Registration number:
VLT Logistics Limited
for the Year Ended 31 January 2024
VLT Logistics Limited
Contents
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account and Statement of Retained Earnings |
|
Balance Sheet |
|
Notes to the Financial Statements |
VLT Logistics Limited
Strategic Report for the Year Ended 31 January 2024
The directors present their strategic report for the year ended 31 January 2024.
Principal activity
The principal activity of the company is distribution and warehousing primarily in the UK servicing various industries including retail, manufacturing, food, print, construction and automotive.
Fair review of the business
The Directors report a strong year of consolidation after a relocation and expansion of our head office and warehousing facility, solidifying our foundations and strengthening our service offering. The ongoing strategy of the business is to remain customer focused delivering exceptional service levels consistently. This is reflected in the results on page 8 and the maintenance of a strong balance sheet on page 9.
Market challenges and uncertainty within the global economy saw a reduction in turnover and net profit. The business navigated through these challenges by continually reviewing and implementing process improvements and cost efficiencies.
The expansion and investment into the warehouse and IT systems has increased capacity significantly and allowed us to focus on growing our customer base and securing longer-term contracts with new customers. To compliment the warehouse investment, we regularly reinvest and upgrade our fleet of HGV’s to remain efficient, environmentally aware and compliant whilst operating a modern fleet.
Quality Certifications
As part of continual improvement, the business decided to implement a globally recognised standard for quality management. This will help us to improve our performance, meet customer expectations and demonstrate our commitment to quality.
Alongside implementing ISO9001 we have added ISO14001 and ISO45001 which helps the business drive forward our Environmental and Health and Safety policies, whilst ensuring processes are in place to train our employees to deliver improved services, effectively and safely.
Carbon green energy
With the introduction and adaptation of ISO14001, the business will be introducing Green Energy, therefore reducing our carbon footprint.
In addition, internal discussions are being had regarding alternative fuelled vehicles, which may be added to our growing fleet of vehicles, coupled with investment in greener forklift trucks, creates a ‘sustainability culture’ within the business.
VLT Logistics Limited
Strategic Report for the Year Ended 31 January 2024
Principal risks and uncertainties
The business enjoys a healthy credit rating with major credit reference agencies and operates a strict policy of paying all suppliers to agreed credit terms. Credit risk is a potential exposure to the business, we seek to reduce risk through credit approval checks for new and existing customers. We also operate a stringent credit control process.
Market conditions continue to remain volatile and therefore we review financial performance on a weekly basis to ensure we can react swiftly to any adverse fluctuations.
Approved and authorised by the
......................................... |
VLT Logistics Limited
Directors' Report for the Year Ended 31 January 2024
The directors present their report and the financial statements for the year ended 31 January 2024.
Directors of the company
The directors who held office during the year were as follows:
Dividends
A final dividend payment of £
Financial instruments
Objectives and policies
The management objectives are to retain sufficient liquid funds to enable it to meet its day to day requirements, minimise the company's exposure to fluctuating interest rates, and match the repayment schedule of any external borrowings or overdrafts with the future cash flows expected to arise from the company's trading activities.
Price risk, credit risk, liquidity risk and cash flow risk
The business' principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to finance the business' operations.
Its exposure to price risk, credit risk, liquidity risk and cash flow risk is minimised by retaining sufficient liquid funds to enable it to meet its day to day requirements.
Future developments
The business will continue to work closely with its existing client base, continually strengthening our relationships whilst streamlining their supply chain and allowing them to focus on running their business. This coupled with partnering with additional long-term clients to facilitate further growth.
We are in the process of designing and installing a Vehicle Maintenance Unit that includes an inspection pit and DVSA-approved brake testing unit. Having the ability to manage failures and repairs in our own facility will provide more control over our fleet and cost base.
The business aims to ensure that the hard work and dedication of its employees is always recognised and rewarded. Employee well-being and health and safety is always a priority. Our people are fundamental to our success, and we continue to review remuneration and benefits packages.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Appointment of auditors
In accordance with section 485 of the Companies Act 2006, a resolution for thr appointment of Watson Buckle Limited as auditors was proposed at the Annual General Meeting.
Approved and authorised by the
......................................... |
VLT Logistics Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual 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 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 apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
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.
VLT Logistics Limited
Independent Auditor's Report to the Members of VLT Logistics Limited
Opinion
We have audited the financial statements of VLT Logistics Limited (the 'company') for the year ended 31 January 2024, which comprise the Profit and Loss Account and Statement of Retained Earnings, Balance Sheet, 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 January 2024 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. |
The comparative period financial statements were not audited due to the company qualifying for small companies exemptions. Opening balances have been reviewed as part of 2024 audit.
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 auditor 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 director's 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 original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
VLT Logistics Limited
Independent Auditor's Report to the Members of VLT Logistics Limited
Matters on which we are required to report by exception
In the light of our 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 and the Directors' Report.
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. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 4], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor 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 auditor’s 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.
In planning and designing our audit tests, we identify and assess the risks of material misstatement within the financial statements, whether due to fraud or error. Our assessment of these risks includes consideration of the nature of the industry and sector, the control environment and the business performance along with the results of our enquiries of management, about their own identification and assessment of the risks of irregularities. We are also required to perform specific procedures to respond to the risk of management override.
Following this assessment we considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud in evaluating the revenue and assets of the company.
We also obtained an understanding of the legal and regulatory frameworks that the company operates in, through discussions with directors and other management, and from our commercial knowledge and experience of the sector in which the company operates, to enable us to identify the key laws and regulations applicable to the company. We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, such as the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation.
We then performed audit procedures after consideration of the above risks which included the following:
• |
Reviewing the procedures around revenue recognition to ensure revenue is accurately recorded in the correct financial period; |
• |
Verifying the existence fixed assets and reviewing depreciation policies to ensure the valuation of assets is accurate; |
VLT Logistics Limited
Independent Auditor's Report to the Members of VLT Logistics Limited
• |
enquiring of management concerning actual and potential litigation and claims; |
• |
reviewing correspondence with HMRC, and the company’s legal advisors; |
• |
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
• |
reading minutes of meetings of those charged with governance; and; |
• |
in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
All engagement team members were informed of the relevant laws and regulations and potential fraud risks at the planning stage and reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify such items.
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 auditor's 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 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 an auditor’s 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.
......................................
For and on behalf of
Statutory Auditors & Chartered Accountants
VLT Logistics Limited
Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 January 2024
Note |
2024 |
2023 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
|
|
|
Operating profit |
|
|
|
Other interest receivable and similar income |
|
- |
|
Interest payable and similar charges |
( |
( |
|
(76,566) |
(70,844) |
||
Profit before tax |
|
|
|
Taxation |
|
( |
|
Profit for the financial year |
|
|
|
Retained earnings brought forward |
2,689,504 |
1,593,402 |
|
Dividends paid |
( |
( |
|
Retained earnings carried forward |
2,336,199 |
2,689,504 |
VLT Logistics Limited
(Registration number: 04340150)
Balance Sheet as at 31 January 2024
Note |
2024 |
2023 |
|||
Fixed assets |
|||||
Tangible assets |
|
|
|||
Current assets |
|||||
Debtors |
|
|
|||
Cash at bank and in hand |
|
|
|||
|
|
||||
Creditors: Amounts falling due within one year |
( |
( |
|||
Net current assets |
|
|
|||
Total assets less current liabilities |
|
|
|||
Creditors: Amounts falling due after more than one year |
( |
( |
|||
Provisions for liabilities |
( |
( |
|||
Net assets |
|
|
|||
Capital and reserves |
|||||
Called up share capital |
|
|
|||
Retained earnings |
|
|
|||
Shareholders' funds |
|
|
Approved and authorised by the
......................................... |
VLT Logistics Limited
Notes to the Financial Statements for the Year Ended 31 January 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including the disclosure and presentation requirements of Section 1A and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The company's functional and presentation currency is pound sterling.
Summary of disclosure exemptions
The company has taken advantage of the exemption to disclose certain aspects of financial instruments, transactions with key management personnel and the exemption to prepare Statement of Cash Flows in accordance with Financial Reporting Standard 102 Section 1.12.
Name of parent of group
These financial statements are consolidated in the financial statements of Vernon Land Transport Limited.
The financial statements of Vernon Land Transport Limited may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.
VLT Logistics Limited
Notes to the Financial Statements for the Year Ended 31 January 2024
Judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. |
Key sources of estimation uncertainty
Useful economic lives of tangible assets
The annual depreciation charge for tangible assets and their carrying amount is determined by the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually and amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. The carrying amount is £3,088,893 (2023 -£3,254,983).
Impairment of debtors
The company makes an estimate of the recoverable value of trade debtors and other debtors. When assessing the impairment of trade debtors and other debtors, management considers factors which include the current credit rating of the debtor, the ageing profile of debtors and historical experience. The carrying amount is £2,080,808 (2023 -£1,375,277).
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.
The company recognises revenue when the amount of revenue can be measured reliably and it is probable that future economic benefits will flow to the entity.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
VLT Logistics Limited
Notes to the Financial Statements for the Year Ended 31 January 2024
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Motor vehicles |
25% reducing balance basis |
Plant and machinery |
25% reducing balance basis |
Leasehold improvements |
10% straight line basis |
Provisions
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.
Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
VLT Logistics Limited
Notes to the Financial Statements for the Year Ended 31 January 2024
Financial instruments
Financial assets
Basic financial assets, including trade and other receivables, are initially recognised at transaction price, 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 for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.
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) 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.
Financial liabilities
Basic financial liabilities, including trade and other payables, 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 receipts discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Turnover |
The analysis of the company's Turnover for the year from continuing operations is as follows:
2024 |
2023 |
|
Rendering of services |
|
|
VLT Logistics Limited
Notes to the Financial Statements for the Year Ended 31 January 2024
Other operating income |
The analysis of the company's other operating income for the year is as follows:
2024 |
2023 |
|
Government grants |
|
|
Sub lease rental income |
|
|
Miscellaneous other operating income |
|
|
|
|
Operating profit |
Arrived at after charging/(crediting)
2024 |
2023 |
|
Depreciation expense |
|
|
Operating lease expense - plant and machinery |
|
|
Loss/(profit) on disposal of property, plant and equipment |
|
( |
Government grants |
The amount of grants recognised in the financial statements was £
Other interest receivable and similar income |
2024 |
2023 |
|
Interest income on bank deposits |
|
- |
Interest payable and similar expenses |
2024 |
2023 |
|
Interest on bank overdrafts and borrowings |
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
|
VLT Logistics Limited
Notes to the Financial Statements for the Year Ended 31 January 2024
Staff numbers |
The aggregate payroll costs (including directors' remuneration) were as follows:
2024 |
2023 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
2024 |
2023 |
|
Administration and support |
|
|
Distribution |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
2024 |
2023 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
187,505 |
154,983 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
2024 |
2023 |
|
Accruing benefits under money purchase pension scheme |
|
|
Auditors' remuneration |
2024 |
2023 |
|
Audit of the financial statements |
|
- |
VLT Logistics Limited
Notes to the Financial Statements for the Year Ended 31 January 2024
Taxation |
Tax charged/(credited) in the profit and loss account
2024 |
2023 |
|
Current taxation |
||
UK corporation tax |
|
|
UK corporation tax adjustment to prior periods |
( |
( |
22,908 |
45,761 |
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
( |
|
Tax (receipt)/expense in the profit and loss account |
( |
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2024 |
2023 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
UK deferred tax (credit)/expense relating to changes in tax rates or laws |
( |
|
Tax decrease from effect of capital allowances and depreciation |
( |
( |
Tax (decrease)/increase from other short-term timing differences |
( |
|
Tax decrease arising from group relief |
( |
- |
Total tax (credit)/charge |
( |
|
Deferred tax
Deferred tax assets and liabilities
2024 |
Asset |
Liability |
Accelerated tax depreciation |
- |
|
Other timing differences |
|
- |
|
|
2023 |
Asset |
Liability |
Accelerated tax depreciation |
- |
|
Other timing differences |
- |
|
- |
|
The amount of the net reversal of deferred tax assets and deferred tax liabilities expected to occur during the year beginning after the reporting period is £254,579 (2023 - £258,829).
VLT Logistics Limited
Notes to the Financial Statements for the Year Ended 31 January 2024
Tangible assets |
Land and buildings |
Plant and machinery |
Motor vehicles |
Total |
|
Cost or valuation |
||||
At 1 February 2023 |
|
|
|
|
Additions |
|
|
|
|
Disposals |
- |
( |
( |
( |
At 31 January 2024 |
|
|
|
|
Depreciation |
||||
At 1 February 2023 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
- |
( |
( |
( |
At 31 January 2024 |
|
|
|
|
Carrying amount |
||||
At 31 January 2024 |
|
|
|
|
At 31 January 2023 |
|
|
|
|
Included within the net book value of land and buildings above is £205,615 (2023 - £218,456) in respect of short leasehold land and buildings.
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
2024 |
2023 |
|
Plant and machinery |
- |
39,321 |
Motor vehicles |
2,087,941 |
2,145,984 |
2,087,941 |
2,185,305 |
VLT Logistics Limited
Notes to the Financial Statements for the Year Ended 31 January 2024
Debtors |
Current |
2024 |
2023 |
Trade debtors |
|
|
Other debtors |
|
- |
Prepayments |
|
|
|
|
Cash and cash equivalents |
2024 |
2023 |
|
Cash at bank |
|
|
Creditors |
Note |
2024 |
2023 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Amounts due to related parties |
|
|
|
Social security and other taxes |
|
|
|
Outstanding defined contribution pension costs |
|
|
|
Other creditors |
|
|
|
Accruals |
|
|
|
Corporation tax liability |
23,000 |
46,000 |
|
Deferred income |
|
|
|
|
|
||
Due after one year |
|||
Loans and borrowings |
|
|
|
Deferred income |
|
|
|
|
|
VLT Logistics Limited
Notes to the Financial Statements for the Year Ended 31 January 2024
Loans and borrowings |
2024 |
2023 |
|
Current loans and borrowings |
||
Bank borrowings |
- |
|
Hire purchase contracts |
|
|
Other borrowings |
|
|
|
|
Creditors due within one year include net obligations under finance lease and hire purchase contracts which are secured over the assets concerned of £622,162 (2023 - £587,366).
2024 |
2023 |
|
Non-current loans and borrowings |
||
Hire purchase contracts |
|
|
Creditors due in over one year include net obligations under finance lease and hire purchase contracts which are secured over the assets concerned of £1,339,659 (2023 - £1,322,715).
Provisions for liabilities |
Deferred tax |
Total |
|
At 1 February 2023 |
|
|
Increase (decrease) in existing provisions |
( |
( |
At 31 January 2024 |
|
|
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
2 |
|
2 |
VLT Logistics Limited
Notes to the Financial Statements for the Year Ended 31 January 2024
Rights, preferences and restrictions
Ordinary Shares have the following rights, preferences and restrictions: |
Reserves |
Retained earnings
Retained earnings reserves represent earnings net of distributions to the owners.
Obligations under leases and hire purchase contracts |
Finance leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
|
|
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
Later than five years |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Operating leases - lessor
The total of future minimum lease payments is as follows:
2024 |
2023 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
- |
|
|
|
Total contingent rents recognised as income in the period are £
VLT Logistics Limited
Notes to the Financial Statements for the Year Ended 31 January 2024
Related party transactions |
Transactions with directors |
2024 |
At 1 February 2023 |
Advances to directors |
Repayments by director |
Other payments made to company by director |
At 31 January 2024 |
|
|||||
Interest free loan |
(29,867) |
|
( |
- |
|
2023 |
At 1 February 2022 |
Advances to directors |
Repayments by director |
Other payments made to company by director |
At 31 January 2023 |
|
|||||
Interest free loan |
(25,794) |
|
( |
- |
( |
Income and receivables from related parties
2024 |
Other related parties |
Amounts receivable from related party |
|
|
2023 |
Other related parties |
Amounts receivable from related party |
|
|
Expenditure with and payables to related parties
2024 |
Key management |
Amounts payable to related party |
|
|
2023 |
Key management |
Amounts payable to related party |
|
|
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
These financial statements are available upon request from Companies House, Crown Way, Cardiff.