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REGISTERED NUMBER: 11633803 (England and Wales)
















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR


SENATE LOGISTICS LIMITED


SENATE LOGISTICS LIMITED (REGISTERED NUMBER: 11633803)








CONTENTS OF THE FINANCIAL STATEMENTS

For The Year Ended 31 December 2023





Page




Company Information  

1




Strategic Report  

2




Report of the Directors  

4




Report of the Independent Auditors  

6




Income Statement  

10




Other Comprehensive Income  

11




Balance Sheet  

12




Statement of Changes in Equity  

13




Cash Flow Statement  

14




Notes to the Cash Flow Statement  

15




Notes to the Financial Statements

16





SENATE LOGISTICS LIMITED



COMPANY INFORMATION

For The Year Ended 31 December 2023









DIRECTORS:

R J Steer


S J Steer







REGISTERED OFFICE:

The Old Market House


72 High Street


Steyning


West Sussex


BN44 3RD







REGISTERED NUMBER:

11633803 (England and Wales)







AUDITORS:

Feist Hedgethorne Ltd


Preston Park House


South Road


Brrighton


BN1 6SB


SENATE LOGISTICS LIMITED (REGISTERED NUMBER: 11633803)



STRATEGIC REPORT

For The Year Ended 31 December 2023


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


REVIEW OF BUSINESS

The results for the year and the financial position are shown in the annexed financial statements.


The company specialises in providing F1 teams, drivers and sponsors, and a vast array of corporate and private clients with the finest hotel accommodation and race-viewing hospitality for the world's most glamorous  F1 race at Monaco, together with race packages at some of the other F1 races around the world.


During the year  the company has seen a 23.8% increase in turnover from £15,524,842 to £19,220,467, as a result of pent up demand following the restricted viewing numbers allowed during the Covid period. The company  has incurred increased direct costs and whilst the gross profit increased by 12.7% from £3,602,958 to £4,061,003, the gross margin dropped from 23.2% to 21.1%.


Overheads increased significantly leading to a decrease in profit before tax however the company nevertheless continues to make healthy profits.


The directors are confident that the company will continue to be the leading supplier of hospitality packages for future Monaco F1 races resulting in continuing profitability.



SENATE LOGISTICS LIMITED (REGISTERED NUMBER: 11633803)



STRATEGIC REPORT

For The Year Ended 31 December 2023


PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and the nature of the company's strategy are subject to a number of risks.


The Directors have set out below the principal risks facing the business.


The Directors are of the opinion that a thorough risk management process is adopted which involves a formal review of all risks identified below.  Where possible, process are in place to mitigate such risks.


Regulatory risks


The company's operations demand compliance with various regulatory requirements in particular:


Employment laws -

The company employ numerous people, so it is vital to ensure compliance with all employment laws to ensure that there is no litigation risk and to ensure a fair work environment.

The company acknowledges the current tough economic trading conditions, dealing with the effects of recent high inflation levels and reduced investment.

The company mitigates this risk by accessing wider global markets so they are not too reliant on any region's   economic conditions.


Consumer choices


The company acknowledges that its customers have choices with regard to buying sports entertainment packages not only within motor sport but other sports.  The company is however confident that the Monaco F1 race, in particular, is a unique event that continues to attract significant demand from customers to attend.


Competitors


The company  is aware that there is competition in the marketplace but is confident that due to it's long history of providing race packages and its dominant market share of the Monaco race events packages that it continues to offer packages that are attractive to its customer base.


The company also monitors developments within the F1 race schedule with new races being added  and some races being dropped from the annual schedules so that it is best placed to take advantage of new opportunities.


Going Concern


The Directors have adopted the going concern basis in preparing the annual reports and accounts.  This is on the basis of the strength of the operations and future profitability of the business.


Financial key performance indicators


As a provider of hospitality packages to F1 race enthusiasts we consider our key performance indicators to be turnover and gross profit margin.


ON BEHALF OF THE BOARD:






R J Steer - Director



11 November 2024


SENATE LOGISTICS LIMITED (REGISTERED NUMBER: 11633803)



REPORT OF THE DIRECTORS

For The Year Ended 31 December 2023


The directors present their report with the financial statements of the company for the year ended 31 December 2023.  


PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the provision of motor racing hospitality packages.

DIVIDENDS

Interim dividends for the year ended 31 December 2023 were paid amounting to £505,807 ( 2022: £281,767)


The directors recommend that no final dividend be paid.


FUTURE DEVELOPMENTS

The company will continue with its strategy to grow  by offering competitive, innovative F1 race hospitality packages across a number of  F1 races around the world.


DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.


R J Steer

S J Steer


FINANCIAL INSTRUMENTS

A number of the company's transactions are undertaken in foreign currencies most notably the Euro and US dollars.


Whilst the company does not hedge any of these transactions as it would be impractical to do so, it does monitor foreign currency exchange rates to ensure it continues to price its offerings competitively, whilst maintaining its margins within an acceptable range to ensure the profitability of the business.


RISK MANAGEMENT

The company's approach to risk management is aimed at the early identification of key risks, mitigating the effect of those risks before they occur and dealing with them effectively before they materialise. The company is committed to the protection of its assets, which include human, intellectual, physical property and the financial resources, through an effective risk management process, underpinned where appropriate by insurance.


The underlying principles of the company's risk management policy are that risks are monitored continuously, associated action plans reviewed, appropriate contingencies provisioned, and this information reported through established management control procedures.


The Directors monitor the effectiveness of the company's systems of risk management and internal control processes, including financial, operational and compliance controls and risk management systems.


DIRECTORS' RESPONSIBILITIES STATEMENT


SENATE LOGISTICS LIMITED (REGISTERED NUMBER: 11633803)



REPORT OF THE DIRECTORS

For The Year Ended 31 December 2023


DIRECTORS' RESPONSIBILITIES STATEMENT - continued

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial

statements in accordance with applicable law and regulations.


Company law requires the directors to prepare financial statements for each financial year. Under that law

the directors have elected to prepare the financial statements in accordance with United Kingdom Generally

Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company

law the directors must not approve the financial statements unless they are satisfied that they give a true

and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

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


- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the

  company will continue in business.

- state whether applicable accounting standards have been followed, subject to any material departures

  disclosed and explained in the financial statements.


The directors are responsible for keeping adequate accounting records that are sufficient to show and

explain the company's transactions and disclose with reasonable accuracy at any time the financial position

of the company and enable them to ensure that the financial statements comply with the Companies Act

2006. They are also responsible for safeguarding the assets of the company and hence for taking

reasonable steps for the prevention and detection of fraud and other irregularities.


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors,  Feist Hedgethorne Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.


ON BEHALF OF THE BOARD:






R J Steer - Director



11 November 2024


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

SENATE LOGISTICS LIMITED


Opinion

We have audited the financial statements of Senate Logistics Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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


Conclusions relating to going concern

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


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


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


Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.


Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.  We have nothing to report in this regard.


Opinions on other matters prescribed by the Companies Act 2006

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

-

the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-

the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

SENATE LOGISTICS LIMITED



Matters on which we are required to report by exception

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


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

-

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-

the financial statements are not in agreement with the accounting records and returns; or

-

certain disclosures of directors' remuneration specified by law are not made; or

-

we have not received all the information and explanations we require for our audit.


Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on pages four and five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

SENATE LOGISTICS LIMITED



Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion.  Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:


Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognize non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the gaming sector.

- 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, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.


We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.


To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions; - assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions


In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims.


There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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


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


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

SENATE LOGISTICS LIMITED



Other Matters

The accounts for the period ended 31 December 2022 were not audited; however, we have made all the necessary attempts to ensure that the comparative figures show a true and fair view and are therefore free from material misstatement.


Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.





Chris Morey (Senior Statutory Auditor)

For and on behalf of Feist Hedgethorne Ltd

Preston Park House

South Road

Brrighton

BN1 6SB


13 November 2024


SENATE LOGISTICS LIMITED (REGISTERED NUMBER: 11633803)



INCOME STATEMENT

For The Year Ended 31 December 2023



2023


2022


(Unaudited)


Notes

£   

£   



TURNOVER

19,220,467


15,524,842




Cost of sales

15,159,464


11,921,884



GROSS PROFIT

4,061,003


3,602,958




Administrative expenses

1,844,853


782,438



OPERATING PROFIT

4

2,216,150


2,820,520




Interest receivable and similar income

535


409



2,216,685


2,820,929




Interest payable and similar expenses

5

897


1,287



PROFIT BEFORE TAXATION

2,215,788


2,819,642




Tax on profit

6

592,551


586,853



PROFIT FOR THE FINANCIAL YEAR

1,623,237


2,232,789




SENATE LOGISTICS LIMITED (REGISTERED NUMBER: 11633803)



OTHER COMPREHENSIVE INCOME

For The Year Ended 31 December 2023



2023


2022


(Unaudited)


Notes

£   

£   



PROFIT FOR THE YEAR

1,623,237


2,232,789





OTHER COMPREHENSIVE INCOME

-


-



TOTAL COMPREHENSIVE INCOME

FOR THE YEAR

1,623,237


2,232,789




SENATE LOGISTICS LIMITED (REGISTERED NUMBER: 11633803)



BALANCE SHEET

31 December 2023



2023

2022



(Unaudited)



Notes

£   

£   

£   

£   


FIXED ASSETS

Intangible assets

8

1,645,833


1,895,833



Tangible assets

9

12,197


8,518



1,658,030


1,904,351




CURRENT ASSETS

Stocks

10

31,950


-



Debtors

11

10,027,277


8,636,024



Cash at bank and in hand

2,159,958


2,489,898



12,219,185


11,125,922



CREDITORS

Amounts falling due within one year

12

11,196,575


11,439,378



NET CURRENT ASSETS/(LIABILITIES)

1,022,610


(313,456

)


TOTAL ASSETS LESS CURRENT

LIABILITIES

2,680,640


1,590,895




CREDITORS

Amounts falling due after more than one

year

13

-


(29,116

)



PROVISIONS FOR LIABILITIES

15

(3,049

)

(1,618

)


NET ASSETS

2,677,591


1,560,161




CAPITAL AND RESERVES

Called up share capital

16

1


1



Retained earnings

17

2,677,590


1,560,160



SHAREHOLDERS' FUNDS

2,677,591


1,560,161




The financial statements were approved by the Board of Directors and authorised for issue on 11 November 2024 and were signed on its behalf by:






R J Steer - Director



SENATE LOGISTICS LIMITED (REGISTERED NUMBER: 11633803)



STATEMENT OF CHANGES IN EQUITY

For The Year Ended 31 December 2023



Called up



share


Retained


Total


capital


earnings


equity

£   

£   

£   


Balance at 1 January 2022

1


(390,862

)

(390,861

)



Changes in equity

Dividends

-


(281,767

)

(281,767

)


Total comprehensive income

-


2,232,789


2,232,789



Balance at 31 December 2022

1


1,560,160


1,560,161




Changes in equity

Dividends

-


(505,807

)

(505,807

)


Total comprehensive income

-


1,623,237


1,623,237



Balance at 31 December 2023

1


2,677,590


2,677,591




SENATE LOGISTICS LIMITED (REGISTERED NUMBER: 11633803)



CASH FLOW STATEMENT

For The Year Ended 31 December 2023



2023


2022


(Unaudited)


Notes

£   

£   


Cash flows from operating activities

Cash generated from operations

1

765,895


264,844



Interest paid

(897

)

(1,287

)


Tax paid

(540,005

)

(9,561

)


Net cash from operating activities

224,993


253,996




Cash flows from investing activities

Purchase of tangible fixed assets

(17,402

)

(9,346

)


Interest received

535


409



Net cash from investing activities

(16,867

)

(8,937

)



Cash flows from financing activities

Loan repayments in year

(38,902

)

(9,532

)


Amount introduced by directors

6,643


-



Amount withdrawn by directors

-


(302,735

)


Equity dividends paid

(505,807

)

(281,767

)


Net cash from financing activities

(538,066

)

(594,034

)



Decrease in cash and cash equivalents

(329,940

)

(348,975

)


Cash and cash equivalents at

beginning of year

2

2,489,898


2,838,873




Cash and cash equivalents at end of

year

2

2,159,958


2,489,898




SENATE LOGISTICS LIMITED (REGISTERED NUMBER: 11633803)



NOTES TO THE CASH FLOW STATEMENT

For The Year Ended 31 December 2023


1.

RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM

OPERATIONS



2023


2022


(Unaudited)

£   

£   



Profit before taxation

2,215,788


2,819,642




Depreciation charges

261,907


258,060




Loss on disposal of fixed assets

1,817


-




Finance costs

897


1,287




Finance income

(535

)

(409

)


2,479,874


3,078,580




Increase in stocks

(31,950

)

-




Increase in trade and other debtors

(1,406,716

)

(4,054,389

)



(Decrease)/increase in trade and other creditors

(275,313

)

1,240,653




Cash generated from operations

765,895


264,844




2.

CASH AND CASH EQUIVALENTS



The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:



Year ended 31 December 2023


31.12.23


1.1.23

£   

£   



Cash and cash equivalents

2,159,958


2,489,898




Year ended 31 December 2022


31.12.22


1.1.22


(Unaudited)


£   

£   



Cash and cash equivalents

2,489,898


2,838,873





3.

ANALYSIS OF CHANGES IN NET FUNDS



At 1.1.23

Cash flow

At 31.12.23

£   

£   

£   



Net cash



Cash at bank and in hand

2,489,898


(329,940

)

2,159,958



2,489,898


(329,940

)

2,159,958




Debt


Debts falling due within 1 year

(9,787

)

9,787


-




Debts falling due after 1 year

(29,116

)

29,116


-



(38,903

)

38,903


-




Total

2,450,995


(291,037

)

2,159,958




SENATE LOGISTICS LIMITED (REGISTERED NUMBER: 11633803)



NOTES TO THE FINANCIAL STATEMENTS

For The Year Ended 31 December 2023


1.

STATUTORY INFORMATION



Senate Logistics Limited is a private company limited by shares, registered in England and Wales. The company's registered number is 11633803, and the registered address is The Old Market House, 72 High Street, Steyning, West Sussex, BN44 3RD.


2.

ACCOUNTING POLICIES



Basis of preparing the financial statements


These financial statements have been prepared in accordance with Financial Reporting Standard 102


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


SENATE LOGISTICS LIMITED (REGISTERED NUMBER: 11633803)



NOTES TO THE FINANCIAL STATEMENTS - continued

For The Year Ended 31 December 2023


2.

ACCOUNTING POLICIES - continued



Significant judgements and estimates

Preparation of the financial statements requires management to make significant judgements,estimates and assumptions that affect the amounts reported for assets and liabilities as at the statement of financial position date and the amounts reported for revenues and expenses during the period. However, the nature of estimation means that actual outcomes could differ from those estimates.

The company has considered the impact of climate-related risks on its financial performance and position, and although the impact represents an uncertainty, it is not considered to be material.

The following judgements had a significant effect on the amounts recognised in the financial statements:

Depreciation of Fixed Assets
There is estimation uncertainty in calculating the useful life of the fixed assets. The carrying value of the fixed assets is tested annually for impairment and the depreciation policy is reviewed as a result of this.

Amortisation of Goodwill
There is estimation uncertainty in calculating the useful life of goodwill. The carrying value of the goodwill is tested annually for impairment and the amortisation policy is reviewed as a result of this.

Bad debt provision
There is an estimation uncertainty in calculating bad debt provisions. A full review of trade debtors is carried out at each reporting date to assess the need for a bad debt provision. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which will ultimately prove to be unrecoverable.

Deferred Income
Deferred income is recognised by reference to the dates that future races are expected to take place. The company considers the likelihood of future races not taking place and the impact this would have on reported figures in the financial statements.

Accruals
Accrued expenses are based on the company's best estimate of costs that will be incurred that relate to the accounting period in question.

Impairment
The company's impairment review requires management to make a number of judgements and estimations, which are presented below:

- Management estimates the value in use of the assets with reference to their extensive knowledge of the marketplace in which they operate, the company's competitors and the likely value and life expectancy of the assets in question.
- Management assesses each of its assets for indication of impairment on an annual basis and, where there are indicators of impairment, management performs an impairment assessment.


Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Sales are recognised when Grand Prix races have been run and the company's obligations to its customers is therefore substantially complete.


SENATE LOGISTICS LIMITED (REGISTERED NUMBER: 11633803)



NOTES TO THE FINANCIAL STATEMENTS - continued

For The Year Ended 31 December 2023


2.

ACCOUNTING POLICIES - continued



Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

The intangible assets relate to goodwill, which arose from the acquisition of a business in 2021. This is calculated as the amount paid over the value of the net assets acquired.

After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.


Tangible fixed assets

Tangible assets are initially measured at cost. After initial recognition, tangible assets are measured at cost less any accumulated depreciation and any impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its
estimated useful life.
Fixtures and fittings - 33% on cost
Computer equipment - 33% on cost


Stocks


Stocks represent goods purchased for resale.  Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.



Financial instruments

The carrying value of trade and other receivables, cash and cash equivalents, and trade and other payables are considered to be reasonable approximations of their fair values largely due to the short-term maturities of these instruments.


Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.


Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.


SENATE LOGISTICS LIMITED (REGISTERED NUMBER: 11633803)



NOTES TO THE FINANCIAL STATEMENTS - continued

For The Year Ended 31 December 2023


2.

ACCOUNTING POLICIES - continued



Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.


Presentation and functional currency


The financial statements are prepared in Pounds Sterling (£). The functional currency of the company is the Euro as the company makes most of its direct purchases in Euros and determine its sales margins by reference to Euros.



These financial statements are rounded to the nearest pound sterling.



Pension costs and other post -retirement benefits


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 in to a separate entity. Once the contributions have been paid, the company has no further payment obligations.



The contributions are recognised as an expenses in the Income Statement when they fall due. Amounts not paid are shown in accruals as a liability on the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.


3.

EMPLOYEES AND DIRECTORS


2023


2022


(Unaudited)

£   

£   



Wages and salaries

526,629


265,374




Social security costs

51,995


26,378




Other pension costs

8,075


4,404



586,699


296,156





The average number of employees during the year was as follows:


2023


2022


(Unaudited)



Employees

10


10





2023


2022


(Unaudited)

£   

£   



Directors' remuneration

182,808


15,146




Directors' pension contributions to money purchase schemes  

1,321


174





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



Money purchase schemes

1


1




SENATE LOGISTICS LIMITED (REGISTERED NUMBER: 11633803)



NOTES TO THE FINANCIAL STATEMENTS - continued

For The Year Ended 31 December 2023


4.

OPERATING PROFIT



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



2023


2022


(Unaudited)

£   

£   



Other operating leases

15,052


16,949




Depreciation - owned assets

11,906


8,060




Loss on disposal of fixed assets

1,817


-




Goodwill amortisation

250,000


250,000




Auditors' remuneration

15,000


-




Foreign exchange differences

(10,536

)

(283,680

)



5.

INTEREST PAYABLE AND SIMILAR EXPENSES



2023


2022


(Unaudited)

£   

£   



Bank loan interest

805


1,116




Interest payable

92


171



897


1,287




6.

TAXATION



Analysis of the tax charge


The tax charge on the profit for the year was as follows:


2023


2022


(Unaudited)

£   

£   



Current tax:


UK corporation tax

591,120


575,550





Deferred tax

1,431


11,303




Tax on profit

592,551


586,853




SENATE LOGISTICS LIMITED (REGISTERED NUMBER: 11633803)



NOTES TO THE FINANCIAL STATEMENTS - continued

For The Year Ended 31 December 2023


6.

TAXATION - continued



Reconciliation of total tax charge included in profit and loss


The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:



2023


2022


(Unaudited)

£   

£   



Profit before tax

2,215,788


2,819,642




Profit multiplied by the standard rate of corporation tax in the UK of

25% (2022 - 19%)  

553,947


535,732





Effects of:


Expenses not deductible for tax purposes

13,345


4,064




Depreciation in excess of capital allowances

61,015


46,723




Utilisation of tax losses

(7

)

(10,969

)



Effect of change in corporation tax rate  

(37,181

)

-




Deferred tax movement  

1,432


11,303




Total tax charge

592,551


586,853




7.

DIVIDENDS


2023


2022


(Unaudited)

£   

£   



Ordinary share of £1


Interim

505,807


281,767




8.

INTANGIBLE FIXED ASSETS


Goodwill

£   



COST


At 1 January 2023


and 31 December 2023

2,500,000




AMORTISATION


At 1 January 2023

604,167




Amortisation for year

250,000




At 31 December 2023

854,167




NET BOOK VALUE


At 31 December 2023

1,645,833




At 31 December 2022

1,895,833




SENATE LOGISTICS LIMITED (REGISTERED NUMBER: 11633803)



NOTES TO THE FINANCIAL STATEMENTS - continued

For The Year Ended 31 December 2023


9.

TANGIBLE FIXED ASSETS


Fixtures



and


Computer



fittings


equipment


Totals

£   

£   

£   



COST


At 1 January 2023

7,915


16,290


24,205




Additions

2,831


14,572


17,403




Disposals

-


(2,788

)

(2,788

)



At 31 December 2023

10,746


28,074


38,820




DEPRECIATION


At 1 January 2023

5,198


10,489


15,687




Charge for year

2,558


9,348


11,906




Eliminated on disposal

-


(970

)

(970

)



At 31 December 2023

7,756


18,867


26,623




NET BOOK VALUE


At 31 December 2023

2,990


9,207


12,197




At 31 December 2022

2,717


5,801


8,518




10.

STOCKS

2023

2022



(Unaudited)

£   

£   



Stocks

31,950


-




11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2023

2022



(Unaudited)

£   

£   



Trade debtors

4,848,870


4,845,729




Other debtors

33,470


39,653




Prepayments and accrued income

5,144,937


3,750,642



10,027,277


8,636,024




12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2023

2022



(Unaudited)

£   

£   



Bank loans and overdrafts (see note 14)

-


9,787




Trade creditors

414,507


409,500




Corporation tax

591,120


575,550




Social security and other taxes

28,948


8,863




Other creditors

283,316


155,245




Deferred income

9,817,547


10,257,903




Accrued expenses

61,137


22,530



11,196,575


11,439,378




SENATE LOGISTICS LIMITED (REGISTERED NUMBER: 11633803)



NOTES TO THE FINANCIAL STATEMENTS - continued

For The Year Ended 31 December 2023


13.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE

YEAR


2023

2022



(Unaudited)

£   

£   



Bank loans (see note 14)

-


29,116




14.

LOANS



An analysis of the maturity of loans is given below:


2023

2022



(Unaudited)

£   

£   



Amounts falling due within one year or on demand:


Bank loans

-


9,787





Amounts falling due between two and five years:


Bank loans - 2-5 years

-


29,116




15.

PROVISIONS FOR LIABILITIES

2023

2022



(Unaudited)

£   

£   



Deferred tax

3,049


1,618





Deferred



tax


£   



Balance at 1 January 2023

1,618




Provided during year

1,431




Balance at 31 December 2023

3,049




16.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

2023

2022



value:

£   

£   



1

Ordinary

£1

1


1




SENATE LOGISTICS LIMITED (REGISTERED NUMBER: 11633803)



NOTES TO THE FINANCIAL STATEMENTS - continued

For The Year Ended 31 December 2023


17.

RESERVES


Retained


earnings

£   




At 1 January 2023

1,560,160




Profit for the year

1,623,237




Dividends

(505,807

)



At 31 December 2023

2,677,590




18.

RELATED PARTY DISCLOSURES



Other related parties




For the year ending 31 December 2023 the company made purchases from Race Tickets Ltd totalling £535,142 (2022: £173,185).  A balance of £208,076 (2022: £53,172)  is due to Race Tickets Ltd at 31st December 2023.  Race Tickets Ltd is a company under the control of Robert Steer.  



At 31 December 2023 a balance of £5,059  (2022: £5,059)  is due from Track MC Ltd.  Track MC Ltd is a company under the control of Robert Steer.


19.

ULTIMATE CONTROLLING PARTY



The controlling party is R J Steer.