REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
ALANDALE LOGISTICS LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
ALANDALE LOGISTICS LIMITED |
ALANDALE LOGISTICS LIMITED (REGISTERED NUMBER: 03279517) |
CONTENTS OF THE FINANCIAL STATEMENTS |
For The Year Ended 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Income Statement | 8 |
Other Comprehensive Income | 9 |
Statement of Financial Position | 10 |
Statement of Changes in Equity | 11 |
Notes to the Financial Statements | 12 |
ALANDALE LOGISTICS LIMITED |
COMPANY INFORMATION |
For The Year Ended 31 DECEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants & Statutory Auditors |
1 Kings Avenue |
London |
N21 3NA |
ALANDALE LOGISTICS LIMITED (REGISTERED NUMBER: 03279517) |
STRATEGIC REPORT |
For The Year Ended 31 DECEMBER 2023 |
The directors present their strategic report for the year ended 31 December 2023. |
The company continues to take a long-term view and has managed to maintain its position in the sector by continuing to deliver its services robustly and effectively. |
Despite the significant challenges in the economy and sector, the company has delivered a satisfactory set of results. |
The company's ongoing strategy has proven to be both successful and dynamic, with a strong emphasis on improving the financial returns in 2023 and beyond, with its aim to deliver competitive operational performance and innovative solutions. |
The company's ethos of maintaining positive financial results and reinvesting, assists the business to withstand challenges within the sector and the wider economy. |
REVIEW OF BUSINESS |
The company delivered key projects during the period despite the economic and sector challenges. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The company has minimised its risks and uncertainties by seeking to provide innovative solutions within the industry and continually seeks to improve the services we provide in areas such as traffic and logistics management. The company continually looks for improvement areas to the operational performance in the industry it operates in. |
CONCLUSION |
The company continues to trade successfully despite the economic and sector challenges. |
The company's continued long-term vision, together with its strict capital discipline has enabled it to withstand the economic and industry uncertainties and maintain steady growth. |
ON BEHALF OF THE BOARD: |
ALANDALE LOGISTICS LIMITED (REGISTERED NUMBER: 03279517) |
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 logistics services to construction sector and general construction. |
DIVIDENDS |
An interim dividend of |
The total distribution of dividends for the year ended 31 December 2023 will be £ |
RESEARCH AND DEVELOPMENT |
The company recognises the importance of investing in research and development and it is the company's policy to identify, wherever possible, improved methods of delivering its services. Research and development costs are absorbed within administrative costs and are not significant. |
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. |
PRINCIPAL RISKS, UNCERTAINTIES AND FINANCIAL INSTRUMENTS |
The financial instruments are comprised of finance leases, inter company balances, cash and liquid resources, debtors, creditors and accrued expenses. |
The directors consider the most significant risk in respect of financial assets and liabilities is that relating to credit risk on trade debtors. This is addressed via normal credit control procedures and adequate debt provisioning. |
KEY PERFORMANCE INDICATORS |
The directors use a number of KPIs to assess performance, the principal ones being the monitoring of profitability on each contract with budgeted profitability and the monitoring of overall company profitability and cash flow with budgets and forecasts. |
EMPLOYEES |
The Company has well developed policies for fair and equal treatment of all colleagues, employment of disabled persons and colleague participation. During employment the Company seeks to work with each individual, taking into account their personal circumstances, to enable them to reach and maximize their potential. |
For many years, the company has worked alongside major organisations, such as Unite and Bounced Back Foundation Limited to help integrate those who find difficulty in securing employment due to disability, incapacity or other personal circumstances, back into the workplace. |
The company applies the same criteria to disabled persons as it does to other employees and potential employees and is prepared, where necessary, to offer retraining to any of its employees who develops a disability. |
ALANDALE LOGISTICS LIMITED (REGISTERED NUMBER: 03279517) |
REPORT OF THE DIRECTORS |
For The Year Ended 31 DECEMBER 2023 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, AGK Partners, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ALANDALE LOGISTICS LIMITED |
Opinion |
We have audited the financial statements of Alandale Logistics Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ALANDALE LOGISTICS LIMITED |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognize non-compliance with applicable laws and regulations; |
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the industry; |
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we: |
- performed analytical procedures to identify any unusual or unexpected relationships; |
- tested journal entries to identify unusual transactions; |
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |
- investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- agreeing financial statement disclosures to underlying supporting documentation; |
- reading the minutes of meetings of those charged with governance; |
- enquiring of management as to actual and potential litigation and claims; and |
- reviewing correspondence with HMRC, relevant regulators, and the company's legal advisors. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ALANDALE LOGISTICS LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants & Statutory Auditors |
1 Kings Avenue |
London |
N21 3NA |
ALANDALE LOGISTICS LIMITED (REGISTERED NUMBER: 03279517) |
INCOME STATEMENT |
For The Year Ended 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
1,101,738 | 925,457 |
Other operating income |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
1,216,861 | 928,588 |
Interest payable and similar expenses | 5 |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL YEAR |
ALANDALE LOGISTICS LIMITED (REGISTERED NUMBER: 03279517) |
OTHER COMPREHENSIVE INCOME |
For The Year Ended 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
ALANDALE LOGISTICS LIMITED (REGISTERED NUMBER: 03279517) |
STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
CURRENT ASSETS |
Stocks | 9 |
Debtors | 10 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
12 |
( |
) |
PROVISIONS FOR LIABILITIES | 15 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 16 |
Retained earnings | 17 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
ALANDALE LOGISTICS LIMITED (REGISTERED NUMBER: 03279517) |
STATEMENT OF CHANGES IN EQUITY |
For The Year Ended 31 DECEMBER 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Issue of share capital | - |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2023 |
ALANDALE LOGISTICS LIMITED (REGISTERED NUMBER: 03279517) |
NOTES TO THE FINANCIAL STATEMENTS |
For The Year Ended 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Alandale Logistics Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of paragraph 3.17(d); |
• | the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); |
• | the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A; |
• | the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23; |
• | the requirements of paragraphs 29.28(b) and 29.29; |
• | the requirement of paragraph 33.7; |
• | the requirements of paragraph 24(b) of IFRS 6. |
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. |
ALANDALE LOGISTICS LIMITED (REGISTERED NUMBER: 03279517) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Revenue |
Revenue represents the total invoice value, excluding value added tax, of sales made during the year. Revenue is reduced for customer returns and other similar allowances. |
Revenue is recognised at the point the company has transferred to the buyer the significant risks and rewards, the amount of the turnover can be measured reliably and it is probable the economic benefits associated with the transactions will flow to the company. |
Revenue related income from maintenance contracts is recognised evenly over the period of the contract. |
When the outcome of a construction contract can be estimated reliably, contract revenue and contract costs are recognised as revenue and expenses respectively by reference to the stage of completion of the contract activity at the balance sheet date. When the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred that are likely to be recoverable. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately. |
Contract revenue comprises the initial amount of revenue agreed in the contract and variations in the contract work and claims that can be measured reliably. A variation or a claim is recognised as contract revenue when it is probable that the customer will approve the variation or negotiations have reached an advanced stage such that it is probable that the customer will accept the claim. |
The stage of completion is measured by reference to the ratio of contract costs incurred to date to the estimated total costs for the contract. Costs incurred during the financial year in connection with future activity on a contract are excluded from the costs incurred to date when determining the stage of completion of a contract. Such costs are shown as construction contract work-in-progress on the balance sheet unless it is not probable that such contract costs are recoverable from the customers, in which case, such costs are recognised as an expense immediately. |
Long term contracts |
Amounts recoverable on long-term contracts, which are included in debtors, are stated at cost plus attributable profit to the extent that this is reasonably certain after making provision for contingencies less any losses incurred or forseen in bringing the contract to completion and less amounts received as progress payments. Cost for this purpose includes valuations of all work done by sub-contractors and all overheads other than those relating to the general administration of the company. For any contracts where receipts exceed the book value of work done the excess is included in creditors as payments on account. |
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. |
Plant and machinery | - | 25% on reducing balance |
Fixtures and fittings | - | 25% on reducing balance |
Motor vehicles | - | 25% on reducing balance |
Computer equipment | - | 33% on reducing balance |
Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
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 statement of financial position date. |
ALANDALE LOGISTICS LIMITED (REGISTERED NUMBER: 03279517) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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 |
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. |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
ALANDALE LOGISTICS LIMITED (REGISTERED NUMBER: 03279517) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Cash and cash equivalent |
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. |
Subsequent measurements are carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment. |
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of |
business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
3. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2023 | 2022 |
Directors | 2 | 2 |
Administrative staff | 45 | 37 |
site based staff | 57 | 70 |
ALANDALE LOGISTICS LIMITED (REGISTERED NUMBER: 03279517) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 DECEMBER 2023 |
3. | EMPLOYEES AND DIRECTORS - continued |
2023 | 2022 |
£ | £ |
Directors' remuneration |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
2023 | 2022 |
£ | £ |
Emoluments etc |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Profit on disposal of fixed assets | ( |
) |
Auditors' remuneration |
Foreign exchange differences |
Auditors' remuneration for the other services relating to taxation |
Auditors' remuneration for other services |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank interest |
Interest - Other |
Hire purchase |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax |
Overprovision in prior years | (15,898 | ) | (137,186 | ) |
Total current tax |
Deferred tax | ( |
) |
Tax on profit |
ALANDALE LOGISTICS LIMITED (REGISTERED NUMBER: 03279517) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 DECEMBER 2023 |
6. | 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: |
2023 | 2022 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | - |
Depreciation in excess of capital allowances | - |
Adjustments to tax charge in respect of previous periods | ( |
) | ( |
) |
Deferred tax | 15,820 | (2,169 | ) |
Profit/Loss on disposal of assets | - | (433 | ) |
Group relief | (190,422 | ) | - |
Total tax charge | 87,976 | 51,095 |
7. | DIVIDENDS |
2023 | 2022 |
£ | £ |
"A" Ordinary shares of £1 each |
Interim |
8. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 | 94,490 |
ALANDALE LOGISTICS LIMITED (REGISTERED NUMBER: 03279517) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 DECEMBER 2023 |
8. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 January 2023 |
Transfer to ownership | (30,000 | ) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Transfer to ownership | (15,082 | ) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
9. | STOCKS |
2023 | 2022 |
£ | £ |
Work-in-progress |
10. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by group undertakings |
Amounts recoverable on contract |
Other debtors |
Prepayments |
Amounts falling due after more than one year: |
Trade debtors |
Aggregate amounts |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts (see note 13) |
Trade creditors |
Tax |
Social security and other taxes |
Directors' current accounts | 50,000 | 75,000 |
Accrued expenses |
ALANDALE LOGISTICS LIMITED (REGISTERED NUMBER: 03279517) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 DECEMBER 2023 |
12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts (see note 13) |
13. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Gross obligations repayable: |
Within one year |
Between one and five years |
Finance charges repayable: |
Within one year |
Between one and five years |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
14. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Hire purchase contracts | 13,250 | 29,027 |
National Westminster Bank Plc holds a fixed charge over the company's leasehold premises together with a mortgage debenture which comprises a fixed and floating charge over all property, assets, goodwill, book debts and any licences. A cross company guarantee has been provided by Alandale Holdings Limited to the bank as further security. |
15. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 17,878 | 2,058 |
ALANDALE LOGISTICS LIMITED (REGISTERED NUMBER: 03279517) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 DECEMBER 2023 |
15. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Accelerated capital allowances | 15,820 |
Balance at 31 December 2023 |
16. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
"A" Ordinary | £1 | 223,713 | 223,713 |
17. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2023 |
Profit for the year |
Dividends | ( |
) |
At 31 December 2023 |
18. | POST BALANCE SHEET EVENTS |
There were no post balance sheet events since the year end. |
19. | PENSION COMMITMENTS |
The company operates a small self administered scheme for certain directors and key employees. This is a defined contribution scheme. £ Nil (2022: £35,280) was paid in the year. £ Nil (2022: £ Nil) was outstanding at the year end. |
The company also contributes to a separate defined contribution scheme for other directors, key employees and senior staff. £98,123 (2022: £94,857) was paid during the year and £37,785 (2022: £33,973) was outstanding at the year end. |
20. | ULTIMATE PARENT COMPANY |
The company is a 90% owned subsidiary of Alandale Holdings Limited. |
The largest and smallest group in which the result of the company are consolidated is that headed by Alandale Holdings Limited which is incorporated in the United Kingdom. The consolidated financial statements of this company are available to the public and may be obtained from company's registered office at 1 Brook Court, Blakeney Road, Beckenham, Kent, BR3 1HG. |
ALANDALE LOGISTICS LIMITED (REGISTERED NUMBER: 03279517) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 DECEMBER 2023 |
21. | RELATED PARTY DISCLOSURES |
Entities with control, joint control or significant influence over the entity |
31.12.23 | 31.12.22 |
£ | £ |
Amount due from related party | 6,881,846 | 8,627,754 |
Other related parties |
31.12.23 | 31.12.22 |
£ | £ |
Sales | 1,293,931 | 1,023,449 |
Purchases | (3,544,664 | ) | 4,023,981 |
Rent receivable | 106,140 | 230,827 |
Management charges receivable | 240,000 | 240,000 |
Rent payable | (262,293 | ) | (511,655 | ) |
Amount due from related party | 213,923 | 154,622 |
Amount due to related party | 2,295,180 | (2,214,450 | ) |
* The amount owed to/from related parties are interest free and repayable on demand. |
22. | ULTIMATE CONTROLLING PARTY |
The company was under the control of P E Morgan throughout the current and previous year. |