Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31161false2023-04-01No description of principal activityfalsetruefalse149false 01314775 2023-04-01 2024-03-31 01314775 2022-04-01 2023-03-31 01314775 2024-03-31 01314775 2023-03-31 01314775 2022-04-01 01314775 1 2023-04-01 2024-03-31 01314775 d:Director2 2023-04-01 2024-03-31 01314775 d:Director3 2023-04-01 2024-03-31 01314775 d:Director4 2023-04-01 2024-03-31 01314775 d:RegisteredOffice 2023-04-01 2024-03-31 01314775 c:Buildings c:LongLeaseholdAssets 2023-04-01 2024-03-31 01314775 c:Buildings c:LongLeaseholdAssets 2024-03-31 01314775 c:Buildings c:LongLeaseholdAssets 2023-03-31 01314775 c:PlantMachinery 2023-04-01 2024-03-31 01314775 c:PlantMachinery 2024-03-31 01314775 c:PlantMachinery 2023-03-31 01314775 c:PlantMachinery c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01314775 c:MotorVehicles 2023-04-01 2024-03-31 01314775 c:MotorVehicles 2024-03-31 01314775 c:MotorVehicles 2023-03-31 01314775 c:MotorVehicles c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01314775 c:FurnitureFittings 2023-04-01 2024-03-31 01314775 c:FurnitureFittings 2024-03-31 01314775 c:FurnitureFittings 2023-03-31 01314775 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01314775 c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01314775 c:CurrentFinancialInstruments 2024-03-31 01314775 c:CurrentFinancialInstruments 2023-03-31 01314775 c:Non-currentFinancialInstruments 2024-03-31 01314775 c:Non-currentFinancialInstruments 2023-03-31 01314775 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 01314775 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 01314775 c:Non-currentFinancialInstruments c:AfterOneYear 2024-03-31 01314775 c:Non-currentFinancialInstruments c:AfterOneYear 2023-03-31 01314775 e:UnitedKingdom 2023-04-01 2024-03-31 01314775 e:UnitedKingdom 2022-04-01 2023-03-31 01314775 e:RestEuropeOutsideUK 2023-04-01 2024-03-31 01314775 e:RestEuropeOutsideUK 2022-04-01 2023-03-31 01314775 c:UKTax 2023-04-01 2024-03-31 01314775 c:UKTax 2022-04-01 2023-03-31 01314775 c:ShareCapital 2023-04-01 2024-03-31 01314775 c:ShareCapital 2024-03-31 01314775 c:ShareCapital 2022-04-01 2023-03-31 01314775 c:ShareCapital 2023-03-31 01314775 c:ShareCapital 2022-04-01 01314775 c:SharePremium 2023-04-01 2024-03-31 01314775 c:SharePremium 2024-03-31 01314775 c:SharePremium 2022-04-01 2023-03-31 01314775 c:SharePremium 2023-03-31 01314775 c:SharePremium 2022-04-01 01314775 c:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 01314775 c:RetainedEarningsAccumulatedLosses 2024-03-31 01314775 c:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 01314775 c:RetainedEarningsAccumulatedLosses 2023-03-31 01314775 c:RetainedEarningsAccumulatedLosses 2022-04-01 01314775 c:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-03-31 01314775 c:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-03-31 01314775 d:OrdinaryShareClass1 2023-04-01 2024-03-31 01314775 d:OrdinaryShareClass1 2024-03-31 01314775 d:FRS102 2023-04-01 2024-03-31 01314775 d:Audited 2023-04-01 2024-03-31 01314775 d:FullAccounts 2023-04-01 2024-03-31 01314775 d:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 01314775 c:WithinOneYear 2024-03-31 01314775 c:WithinOneYear 2023-03-31 01314775 c:BetweenOneFiveYears 2024-03-31 01314775 c:BetweenOneFiveYears 2023-03-31 01314775 c:PlantEquipmentOtherAssetsUnderOperatingLeases 2024-03-31 01314775 c:PlantEquipmentOtherAssetsUnderOperatingLeases 2023-03-31 01314775 c:PlantEquipmentOtherAssetsUnderOperatingLeases c:WithinOneYear 2024-03-31 01314775 c:PlantEquipmentOtherAssetsUnderOperatingLeases c:WithinOneYear 2023-03-31 01314775 c:PlantEquipmentOtherAssetsUnderOperatingLeases c:BetweenOneFiveYears 2024-03-31 01314775 c:PlantEquipmentOtherAssetsUnderOperatingLeases c:BetweenOneFiveYears 2023-03-31 01314775 c:HirePurchaseContracts c:WithinOneYear 2024-03-31 01314775 c:HirePurchaseContracts c:WithinOneYear 2023-03-31 01314775 c:HirePurchaseContracts c:BetweenOneFiveYears 2024-03-31 01314775 c:HirePurchaseContracts c:BetweenOneFiveYears 2023-03-31 01314775 2 2023-04-01 2024-03-31 01314775 c:AcceleratedTaxDepreciationDeferredTax 2024-03-31 01314775 c:AcceleratedTaxDepreciationDeferredTax 2023-03-31 01314775 c:TaxLossesCarry-forwardsDeferredTax 2024-03-31 01314775 c:TaxLossesCarry-forwardsDeferredTax 2023-03-31 01314775 c:RetirementBenefitObligationsDeferredTax 2024-03-31 01314775 c:RetirementBenefitObligationsDeferredTax 2023-03-31 01314775 c:PlantMachinery c:LeasedAssetsHeldAsLessee 2024-03-31 01314775 c:PlantMachinery c:LeasedAssetsHeldAsLessee 2023-03-31 01314775 c:MotorVehicles c:LeasedAssetsHeldAsLessee 2024-03-31 01314775 c:MotorVehicles c:LeasedAssetsHeldAsLessee 2023-03-31 01314775 c:LeasedAssetsHeldAsLessee 2024-03-31 01314775 c:LeasedAssetsHeldAsLessee 2023-03-31 01314775 f:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 01314775









RELAY TECHNICAL TRANSPORT LTD









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
RELAY TECHNICAL TRANSPORT LTD
 
 
COMPANY INFORMATION


Directors
H D Reid 
D K Rangecroft 
T McMahon 




Registered number
01314775



Registered office
3 Brook Business Centre
Cowley Mill Road

Uxbridge

Middlesex

UB8 2FX




Independent auditors
Barnes Roffe LLP
Chartered Accountants & Statutory Auditors

3 Brook Business Centre

Cowley Mill Road

Uxbridge

Middlesex

UB8 2FX





 
RELAY TECHNICAL TRANSPORT LTD
 

CONTENTS



Page
Strategic report
1
Directors' report
2 - 3
Independent auditors' report
4 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11 - 25


 
RELAY TECHNICAL TRANSPORT LTD
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
The directors present their Strategic report for the year ended 31 March 2024.

Business review
 
The year ended 31 March 2024 has been a positive year for the company. The company generated turnover of £12,432,363 (2023 - £11,413,451), an increase of 8.93%. Nothwithstanding, the company saw a slight decrease in its EBITDA to £669,842 (2023 - £819,917).
The company continues to invest in its fleets to increase delivery capacity levels in line with its strategic objectives.

Principal risks and uncertainties
 
The company's main financial instrument is cash. The company has various other financial instruments such as trade debtors and trade creditors which arise directly from its operations. The company monitors its use of financial instruments and the risk that may arise on an ongoing basis.
The main risks arising from the financial instruments are detailed below. The company reviews and agrees policies for managing the risks detailed below to minimise exposure. 
Credit risk
The company only trades with recognised, creditworthy third parties. In addition, receivable balances are monitored on an ongoing basis with the result that the company's exposure to bad debts is not significant.
Cash flow risk
The Board continually monitors the cash requirements of the company to ensure that the company has ready access to the funds that the board deem necessary at any time during the year. The monitoring and review of future projections by the board ensures that there are adequate facilities readily available from the company’s finance providers to support the company's cash flow requirements. 

Financial key performance indicators
 
The directors have monitored the progress of the company strategy by reference to certain financial key performance indicators. 
The company's turnover was £12,432,363 
(2023 - £11,413,451)
The company's gross profit margin was 32.58% 
(2023 - 33.47%). 
The company had net assets of £2,242,531 (2023 - £2,237,550).


This report was approved by the board on 25 November 2024 and signed on its behalf.



H D Reid
Director

Page 1

 
RELAY TECHNICAL TRANSPORT LTD
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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.

Going concern assumption 
The financial statements have been prepared on a going concern basis. The directors have considered the factors which impact the company's future development, performance, cash flow, and financial position in forming their opinion on the going concern basis. The directors believe that the company has adequate resources to continue to operate and meet its obligations as they fall due for at least twelve months from the date of approval of the financial statements and therefore use of the going concern assumption is appropriate.

Results and dividends

The profit for the year, after taxation, amounted to £127,525 (2023 -  £336,637).

During the year, the company paid dividends of £122,544 (2023 - £53,876).

Directors

The directors who served during the year were:

H D Reid 
D K Rangecroft 
T McMahon 

Page 2

 
RELAY TECHNICAL TRANSPORT LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Future developments

The company aims to expand its operations throughout the country and plans to continue investing in new vehicles to improve its productivity.
Matters covered in the Strategic report
The company has chosen in accordance with section 414C of the Companies Act 2006, to set out financial risk management objectives and policies within the Strategic report.

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 are no subsequent events that require disclosure or adjustments to the financial statements.

Auditors

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

This report was approved by the board on 25 November 2024 and signed on its behalf.
 





H D Reid
Director

Page 3

 
RELAY TECHNICAL TRANSPORT LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RELAY TECHNICAL TRANSPORT LTD
 

Opinion


We have audited the financial statements of Relay Technical Transport Ltd (the 'Company') for the year ended 31 March 2024, which comprise the Statement of comprehensive income, the Statement of financial position, 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 March 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.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
RELAY TECHNICAL TRANSPORT LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RELAY TECHNICAL TRANSPORT LTD (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, 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

 
RELAY TECHNICAL TRANSPORT LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RELAY TECHNICAL TRANSPORT LTD (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.
 
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows:   

The engagement partner ensured that the engagement team collectively had the appropriate  competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
We identified the laws and regulations applicable to the company through discussion with directors and other management, and from our commercial knowledge and experience of the relevant sector;
The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, are as follows: 
      i)  Companies Act 2006.
      ii)  FRS 102.
      iii) Tax legislation.
      iv)  Employment legislation.
 
We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and reviewing supporting evidence where applicable; and
Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified. The audit 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 consider there was susceptibility to fraud and their knowledge of actual suspected and alleged fraud;
Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;
Reviewing the financial statements and testing the disclosures against supporting documentation;
Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
Inspecting and testing journal entries to identify unusual or unexpected transactions;
Assessing whether judgement and assumptions made in determining significant accounting estimates were indicative of management bias; and
Investigating the rationale behind significant transactions, or transactions that are unusual or outside the company’s usual course of business.
 
Page 6

 
RELAY TECHNICAL TRANSPORT LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RELAY TECHNICAL TRANSPORT LTD (CONTINUED)


The areas that we identified as being susceptible to misstatement through fraud were:
 
Management bias in the estimates and judgements made;
Management override of controls; and
Posting of unusual journals or transactions.
 
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


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 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.





Elliot S J Arwas (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants & Statutory Auditors
3 Brook Business Centre
Cowley Mill Road
Uxbridge
Middlesex
UB8 2FX

 
Date: 
25 November 2024
Page 7

 
RELAY TECHNICAL TRANSPORT LTD
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 4 
12,432,363
11,413,451

Cost of sales
  
(8,382,495)
(7,592,932)

Gross profit
  
4,049,868
3,820,519

Administrative expenses
  
(3,844,569)
(3,421,359)

Operating profit
 5 
205,299
399,160

Interest receivable and similar income
 9 
44,422
-

Interest payable and similar expenses
 10 
(48,861)
(23,585)

Profit before tax
  
200,860
375,575

Tax on profit
 11 
(73,335)
(38,938)

Profit for the financial year
  
127,525
336,637

Total comprehensive income for the year
  
127,525
336,637

The notes on pages 11 to 25 form part of these financial statements.

Page 8

 
RELAY TECHNICAL TRANSPORT LTD
REGISTERED NUMBER: 01314775

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024


2024

2023
Note
£
£
£
£

Fixed assets
  

Tangible assets
 13 
1,537,694
825,319

Current assets
  

Stocks
 14 
35,524
30,137

Debtors: amounts falling due within one year
 15 
2,264,325
1,763,736

Cash at bank and in hand
 16 
1,792,214
1,903,755

  
4,092,063
3,697,628

Creditors: amounts falling due within one year
 17 
(1,760,420)
(1,427,009)

Net current assets
  
 
 
2,331,643
 
 
2,270,619

Total assets less current liabilities
  
3,869,337
3,095,938

Creditors: amounts falling due after more than one year
 18 
(1,014,705)
(349,957)

Provisions for liabilities
  

Deferred tax
 20 
(161,101)
(57,431)

Other provisions
 21 
(451,000)
(451,000)

  
 
 
(612,101)
 
 
(508,431)

Net assets
  
2,242,531
2,237,550


Capital and reserves
  

Called up share capital 
 22 
5,900
5,900

Share premium account
 23 
39,100
39,100

Profit and loss account
 23 
2,197,531
2,192,550

  
2,242,531
2,237,550


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 November 2024.




H D Reid
Director

The notes on pages 11 to 25 form part of these financial statements.

Page 9

 
RELAY TECHNICAL TRANSPORT LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 April 2023
5,900
39,100
2,192,550
2,237,550


Comprehensive income for the year

Profit for the year
-
-
127,525
127,525
Total comprehensive income for the year
-
-
127,525
127,525


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(122,544)
(122,544)


Total transactions with owners
-
-
(122,544)
(122,544)


At 31 March 2024
5,900
39,100
2,197,531
2,242,531



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


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 April 2022
5,900
39,100
1,909,789
1,954,789


Comprehensive income for the year

Profit for the year
-
-
336,637
336,637
Total comprehensive income for the year
-
-
336,637
336,637


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(53,876)
(53,876)


Total transactions with owners
-
-
(53,876)
(53,876)


At 31 March 2023
5,900
39,100
2,192,550
2,237,550


The notes on pages 11 to 25 form part of these financial statements.

Page 10

 
RELAY TECHNICAL TRANSPORT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Relay Technical Transport Ltd is a company limited by shares, incorporated in England and Wales. The address of the registered office is 3 Brook Business centre, Cowley Mill Road, Uxbridge, Middlesex, UB8 2FX.
The company specialises in road haulage and warehousing.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

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

The company is itself a parent company and is exempt from the requirement to prepare group accounts by virtue of section 400 of the Companies Act 2006. These financial statements therefore present information about the company as an individual undertaking and not about its group.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the year in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
• the amount of revenue can be measured reliably;
• it is probable that the Company will receive the consideration due under the contract;
• the stage of completion of the contract at the reporting date can be measured reliably; and
• the costs incurred and the costs to complete the contract can be measured reliably.

Page 11

 
RELAY TECHNICAL TRANSPORT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Tangible fixed assets

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

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to the Statement of comprehensive income during the year in which they are incurred.

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

Depreciation is provided on the following bases:

Leasehold buildings
-
Period of lease
Plant and machinery
-
25% straight line
Motor vehicles
-
20% straight line
Fixtures and fittings
-
25% straight line

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

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of comprehensive income.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

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.

Page 12

 
RELAY TECHNICAL TRANSPORT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

Creditors

Creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to the Statement of comprehensive income 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.

 
2.9

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.

 
2.10

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future years. The finance element of the rental payment is charged to the Statement of comprehensive income so as to produce a constant periodic rate of charge on the net obligation outstanding in each year.

 
2.11

Operating leases

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.12

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 the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 13

 
RELAY TECHNICAL TRANSPORT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.13

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Statement of comprehensive income at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same year as the related expenditure.

 
2.14

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to the Statement of comprehensive income.

 
2.16

Current and deferred taxation

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

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

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

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

Page 14

 
RELAY TECHNICAL TRANSPORT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

  
2.17

Cash flow

The company has taken exemption from producing a cashflow statement as it is included in the parent's consolidated financial statements.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, the directors have had to make the following judgments in applying the above accounting policies that have had the most significant effect on the amounts recognised in the financial statements:
1. Determine whether there are indicators of impairment of the company's tangible assets.  Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset.
2. Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing the asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
3. The directors make assessments annually over provisions held in the financial statements, based on known obligations that can be reliably estimated.
 


4.


Turnover

The whole of the turnover is attributable to the principal activity of the company being road haulage and warehousing. An analysis of turnover by destination of business is as follows:

2024
2023
£
£

United Kingdom
12,358,214
11,295,213

Europe
74,149
118,238

12,432,363
11,413,451


Page 15

 
RELAY TECHNICAL TRANSPORT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Operating profit

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

2024
2023
£
£

Depreciation of tangible fixed assets
464,543
420,757

Other operating lease rentals
518,586
518,305

Profit on sale of tangible assets
(36,055)
-


6.


Auditors' remuneration

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


2024
2023
£
£



Fees payable to the Company's auditors for the audit of the Company's financial statements
13,310
12,500


7.


Employees

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


2024
2023
£
£

Wages and salaries
5,761,731
5,017,226

Social security costs
610,620
551,679

Cost of defined contribution scheme
259,525
214,920

6,631,876
5,783,825


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


        2024
        2023
            No.
            No.







Administration
33
34



Warehouse and distribution
128
115

161
149

Page 16

 
RELAY TECHNICAL TRANSPORT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Directors' remuneration

2024
2023
£
£



Directors' emoluments
276,951
236,273

Company contributions to defined contribution pension schemes
91,409
67,962

368,360
304,235

During the year retirement benefits were accruing to 3 directors (2023 - 3) in respect of defined contribution pension schemes.
The highest paid director received remuneration of £132,748 (
2023 - £108,369).
The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £9,375 
(2023 - £4,175).
Only the directors are considered to be key management and therefore the remuneration of key management is as disclosed for directors.


9.


Interest receivable and similar income

2024
2023
£
£


Bank interest receivable
44,422
-

44,422
-


10.


Interest payable and similar expenses

2024
2023
£
£


Finance leases and hire purchase contracts
48,861
23,585

48,861
23,585

Page 17

 
RELAY TECHNICAL TRANSPORT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Taxation


2024
2023
£
£



Current tax on profits for the year
(30,335)
30,335

Total current tax
(30,335)
30,335

Deferred tax


Origination and reversal of timing differences
103,670
8,603


Taxation on profit on ordinary activities
73,335
38,938

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
200,860
375,575


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
50,215
71,359

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
7,049
5,117

Capital allowances for year differing from depreciation
(203,089)
(50,103)

Short term timing difference leading to an increase in taxation
(4,132)
3,962

Unrelieved tax losses carried forward
119,622
-

Deferred tax
103,670
8,603

Total tax charge for the year
73,335
38,938


Factors that may affect future tax charges

There are no significant factors that may affect future tax charges.

Page 18

 
RELAY TECHNICAL TRANSPORT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Dividends

2024
2023
£
£


Dividend paid on equity capital
122,544
53,876

122,544
53,876

Page 19

 
RELAY TECHNICAL TRANSPORT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost


At 1 April 2023
59,782
1,206,816
5,085,270
717,459
7,069,327


Additions
-
31,496
1,147,032
13,918
1,192,446


Disposals
-
-
(84,700)
-
(84,700)



At 31 March 2024

59,782
1,238,312
6,147,602
731,377
8,177,073



Depreciation


At 1 April 2023
59,782
1,157,355
4,338,522
688,349
6,244,008


Charge for the year 
-
25,548
422,789
16,206
464,543


Disposals
-
-
(69,172)
-
(69,172)



At 31 March 2024

59,782
1,182,903
4,692,139
704,555
6,639,379



Net book value



At 31 March 2024
-
55,409
1,455,463
26,822
1,537,694



At 31 March 2023
-
49,461
746,748
29,110
825,319

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
19,688
-

Motor vehicles
1,441,668
497,060

1,461,356
497,060

Page 20

 
RELAY TECHNICAL TRANSPORT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Stocks

2024
2023
£
£

Stocks
35,524
30,137

35,524
30,137



15.


Debtors

2024
2023
£
£


Trade debtors
2,144,755
1,708,663

Other debtors
40,693
12,709

Prepayments and accrued income
78,877
42,364

2,264,325
1,763,736



16.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,792,214
1,903,755

1,792,214
1,903,755


Page 21

 
RELAY TECHNICAL TRANSPORT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
582,733
366,140

Amounts owed to group undertakings
109,482
39,520

Corporation tax
-
30,335

Other taxation and social security
538,108
513,919

Obligations under finance lease and hire purchase contracts
298,060
147,104

Other creditors
113,730
59,443

Accruals and deferred income
118,307
270,548

1,760,420
1,427,009


Obligations under hire purchase contracts are secured over the assets to which they relate.


18.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Obligations under finance leases and hire purchase contracts
1,014,705
349,957

1,014,705
349,957


Obligations under hire purchase contracts are secured over the assets to which they relate.


19.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
298,060
147,104

Between 1-5 years
1,014,705
349,957

1,312,765
497,061

Page 22

 
RELAY TECHNICAL TRANSPORT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

20.


Deferred taxation




2024


£






At beginning of year
57,431


Charged to the Statement of comprehensive income
103,670



At end of year
161,101

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
284,559
57,431

Tax losses carried forward
(119,622)
-

Pension surplus
(3,836)
-

161,101
57,431


21.


Provisions




Other Provision

£





At 1 April 2023
451,000



At 31 March 2024
451,000

The provision for dilapidation represents the estimated cost of fulfilling the company's obligation to the landlord on expiration of the lease to restore properties to the same conditions as they were at the start of the lease.


22.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



5,900 Ordinary shares of £1 each
5,900
5,900


Page 23

 
RELAY TECHNICAL TRANSPORT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

23.


Reserves

Share premium account

Share premium includes excess amount received by a company over the par value of its shares.

Profit and loss account

Profit and loss account includes all current and prior year retained profits and losses.


24.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £259,525 (2023 - £214,920). Contributions totalling £29,919 (2023 - £57,832) were payable to the fund at the reporting date and are included in creditors.


25.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£

Land and buildings


Not later than 1 year
531,976
531,976

Later than 1 year and not later than 5 years
513,219
1,045,195

1,045,195
1,577,171

2024
2023

£
£

Other


Not later than 1 year
25,220
26,240

Later than 1 year and not later than 5 years
19,825
27,777

45,045
54,017


26.


Transactions with directors

At the year end, the company was owed £Nil (2023 - £7,000) by a director.

Page 24

 
RELAY TECHNICAL TRANSPORT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

27.


Related party transactions

The company has taken advantage of the exemption allowed by Financial Reporting Standard 102 not to disclose any transactions with its immediate parent undertaking and other members of the group that are wholly owned.


28.


Post balance sheet events

There are no subsequent events that require disclosure or adjustments to the financial statements.


29.


Ultimate parent undertaking and controlling party

The immediate and ultimate parent undertaking of the company is Relay Holdings (UK) Limited, a company incorporated in England and Wales, whose registered office address is 3 Brook Business Centre, Cowley Mill Road, Uxbridge, Middlesex, UB8 2FX. 
The smallest and the largest group preparing consolidated accounts is Relay Holdings (UK) Limited. The accounts of Relay Holdings (UK) Limited are available at Companies House, Crown Way, Cardiff, CF14 3UZ.
The company is under control of the Reid family by virtue of their shareholding in the parent undertaking.

 
Page 25