application of the revenue and cost |
recognition policies |
- We assessed the appropriateness of accounting journals and other adjustments made in the |
preparation of the financial statements |
- We reviewed the Entity's accounting policies for non-compliance with relevant standards. |
- We made enquiries of management and reviewed correspondence with the relevant authorities to |
identify any irregularities or instances of non-compliance with laws and regulations |
In performing an audit in accordance with UK-adopted international accounting standards and the Companies Act, we exercise professional judgement and maintain professional scepticism throughout the audit process. |
The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from |
error, as fraud may involve collusion or override of internal controls. There are inherent limitations in the audit procedures performed. |
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. |
Other matters which we are required to address |
There was no requirement for an audit of the financial statements in the prior year. The comparatives are therefore unaudited. |
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. |
for and on behalf of |
Chartered Accountants |
Statutory Auditors |
1110 Elliott Court |
Herald Avenue |
Coventry Business Park |
Coventry |
West Midlands |
CV5 6UB |
TRANSOL LOGISTICS LTD (REGISTERED NUMBER: 08096066) |
PROFIT AND LOSS ACCOUNT |
for the year ended 30 September 2023 |
2023 | 2022 |
(Unaudited) |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
1,122,043 | 990,418 |
Other operating income |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
1,135,640 | 992,656 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
TRANSOL LOGISTICS LTD (REGISTERED NUMBER: 08096066) |
BALANCE SHEET |
30 September 2023 |
2023 | 2022 |
(Unaudited) |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
13 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 17 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Retained earnings | 19 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
TRANSOL LOGISTICS LTD (REGISTERED NUMBER: 08096066) |
STATEMENT OF CHANGES IN EQUITY |
for the year ended 30 September 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 October 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 September 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 September 2023 |
TRANSOL LOGISTICS LTD (REGISTERED NUMBER: 08096066) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 30 September 2023 |
1. | STATUTORY INFORMATION |
Transol Logistics Ltd is a |
2. | ACCOUNTING POLICIES |
Statement of compliance |
The financial statements of UK GAAP Limited have been prepared in compliance with United Kingdom Accounting Standards, including Financial Reporting Standard 102, ‘The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland’ (‘FRS 102’) and the companies act 2006. |
Basis of preparing the financial statements |
These financial statements are prepared on a going concern basis, under the historical cost convention, as modified by the revaluation of land and buildings and certain financial assets and liabilities measured at fair value through profit or loss. |
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 3.17(d); |
• | the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); |
• | the requirement of paragraph 33.7. |
Preparation of consolidated financial statements |
The company is a wholly owned subsidiary of Leel Holdings Limited. It is included in the consolidated financial statements of Leel Holdings Limited which are publicly available. The company is exempt by virtue of section 400 of the Companies Act 2006 from the requirement to prepare consolidated financial statements. The ultimate parent undertaking consolidate these financial statements is Leel Holdings Limited. The address of the parent’s registered office is 1110 Elliot Court, Coventry Business Park, Herald Avenue, Coventry, CV5 6UB. |
These financial statements are the company’s separate financial statements. |
Critical accounting judgements and key sources of estimation uncertainty |
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. |
(i) Useful economic lives of tangible assets |
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. The remaining useful economic life of the main production plant asset is considered a source of significant estimation uncertainty. |
TRANSOL LOGISTICS LTD (REGISTERED NUMBER: 08096066) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2023 |
2. | ACCOUNTING POLICIES - continued |
(ii) Impairment of debtors |
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including credit rating of the debtor, the ageing profile of debtors and historical experience. |
Turnover |
Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the company and value added taxes. |
Rendering of services |
The company recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer, (b) the company retains no continuing involvement or control over the goods, (c) the amount of revenue can be measured reliably, (d) it is probable that future economic benefits will flow to the entity. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Tangible assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs and borrowing costs capitalised. |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Stocks are recognised as an expense in the period in which the related revenue is recognised. |
Financial instruments |
The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. |
(i) Financial assets |
Basic financial assets, including trade and other receivables, cash and bank balances and amounts owed by group undertakings, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
Such assets are subsequently carried at amortised cost using the effective interest method. |
TRANSOL LOGISTICS LTD (REGISTERED NUMBER: 08096066) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2023 |
2. | ACCOUNTING POLICIES - continued |
(ii) Financial liabilities |
Basic financial liabilities, including trade and other creditors, bank loans are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Cash and cash equivalents |
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. |
Invoice discounting |
The gross amount of invoice discounted debts are included in trade debtors and a corresponding liability in respect of proceeds received from factors shown within current liabilities. Factoring charges and interest are recognised in the profit and loss account as they accrue. |
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 |
Monetary 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. |
TRANSOL LOGISTICS LTD (REGISTERED NUMBER: 08096066) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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. |
3. | TURNOVER |
The total turnover for the company for the year has been derived from its principal activity wholly undertaken in the United Kingdom. |
4. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
(Unaudited) |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2023 | 2022 |
(Unaudited) |
2023 | 2022 |
(Unaudited) |
£ | £ |
Directors' remuneration |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
2023 | 2022 |
(Unaudited) |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Loss on disposal of fixed assets |
Foreign exchange differences |
TRANSOL LOGISTICS LTD (REGISTERED NUMBER: 08096066) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2023 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
(Unaudited) |
£ | £ |
Bank loan interest |
Late payment interest |
Hire purchase |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
(Unaudited) |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
UK corporation tax has been charged at 22% . |
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 |
(Unaudited) |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Change in tax rates | (14,011 | ) | - |
Total tax charge | 261,934 | 144,096 |
As of 1 April 2023, the main rate of UK corporation tax increased from 19% to 25%. As the company's financial year straddles this date, a blended corporation tax rate of 22% has been applied which is calculated by apportioning the two tax rates on a weighted basis for the proportion of the financial year for which each main tax rate was applicable. |
TRANSOL LOGISTICS LTD (REGISTERED NUMBER: 08096066) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2023 |
8. | DIVIDENDS |
2023 | 2022 |
(Unaudited) |
£ | £ |
Ordinary shares of £1 each |
Interim |
9. | TANGIBLE FIXED ASSETS |
Leasehold | Fixtures |
property | Plant and | and |
improvements | machinery | fittings |
£ | £ | £ |
COST |
At 1 October 2022 |
Additions |
Disposals |
At 30 September 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for year |
Eliminated on disposal |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 October 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 September 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
TRANSOL LOGISTICS LTD (REGISTERED NUMBER: 08096066) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2023 |
9. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 October 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 September 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
10. | STOCKS |
2023 | 2022 |
(Unaudited) |
£ | £ |
Stocks |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
(Unaudited) |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Directors' current accounts | 320,446 | 44,579 |
Tax |
Prepayments and accrued income |
Included within trade debtors are balances totalling £2,255,103 (2022 - £2,474,804) that are subject to invoice discounting finance. |
Statutory disclosures relating to amounts owed from the director is given in note 21 to the financial statements. |
Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand. |
TRANSOL LOGISTICS LTD (REGISTERED NUMBER: 08096066) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2023 |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
(Unaudited) |
£ | £ |
Other loans (see note 14) |
Hire purchase contracts (see note 15) |
Trade creditors |
Tax |
Social security and other taxes |
Net wages control | 21,815 | 23,698 |
Pension | 1,512 | 924 |
VAT | 171,783 | 159,557 |
Other creditors |
Accrued expenses |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
(Unaudited) |
£ | £ |
Other loans (see note 14) |
Hire purchase contracts (see note 15) |
14. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
(Unaudited) |
£ | £ |
Amounts falling due within one year or on demand: |
Other loans |
Amounts falling due between one and two years: |
Other loans - 1-2 years | 61,263 |
Amounts falling due between two and five years: |
Other loans - 2-5 years |
Included in other loans is an amount of £135,045 which relates to a Coronavirus Business Interaction Loan. The loan attracts interest of 2.5% per annum, and is repayable in installments over 5 year and being fully repayable in December 2025. |
TRANSOL LOGISTICS LTD (REGISTERED NUMBER: 08096066) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2023 |
15. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2023 | 2022 |
(Unaudited |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
2023 | 2022 |
(Unaudited) |
£ | £ |
Within one year |
Between one and five years |
16. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
(Unaudited) |
£ | £ |
Other loans |
Hire purchase contracts | 1,320,534 | 1,103,026 |
Invoice financing | 638,021 | 688,541 |
The bank loans and invoice discounting are secured against all assets of the company by way of fixed and floating charges. The invoice discounting liability at the reporting date is included within other creditors as is considered to be payable within one year. |
Hire purchase contracts are secured against the assets to which they relate to by way of a fixed charge. |
17. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
(Unaudited) |
£ | £ |
Deferred tax | 368,210 | 209,346 |
TRANSOL LOGISTICS LTD (REGISTERED NUMBER: 08096066) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2023 |
17. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 October 2022 |
Provided during year |
Balance at 30 September 2023 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
19. | RESERVES |
Retained |
earnings |
£ |
At 1 October 2022 |
Profit for the year |
Dividends | ( |
) |
At 30 September 2023 |
20. | ULTIMATE PARENT COMPANY |
The company's ultimate parent undertaking is Leel Holdings Limited, a company registered in England and Wales. |
21. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
At 30 September 2023 there was an outstanding loan owing from a Director to the company of £320,446 (2022: £44,579). The maximum outstanding during the year was £320,446 (2022: £44,579). The loan is repayable on demand and no interest is charged. |
22. | RELATED PARTY DISCLOSURES |
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. |
During the year the company recharged costs of £65,950 (2021: £83,753) to a company with a common directorship. The amount outstanding from this company at the year end was £14,871 (2021: £19,172). |
23. | ULTIMATE CONTROLLING PARTY |
The company has no ultimate controlling party, as no one person has significant shareholding in the ultimate parent company. |