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REGISTERED NUMBER: 01150563 (England and Wales)



















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

STVA UK LIMITED

STVA UK LIMITED (REGISTERED NUMBER: 01150563)






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




Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Income Statement 11

Other Comprehensive Income 12

Balance Sheet 13

Statement of Changes in Equity 14

Notes to the Financial Statements 15


STVA UK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







Directors: S Reynolds
S M Warren
A Ritz


Registered office: Unit 2 West Point Row Great Park Road
Bradley Stoke
Bristol
BS32 4QG


Registered number: 01150563 (England and Wales)


Senior statutory auditor: Steven Collins


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


Bankers: BNP Paribas
10 Harewood Avenue
London
NW1 6AA

STVA UK LIMITED (REGISTERED NUMBER: 01150563)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

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

Review of business
The company's principal activity during the year is split into two Business Units: Vehicle movements by Rail and Processing of nearly new and used vehicles.

The company's key financial and other performance indicators during the year were as follows:


£'000
Turnover £32,825
(Loss)/Profit after tax (£2,311)
Current assets as a % of current
liabilities

59.69%

Rail Activity

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

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

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

Some key suppliers added to the business supported a strong operational performance on several key routes, complexity on other rail routes presented challenges throughout 2023 however positive developments are forecasted for the following year.

With the returning volumes forecasted to be strong in the coming years the Rail business, together with the commitment on Decarbonization strategies Rail will be a key element in this being achieved.



STVA UK LIMITED (REGISTERED NUMBER: 01150563)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Rockingham Vehicle Processing Centre

We saw some gradual improvements in overall volumes in 2023 in de-fleet and refurbishment activities, even if these were hampered by continuing new vehicle supply constraints especially to the fleet sector.

The increased values of used cars through 2023 were a positive signal to our clients, though the later fluctuations caused some uncertainty. This led to a varied experience to our utilisation of refurbishment capacity a Rockingham, which was largely offset by continuing growth in new car added-value services.. Services were expanded to offer mechanical as well as cosmetic refurbishment, new car PDI / accessory fitments and warranty repairs are now carried out by our team.

Monthly revenue has continued to gradually progress through 2023 and the site has been saturated in storage terms for most of the second half. On the cost side, further movement in inflation and skills shortages have conspired to increase our costs of manpower. Costs of utilities, mostly electricity increased significantly to impact our bottom line, as did shortages of many aftermarket parts for the first
half of the year.

Gross margin was disappointing through the year and further work in improving productivity is beginning to pay off. Prospects look good with the hold on new vehicle supplies gradually loosening, giving us greater opportunities at treat higher volumes of used cars for refurbishment.

Summary

The turnover in 2023 of £32,825 million compares with £24,432 in 2022. The loss after tax of £2,311 shows an decrease against the 2022 loss after tax of £5,514 an improvement of 58% on 2022.

Of continued significant importance to the strength of the company's balance sheet is the Final Salary Pension Scheme. Actuarial assumptions relating to the Scheme can have a material influence on the balance sheet.


STVA UK LIMITED (REGISTERED NUMBER: 01150563)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Principal risks and uncertainties
Management continually monitors the key risks facing the company together with assessing the controls used for managing these risks. The principal risks and uncertainties facing the company can be broadly classified as competitive, legislative, economic and exchange rate risk.

Competitive Risks

The company is reliant on certain major motor manufacturers for contracts that are subject to periodic competitive tender. Renewal of these contracts cannot be pre-determined and are based on financial and performance criteria.

STVA UK Limited aims to manage this risk by utilising the knowledge and experience of its senior employees to obtain new business opportunities and to retain existing business.

Legislative risk

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

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

STVA UK Limited is a member of the representative trade organisations who lobby the UK government and European institutions, the Office of Rail Regulation and Network Rail. These memberships give STVA UK Limited an opportunity to minimise any legislative risk it may suffer

Economic risk

This is the key area of risk for the company and can take several forms. The principal activity of the business is subject to a downturn in the new car market and economic indicators such as interest rates and exchange rates. A further economic risk is that motor manufacturers could move their production facilities to more profitable manufacturing environments outside of the UK.

STVA UK Limited aims to minimise economic risk by negotiating contracts with both customers and suppliers in their most appropriate currencies and by holding contracts with a wide range of customers who produce vehicles across the whole vehicle spectrum. Long Term Contracts on Rail Activity is key to mitigate risk as the business develops and invests in the future, successes were achieved in 2023 that will have a positive impact to the business in the coming years.

On behalf of the board:





S Reynolds - Director


9 July 2024

STVA UK LIMITED (REGISTERED NUMBER: 01150563)

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.

Dividends
No dividends will be distributed for the year ended 31 December 2023.

Events since the end of the year
Information relating to events since the end of the year is given in the notes to the financial statements.

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

S Reynolds
S M Warren
A Ritz

Going concern
The company has seen an improvement in the trading results during the start of the 2024 financial year. Although the company continues to make losses they expect the company to return to a profitable position in the medium term. The projections and cashflow forecasts of the company show improving trading results. The Group is confident in its growth prospects . On the basis of these elements, taking into account the company benefits from the cash pooling of the Group which supports the future trading activities, at the date of closing of the accounts on 31 December 2023, the company has concluded that there are no material uncertainties that would call into question the going concern principle.

Statement of directors' responsibilities
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

STVA UK LIMITED (REGISTERED NUMBER: 01150563)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


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

On behalf of the board:





S Reynolds - Director


9 July 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
STVA UK LIMITED

Opinion
We have audited the financial statements of STVA UK 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 loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

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

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
STVA UK 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 five, 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
STVA UK LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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

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

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

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

- We obtained an understanding of the legal and regulatory framework in relation to the entity and
how it complies with this framework. This included discussions with management and reviews of
legal and professional fees.
- We discussed with the management the entity's policies and procedures including systems and
controls. Compliance with these was tested via discussion and walkthrough testing of controls.
- We enquired of management of their policies and procedures in relation to fraud and their
knowledge of any actual, suspected, or alleged fraud.
- We ensured compliance with Pay as You Earn and Value Added Tax laws via reviewing returns and
correspondence.
- We considered the risk of fraud through management override, and, in response, we incorporated
testing of manual journal entries into our audit approach. This included the testing of journal entries
throughout the year as well as year end journals.
- We reviewed accounting estimates for bias, which included the provision for stock and depreciation.
- We agreed the financial statement disclosures to underlying supporting documentation.
- We enquired of management if there were any potential litigation or claims.

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

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
STVA UK LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




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

10 July 2024

STVA UK LIMITED (REGISTERED NUMBER: 01150563)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £'000 £'000

Turnover 3 32,825 24,432

Cost of sales 29,575 24,843
Gross profit/(loss) 3,250 (411 )

Administrative expenses 5,334 4,993
Operating loss 5 (2,084 ) (5,404 )


Interest payable and similar expenses 6 228 110
Loss before taxation (2,312 ) (5,514 )

Tax on loss 7 (1 ) -
Loss for the financial year (2,311 ) (5,514 )

STVA UK LIMITED (REGISTERED NUMBER: 01150563)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £'000 £'000

Loss for the year (2,311 ) (5,514 )


Other comprehensive income
Actuarial gain/(loss) on pension scheme (230 ) 1,555
Income tax relating to other
comprehensive income

-

-
Other comprehensive income for the
year, net of income tax

(230

)

1,555
Total comprehensive income for the
year

(2,541

)

(3,959

)

STVA UK LIMITED (REGISTERED NUMBER: 01150563)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £'000 £'000 £'000 £'000
Fixed assets
Intangible assets 8 28 47
Tangible assets 9 2,821 2,967
Investments 10 - -
2,849 3,014

Current assets
Stocks 11 150 76
Debtors 12 20,259 21,205
Cash at bank and in hand 396 329
20,805 21,610
Creditors
Amounts falling due within one year 13 34,852 33,137
Net current liabilities (14,047 ) (11,527 )
Total assets less current liabilities (11,198 ) (8,513 )

Pension asset 17 1,316 1,172
Net liabilities (9,882 ) (7,341 )

Capital and reserves
Called up share capital 15 3,707 3,707
Share premium 16 810 810
Retained earnings 16 (14,399 ) (11,858 )
Shareholders' funds (9,882 ) (7,341 )

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





S Reynolds - Director


STVA UK LIMITED (REGISTERED NUMBER: 01150563)

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

Called up
share Retained Share Total
capital earnings premium equity
£'000 £'000 £'000 £'000
Balance at 1 January 2022 3,707 (7,899 ) 810 (3,382 )

Changes in equity
Deficit for the year - (5,514 ) - (5,514 )
Other comprehensive income - 1,555 - 1,555
Total comprehensive income - (3,959 ) - (3,959 )
Balance at 31 December 2022 3,707 (11,858 ) 810 (7,341 )

Changes in equity
Deficit for the year - (2,311 ) - (2,311 )
Other comprehensive income - (230 ) - (230 )
Total comprehensive income - (2,541 ) - (2,541 )
Balance at 31 December 2023 3,707 (14,399 ) 810 (9,882 )

STVA UK LIMITED (REGISTERED NUMBER: 01150563)

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

1. Statutory information

STVA UK 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.

2. Accounting policies

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

The financial statements are prepared in sterling which is the functional currency of the group and rounded to the nearest £'000.

The principle accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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

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

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

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.

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

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.

Defined Benefit Pension Scheme
The company has an obligation to pay pension benefits to certain employees. The cost of these benefits and the present value of the obligation depend on a number of factors, including; life expectancy, salary increases, asset valuations, and the discount rate on corporate bonds. Management estimates these factors in determining the net pension surplus or obligation in the balance sheet. The assumptions reflect historical experience and current trends. The Company has recognised an obligation based on the formal application of the Trust Deed and Rules.

STVA UK LIMITED (REGISTERED NUMBER: 01150563)

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

2. Accounting policies - continued

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

Turnover is generated by the transportation of motor vehicles both by rail and by car transporter.

Fuel Surcharge Revenue
For the majority of its clients, the company has in place a clause in their contract that allows for the recovery of excess fuel costs above the agreed base price. The rates are adjusted according to the terms of the contract, which fluctuates based on the rates which have been agreed and therefore impacts on turnover.

Intangible assets
Amortisation is only charged once the asset is brought in to use.

Software is amortised over its estimated useful life of 3-5 years.

Tangible fixed assets
Tangible fixed assets are stated at historic purchase cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the asset capable of operating as intended used.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value based on prices prevailing at the date of acquisition, of each asset evenly over their expected useful life, as follows:

Leasehold improvements - over 5 to 15 years
Plant and machinery - over 3 to 10 years
Fixtures and fittings - over 5 years

The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Investments in associates
Investments in associate undertakings are recognised at cost less any provision for impairment.

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.

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.

STVA UK LIMITED (REGISTERED NUMBER: 01150563)

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

2. 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
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 and is the sponsoring employer for a defined benefit pension scheme. Contributions are made by the company and the employees to a separately administered fund.

The service cost of the pension provision relating to the period, together with the cost of any benefits relating to past service, is charged to the income statement. The net interest element is determined by multiplying the net defined benefit liability by the discount rate, at the start of the period taking in to account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit of loss as other finance income or cost.

The difference between the market value of the assets of the scheme and the present value of the accrued pension liabilities is shown as an asset or liability on the balance sheet, except that assets are only recognised to the extent that they are considered to be recoverable.

The company also operates a targeted money purchase pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the scheme's rules.

Going concern
The company meets its day-to-day working capital requirements through its cash reserves and borrowings. The company's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the company can operate within the level of its current cash reserves and borrowings.

CAT SAS, the immediate controlling party, has also agreed to make funds available to allow the company to meet its debts as they fall due for a period of at least 12 months from the date of approval of these financial statements, and do not require repayment of the inter-group balances until other creditors have been met and the company has generated sufficient funds to enable repayments to be made.

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

3. Turnover

Turnover is wholly attributable to activities in the United Kingdom, relating to the transportation of motor vehicles and associated activities.

4. Employees and directors
2023 2022
£'000 £'000
Wages and salaries 2,326 1,269
Social security costs 171 126
Other pension costs 61 41
2,558 1,436

STVA UK LIMITED (REGISTERED NUMBER: 01150563)

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

4. Employees and directors - continued

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

Administration 53 31

2023 2022
£    £   
Directors' remuneration - -

5. Operating loss

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

2023 2022
£'000 £'000
Hire of Plant and Machinery 5 22
Other Operating Leases 97 90
Depreciation - owned assets 291 295
Computer software amortisation 19 38
Auditors Remuneration 22 29
Foreign exchange differences (121 ) 399

6. Interest payable and similar expenses
2023 2022
£'000 £'000
Interest Payable by Group
Undertakings 228 110
228 110

7. Taxation

Analysis of the tax credit
The tax credit on the loss for the year was as follows:
2023 2022
£'000 £'000
Current tax:
Over Provision in Prior Years (1 ) -
Tax on loss (1 ) -

STVA UK LIMITED (REGISTERED NUMBER: 01150563)

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

7. Taxation - continued

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

2023 2022
£'000 £'000
Loss before tax (2,312 ) (5,514 )
Loss multiplied by the standard rate of corporation tax in the UK of
25% (2022 - 19%)

(578

)

(1,048

)

Effects of:
Expenses not deductible for tax purposes 17 7
Adjustments to tax charge in respect of previous periods (1 ) -
Pension Contributions charged to STRGL (57 ) 295
Deferred tax not recognised 616 750
General Pool Super deduction enhancement - (4 )
Group relief 2 -
Total tax credit (1 ) -

Tax effects relating to effects of other comprehensive income

2023
Gross Tax Net
£'000 £'000 £'000
Actuarial gain/(loss) on pension scheme (230 ) - (230 )

2022
Gross Tax Net
£'000 £'000 £'000
Actuarial gain on pension scheme 1,555 - 1,555

8. Intangible fixed assets
Computer
software
£'000
Cost
At 1 January 2023
and 31 December 2023 152
Amortisation
At 1 January 2023 105
Amortisation for year 19
At 31 December 2023 124
Net book value
At 31 December 2023 28
At 31 December 2022 47

STVA UK LIMITED (REGISTERED NUMBER: 01150563)

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

9. Tangible fixed assets
Improvements
Short to Plant and
Leasehold Property Machinery
£'000 £'000 £'000
Cost
At 1 January 2023 503 2,685 1,060
Additions - 110 -
Reclassification/transfer - 9 -
At 31 December 2023 503 2,804 1,060
Depreciation
At 1 January 2023 48 432 809
Charge for year 34 207 48
At 31 December 2023 82 639 857
Net book value
At 31 December 2023 421 2,165 203
At 31 December 2022 455 2,253 251

Fixtures Assets
and Under
Fittings Construction Totals
£'000 £'000 £'000
Cost
At 1 January 2023 40 145 4,433
Additions 18 17 145
Reclassification/transfer - (9 ) -
At 31 December 2023 58 153 4,578
Depreciation
At 1 January 2023 32 145 1,466
Charge for year 2 - 291
At 31 December 2023 34 145 1,757
Net book value
At 31 December 2023 24 8 2,821
At 31 December 2022 8 - 2,967

STVA UK LIMITED (REGISTERED NUMBER: 01150563)

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

10. Fixed asset investments
Interest
in
Associate
Undertaking
£'000
Cost
At 1 January 2023
and 31 December 2023 250
Provisions
At 1 January 2023
and 31 December 2023 250
Net book value
At 31 December 2023 -
At 31 December 2022 -

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

Car & Commercial Deliveries Co Ltd
Registered office: Unit 2 West Point Row Great Park Road, Bradley Stoke, Bristol, England, BS32 4QG
Nature of business: See below
%
Class of shares: holding
Ordinary 100.00
2023 2022
£'000 £'000
Aggregate capital and reserves (7,614 ) (7,614 )

Note 1: Transportation and technical services for vehicle manufacturers, importers and dealers.

11. Stocks
2023 2022
£'000 £'000
Stocks 150 76

12. Debtors: amounts falling due within one year
2023 2022
£'000 £'000
Trade Debtors 5,028 2,979
Amounts owed by group undertakings 12,490 14,459
Other Debtors 299 730
Prepayments and Accrued Income 2,442 3,037
20,259 21,205

Amounts owed by group undertakings are unsecured, both interest and non-interest bearing, and are repayable on demand (interest bearing amounts are charged at 2% over the Bank of England's base rate).

STVA UK LIMITED (REGISTERED NUMBER: 01150563)

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

13. Creditors: amounts falling due within one year
2023 2022
£'000 £'000
Trade Creditors 3,944 7,887
Amounts owed to group undertakings 26,027 18,965
Social Security and Other
Taxes 365 135
Other Creditors 63 28
Accruals and Deferred Income 4,453 6,122
34,852 33,137

Amounts owed by subsidiary undertakings are unsecured, both interest and non-interest bearing, and are repayable on demand (interest bearing amounts are charged at 0.5% over 3 Month LIBOR).

14. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£'000 £'000
Within one year 3,298 3,133
Between one and five years 11,154 9,963
In more than five years 37,779 37,531
52,231 50,627

15. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £'000 £'000
3,707,329 Ordinary 1 3,707 3,707

16. Reserves
Retained Share
earnings premium Totals
£'000 £'000 £'000

At 1 January 2023 (11,858 ) 810 (11,048 )
Deficit for the year (2,311 ) (2,311 )
Actuarial gain on pension
scheme (230 ) - (230 )
At 31 December 2023 (14,399 ) 810 (13,589 )

STVA UK LIMITED (REGISTERED NUMBER: 01150563)

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

17. Employee benefit obligations

Defined Contribution Scheme
The company operates a defined contribution pension scheme for all employees in the company along with the statutory auto-enrolment scheme.

Contributions in to these schemes are paid by the company at rates specified in the rules of the schemes. The assets of the schemes are held separately from those of the company in independently administered funds.

Defined Benefit Scheme
The company operates a defined benefit pension scheme for its employees, providing benefits based on final pensionable earnings. The assets of the scheme are held separately from those of the company. Contributions to the scheme are charged to the profit and loss account so as to spread the costs of pensions over employees working lives with the company.

The contributions are determined by Jaime Norman of Broadstone Consultants & Actuaries Limited, a professionally qualified actuary, on the basis of triennial valuations using the projected unit method. The latest actuarial valuation of the Scheme was at 6 April 2020 and updated to 31 December 2020.

With effect from the 19 February 2007, the scheme was closed to new entrants.

Contributions expected in 2024 total £322,000.

The amounts recognised in the balance sheet are as follows:

Defined benefit
pension plans
2023 2022
£'000 £'000
Present value of funded obligations (8,431 ) (8,487 )
Fair value of plan assets 9,747 9,659
1,316 1,172
Present value of unfunded obligations - -
Surplus 1,316 1,172
Net asset 1,316 1,172

The amounts recognised in profit or loss are as follows:

Defined benefit
pension plans
2023 2022
£'000 £'000
Current service cost - -
Net interest from net defined benefit
asset/liability

(62

)

9
Past service cost - -
(62 ) 9

Actual return on plan assets 449 272

STVA UK LIMITED (REGISTERED NUMBER: 01150563)

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

17. Employee benefit obligations - continued

Changes in the present value of the defined benefit obligation are as follows:

Defined benefit
pension plans
2023 2022
£'000 £'000
Opening defined benefit obligation 8,487 15,800
Interest cost 387 281
Benefits paid (320 ) (329 )
Actuarial (gains)/losses from changes in
financial assumptions

(123

)

(7,265

)
8,431 8,487

Changes in the fair value of scheme assets are as follows:

Defined benefit
pension plans
2023 2022
£'000 £'000
Opening fair value of scheme assets 9,659 15,166
Contributions by employer 312 260
Expected return 449 272
Benefits paid (320 ) (329 )
Return on plan assets (excluding interest
income)

(353

)

(5,710

)
9,747 9,659

The amounts recognised in other comprehensive income are as follows:

Defined benefit
pension plans
2023 2022
£'000 £'000
Actuarial (gains)/losses from changes in
financial assumptions

123

7,265
Return on plan assets (excluding interest
income)

(353

)

(5,710

)
(230 ) 1,555

The major categories of scheme assets as a percentage of total scheme assets are as follows:

Defined benefit
pension plans
2023 2022
Equities & Property 28.90% 27.72%
LDI 45.20% 38.33%
Diversified Growth Fund 28.30% 36.33%
Cash -2.40% -2.38%
100.00% 100.00%

STVA UK LIMITED (REGISTERED NUMBER: 01150563)

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

17. Employee benefit obligations - continued

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

2023 2022
Discount rate 4.60% 4.65%
Price inflation (RPI) 3.07% 3.35%
Price inflation (CPI) 2.37% 2.65%
Future salary increases 2.87% 3.15%
Increase rate of benefits payable by the plan 2.86% -

Mortality assumptions
Life expectancy at 65 for year ended (in years):

As AtAt As
20232022

Future pensions - male21.622.5
Current pensioners - male20.721.2
Future pensioners - female24.425.3
Current pensioners - female23.323.9

The mortality assumptions used in the valuation of the defined benefit pension scheme liabilities have been selected to reflect those used in the scheme's last full funding valuation as a 6 April 2020. These assumptions (pre and post retirement) utilise S3PA tables projected forward using the CMI 2022 tables, with a long term improvement trend of 1%.

18. Ultimate parent company

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

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

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

19. Post balance sheet events

Since the balance sheet date, Groupe has continued the process of merging the subsidiary company, Car & Commercial Deliveries Co Ltd with this company. As a result the inter company debtor of £7,613,865 will be eliminated reducing the company's shareholder funds. No adjustments have been included within these accounts for the merger.

20. Ultimate controlling party

The ultimate controlling party is Manuel Antelo.