Company Registration No. 05103858 (England and Wales)
Interdelta Ltd
Annual report and financial statements
for the year ended 30 April 2024
Interdelta Ltd
Company information
Directors
Jonathan Mocton
Simon Rogers
Secretary
Andrew Ebert
Company number
05103858
Registered office
2nd Floor Parkgates
Bury New Road
Manchester
Prestwich
United Kingdom
M25 0TL
Independent auditor
Saffery LLP
Trinity
16 John Dalton Street
Manchester
M2 6HY
Interdelta Ltd
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 9
Statement of comprehensive income
10
Statement of financial position
11
Statement of changes in equity
12
Notes to the financial statements
13 - 29
Interdelta Ltd
Strategic report
For the year ended 30 April 2024
1

The directors present the strategic report for the year ended 30 April 2024.

Principal activities and business review

The principal activity of Interdelta Limited (the "Company" or "ITD") is the provision of packet and parcel delivery services and related transport activities. ITD collects and delivers packets and parcels on behalf of clients to both businesses (B2B) and households (B2C) as well as arranging air and sea freight services from the Far East to the UK.

 

ITD continues to focus on providing excellent client and customer service and product offerings, together with winning profitable new accounts.

 

The Income Statement is set out on page 10 and shows a profit for the year after tax of £173,643 (2023: profit of £2,386,301). The Company's financial position is set out on page 11.

 

During FY24, ITD saw the benefits of focusing on its core Domestic parcel business in a turbulent market:

 

 

During this time further investment was made in the infrastructure of the business for growth with the opening of a new depot and a restructure of the sales team and further widening of our carrier offerings.

 

Throughout the last 12 months, ITD has continued to offer an industry-leading customer service to its growing portfolio of clients and the directors are highly appreciative of the support and dedication of all colleagues, suppliers and customers.

 

The directors are pleased with the performance of the business.

 

The market place is ever changing with both opportunities and risks. The directors regularly stress test the business plan and forecast for a number of scenarios.

ITD remains committed to achieving customer excellence and continues to deliver significant improvements in service performance.

Principal risks and uncertainties

The management of the business and execution of the company's strategy is subject to a number of risks. In addition to the general uncertainty of the macro-economic situation, the principal other risks to the business are:

 

Interdelta Ltd
Strategic report (continued)
For the year ended 30 April 2024
2
Outlook

The UK e-commerce market continues to enjoy volume growth driven by the increasing shift in consumer demand for online shopping albeit slower as the “cost of living” crisis is inevitably seeing a tightening in consumer spend.

The directors recognise the current challenges and uncertainties in the e-commerce logistics industry, in the context of the increasingly positive changes taking place in the business:

 

 

The directors are confident that ITD will continue to grow its profitability on an EBITDA basis in the year ending 30 April 2025.

 

The Shareholder remains supportive of ITD and is committed to its success.

Key performance indicators

Revenue by service

 

FY24

£000

 

FY23

£000

Domestic Parcel

35,966

 

36,111

International Parcel

4,925

 

8,278

Freight

 

2,858

43,749

 

 

5,334

49,723

 

 

 

EBITDA (earnings before interest, taxation, depreciation, amortisation, exceptional items, fixed asset

disposals and Government grants) is considered to be a key performance indicator for the company.

 

 

2024

 

2023

 

£000

 

£000

EBITDA

832

 

2,600

 

The Strategic Report has been approved and authorised for issue by the Board of Directors.

On behalf of the board

Jonathan Mocton
Director
21 October 2024
Interdelta Ltd
Directors' report
For the year ended 30 April 2024
3

The Directors present their annual report and financial statements for the year ended 30 April 2024

Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £2,220,200 (2023: £235,332). The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Jonathan Mocton
Simon Rogers
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Financial instruments

 

Liquidity Risk

In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the company uses a mixture of cash reserves and long-term and short-term debt finance.

Credit Risk

The Company's principal financial assets are cash and trade and other receivables.

 

The Company's credit risk is primarily attributable to its trade receivables. The amounts presented in the Statement of Financial Position are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.

 

ITD has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.

 

Price risk

The directors consider that the Company faces the usual pricing risk of any other Company operating in a competitive commercial environment. The Company seeks to minimise its exposure to input prices by agreeing appropriate terms with its suppliers that mitigate against changing prices over a period of time.

Interdelta Ltd
Directors' report (continued)
For the year ended 30 April 2024
4

Going concern

 

The basis of the directors' conclusion on going concern is set out in section 1.2 of the accounting policies. The directors have reviewed the financial position alongside the cash flow forecasts and conclude that the going concern basis of accounting remains appropriate.

 

The company cash flows for the next 12 months have been carefully considered from the date of signing the audited financial statements. These have been appraised in light of the current economic uncertainty.

 

As such, realistic assumptions have been used to determine the level of financial resources available to the company and to assess liquidity risk. The key risks identified by the directors for these assumptions are the impact of a deterioration in prices and volumes.

 

The directors are satisfied that the current financial plans are deliverable and will enable the company to continue to meet its liabilities as they fall due in the foreseeable future and for a period of at least 12 months subsequent to approval of the financial statements. A full risk analysis has been carried out against the current financial plans and the directors consider that the existing plans are robust and deliverable.

Research and development

The company invests in the commercialisation of technologies across all areas of the business.

 

In the current and previous financial year, the company received Research and Development Expenditure Credit (RDEC) claims in respect of expenditure on further developing the Information Technology systems.

Future developments

Future developments are discussed within the 'Outlook' section of the Strategic Report on page 2.

Auditor

The auditor, Saffery LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Jonathan Mocton
Director
21 October 2024
Interdelta Ltd
Directors' responsibilities statement
For the year ended 30 April 2024
5

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

 

Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

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.

Interdelta Ltd
Independent auditor's report
To the members of Interdelta Ltd
6
Opinion

We have audited the financial statements of Interdelta Ltd (the 'company') for the year ended 30 April 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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.

 

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.

Interdelta Ltd
Independent auditor's report (continued)
To the members of Interdelta Ltd
7

Opinions on other matters prescribed by the Companies Act 2006

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

 

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:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

Interdelta Ltd
Independent auditor's report (continued)
To the members of Interdelta Ltd
8

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

 

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and by updating our understanding of the sector in which the company operates.

 

Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation.

 

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

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

Interdelta Ltd
Independent auditor's report (continued)
To the members of Interdelta Ltd
9
Diane Petit-Laurent FCA
Senior Statutory Auditor
For and on behalf of Saffery LLP
21 October 2024
Statutory Auditors
Trinity
16 John Dalton Street
Manchester
M2 6HY
Interdelta Ltd
Statement of comprehensive income
For the year ended 30 April 2024
10
2024
2023
Notes
£
£
Turnover
3
43,749,186
49,723,398
Cost of sales
(37,652,028)
(41,589,347)
Gross profit
6,097,158
8,134,051
Administrative expenses
(5,979,492)
(5,876,112)
Exceptional costs
4
(39,849)
(248,259)
Operating profit
5
77,817
2,009,680
Interest receivable and similar income
9
29,425
13,829
Interest payable and similar expenses
10
(8,789)
(973)
Profit before taxation
98,453
2,022,536
Tax on profit
11
75,190
363,765
Profit for the financial year
173,643
2,386,301

The income statement has been prepared on the basis that all operations are continuing operations.

Interdelta Ltd
Statement of financial position
As at 30 April 2024
11
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
13
1,236,271
1,305,380
Tangible assets
14
262,782
386,715
Investments
15
1
1
1,499,054
1,692,096
Current assets
Debtors
17
7,529,282
6,583,366
Cash at bank and in hand
47,550
3,024,630
7,576,832
9,607,996
Creditors: amounts falling due within one year
18
(4,777,842)
(4,932,901)
Net current assets
2,798,990
4,675,095
Total assets less current liabilities
4,298,044
6,367,191
Provisions for liabilities
Provisions
20
247,558
290,348
(247,558)
(290,348)
Net assets
4,050,486
6,076,843
Capital and reserves
Called up share capital
23
2,118
2,118
Profit and loss reserves
4,048,368
6,074,725
Total equity
4,050,486
6,076,843
The financial statements were approved by the board of directors and authorised for issue on 21 October 2024 and are signed on its behalf by:
Jonathan Mocton
Director
Company Registration No. 05103858
Interdelta Ltd
Statement of changes in equity
For the year ended 30 April 2024
12
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 May 2022
2,010
3,923,756
3,925,766
Year ended 30 April 2023:
Profit and total comprehensive income
-
2,386,301
2,386,301
Issue of share capital
23
108
-
108
Dividends
12
-
(235,332)
(235,332)
Balance at 30 April 2023
2,118
6,074,725
6,076,843
Year ended 30 April 2024:
Profit and total comprehensive income
-
173,643
173,643
Dividends
12
-
(2,200,000)
(2,200,000)
Balance at 30 April 2024
2,118
4,048,368
4,050,486
Interdelta Ltd
Notes to the financial statements
For the year ended 30 April 2024
13
1
Accounting policies
Company information

Interdelta Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor Parkgates, Bury New Road, Manchester, Prestwich, United Kingdom, M25 0TL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of ITD Global Topco Limited. These consolidated financial statements are available from its registered office, Unit A, Birch Industrial Estate, Whittle Lane, Heywood, OL10 2SX.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Interdelta Ltd is a wholly owned subsidiary of ITD Global Topco Limited and the results of Interdelta Ltd are included in the consolidated financial statements of ITD Global Topco Limited which are available from Unit A Birch Industrial Estate, Whittle Lane, Heywood, England, OL10 2SX.

Interdelta Ltd
Notes to the financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies (continued)
14
1.2
Going concern

The financial statements have been prepared on the going concern basis.true

 

In determining whether the company's financial statements can be prepared on the going concern basis, the directors have considered the business activities together with factors likely to affect its future development, performance and its financial position including cash flows, liquidity position and borrowing facilities as well as the principal risks and uncertainties relating to its business activities.

 

The directors have prepared cash flow forecasts for the company for the 12-month period from the date of signing these financial statements. These forecasts have been based on the company's latest trading, forecast volumes, contractual pricing and the new business pipeline. A full risk analysis exercise has been carried out against the current financial plans which have been appraised.

As such, realistic assumptions have been used to determine the level of financial resources available to the Company and to assess liquidity risk.

 

The directors have also applied reasonable downside sensitivity analysis to current financial plans, reflecting the key risks to the business; namely volumes, service mix, sales prices, operational costs and efficiencies, service levels and working capital.

 

The directors are satisfied that the current financial plans are deliverable and will enable the company to continue to meet its liabilities as they fall due in the foreseeable future and for a period of at least 12 months subsequent to approval of the financial statements. A full risk analysis has been carried out against the current financial plans and the directors consider that the existing plans are robust and deliverable.

 

Accordingly, on that basis, the directors consider that it is appropriate to prepare the financial statements on a going concern basis.

1.3
Turnover

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

 

Parcel

The company recognises revenue when the parcel is delivered and the service has been performed.

 

Freight

The company recognises revenue when the service is complete which is defined as when the freight is delivered to the customer.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Interdelta Ltd
Notes to the financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies (continued)
15

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Internally generated software
20% straight line
Brand & website
20% straight line
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

 

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Leasehold improvements
20% straight line
Fixtures and fittings
20% reducing balance
Software and IT Equipment
15% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Interdelta Ltd
Notes to the financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies (continued)
16

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

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

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Trade Debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

 

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Interdelta Ltd
Notes to the financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies (continued)
17
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Trade Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

 

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Interdelta Ltd
Notes to the financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies (continued)
18
1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Taxation

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Current tax

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 generated taxable income.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Interdelta Ltd
Notes to the financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies (continued)
19
1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements have had the most significant effect on amounts recognised in the financial statements.

Capitalisation of development costs

Development costs of £459,951 (2023: £676,958) have been capitalised in the year in relation to internally generated software. The carrying value of the development costs at 30 April 2024 is £1,210,618 (2023: £1,275,271). Management have assessed the requirements of FRS 102 in relation to whether the costs meet the definition under the standard to be capitalised and reached the judgement that these costs are appropriately capitalised. Management have considered whether there are any impairment indicators that would require a full impairment assessment to be performed and concluded that there are no such indicators.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Freight
2,857,845
5,334,327
Parcel
40,891,341
44,389,071
43,749,186
49,723,398
2024
2023
£
£
Turnover analysed by geographical market
UK
38,824,186
41,445,398
Overseas
4,925,000
8,278,000
43,749,186
49,723,398
Interdelta Ltd
Notes to the financial statements (continued)
For the year ended 30 April 2024
3
Turnover and other revenue (continued)
20
2024
2023
£
£
Other revenue
Interest income
29,425
13,829
4
Exceptional item
2024
2023
£
£
Expenditure
Restructuring costs
39,849
248,259

Exceptional costs relate to moving expenses and redundancy payments in both 2024 and 2023.

5
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
138,721
155,744
Profit on disposal of tangible fixed assets
(467)
-
Amortisation of intangible assets
531,960
431,959
Operating lease charges
508,128
367,012
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
37,480
39,950
For other services
All other non-audit services
1,950
4,700

 

Interdelta Ltd
Notes to the financial statements (continued)
For the year ended 30 April 2024
21
7
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Birch
8
10
Director
2
4
Freight
3
3
Parcel
25
23
Head office
24
24
Total
62
64

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
3,197,881
3,196,491
Pension costs
76,411
87,931
3,274,292
3,284,422
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
347,957
265,816
Company pension contributions to defined contribution schemes
18,750
484
366,707
266,300

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).

The number of directors who are entitled to receive shares under long term incentive schemes during the year was 2 (2023 - 2).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
175,869
152,921
Interdelta Ltd
Notes to the financial statements (continued)
For the year ended 30 April 2024
22
9
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
12,296
9,774
Other interest income
17,129
4,055
Total income
29,425
13,829
10
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
8,789
973
11
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
-
0
(39,859)
Deferred tax
Origination and reversal of timing differences
(75,190)
(323,906)
Total tax credit
(75,190)
(363,765)
Interdelta Ltd
Notes to the financial statements (continued)
For the year ended 30 April 2024
11
Taxation (continued)
23

The actual credit for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
98,453
2,022,536
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.50%)
24,613
394,395
Tax effect of expenses that are not deductible in determining taxable profit
184,316
39,911
Adjustments in respect of prior years
-
0
(39,859)
Group relief
25,400
43,121
Permanent capital allowances in excess of depreciation
-
0
(3,750)
Research and development tax credit
(258,655)
(164,616)
Other permanent differences
33,462
11,713
Impact of higher rate of tax on deferred tax
-
0
(71,399)
EMI relief
-
0
(573,281)
Capital Allowances
(9,136)
-
0
Deferred taxation
(75,190)
-
0
Taxation credit for the year
(75,190)
(363,765)
12
Dividends
2024
2023
£
£
Final paid
2,200,000
235,332
Interdelta Ltd
Notes to the financial statements (continued)
For the year ended 30 April 2024
24
13
Intangible fixed assets
Internally generated software
Brand & website
Total
£
£
£
Cost
At 1 May 2023
2,450,066
35,840
2,485,906
Additions
459,951
2,900
462,851
At 30 April 2024
2,910,017
38,740
2,948,757
Amortisation and impairment
At 1 May 2023
1,174,795
5,731
1,180,526
Amortisation charged for the year
524,604
7,356
531,960
At 30 April 2024
1,699,399
13,087
1,712,486
Carrying amount
At 30 April 2024
1,210,618
25,653
1,236,271
At 30 April 2023
1,275,271
30,109
1,305,380
14
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Software and IT Equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2023
275,535
188,290
159,612
255,295
878,732
Additions
-
0
4,937
9,840
18,750
33,527
Disposals
-
0
-
0
-
0
(125,225)
(125,225)
At 30 April 2024
275,535
193,227
169,452
148,820
787,034
Depreciation and impairment
At 1 May 2023
77,717
158,507
98,179
157,614
492,017
Depreciation charged in the year
57,230
15,156
26,265
40,070
138,721
Eliminated in respect of disposals
-
0
-
0
-
0
(106,486)
(106,486)
At 30 April 2024
134,947
173,663
124,444
91,198
524,252
Carrying amount
At 30 April 2024
140,588
19,564
45,008
57,622
262,782
At 30 April 2023
197,818
29,783
61,433
97,681
386,715
Interdelta Ltd
Notes to the financial statements (continued)
For the year ended 30 April 2024
25
15
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
16
1
1
16
Subsidiaries

Details of the company's subsidiaries at 30 April 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Interdelta B.V.
Overschiestraat 59, Amsterdam, Netherlands
Ordinary
100
-
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Interdelta B.V.
7,882
9,761
17
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,584,280
3,327,853
Corporation tax recoverable
-
0
279,738
Other debtors
200,497
82,784
Prepayments and accrued income
1,251,650
556,923
4,036,427
4,247,298
2024
2023
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
3,350,783
2,269,186
Deferred tax asset (note 21)
142,072
66,882
3,492,855
2,336,068
Total debtors
7,529,282
6,583,366
Interdelta Ltd
Notes to the financial statements (continued)
For the year ended 30 April 2024
26
18
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
19
27,255
-
0
Trade creditors
3,085,615
3,913,137
Corporation tax
58,053
-
0
Other taxation and social security
300,916
250,468
Other creditors
135,030
177,180
Accruals and deferred income
1,170,973
592,116
4,777,842
4,932,901
19
Loans and overdrafts
2024
2023
£
£
Bank overdrafts
27,255
-
0
Payable within one year
27,255
-
0

The long-term loans are secured by fixed and floating charges over all assets.

20
Provisions for liabilities
2024
2023
£
£
Sales credit provision
132,558
106,942
Dilapidation provision
115,000
55,000
Redundancy provision
-
128,406
247,558
290,348
Movements on provisions:
Sales credit provision
Dilapidation provision
Redundancy provision
Total
£
£
£
£
At 1 May 2023
106,942
55,000
128,406
290,348
Additional provisions in the year
355,855
71,000
-
426,855
Utilisation of provision
(330,239)
(11,000)
(128,406)
(469,645)
At 30 April 2024
132,558
115,000
-
247,558

The sales credit provision represents management's best estimate of credits that may be due to customers.

Interdelta Ltd
Notes to the financial statements (continued)
For the year ended 30 April 2024
20
Provisions for liabilities (continued)
27

The dilapidations provision represents management's best estimate of dilapidation costs that may be payable upon exit from business premises.

 

The redundancy provision relates to redundancies agreed at the year end which were subsequently paid.

21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Assets
Assets
2024
2023
Balances:
£
£
Accelerated capital allowances
(237,941)
(315,169)
Tax losses
380,013
382,051
142,072
66,882
2024
Movements in the year:
£
Asset at 1 May 2023
(66,882)
Credit to profit or loss
(75,190)
Asset at 30 April 2024
(142,072)

The deferred tax asset set out above is expected to reverse within 60 months and relates to the utilisation of tax losses against future expected profits of the same period.

22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
76,411
87,931

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Interdelta Ltd
Notes to the financial statements (continued)
For the year ended 30 April 2024
28
23
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Class A ordinary shares of £1 each
1,000
1,000
1,000
1,000
Class B ordinary shares of £1 each
498
498
498
498
Class C ordinary shares of £1 each
500
500
500
500
Class D ordinary shares of £1 each
10
10
10
10
Class E ordinary shares of £1 each
1
1
1
1
Class F ordinary shares of £1 each
1
1
1
1
Class N ordinary shares of £1 each
108
108
108
108
2,118
2,118
2,118
2,118

The company has A shares which carry voting rights, the right to participate in dividends, the right to participate in distributions (including on a wind-up) and are non-redeemable.

 

The company has B, C, D, E and F shares which do not carry voting rights, do carry the right to participate in dividends, the right to participate in distributions (including on a wind up) only up to £1 in aggregate and are non-redeemable.

 

The company has N shares which do not carry voting rights, do carry the right to participate in dividends, the right to participate in distributions (including on a wind-up) as follows: (i) 0.1% per N ordinary share on distributions over £30,000,000 and (ii) 0.12% per N ordinary share on distributions over £40,000,000, and are non-redeemable.

24
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
430,205
332,466
Between two and five years
654,662
726,088
1,084,867
1,058,554
25
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

2024
2023
£
£
Other related parties
1,534
-
Interdelta Ltd
Notes to the financial statements (continued)
For the year ended 30 April 2024
25
Related party transactions (continued)
29

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Other related parties
30
30

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Other related parties
4,643
3,110
26
Directors' transactions

Dividends totalling £0 (2023 - £88,112) were paid in the year in respect of shares held by the company's directors.

27
Ultimate controlling party

The company is a subsidiary of ITD Global Topco Limited, a company incorporated in the United Kingdom. The smallest and largest group in which the results of the company are consolidated are those headed by ITD Global Topco Limited.

 

No other group financial statements include the results of this company. The consolidated financial statements of ITD Global Topco Limited are available to the public and may be obtained from ITD Global, Unit A Birch Industrial Estate, Whittle Lane, Heywood, England, OL10 2SX.

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