REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
SENATE LOGISTICS LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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. |
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 |
|
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: |
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. |
For and on behalf of |
Preston Park House |
South Road |
Brrighton |
BN1 6SB |
SENATE LOGISTICS LIMITED (REGISTERED NUMBER: 11633803) |
INCOME STATEMENT |
For The Year Ended 31 December 2023 |
2023 | 2022 |
(Unaudited) |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
2,216,685 | 2,820,929 |
Interest payable and similar expenses | 5 |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL YEAR |
SENATE LOGISTICS LIMITED (REGISTERED NUMBER: 11633803) |
OTHER COMPREHENSIVE INCOME |
For The Year Ended 31 December 2023 |
2023 | 2022 |
(Unaudited) |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
SENATE LOGISTICS LIMITED (REGISTERED NUMBER: 11633803) |
BALANCE SHEET |
31 December 2023 |
2023 | 2022 |
(Unaudited) |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS/(LIABILITIES) | ( | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 13 | ( | ) |
PROVISIONS FOR LIABILITIES | 15 | ( | ) | ( | ) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 16 |
Retained earnings | 17 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 | ( | ) | ( | ) |
Changes in equity |
Dividends | - | ( | ) | ( | ) |
Total comprehensive income | - |
Balance at 31 December 2022 |
Changes in equity |
Dividends | - | ( | ) | ( | ) |
Total comprehensive income | - |
Balance at 31 December 2023 |
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 |
Interest paid | ( | ) | ( | ) |
Tax paid | ( | ) | ( | ) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( | ) | ( | ) |
Interest received |
Net cash from investing activities | ( | ) | ( | ) |
Cash flows from financing activities |
Loan repayments in year | ( | ) | ( | ) |
Amount introduced by directors | 6,643 | - |
Amount withdrawn by directors | - | (302,735 | ) |
Equity dividends paid | ( | ) | ( | ) |
Net cash from financing activities | ( | ) | ( | ) |
Decrease in cash and cash equivalents | ( | ) | ( | ) |
Cash and cash equivalents at beginning of year | 2 | 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 |
Depreciation charges |
Loss on disposal of fixed assets |
Finance costs | 897 | 1,287 |
Finance income | (535 | ) | (409 | ) |
2,479,874 | 3,078,580 |
Increase in stocks | ( | ) |
Increase in trade and other debtors | ( | ) | ( | ) |
(Decrease)/increase in trade and other creditors | ( | ) |
Cash generated from operations |
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 | ( | ) | 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 |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2023 | 2022 |
(Unaudited) |
Employees |
2023 | 2022 |
(Unaudited) |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
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 |
Depreciation - owned assets |
Loss on disposal of fixed assets |
Goodwill amortisation |
Auditors' remuneration |
Foreign exchange differences | ( | ) | ( | ) |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
(Unaudited) |
£ | £ |
Bank loan interest |
Interest payable |
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 |
Deferred tax |
Tax on profit |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Depreciation in excess of capital allowances |
Utilisation of tax losses | ( | ) | ( | ) |
Effect of change in corporation tax rate | ( | ) | - |
Deferred tax movement |
Total tax charge | 592,551 | 586,853 |
7. | DIVIDENDS |
2023 | 2022 |
(Unaudited) |
£ | £ |
Ordinary share of £1 |
Interim |
8. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
Amortisation for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
Additions |
Disposals | ( | ) | ( | ) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( | ) | ( | ) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
10. | STOCKS |
2023 | 2022 |
(Unaudited) |
£ | £ |
Stocks |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
(Unaudited) |
£ | £ |
Trade debtors |
Other debtors |
Prepayments and accrued income |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
(Unaudited) |
£ | £ |
Bank loans and overdrafts (see note 14) |
Trade creditors |
Corporation tax |
Social security and other taxes |
Other creditors |
Deferred income |
Accrued expenses |
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) |
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 |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
15. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
(Unaudited) |
£ | £ |
Deferred tax | 3,049 | 1,618 |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Provided during year |
Balance at 31 December 2023 |
16. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
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 |
Profit for the year |
Dividends | ( | ) |
At 31 December 2023 |
18. | RELATED PARTY DISCLOSURES |
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. |