Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31false2023-01-010truex107falsefalse SC076352 2023-01-01 2023-12-31 SC076352 2022-01-01 2022-12-31 SC076352 2023-12-31 SC076352 2022-12-31 SC076352 2022-01-01 SC076352 c:CompanySecretary1 2023-01-01 2023-12-31 SC076352 c:Director1 2023-01-01 2023-12-31 SC076352 c:Director2 2023-01-01 2023-12-31 SC076352 c:Director3 2023-01-01 2023-12-31 SC076352 c:Director4 2023-01-01 2023-12-31 SC076352 c:Director5 2023-01-01 2023-12-31 SC076352 c:Director6 2023-01-01 2023-12-31 SC076352 c:Director7 2023-01-01 2023-12-31 SC076352 c:RegisteredOffice 2023-01-01 2023-12-31 SC076352 d:CurrentFinancialInstruments 2023-12-31 SC076352 d:CurrentFinancialInstruments 2022-12-31 SC076352 d:ReportableOperatingSegment1 2023-01-01 2023-12-31 SC076352 d:ReportableOperatingSegment1 2022-01-01 2022-12-31 SC076352 e:UnitedKingdom 2023-01-01 2023-12-31 SC076352 e:UnitedKingdom 2022-01-01 2022-12-31 SC076352 e:RestWorldOutsideUK 2023-01-01 2023-12-31 SC076352 e:RestWorldOutsideUK 2022-01-01 2022-12-31 SC076352 d:UKTax 2023-01-01 2023-12-31 SC076352 d:UKTax 2022-01-01 2022-12-31 SC076352 d:ShareCapital 2023-12-31 SC076352 d:ShareCapital 2022-12-31 SC076352 d:ShareCapital 2022-01-01 SC076352 d:RetainedEarningsAccumulatedLosses 2023-12-31 SC076352 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 SC076352 d:RetainedEarningsAccumulatedLosses 2022-12-31 SC076352 d:RetainedEarningsAccumulatedLosses 2022-01-01 SC076352 c:OrdinaryShareClass1 2023-01-01 2023-12-31 SC076352 c:OrdinaryShareClass1 2023-12-31 SC076352 c:OrdinaryShareClass1 2022-12-31 SC076352 c:EntityNoLongerTradingButTradedInPast 2023-01-01 2023-12-31 SC076352 c:FRS102 2023-01-01 2023-12-31 SC076352 c:Audited 2023-01-01 2023-12-31 SC076352 c:FullAccounts 2023-01-01 2023-12-31 SC076352 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC076352 f:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: SC076352














NORTHERN ISLES FREIGHTWAYS LIMITED





ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
NORTHERN ISLES FREIGHTWAYS LIMITED
 

COMPANY INFORMATION


Directors
I Adam 
D C Gray 
E Ockendon 
E A T Roberts 
E S T Roberts 
K H Roberts 
S J T Roberts 




Company secretary
Dentons Secretaries Limited



Registered number
SC076352



Registered office
Streamline Terminal
Blaikies Quay

Aberdeen

AB11 5PU




Independent auditors
Anderson Anderson & Brown Audit LLP

Kingshill View

Prime Four Business Park

Kingswells

Aberdeen

AB15 8PU





 
NORTHERN ISLES FREIGHTWAYS LIMITED
 

CONTENTS



Page
Strategic Report
1
Directors' Report
2
Directors' Responsibilities Statement
3
Independent Auditors' Report
4 - 6
Profit and Loss Account
7
Balance Sheet
8
Statement of Changes in Equity
9
Notes to the Financial Statements
10 - 15


 
NORTHERN ISLES FREIGHTWAYS LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

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

Business review
 
On 31 December 2022, the business trade, assets and liabilities of Northern Isles Freightways were fully absorbed by fellow group company Streamline Shipping Agencies Limited. As a result, the company has not traded throughout 2023.


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



................................................
E S T Roberts
Director

Date: 24 September 2024

Page 1

 
NORTHERN ISLES FREIGHTWAYS 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.

Directors

The directors who served during the year were:

I Adam 
D C Gray 
E Ockendon 
E A T Roberts 
E S T Roberts 
K H Roberts 
S J T Roberts 

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.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditor, Anderson Anderson & Brown Audit LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





................................................
E S T Roberts
Director

Date: 24 September 2024

Page 2

 
NORTHERN ISLES FREIGHTWAYS LIMITED
 

DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

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 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 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.

Page 3

 
NORTHERN ISLES FREIGHTWAYS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORTHERN ISLES FREIGHTWAYS LIMITED
 

Opinion


We have audited the financial statements of Northern Isles Freightways Limited (the 'Company') for the year ended 31 December 2023, which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity 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 result 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.


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.


Page 4

 
NORTHERN ISLES FREIGHTWAYS LIMITED
 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORTHERN ISLES FREIGHTWAYS LIMITED (CONTINUED)

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 3, 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 5

 
NORTHERN ISLES FREIGHTWAYS LIMITED
 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORTHERN ISLES FREIGHTWAYS 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
• compliance with relevant laws and regulations which may impact on the financial statements and those that the company needs to comply with for the purpose of trading
• management override of controls to manipulate the Company’s key performance indicators to meet targets.
We discussed these risks with client management, designed audit procedures to address these risks including:
• reviewed internal documentation and correspondence with regulators for evidence or irregularities 
• testing the timing and completeness of revenue
• reviewed areas of judgement and tested a sample of journal entries for indicators of management bias
• performed analytical procedures to identify any unusual or unexpected relationships which may be an indication of material misstatement


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.


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.





Derek Mair (Senior Statutory Auditor)
  
for and on behalf of
Anderson Anderson & Brown Audit LLP
 
Kingshill View
Prime Four Business Park
Kingswells
Aberdeen
AB15 8PU

24 September 2024
Page 6

 
NORTHERN ISLES FREIGHTWAYS LIMITED
 

PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
  
-
16,762,116

Cost of sales
  
-
(12,374,376)

Gross profit
  
-
4,387,740

Administrative expenses
  
-
(3,854,944)

Operating profit
  
-
532,796

Interest payable and similar expenses
  
-
(32,892)

Profit before tax
  
-
499,904

Tax on profit
  
-
(114,681)

Profit for the financial year
  
-
385,223

The Company has not traded during the year. During this period, the Company received no income and incurred no expenditure and therefore made neither profit or loss.

Page 7

 
NORTHERN ISLES FREIGHTWAYS LIMITED
REGISTERED NUMBER:SC076352

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 9 
3,350,279
3,350,279

  
3,350,279
3,350,279

Total assets less current liabilities
  
 
 
3,350,279
 
 
3,350,279

  

Net assets
  
3,350,279
3,350,279


Capital and reserves
  

Called up share capital 
  
32,500
32,500

Profit and loss account
  
3,317,779
3,317,779

  
3,350,279
3,350,279


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




................................................
E S T Roberts
Director

Date: 24 September 2024

The notes on pages 10 to 15 form part of these financial statements.

Page 8

 
NORTHERN ISLES FREIGHTWAYS LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
32,500
3,032,556
3,065,056



Profit for the year
-
385,223
385,223

Dividends: Equity capital
-
(100,000)
(100,000)



At 1 January 2023
32,500
3,317,779
3,350,279


At 31 December 2023
32,500
3,317,779
3,350,279


The notes on pages 10 to 15 form part of these financial statements.

Page 9

 
NORTHERN ISLES FREIGHTWAYS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Northern Isles Freightways Limited is a private company limited by shares incorporated in Scotland. The registered office is Streamline Terminal, Blaikies Quay, Aberdeen, AB11 5PU

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

 
2.2

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 
2.3

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

  
2.4

Turnover

Turnover represents net sales from freight consolidation services in Orkney and Shetland, excluding value added tax and is recognised in the financial statements when the company has received the right to the consideration. The company obtains the right to the consideration on the provision of its services to its customers.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 10

 
NORTHERN ISLES FREIGHTWAYS LIMITED
 

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

2.Accounting policies (continued)

 
2.6

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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Taxation

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 balance sheet date in the countries where the Company operates and generates income.

 
2.8

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.

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

  



 

Page 11

 
NORTHERN ISLES FREIGHTWAYS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Freight Consolidation and cargo handling services
-
16,762,116

-
16,762,116


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
-
16,195,800

Rest of the world
-
566,316

-
16,762,116



4.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Fees payable to the company's auditor for the audit of the company's financial
-
8,000

Depreciation of owned tangible fixed assets
-
300,831

Operating lease charges
-
737,324

Depreciation of tangible fixed assets held under finance leases
-
61,845

Profit on disposal of tangible fixed assets
-
(15,714)


5.


Employees

Staff costs were as follows:


2023
2022
£
£

Wages and salaries
-
3,791,868

Social security costs
-
371,686

Cost of defined contribution scheme
-
122,610

-
4,286,164


The average monthly number of employees, including directors, during the year was 0 (2022 - 107).

Page 12

 
NORTHERN ISLES FREIGHTWAYS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Interest payable and similar expenses

2023
2022
£
£


Interest on bank overdrafts and loans
-
26,103

Interest on finance leases and hire purchase contracts
-
6,789

-
32,892


7.


Taxation


2023
2022
£
£

Corporation tax


UK corporation tax on profits for the current period
-
114,681


-
114,681


Total current tax
-
114,681

Deferred tax

Total deferred tax
-
-


Tax on profit
-
114,681
Page 13

 
NORTHERN ISLES FREIGHTWAYS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
7.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the same as (2022 - higher than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
-
499,904


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 -  19%)
-
94,982

Effects of:


Tax effect of expenses that are not deductible in determining taxable profit
-
118

Adjustments in respect of prior years
-
(27,158)

Depreciation on assets not qualifying for tax allowances
-
211,697

Other tax adjustments, reliefs and transfers
-
(455,483)

Transfers of deferred tax to related company
-
382,270

Remeasure deferred tax due to change in rate
-
(91,745)

Total tax charge for the year
-
114,681


8.


Dividends

2023
2022
£
£


Final paid
-
100,000

-
100,000


9.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
3,350,279
3,350,279

3,350,279
3,350,279


Page 14

 
NORTHERN ISLES FREIGHTWAYS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



32,500 (2022 - 32,500) Ordinary Shares shares of £1.00 each
32,500
32,500



11.


Pension commitments

The company operated a defined contribution pension scheme for all qualifying employees. 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 £NIL (2022 - £122,610).


12.


Controlling party

The immediate and ultimate parent company is Streamline Shipping Group Limited, a company incorporated in the United Kingdom.
Streamline Shipping Group Limited prepare group financial statements and copies can be obtained from Companies House.
Mr E S T Roberts controls Streamline Shipping Group Limited.

Page 15