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REGISTERED NUMBER: 05500405 (England and Wales)







Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2023

for

A.D.D. Express Ltd

A.D.D. Express Ltd (Registered number: 05500405)

Contents of the Financial Statements
for the Year Ended 31 December 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


A.D.D. Express Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: D Fairbrother
M A Dunne
D R Sharp
N Burgess





REGISTERED OFFICE: Unit 8
Chichester Street
Rochdale
Lancashire
OL16 2AU





REGISTERED NUMBER: 05500405 (England and Wales)





AUDITORS: Lindley Adams Limited Chartered Accountants
Statutory Auditor
28 Prescott Street
Halifax
West Yorkshire
HX1 2LG

A.D.D. Express Ltd (Registered number: 05500405)

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 has two activities within the business pallet distribution and pallet storage . The directors consider that the key financial performance indicators are those that monitor the performance in respect of each of these activities. The revenue of the company is analysed as follows:

2023 2022

Distribution 11,992,513 11,585,547
Storage 649,978 732 812
12,,642,491 12,318,359

The company has continued to trade strongly in challenging times. Sales pipelines are string and the directors forsee a healthy growth due to the lack of quality haulage companies. Distribution sales showed growth of 3.5% and storage revenue fell by 11% in line with the directors' expectations.

The operating profit of the company has increased from £854,287 to £1,044,117.

The directors monitor gross profit margins as another key performance indicator, and note an increase in the current year from 25.99%.to 27.22%.

This reflects ability to maintain the expanded customer base and reduce direct costs that rose by less than 1%. Other costs have remained constant.

Future easing of vehicle supply and vehicle saving coupled with strong focus on cost savings will help to drive increased profitability.









A.D.D. Express Ltd (Registered number: 05500405)

Strategic Report
for the Year Ended 31 December 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The company faces a number of business risks and uncertainties due to worsening trading conditions and new competition. In view of this, the directors are looking carefully at both existing and potential new markets. In particular, this table sets out the key risks that have been identified, with the company's approach to mitigating those risks.

Risk - Impact on company - Mitigation
Valuation of second hand trucks
Due to the economic climate numerous logistic companies are going through difficult times and some into administration. This is causing a surplus number of second hand trucks entering the market and subsequently driving down the market value. The company is continually monitoring this with the possibility of amending depreciation policy.

Volatility in markets
The markets continue to be extremely volatile with volume fluctuating constantly within Pallex and our own customers. The company has a loyal but diverse customer base, both in terms of revenue and concentration, reducing its exposure when there is a temporary downturn in certain markets. New markets are being constantly explored and a very strong pipeline is in place.

Inflation
Inflation is always a concern and has been constantly monitored and the effect it has on a company finances along with effect on the markets as people slow down with there spending. The company always shops around for the best deals specifically in the asset finance market for purchasing trucks.

Shrinking haulier numbers
In the current market the number of haulage companies going into administration is 3 per week. This will enable the rest of the market to increase there price due to shortage of supply. The risk is attracting new suppliers into the markets and causing uncertain competition.

ON BEHALF OF THE BOARD:





D Fairbrother - Director


11 September 2024

A.D.D. Express Ltd (Registered number: 05500405)

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 pallet distribution.

DIVIDENDS
Interim dividends have been paid during the year.

Ordinary C shares of 0.01 each £203,671

The directors recommend that no final dividends be paid.

The total distribution of dividends for the year ended 31 December 2023 will be £203,671

RESEARCH AND DEVELOPMENT
The company currently does not do research and development.

FUTURE DEVELOPMENTS
The directors anticipate the business environment will remain competitive. They believe that the company is in a good financial position and that the risks that have been identified are being well managed. With careful focus on appropriate diversification and development of new revenue streams, as well as continuing review of the state of the market and the activities of competitors, the directors are confident in the company's ability to maintain and build on this position,albeit with cautious growth expectations.

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 Fairbrother
M A Dunne
D R Sharp
N Burgess

FINANCIAL INSTRUMENTS
The company only holds basic financial instruments and has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities which are entirely conducted in sterling. The company does not enter into any formally designated hedging arrangements.

POLITICAL DONATIONS AND EXPENDITURE
There were no political donations and expenditure

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.

A.D.D. Express Ltd (Registered number: 05500405)

Report of the Directors
for the Year Ended 31 December 2023


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, Lindley Adams Limited Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





D Fairbrother - Director


11 September 2024

Report of the Independent Auditors to the Members of
A.D.D. Express Ltd


Opinion
We have audited the financial statements of A.D.D. Express Ltd (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 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
A.D.D. Express Ltd


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:

As part of our audit, we determined a level for materiality and assessed the risk of material misstatement in the financial statements. Based on our understanding of the company and discussions with the management, we gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates.

We identified the laws and regulations which we considered to have a direct effect on the financial statements and considered that the most significant are the Companies Act 2006, Financial Reporting Standards and UK tax legislation.

The engagement partner assessed that the engagement team had the appropriate competence and capabilities to identify or recognise non-compliance with the laws and regulations.

We enquired with management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations including fraud. We also designed specific appropriate audit procedures including:

- Agreeing financial statement disclosures to supporting documentation.
- Analytical procedures to identify any unusual or unexpected relationships.
- Testing appropriateness of journal entries.
- Review of accounting estimates for potential bias.
- Enquire with management as to actual and potential litigation and claims.
- Review of correspondence.

We are not aware of any actual or suspected non-compliance with laws and regulations, and we are not responsible for preventing or detecting non-compliance with all laws and regulations. The primary responsibility for the prevention and detection of fraud rests with management and those charged with governance.

There are inherent limitations in audit procedures and there is an unavoidable risk that we may not have detected
material misstatements within the financial statements, even though the audit is properly planned and performed in accordance with ISA's UK. The further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. The risk of not detecting a material misstatement due to fraud is higher than the risk due to error as fraud may involve a 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
A.D.D. Express Ltd


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.




David Adams FCA (Senior Statutory Auditor)
for and on behalf of Lindley Adams Limited Chartered Accountants
Statutory Auditor
28 Prescott Street
Halifax
West Yorkshire
HX1 2LG

11 September 2024

A.D.D. Express Ltd (Registered number: 05500405)

Statement of Comprehensive
Income
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   

TURNOVER 12,642,491 12,318,359

Cost of sales (9,200,689 ) (9,117,086 )
GROSS PROFIT 3,441,802 3,201,273

Distribution costs (519,417 ) (407,008 )
Administrative expenses (2,298,311 ) (2,376,766 )
624,074 417,499

Other operating income 420,043 436,788
OPERATING PROFIT 6 1,044,117 854,287

Interest receivable and similar income 456 -
1,044,573 854,287

Interest payable and similar expenses 7 (75,608 ) (65,242 )
PROFIT BEFORE TAXATION 968,965 789,045

Tax on profit 8 (224,269 ) (274,954 )
PROFIT FOR THE FINANCIAL YEAR 744,696 514,091

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

744,696

514,091

A.D.D. Express Ltd (Registered number: 05500405)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 31,932 49,432
Tangible assets 11 2,846,687 2,675,026
Investments 12 125,000 125,000
3,003,619 2,849,458

CURRENT ASSETS
Stocks 13 38,914 27,848
Debtors 14 5,411,035 4,307,601
Cash at bank 100,615 16,711
5,550,564 4,352,160
CREDITORS
Amounts falling due within one year 15 4,200,313 3,582,203
NET CURRENT ASSETS 1,350,251 769,957
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,353,870

3,619,415

CREDITORS
Amounts falling due after more than one
year

16

(904,809

)

(826,277

)

PROVISIONS FOR LIABILITIES 20 (591,334 ) (476,453 )
NET ASSETS 2,857,727 2,316,685

CAPITAL AND RESERVES
Called up share capital 21 131 114
Capital redemption reserve 22 11 11
Retained earnings 22 2,857,585 2,316,560
SHAREHOLDERS' FUNDS 2,857,727 2,316,685

The financial statements were approved by the Board of Directors and authorised for issue on 11 September 2024 and were signed on its behalf by:





D Fairbrother - Director


A.D.D. Express Ltd (Registered number: 05500405)

Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 January 2022 92 1,960,891 11 1,960,994

Changes in equity
Issue of share capital 22 - - 22
Dividends - (158,422 ) - (158,422 )
Total comprehensive income - 514,091 - 514,091
Balance at 31 December 2022 114 2,316,560 11 2,316,685

Changes in equity
Issue of share capital 17 - - 17
Dividends - (203,671 ) - (203,671 )
Total comprehensive income - 744,696 - 744,696
Balance at 31 December 2023 131 2,857,585 11 2,857,727

A.D.D. Express Ltd (Registered number: 05500405)

Cash Flow Statement
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,559,045 2,109,953
Interest paid (17,470 ) (18,058 )
Interest element of hire purchase payments
paid

(58,138

)

(47,184

)
Tax paid (127,110 ) (93,716 )
Net cash from operating activities 1,356,327 1,950,995

Cash flows from investing activities
Purchase of tangible fixed assets (40,163 ) (29,873 )
Sale of tangible fixed assets 325,395 132,920
Interest received 456 -
Net cash from investing activities 285,688 103,047

Cash flows from financing activities
Loan repayments in year 61,309 (387,792 )
Capital repayments in year (744,594 ) (621,724 )
Amount introduced by directors - 179,978
Amount withdrawn by directors (187,987 ) (451,100 )
Share issue 17 22
Group loan movements (483,185 ) (599,606 )
Equity dividends paid (203,671 ) (158,422 )
Net cash from financing activities (1,558,111 ) (2,038,644 )

Increase in cash and cash equivalents 83,904 15,398
Cash and cash equivalents at beginning
of year

2

16,711

1,313

Cash and cash equivalents at end of year 2 100,615 16,711

A.D.D. Express Ltd (Registered number: 05500405)

Notes to the Cash Flow Statement
for the Year Ended 31 December 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
31.12.23 31.12.22
£    £   
Profit before taxation 968,965 789,045
Depreciation charges 617,826 642,881
Profit on disposal of fixed assets (35,615 ) (21,082 )
Provisions 10,000 -
Finance costs 75,608 65,242
Finance income (456 ) -
1,636,328 1,476,086
(Increase)/decrease in stocks (11,066 ) 17,179
(Increase)/decrease in trade and other debtors (182,673 ) 844,646
Increase/(decrease) in trade and other creditors 116,456 (227,958 )
Cash generated from operations 1,559,045 2,109,953

2. CASH AND CASH EQUIVALENTS

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

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 100,615 16,711
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 16,711 1,313


3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.1.23 Cash flow changes At 31.12.23
£    £    £    £   
Net cash
Cash at bank 16,711 83,904 100,615
16,711 83,904 100,615
Debt
Finance leases (1,423,603 ) 744,594 (1,021,606 ) (1,700,615 )
Debts falling due
within 1 year (993,837 ) (130,437 ) - (1,124,274 )
Debts falling due
after 1 year (104,949 ) 69,130 - (35,819 )
(2,522,389 ) 683,287 (1,021,606 ) (2,860,708 )
Total (2,505,678 ) 767,191 (1,021,606 ) (2,760,093 )

A.D.D. Express Ltd (Registered number: 05500405)

Notes to the Financial Statements
for the Year Ended 31 December 2023


1. STATUTORY INFORMATION

A.D.D. Express Ltd 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. 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 on a going concern basis, under the historical cost convention.

Significant judgements and estimates
The preparation of financial statements requires management to make significant judgements and estimates and assumptions

Estimates and assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future period affected.

The main area of judgement that has most significant effect on the amounts recognised in the financial statements is in relation to determining the useful economic life of fixed assets when setting the company's depreciation policies.

Key Source of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Useful life of tangible fixed assets
The company's results are materially impacted by the application of it's depreciation policies, which are based on the expected useful life of it's tangible fixed assets. The directors' estimates of useful life are subject to estimation uncertainty. The degree of uncertainty related to vehicles is reduced significantly by the policy of retaining a commercial vehicle for a set period beyond it's finance period.

Turnover
Turnover represents net invoiced sales of services, excluding VAT.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - Straight line over 3 years
Improvements to property - 10% on cost
Commercial vehicles - 25% on reducing balance
Fixtures and equipment - 10% on cost
Motor vehicles - 25% on reducing balance
Computer & office equipment - 25% on cost

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

Basic financial instruments
Basic financial instruments are recognised at amortised cost.


A.D.D. Express Ltd (Registered number: 05500405)

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 Statement of Comprehensive Income, 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.

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 the income statement in the period to which they relate.

4. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
£    £   
Wages and salaries 2,435,473 2,506,424
Social security costs 245,119 259,724
Other pension costs 135,495 93,771
2,816,087 2,859,919

The average number of employees during the year was as follows:
31.12.23 31.12.22

Drivers 38 44
Logistics 15 14
Administrative 30 31
83 89

A.D.D. Express Ltd (Registered number: 05500405)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


5. DIRECTORS' EMOLUMENTS
31.12.23 31.12.22
£    £   
Directors' remuneration 82,364 40,526
Directors' pension contributions to money purchase schemes 43,891 5,451

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

Money purchase schemes 4 4

6. OPERATING PROFIT

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

31.12.23 31.12.22
£    £   
Vehicle hire 378,147 370,149
Other operating leases 468,841 470,900
Depreciation - owned assets 192,207 116,971
Depreciation - assets on hire purchase contracts 408,121 508,408
Profit on disposal of fixed assets (35,615 ) (21,082 )
Goodwill amortisation 17,500 17,500
Auditors' remuneration 5,500 10,780
Auditors' remuneration for non audit work 12,606 11,103

7. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.23 31.12.22
£    £   
Bank interest 376 95
Bank loan interest 12,811 16,986
HMRC taxes payable - 977
VAT surcharge 4,283 -
Hire purchase 58,138 47,184
75,608 65,242

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.23 31.12.22
£    £   
Current tax:
UK corporation tax 119,388 147,431

Deferred tax 104,881 127,523
Tax on profit 224,269 274,954

A.D.D. Express Ltd (Registered number: 05500405)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


8. TAXATION - continued

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

31.12.23 31.12.22
£    £   
Profit before tax 968,965 789,045
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2022 - 19%)

242,241

149,919

Effects of:
Expenses not deductible for tax purposes 6,648 1,810
Capital allowances in excess of depreciation (83,095 ) (292 )
Disposal of assets (8,904 ) (4,006 )
Deferred tax 104,881 127,523
Effect of change in corporation tax rate (9,284 ) -
Prior year corporation tax adjustment (28,218 ) -
Total tax charge 224,269 274,954

9. DIVIDENDS
31.12.23 31.12.22
£    £   
Ordinary C shares of 0.01 each
Interim 203,671 158,422

10. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 350,000
AMORTISATION
At 1 January 2023 300,568
Amortisation for year 17,500
At 31 December 2023 318,068
NET BOOK VALUE
At 31 December 2023 31,932
At 31 December 2022 49,432

A.D.D. Express Ltd (Registered number: 05500405)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


11. TANGIBLE FIXED ASSETS
Improvements
Short to Commercial
leasehold property vehicles
£    £    £   
COST
At 1 January 2023 15,550 409,337 3,569,595
Additions - - 1,021,605
Disposals - - (1,046,829 )
At 31 December 2023 15,550 409,337 3,544,371
DEPRECIATION
At 1 January 2023 10,702 57,735 1,944,977
Charge for year 4,848 27,231 420,828
Eliminated on disposal - - (812,308 )
At 31 December 2023 15,550 84,966 1,553,497
NET BOOK VALUE
At 31 December 2023 - 324,371 1,990,874
At 31 December 2022 4,848 351,602 1,624,618

Fixtures Computer
and Motor & office
equipment vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 608,242 498,918 206,011 5,307,653
Additions 36,711 - 3,453 1,061,769
Disposals - (146,586 ) (2,536 ) (1,195,951 )
At 31 December 2023 644,953 352,332 206,928 5,173,471
DEPRECIATION
At 1 January 2023 299,803 181,379 138,031 2,632,627
Charge for year 48,358 69,152 29,911 600,328
Eliminated on disposal - (93,335 ) (528 ) (906,171 )
At 31 December 2023 348,161 157,196 167,414 2,326,784
NET BOOK VALUE
At 31 December 2023 296,792 195,136 39,514 2,846,687
At 31 December 2022 308,439 317,539 67,980 2,675,026

A.D.D. Express Ltd (Registered number: 05500405)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


11. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Fixtures
Commercial and Motor
vehicles equipment vehicles Totals
£    £    £    £   
COST
At 1 January 2023 3,392,624 86,548 498,918 3,978,090
Additions 1,021,605 - - 1,021,605
Disposals (909,858 ) - (146,586 ) (1,056,444 )
Transfer to ownership (932,089 ) - (33,136 ) (965,225 )
At 31 December 2023 2,572,282 86,548 319,196 2,978,026
DEPRECIATION
At 1 January 2023 1,818,149 - 181,379 1,999,528
Charge for year 331,789 8,655 67,677 408,121
Eliminated on disposal (713,775 ) - (93,335 ) (807,110 )
Transfer to ownership (597,183 ) - (27,238 ) (624,421 )
At 31 December 2023 838,980 8,655 128,483 976,118
NET BOOK VALUE
At 31 December 2023 1,733,302 77,893 190,713 2,001,908
At 31 December 2022 1,574,475 86,548 317,539 1,978,562

12. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 January 2023
and 31 December 2023 125,000
NET BOOK VALUE
At 31 December 2023 125,000
At 31 December 2022 125,000

13. STOCKS
31.12.23 31.12.22
£    £   
Stocks 38,914 27,848

A.D.D. Express Ltd (Registered number: 05500405)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


14. DEBTORS
31.12.23 31.12.22
£    £   
Amounts falling due within one year:
Trade debtors 1,734,536 1,899,377
Amounts owed by group undertakings 1,779,272 1,296,087
Other debtors 391,967 9,079
Directors' current accounts 826,854 638,845
Directors' loan accounts - 22
Prepayments 399,343 309,717
5,131,972 4,153,127

Amounts falling due after more than one year:
Pall-ex investments Limited - 125,000
Tax 279,063 29,474
279,063 154,474

Aggregate amounts 5,411,035 4,307,601

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts (see note 17) 1,124,274 993,837
Hire purchase contracts (see note 18) 831,625 702,275
Trade creditors 1,422,700 1,257,762
Corporation tax 389,298 147,431
Social security and other taxes 53,473 54,844
VAT 255,368 239,660
Other creditors 3,351 48,274
Pension deductions 14,882 12,532
Accrued expenses 105,342 125,588
4,200,313 3,582,203

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans (see note 17) 35,819 104,949
Hire purchase contracts (see note 18) 868,990 721,328
904,809 826,277

A.D.D. Express Ltd (Registered number: 05500405)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


17. LOANS

An analysis of the maturity of loans is given below:

31.12.23 31.12.22
£    £   
Amounts falling due within one year or on demand:
Invoice financing loan 1,055,820 876,137
Bank loans 68,454 117,700
1,124,274 993,837

Amounts falling due between one and two years:
Bank loans - 1-2 years 35,819 64,855

Amounts falling due between two and five years:
Bank loans - 2-5 years - 40,094

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.23 31.12.22
£    £   
Gross obligations repayable:
Within one year 896,165 752,597
Between one and five years 969,581 789,564
1,865,746 1,542,161

Finance charges repayable:
Within one year 64,540 50,322
Between one and five years 100,591 68,236
165,131 118,558

Net obligations repayable:
Within one year 831,625 702,275
Between one and five years 868,990 721,328
1,700,615 1,423,603

Non-cancellable operating leases
31.12.23 31.12.22
£    £   
Within one year 686,118 508,228
Between one and five years 1,110,938 740,721
1,797,056 1,248,949

A.D.D. Express Ltd (Registered number: 05500405)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


19. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank loans 1,160,093 1,098,786
Hire purchase contracts 1,700,615 1,423,603
2,860,708 2,522,389

The bank loans and overdraft are secured by a fixed and floating charge over all the company's assets. The hire purchase creditors are secured on the relevant assets.

20. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax
Accelerated capital allowances 581,334 476,453
Other provisions 10,000 -
591,334 476,453

Deferred Contingent
tax Liability
£    £   
Balance at 1 January 2023 476,453 -
Provided during year 104,881 10,000
Balance at 31 December 2023 581,334 10,000

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
90 Ordinary £1 129 112
99 Ordinary B 0.01 1 1
100 Ordinary C 0.01 1 1
131 114

22. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 January 2023 2,316,560 11 2,316,571
Profit for the year 744,696 744,696
Dividends (203,671 ) (203,671 )
At 31 December 2023 2,857,585 11 2,857,596

A.D.D. Express Ltd (Registered number: 05500405)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


23. ULTIMATE PARENT COMPANY

The Company's parent & ultimate parent company is Fez Investments Limited (a company registered in England & Wales). The address is Unit 8 Chichester Street, Rochdale, OL16 2AU. Fez Investments Ltd is controlled by David Fairbrother by virture of his shareholding.

24. 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:

31.12.23 31.12.22
£    £   
D Fairbrother
Balance outstanding at start of year 638,845 367,746
Amounts advanced 188,009 451,099
Amounts repaid - (180,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 826,854 638,845

These loans are interest free and repayable on demand.

25. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity

Group Companies

At the year end the company was a 70% (2022 - 80%) subsidiary of Fez Investments Limited.

At the year end Fez Investments Limited owed the company £578,613 (2022 - £577,740)

At the year end A.D.D. Northern Hub Limited was a 69% (2022 - 80%) subsidiary of Fez Investments Limited.
At the year end A.D.D. Northern Hub Limited owed the company £1,200,658 (2022 - £718,346)

Other related party transactions

David Fairbrother is a director of the company and also a director of A.D.D. Express Properties Ltd. He and his wife Victoria Fairbrother own 100% of the share capital of A.D.D. Express Properties Ltd.

During the year A.D.D. Express Properties Ltd, acquired the site that the company operates from.
At the year end A.D.D. Express Properties Ltd owed the company £122,765 (2022 - Nil).

David Fairbrother owns 100% of the share capital of Toro Verde GT Limited.


At the year end Toro Verde owed the company £133,005 (2022 - £39,287 owed to Toro Verde).

David Fairbrother is also a director and holds a minor shareholding of Founder Shares in Pall-ex Investment Limited.

The company also holds a minor shareholding in Pall-ex Investment Ltd.

At the year end Pall-ex Investment Limited was owed £536,433 (2022 - £226,044 by the company