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Registered number: 10533915










NTG ROAD UK LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
NTG ROAD UK LIMITED
 
 
COMPANY INFORMATION


Directors
K Hansen 
C P D Jakobsen 
M Larsen 
J E Petersen 




Registered number
10533915



Registered office
Unit 1 Liberty Park
Burton Old Road

Lichfield

WS14 9HY




Independent auditors
Larking Gowen LLP
Chartered Accountants & Statutory Auditors

1st Floor Prospect House

Rouen Road

Norwich

Norfolk

NR1 1RE





 
NTG ROAD UK LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 5
Independent Auditors' Report
6 - 9
Statement of Income and Retained Earnings
10
Statement of Financial Position
11 - 12
Notes to the Financial Statements
13 - 27


 
NTG ROAD UK LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

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

Business review
 
Beginning of 2023 was a continuation of the market challenges we faced during the 4th quarter of 2022. Despite our optimism the market would turn going into 2023, it never materialised. We therefore quickly adjusted operational and organisational strategy in the middle of Q1. We downsized the operation to align our operation around our base clients. This allowed us to minimise engaging on the dead open spot market.
Although knowing the new strategy would decrease our turnover (going from £10,847,303 for 2022 to £8,528,703 in 2023), it generated a much higher GP yield on the remaining business and allowed us to take significant costs out of the business.
Furthermore, we readjusted our sales team putting more effort into re-growth through our Group Tender platform.
Q2, Q3, & Q4 followed the anticipated plan with steady and consistent GP margins (up to 18.7% in 2023 from 16.8% in 2022) with continuous monthly increases in our Ebit margin, as we took more and more costs out.
We managed to gain new business through the Group Tender Platform for start in 2024. We are therefore currently very positive we can achieve the significantly increased budget set for 2024, despite the market's continuous drop-in activity.
We maintained a solid +S6 NPS Score on our client portfolio. Which meant our changes had no negative impact on our customer service capability.

Principal risks and uncertainties
 
Navigating and predicting a hostile geo-political landscape which we currently find ourselves in is never easy. However, our asset-light model means we can adjust very quickly to the various impacts. The general opinion of the financial institutes is predicting the interest rate will start to decrease and stabilise at around 4.2% in the last 2 quarters of 2024. This should encourage spending on the market. The transport market is currently at its lowest point and the overcapacity should bottom out within the 1’° quarter of 2024. During this period many companies are looking to reduce the transport costs, which means NTG Road UK Ltd, will have more opportunities to gain market share.
Credit Risk
The company's credit risk is primarily attributable to its trade debtors. The amounts presented in the Statement of Financial Position are net of provision for doubtful debts. The company manages its concentration of credit risk through use of credit safe software with exposure spread over several customers. 
Liquidity Risk 
To maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the company uses group overdraft facilities. The company's activities do expose it to the financial risks of changes in foreign currency exchange which is monitored closely. 
 
Page 1

 
NTG ROAD UK LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Foreign Exchange Risk 
The company operates worldwide and is exposed to foreign exchange risk arising from currency exposure to the Euro. The company manages this risk by holding reserves in Sterling and Euros. In the current year the  company has suffered a loss on exchange amounting to £30,594 compared to a gain of £52,930 in 2022, a swing of £83,524.
Other Key Risks 
Environmental taxation initiatives are ramping up on the transport sector. This was evident in the introduction of increased road taxation in Germany and the ET5 surcharge on the ferry crossings towards the end of 2023. It is expected all EU countries will follow suit with this taxation. It is therefore vital we continue to seek alternative greener fuel sources. The first electrical distribution vehicles within the NTG Group have been ordered ready to start in Q1, 2024. The carbon footprint is much more prevalent for companies when choosing transport solutions. which is therefore various initiatives is undertaken to be on the forefront of the technological developments within this sector.

Financial key performance indicators
 
The directors consider the key performance indicators to be those submitted for the annual budget with monthly results reflecting the financial strength and performance of the business as a whole. These are discussed and agreed upon internally with monthly reviews to monitor performance. The directors are satisfied that performance is in line with these expectations and is continuing in a positive direction.

2023
2022
        £
        £
Turnover

8,528,703

10,847,303
 
Gross profit

1,595,988

1,820,666
 
Gross profit margin

18.7%

16.8%
 
EBITDA

222,190

423,943
 


This report was approved by the board and signed on its behalf.





................................................
K Hansen
Director

Date: 6 June 2024

Page 2

 
NTG ROAD UK LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Principal activity

The principal activity of the company in the year under review was that of freight forwarding and logistics providers. 

Results and dividends

The loss for the year, after taxation, amounted to £168,970 (2022 - loss £15,796).

No dividends were paid during the year (2022 - £Nil).

Directors

The directors who served during the year were:

K Hansen 
C P D Jakobsen 
M Larsen 
J E Petersen 

Future developments

The company is well respected and whilst the commercial environment is expected to remain challenging, the directors anticipate an improved performance in the year ahead. 

Qualifying third party indemnity provisions

During the year and to the date of signing these financial statements, the company had in force indemnity provision in favour of the directors of NTG Road UK Ltd against liability in respect of proceedings brought by third parties, subject to the conditions set out in the Companies Act 2006. 

Matters covered in the Strategic Report

Information on exposure to risks is covered in the strategic report. 

Page 3

 
NTG ROAD UK LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the company's financial statements and then apply them consistently;

make judgments 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Auditors

The auditorsLarking Gowen LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 4

 
NTG ROAD UK LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

This report was approved by the board and signed on its behalf.
 





................................................
K Hansen
Director

Date: 6 June 2024

Page 5

 
NTG ROAD UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NTG ROAD UK LIMITED
 

Opinion


We have audited the financial statements of NTG Road UK Limited (the 'company') for the year ended 31 December 2023, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position and the related notes, including a summary of significant accounting policiesThe 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 United Kingdom, including the Financial Reporting Council'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.


Page 6

 
NTG ROAD UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NTG ROAD UK LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report 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 Directors' Report.


We have nothing to report in respect of the following matters in relation to which 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 Directors' Responsibilities Statement set out on page 4, 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 is 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.


Page 7

 
NTG ROAD UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NTG ROAD UK LIMITED (CONTINUED)


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 an Auditors' Report 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. 

Due to the field in which the company operates, we identified the areas most likely to have a direct material impact on the financial statements as compliance with UK tax legislation, UK accounting standards and the Companies Act 2006. In addition, we considered the provisions of other laws and regulations which whilst not having a direct impact on the financial statements, are fundamental to the company's ability to operate including health and safety, employment law and compliance with various other regulations relevant to the operation of the company.

Our approach to identifying and assessing the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, included the following:

Enquiries with management about any known or suspected instances of non-compliance with laws and regulations, accidents in the workplace, potential litigation or claims and fraud;
Reviewing legal and professional fees to confirm matters where the company engaged lawyers during the year;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Reviewing board minutes and any relevant correspondence with external authorities;
Challenging assumptions and judgements made by management in their significant accounting estimates, specifically surrounding anticipated freight costs; and
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of any significant transactions outside the normal course of business.


Due to 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 Auditors' Report.


Page 8

 
NTG ROAD UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NTG ROAD UK LIMITED (CONTINUED)


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 2006Our 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 an Auditors' Report 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.





John Atkins ACA FCCA (Senior Statutory Auditor)
  
for and on behalf of
Larking Gowen LLP
 
Chartered Accountants
Statutory Auditors
  
1st Floor Prospect House
Rouen Road
Norwich
Norfolk
NR1 1RE

17 September 2024
Page 9

 
NTG ROAD UK LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
8,528,703
10,847,303

Cost of sales
  
(6,932,715)
(9,026,637)

Gross profit
  
1,595,988
1,820,666

Administrative expenses
  
(2,307,705)
(1,967,822)

Other operating income
 5 
578,656
214,675

Operating (loss)/profit
 6 
(133,061)
67,519

Interest receivable and similar income
 10 
21,847
1,504

Interest payable and similar expenses
 11 
(2,879)
(5,708)

(Loss)/profit before tax
  
(114,093)
63,315

Tax on (loss)/profit
 12 
(54,877)
(79,111)

Loss after tax
  
(168,970)
(15,796)

  

  

Retained earnings at the beginning of the year
  
(26,628)
(10,832)

Loss for the year
  
(168,970)
(15,796)

Retained earnings at the end of the year
  
(195,598)
(26,628)
The notes on pages 13 to 27 form part of these financial statements.

Page 10

 
NTG ROAD UK LIMITED
REGISTERED NUMBER: 10533915

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 13 
2,425,215
2,771,674

Tangible assets
 14 
6,842
11,024

  
2,432,057
2,782,698

Current assets
  

Debtors: amounts falling due within one year
 15 
1,351,820
1,599,774

Cash at bank and in hand
 16 
1,006,968
2,645,168

  
2,358,788
4,244,942

Creditors: amounts falling due within one year
 17 
(1,418,800)
(3,485,508)

Net current assets
  
 
 
939,988
 
 
759,434

Total assets less current liabilities
  
3,372,045
3,542,132

Provisions for liabilities
  

Deferred tax
 18 
(3,051)
(4,168)

Net assets
  
3,368,994
3,537,964


Capital and reserves
  

Called up share capital 
 19 
200,000
200,000

Share premium account
 20 
3,364,592
3,364,592

Profit and loss account
 20 
(195,598)
(26,628)

  
3,368,994
3,537,964


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
K Hansen
Director

Date: 6 June 2024

The notes on pages 13 to 27 form part of these financial statements.
Page 11

 
NTG ROAD UK LIMITED
REGISTERED NUMBER: 10533915
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023


Page 12

 
NTG ROAD UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

NTG Road 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

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

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 the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of NTG Nordic Transport Group A/S as at 31 December 2023 and these financial statements may be obtained from the Danish Central Business Register.

Page 13

 
NTG ROAD UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Going concern

The directors have considered the company’s position at the time of signing the financial statements, and in particular the continued economic uncertainty and its impact on the company. As part of their assessment, they have prepared forecasts which take a prudent account of expectations around trading performance and profitability in light of the above. Despite recent losses, the directors are confident that the measures put in place during 2023 plus new business that has been successfully tendered for, will enable the company to achieve the forecasts prepared. In addition, the directors have considered the company’s current financial strength and the financial support available from the wider group if required.
Based on this, the directors have concluded that they have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future, being at least twelve months from the date of signing these financial statements, and they therefore continue to adopt the going concern basis of accounting in preparing these financial statements.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided and the company has discharged its responsibilities, being the departure date for export services and arrival date for import services and when all of the following conditions are satisfied:
 
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.
 
Management fees are recognised over the period in which the services are provided.

 
2.5

Operating leases: the company as lessee

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

Page 14

 
NTG ROAD UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Page 15

 
NTG ROAD UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.10

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Income and Retained Earnings over its useful economic life, estimated to be ten years.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 16

 
NTG ROAD UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
33%
Computer equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. 

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price.

Page 17

 
NTG ROAD UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.15

Financial instruments

The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from and to related parties.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In applying the company's accounting policies, the Directors are required to make judgements, estimates and assumptions. These are continually evaluated and are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of revision and future periods, if the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are:
Anticipated freight costs
The directors make an estimate of the anticipated freight income and associated costs for all contracts.


4.


Turnover

The whole of the turnover is attributable to the principal activity of the company.

Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
5,218,373
7,504,588

Rest of Europe
3,297,035
3,326,502

Rest of the world
13,295
16,213

8,528,703
10,847,303


Page 18

 
NTG ROAD UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Other operating income

2023
2022
£
£

Management fees
578,656
214,675

578,656
214,675



6.


Operating (loss)/profit

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

2023
2022
£
£

Exchange differences
30,594
(52,930)

Other operating lease rentals
83,069
75,170

Intangible fixed assets - amortisation
346,459
346,459

Tangible fixed assets - depreciation
8,792
9,965


7.


Auditors' remuneration

During the year, the company obtained the following services from the company's auditors:


2023
2022
£
£

Fees payable to the company's auditors for the audit of the company's financial statements
19,500
18,200

Page 19

 
NTG ROAD UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
1,147,559
1,002,417

Social security costs
100,211
127,780

Cost of defined contribution scheme
40,719
32,272

1,288,489
1,162,469


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Administration staff
10
9



Other staff
14
14

24
23


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
125,017
129,549

Company contributions to defined contribution pension schemes
12,000
4,403

137,017
133,952


During the year retirement benefits were accruing to 1 director (2022 - 1) in respect of defined contribution pension schemes.

Page 20

 
NTG ROAD UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Interest receivable

2023
2022
£
£


Other interest receivable
21,847
1,504

21,847
1,504


11.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
2,704
-

Loans from group undertakings
-
4,965

Other interest payable
175
743

2,879
5,708


12.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
55,994
77,737


Total current tax
55,994
77,737

Deferred tax


Origination and reversal of timing differences
(1,117)
1,374

Total deferred tax
(1,117)
1,374


Tax on (loss)/profit
54,877
79,111
Page 21

 
NTG ROAD UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


(Loss)/profit on ordinary activities before tax
(114,093)
63,315


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
(26,812)
12,030

Effects of:


Non-tax deductible amortisation of goodwill and impairment
81,418
65,827

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
356
(146)

Fixed asset timing differences
(62)
342

Other timing differences leading to an increase (decrease) in taxation
(23)
175

Increase in tax rates
-
883

Total tax charge for the year
54,877
79,111


Factors that may affect future tax charges

From 1 April 2023 the corporation tax rate increased to 25% from 19% so for the financial year ended 31 December 2023 the current weighted averaged tax rate was 23.5% and in future will be 25%.
Deferred taxes at the balance sheet date have been measured using the 25% tax rate.

Page 22

 
NTG ROAD UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Intangible assets




Goodwill

£



Cost


At 1 January 2023
3,464,592



At 31 December 2023

3,464,592



Amortisation


At 1 January 2023
692,918


Charge for the year on owned assets
346,459



At 31 December 2023

1,039,377



Net book value



At 31 December 2023
2,425,215



At 31 December 2022
2,771,674



Page 23

 
NTG ROAD UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
3,861
29,974
33,835


Additions
-
4,610
4,610



At 31 December 2023

3,861
34,584
38,445



Depreciation


At 1 January 2023
2,705
20,106
22,811


Charge for the year on owned assets
1,156
7,636
8,792



At 31 December 2023

3,861
27,742
31,603



Net book value



At 31 December 2023
-
6,842
6,842



At 31 December 2022
1,156
9,868
11,024


15.


Debtors

2023
2022
£
£


Trade debtors
857,080
1,310,903

Amounts owed by group undertakings
264,578
144,665

Other debtors
11,141
8,875

Prepayments and accrued income
219,021
135,331

1,351,820
1,599,774


Page 24

 
NTG ROAD UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,006,968
2,645,168

1,006,968
2,645,168



17.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,039,639
1,150,320

Amounts owed to group undertakings
153,810
2,006,475

Corporation tax
32,594
6,488

Other taxation and social security
54,699
43,909

Other creditors
-
203,207

Accruals and deferred income
138,058
75,109

1,418,800
3,485,508



18.


Deferred taxation




2023


£






At beginning of year
4,168


Credited to profit or loss
(1,117)



At end of year
3,051

Page 25

 
NTG ROAD UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
18.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
1,711
2,756

Other timing differences
1,340
1,412

3,051
4,168


The net deferred tax liability expected to reverse in 2024 is £1,130.


19.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



200,000 (2022 - 200,000) Ordinary shares of £1.00 each
200,000
200,000



20.


Reserves

Share premium account

The share premium account includes amounts shareholders paid for issued shares in excess of the par value of the share purchased.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.


21.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company  in an independently administered fund. The pension cost charge represents contributions payable by the company  to the fund and amounted to £34,478 (2022 - £32,272).
Contributions totalling £6,641 were receivable (2022 - £9,970 were payable) from / to the fund at the reporting date and are included in creditors.

Page 26

 
NTG ROAD UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

22.


Commitments under operating leases

At 31 December 2023 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
78,239
75,170

Later than 1 year and not later than 5 years
191,997
205,225

270,236
280,395


23.


Related party transactions

The following transactions have been completed by the company with group companies:


2023
2022
£
£

Sales
947,016
507,809
Purchases
745,255
494,067
Debtor balances
173,631
144,665
Creditor balances
160,639
2,006,475


24.


Controlling party

The parent company and ultimate controlling party is NTG Nordic Transport Group A/S. NTG Nordic Transport Group A/S is incorporated in Denmark, registered office Hammerholmen 47, DK-2650 Hvidovre, Denmark
The smallest and largest group to consolidate these financial statements is NTG Nordic Transport Group A/S. Their accounts are available from the Danish Central Business Register.

 
Page 27