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REGISTERED NUMBER: 03279517 (England and Wales)










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: D T Bulman
P E Morgan



SECRETARY: Swanarrow Limited



REGISTERED OFFICE: 1 Kings Avenue
London
N21 3NA



REGISTERED NUMBER: 03279517 (England and Wales)



SENIOR STATUTORY AUDITOR: Alekos Christofi



AUDITORS: AGK Partners
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:





P E Morgan - Director


17 September 2024

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 2.23 per share was paid on 29 December 2023. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2023 will be £ 500,000 .

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.

D T Bulman
P E Morgan

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:





P E Morgan - Director


17 September 2024

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.




Alekos Christofi (Senior Statutory Auditor)
for and on behalf of AGK Partners
Chartered Accountants & Statutory Auditors
1 Kings Avenue
London
N21 3NA

17 September 2024

ALANDALE LOGISTICS LIMITED (REGISTERED NUMBER: 03279517)

INCOME STATEMENT
For The Year Ended 31 DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 34,242,804 32,386,459

Cost of sales 28,418,409 26,759,103
GROSS PROFIT 5,824,395 5,627,356

Administrative expenses 4,722,657 4,701,899
1,101,738 925,457

Other operating income 108,147 1,779
OPERATING PROFIT 4 1,209,885 927,236

Interest receivable and similar income 6,976 1,352
1,216,861 928,588

Interest payable and similar expenses 5 7,496 5,081
PROFIT BEFORE TAXATION 1,209,365 923,507

Tax on profit 6 87,976 51,095
PROFIT FOR THE FINANCIAL YEAR 1,121,389 872,412

ALANDALE LOGISTICS LIMITED (REGISTERED NUMBER: 03279517)

OTHER COMPREHENSIVE INCOME
For The Year Ended 31 DECEMBER 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 1,121,389 872,412


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,121,389

872,412

ALANDALE LOGISTICS LIMITED (REGISTERED NUMBER: 03279517)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 145,022 94,489

CURRENT ASSETS
Stocks 9 1,861,162 928,447
Debtors 10 15,333,023 15,818,376
Cash at bank and in hand 1,750,293 1,531,649
18,944,478 18,278,472
CREDITORS
Amounts falling due within one year 11 11,197,332 11,104,752
NET CURRENT ASSETS 7,747,146 7,173,720
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,892,168

7,268,209

CREDITORS
Amounts falling due after more than one
year

12

-

(13,250

)

PROVISIONS FOR LIABILITIES 15 (17,878 ) (2,058 )
NET ASSETS 7,874,290 7,252,901

CAPITAL AND RESERVES
Called up share capital 16 223,713 223,713
Retained earnings 17 7,650,577 7,029,188
SHAREHOLDERS' FUNDS 7,874,290 7,252,901

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2024 and were signed on its behalf by:





P E Morgan - Director


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 - 6,906,776 6,906,776

Changes in equity
Issue of share capital 223,713 - 223,713
Dividends - (750,000 ) (750,000 )
Total comprehensive income - 872,412 872,412
Balance at 31 December 2022 223,713 7,029,188 7,252,901

Changes in equity
Dividends - (500,000 ) (500,000 )
Total comprehensive income - 1,121,389 1,121,389
Balance at 31 December 2023 223,713 7,650,577 7,874,290

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 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

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

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 4,850,128 4,316,012
Social security costs 555,645 512,210
Other pension costs 98,123 130,137
5,503,896 4,958,359

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
104 109

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 529,068 294,772

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

Money purchase schemes 2 2

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 300,222 209,772

4. OPERATING PROFIT

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

2023 2022
£    £   
Hire of plant and machinery 650,375 567,935
Depreciation - owned assets 48,992 21,020
Depreciation - assets on hire purchase contracts 6,710 13,919
Profit on disposal of fixed assets - (2,281 )
Auditors' remuneration 26,000 40,000
Foreign exchange differences 53,023 28,587
Auditors' remuneration for the other services relating to taxation - 15,000
Auditors' remuneration for other services - 27,000

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 53 1,455
Interest - Other 6,817 2,750
Hire purchase 626 876
7,496 5,081

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 88,054 190,450
Overprovision in prior years (15,898 ) (137,186 )
Total current tax 72,156 53,264

Deferred tax 15,820 (2,169 )
Tax on profit 87,976 51,095

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 1,209,365 923,507
Profit multiplied by the standard rate of corporation tax in the UK of
23.520% (2022 - 19%)

284,443

175,466

Effects of:
Expenses not deductible for tax purposes 9,104 13,828
Capital allowances in excess of depreciation (15,071 ) -
Depreciation in excess of capital allowances - 1,589
Adjustments to tax charge in respect of previous periods (15,898 ) (137,186 )
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 500,000 750,000

8. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 37,500 19,083 169,252 101,509 327,344
Additions - - 58,847 47,387 106,234
At 31 December 2023 37,500 19,083 228,099 148,896 433,578
DEPRECIATION
At 1 January 2023 35,275 17,444 100,235 79,900 232,854
Charge for year 556 411 31,966 22,769 55,702
At 31 December 2023 35,831 17,855 132,201 102,669 288,556
NET BOOK VALUE
At 31 December 2023 1,669 1,228 95,898 46,227 145,022
At 31 December 2022 2,225 1,639 69,017 21,609 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 76,400
Transfer to ownership (30,000 )
At 31 December 2023 46,400
DEPRECIATION
At 1 January 2023 34,643
Charge for year 6,710
Transfer to ownership (15,082 )
At 31 December 2023 26,271
NET BOOK VALUE
At 31 December 2023 20,129
At 31 December 2022 41,757

9. STOCKS
2023 2022
£    £   
Work-in-progress 1,861,162 928,447

10. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 2,561,931 1,683,064
Amounts owed by group undertakings 6,481,846 8,852,754
Amounts recoverable on contract 4,446,975 3,791,806
Other debtors 1,350,317 1,042,928
Prepayments 367,495 364,636
15,208,564 15,735,188

Amounts falling due after more than one year:
Trade debtors 124,459 83,188

Aggregate amounts 15,333,023 15,818,376

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 13) 13,250 15,777
Trade creditors 9,618,654 10,004,335
Tax 56,901 26,325
Social security and other taxes 282,462 203,716
Directors' current accounts 50,000 75,000
Accrued expenses 1,176,065 779,599
11,197,332 11,104,752

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) - 13,250

13. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Gross obligations repayable:
Within one year 13,951 16,403
Between one and five years - 13,951
13,951 30,354

Finance charges repayable:
Within one year 701 626
Between one and five years - 701
701 1,327

Net obligations repayable:
Within one year 13,250 15,777
Between one and five years - 13,250
13,250 29,027

Non-cancellable operating leases
2023 2022
£    £   
Within one year 24,238 304,970
Between one and five years 849,172 849,172
In more than five years 1,698,344 1,910,637
2,571,754 3,064,779

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 2,058
Accelerated capital allowances 15,820
Balance at 31 December 2023 17,878

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
223,713 "A" Ordinary £1 223,713 223,713

17. RESERVES
Retained
earnings
£   

At 1 January 2023 7,029,188
Profit for the year 1,121,389
Dividends (500,000 )
At 31 December 2023 7,650,577

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.