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Registered number: 01637540









A.J. Maiden and Son Limited









Annual Report and Financial Statements

For the year ended 31 December 2023

 
A.J. Maiden and Son Limited
 
 
Company Information


Directors
A J C Maiden 
B J Warrillow (appointed 21 December 2024)
G Jenkins (appointed 21 December 2024)
B J Germany (appointed 21 December 2024)




Registered number
01637540



Registered office
Deer Park Court
Donnington Wood

Telford

Shropshire

TF2 7NA




Independent auditors
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors

3 Stockport Exchange

Stockport

SK1 3GG





 
A.J. Maiden and Son Limited
 

Contents



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditors' report
 
5 - 8
Statement of comprehensive income
 
9
Balance sheet
 
10
Statement of changes in equity
 
11
Notes to the financial statements
 
12 - 27

 
A.J. Maiden and Son Limited
 
 
Strategic Report
For the year ended 31 December 2023

Introduction
 
The directors present their strategic report and financial statements for the 12 months ended 31 December 2023.

Business review
 
The principal activity of the company continues to be the provision of transport, distribution and warehousing services. 
The directors confirm that turnover for the year ended 31 December 2023 was £12,714,842 compared to £12,735,865 for the year ended 31 December 2022. The company continues to target domestic trade and endeavours to profitably grow this service provision.
The Gross Profit for the year was £1,870,257 compared to £2,088,482 for the year ended 31 December 2022 and gross margin decreased slightly from 16.4% to 14.7%.
Administration costs increased slighty to £2,068,844 compared to £1,925,476 in the year ended 31 December 2022. The company made a pre-tax loss in the year of £251,466 compared to a pre-tax profit of  £155,902 for the year ended 31 December 2022. 

Principal risks and uncertainties
 
The Directors have assessed the main risks to the company as being the availability of qualified drivers and resources to meet future growth, fuel price, driver wage costs, other cost inflation and the price sensitive nature of pallet network business. 
The directors believe that these risks are mitigated by the continued efforts to maintain a competitive advantage through high customer service levels, increasing use of new technology, customer pricing reviews and policies to attract and retain high calibre staff.
The company makes little use of financial instruments other than an operational bank account and so its exposure to credit risk, liquidity risk and cash flow risk is not material for the assessment of the assets, liabilities, financial position and profit or loss of the company.

Financial key performance indicators
 
The company's financial KPI's focus on a number of critical areas. Gross margin remains the major factor in shaping the future success of the business along with earnings per vehicle.
Business liquidity runs in parallel with margins and is closely monitored through both debtor and creditor management.
Other financial KPI's are as follows:
- Working capital analysis
- Cashflow forecasting
- Review of turnover: actual v forecast
- Analysis of overhead expenditure: actual v forecast.

Other key performance indicators
 
Non-financial KPI's are numerous but centre on the following:
- Supplier on time delivery performance
- Employee workforce management
- Health & Safety

Page 1

 
A.J. Maiden and Son Limited
 

Strategic Report (continued)
For the year ended 31 December 2023


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



B J Warrillow
Director

Date: 31 January 2025
Page 2

 
A.J. Maiden and Son Limited
 
 
 
Directors' Report
For the year ended 31 December 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

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

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


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

make 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.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £771,352 (2022 - profit £235,193).

The directors do not recommend payment of a final dividend (2022: £Nil).

Directors

The directors who served during the year were:

A J C Maiden 
G R Norfolk (resigned 21 December 2024)
P R Fields (resigned 21 December 2024)

Future developments

The future developments of the Company are disclosed in the Strategic Report.

Page 3

 
A.J. Maiden and Son Limited
 
 
 
Directors' Report (continued)
For the year ended 31 December 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

On 21 December 2024, following an extended restructuring process, the Group repaid in full the entire term loan facility agreement with DE Shaw and replaced it with a new term loan of £39 million, alongside 90% equity in the Group. The loan notes carry a fixed interest rate of 8%, payable in cash if certain liquidity conditions are met or, alternatively, rolled up as Payment In Kind (PIK) interest. The loan is secured by a fixed and floating charge over the assets of the Group.
The new facility is due for repayment in June 2027, with an option to break in June 2026. This successful restructuring provides the Group with short- to medium-term financial stability, enabling it to focus on delivering its strategic objectives.
On 21 December 2024, the ultimate controlling party of Kinaxia Limited changed from Ensco 1477 Limited to DELALV Delaware Holdco, L.L.C., a company registered in Delaware, USA. The transfer of control occurred as part of a group restructuring.

Auditors

The auditorsHurst Accountants Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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




B J Warrillow
Director

Date: 31 January 2025
Page 4

 
A.J. Maiden and Son Limited
 
 
 
Independent Auditors' Report to the Members of A.J. Maiden and Son Limited
 

Opinion


We have audited the financial statements of A.J. Maiden and Son Limited (the 'Company') for the year ended 31 December 2023, which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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


Conclusions relating to going concern


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


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


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


Other information


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


We have nothing to report in this regard.


Page 5

 
A.J. Maiden and Son Limited
 
 
 
Independent Auditors' Report to the Members of A.J. Maiden and Son Limited (continued)


Opinion on other matters prescribed by the Companies Act 2006
 

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


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


Matters on which we are required to report by exception
 

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


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


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


Responsibilities of directors
 

As explained more fully in the directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


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


Page 6

 
A.J. Maiden and Son Limited
 
 
 
Independent Auditors' Report to the Members of A.J. Maiden and Son Limited (continued)


Auditors' responsibilities for the audit of the financial statements
 

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


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks related to irregularities

In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets.
The outcome of enquiries of local management and parent company management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud.
Supporting documentation relating to the Company's policies and procedures for:
°Identifying, evaluating, and complying with laws and regulations
°Detecting and responding to the risks of fraud
The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, and Anti-bribery and Corruption.
 
Audit response to risks identified

Our procedures to respond to the risks identified included the following:

Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
Evaluation of the operating effectiveness of management’s controls designed to prevent and detect irregularities.
Enquiring of management about any actual and potential litigation and claims.
Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.



 
Page 7

 
A.J. Maiden and Son Limited
 
 
 
Independent Auditors' Report to the Members of A.J. Maiden and Son Limited (continued)


We have also considered the risk of fraud through management override of controls by:

Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error.
Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. 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 for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.




John Glover (Senior Statutory Auditor)
for and on behalf of
Hurst Accountants Limited
Chartered Accountants
Statutory Auditors
3 Stockport Exchange
Stockport
SK1 3GG

 
Date: 
31 January 2025
Page 8

 
A.J. Maiden and Son Limited
 
 
Statement of Comprehensive Income
For the year ended 31 December 2023

2023
2022
Note
£
£

  

Turnover
 4 
12,714,842
12,735,865

Cost of sales
  
(10,844,585)
(10,647,383)

Gross profit
  
1,870,257
2,088,482

Administrative expenses
  
(2,068,844)
(1,925,476)

Other operating income
 5 
48,687
47,500

Operating (loss)/profit
 6 
(149,900)
210,506

Interest payable and similar expenses
 10 
(101,566)
(54,604)

(Loss)/profit before tax
  
(251,466)
155,902

Tax on (loss)/profit
 11 
(519,886)
79,291

(Loss)/profit for the financial year
  
(771,352)
235,193

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 12 to 27 form part of these financial statements.
Page 9

 
A.J. Maiden and Son Limited
Registered number: 01637540

Balance Sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 12 
1,966,893
1,375,092

Current assets
  

Stocks
 13 
81,663
39,295

Debtors: amounts falling due within one year
 14 
12,488,190
12,040,279

Cash at bank and in hand
 15 
141,698
366,386

  
12,711,551
12,445,960

Creditors: amounts falling due within one year
 16 
(2,674,364)
(2,106,614)

Net current assets
  
 
 
10,037,187
 
 
10,339,346

Total assets less current liabilities
  
12,004,080
11,714,438

Creditors: amounts falling due after more than one year
 17 
(651,470)
(25,832)

Provisions for liabilities
  

Deferred tax
 19 
(435,356)
-

  
 
 
(435,356)
 
 
-

Net assets
  
10,917,254
11,688,606


Capital and reserves
  

Called up share capital 
 20 
100
100

Profit and loss account
 21 
10,917,154
11,688,506

  
10,917,254
11,688,606


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



B J Warrillow
Director

Date: 31 January 2025

The notes on pages 12 to 27 form part of these financial statements.
Page 10

 
A.J. Maiden and Son Limited
 

Statement of Changes in Equity
For the year ended 31 December 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
100
11,688,506
11,688,606


Comprehensive income for the year

Loss for the year
-
(771,352)
(771,352)
Total comprehensive income/(deficit) for the year
-
(771,352)
(771,352)


At 31 December 2023
100
10,917,154
10,917,254


The notes on pages 12 to 27 form part of these financial statements.


Statement of Changes in Equity
For the year ended 31 December 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
100
11,453,313
11,453,413


Comprehensive income for the year

Profit for the year
-
235,193
235,193
Total comprehensive income for the year
-
235,193
235,193


At 31 December 2022
100
11,688,506
11,688,606


The notes on pages 12 to 27 form part of these financial statements.
Page 11

 
A.J. Maiden and Son Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

1.


General information

A.J. Maiden and Son Limited is a private company limited by members capital incorporated in England and Wales, company number 01637540. The address of the registered office and principal place of business is Deer Park Court, Donnington Wood, Telford, Shropshire, TF2 7NA.
The nature of the company's operations and its principal activity is the provision of road haulage and warehousing services. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

The 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 £1.

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

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Kinaxia Limited as at 31 December 2023 and these financial statements may be obtained from the Registrar of Companies.

Page 12

 
A.J. Maiden and Son Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Revenue is recognised when the goods have been delivered.

 
2.4

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

 
2.5

Operating leases: the Company as lessee

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

 
2.6

Leased assets: the Company as lessee

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

 
2.7

Sale and leaseback

Where a sale and leaseback transaction results in a finance lease, no gain is immediately recognised for any excess of sales proceeds over the carrying amount of the asset. Instead, the proceeds are presented as a liability and subsequently measured at amortised cost using the effective interest method.
When a sale and leaseback transaction results in an operating lease, and it is clear that the transition is established at fair value any profit or loss is recognised immediately. If the sale price is below fair value, any profit or loss is recognised immediately unless the loss is compensated for by the future lease payments at below market price. In that case any such loss is amortised in proportion to the lease payments over the period for which the asset is expected to be used. If the sale price is above fair value, the excess over fair value is amortised over the period for which the asset is expected to be used.

Page 13

 
A.J. Maiden and Son Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Current and deferred taxation

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

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

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

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

 
2.11

Tangible fixed assets

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

Page 14

 
A.J. Maiden and Son Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a straight line or reducing balance basis..

Depreciation is provided on the following basis:

Long-term leasehold property
-
Straight line - over the life of the lease
Plant and machinery
-
5 years straight line
Motor vehicles
-
Trucks, cars and forklifts 25% reducing balance, trailers 20% reducing balance
Fixtures and fittings
-
5 years straight line
Computer equipment
-
5 years straight line

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

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.



  
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.13

Debtors

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

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Page 15

 
A.J. Maiden and Son Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's balance sheet 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.



 

Page 16

 
A.J. Maiden and Son Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

2.Accounting policies (continued)


2.16
Financial instruments (continued)

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 17

 
A.J. Maiden and Son Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. 
The directors believe that judgements, estimates and assumptions do not have a significant risk of causing a material difference to the carrying amounts of the assets and liabilties within the next financial year. 


4.


Turnover

The whole of the turnover is attributable to road haulage contracting and warehousing services. 

All turnover arose within the United Kingdom.


5.


Other operating income

2023
2022
£
£

Other operating income
48,687
47,500



6.


Operating (loss)/profit

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

2023
2022
£
£

Depreciation of tangible fixed assets
231,952
246,881

Depreciation of tangible fixed assets under finance lease
248,450
78,076

(Profit)/Loss on sale of tangible assets
31,375
(7,873)

Operating lease rentals - land and buildings
240,000
240,000

Operating lease rentals - other
284,927
301,821

Defined contribution pension cost
58,565
54,280

Page 18

 
A.J. Maiden and Son Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

7.


Auditors' remuneration

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


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
12,835
10,275

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


8.


Employees

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


2023
2022
£
£

Wages and salaries
3,391,197
3,403,273

Social security costs
344,825
348,101

Cost of defined contribution scheme
58,565
54,280

3,794,587
3,805,654


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


        2023
        2022
            No.
            No.







Directors
3
1



Administration
16
16



Drivers
67
73



Warehouse
5
5

91
95

Page 19

 
A.J. Maiden and Son Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
73,255
83,472

Company contributions to defined contribution pension schemes
759
-

74,014
83,472


During the year retirement benefits were accruing to no directors (2022 - NIL) in respect of defined contribution pension schemes.


10.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
48,351
39,545

Finance leases and hire purchase contracts
53,215
15,059

101,566
54,604


11.


Taxation


2023
2022
£
£



Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
235,685
(59,004)

Changes to tax rates
-
(20,287)

Short term timing differences
(27)
-

Loss relief
284,228
-

Total deferred tax
519,886
(79,291)


Taxation on profit/(loss) on ordinary activities
519,886
(79,291)

Factors affecting tax charge for the year

There were no factors that affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of  23.52% (2022 - 19%).


Page 20

 
A.J. Maiden and Son Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023
 
11.Taxation (continued)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 21

 
A.J. Maiden and Son Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

12.


Tangible fixed assets





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

£
£
£
£
£
£



Cost or valuation


At 1 January 2023
255,547
301,902
3,700,500
165,648
32,956
4,456,553


Additions
-
-
1,278,598
-
980
1,279,578


Disposals
-
-
(1,262,472)
-
-
(1,262,472)



At 31 December 2023

255,547
301,902
3,716,626
165,648
33,936
4,473,659



Depreciation


At 1 January 2023
6,239
267,594
2,642,706
149,045
15,877
3,081,461


Charge for the year on owned assets
25,554
15,727
174,169
9,910
6,592
231,952


Charge for the year on financed assets
-
-
248,450
-
-
248,450


Disposals
-
-
(1,055,097)
-
-
(1,055,097)



At 31 December 2023

31,793
283,321
2,010,228
158,955
22,469
2,506,766



Net book value



At 31 December 2023
223,754
18,581
1,706,398
6,693
11,467
1,966,893



At 31 December 2022
249,308
34,308
1,057,794
16,603
17,079
1,375,092

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


2023
2022
£
£



Motor vehicles
1,146,434
148,384


13.


Stocks

2023
2022
£
£

Fuel and tyres
81,663
39,295




Page 22

 
A.J. Maiden and Son Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

14.


Debtors

2023
2022
£
£


Trade debtors
1,336,195
1,217,443

Amounts owed by group undertakings
10,840,503
10,432,508

Prepayments and accrued income
311,492
305,798

Deferred taxation
-
84,530

12,488,190
12,040,279





15.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
141,698
366,386



16.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,046,342
927,211

Amounts owed to group undertakings
85,713
60,225

Other taxation and social security
295,873
295,741

Obligations under finance lease and hire purchase contracts
287,362
83,953

Invoice discounting facility
783,798
591,108

Other creditors
48,620
46,595

Accruals and deferred income
126,656
101,781

2,674,364
2,106,614


Net obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.
The invoice discounting facility is secured on certain book debts of the company.

Page 23

 
A.J. Maiden and Son Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

17.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
651,470
25,832


Net obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.


18.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
55,117
89,200

Between 1-5 years
51,430
22,300

106,547
111,500
Page 24

 
A.J. Maiden and Son Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

19.


Deferred taxation




2023
2022


£

£






Asset at beginning of year
84,530
5,239


(Charged)/credited to profit or loss
(519,886)
79,291



Asset//(liability) at end of year
(435,356)
84,530

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(221,677)
14,008

Other timing differences
1,448
1,421

Losses carried forward
(215,127)
69,101

(435,356)
84,530


20.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



21.


Reserves

Profit and loss account

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


22.


Contingent liabilities

The company is party to a fixed and floating charge over its assets to secure the liabilities of Kinaxia Logistics Limited and its subsidiaries. 

Page 25

 
A.J. Maiden and Son Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

23.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £58,565 (2022: £54,280). Contributions totalling £5,791 (2022: £5,685) were payable at the balance sheet date and are included in creditors.


24.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£

Property


Not later than 1 year
240,000
240,000

Later than 1 year and not later than 5 years
960,000
960,000

Later than 5 years
511,562
751,562

1,711,562
1,951,562

2023
2022

£
£

Vehicles


Not later than 1 year
499,637
269,863

Later than 1 year and not later than 5 years
2,480,703
571,207

Later than 5 years
174,993
-

3,155,333
841,070


25.


Operating lease receivables

At 31 December 2023 the Company had future minimum lease receivables under non-cancellable operating leases as follows:


2023
2022
£
£

Land and buildings


Not later than 1 year
52,250
47,500

Later than 1 year and not later than 5 years
117,563
154,375

169,813
201,875


Page 26

 
A.J. Maiden and Son Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

26.


Related party transactions

The company has taken advantage of the exemption in FRS 102 Section 33 "Related Party Transactions" not to disclose transactions entered into between two or more members of a group whereby the subsidiary that is a party to the transaction is wholly owned by a member.
The directors of the company are considered to be the key management personnel and their remuneration is disclosed in note 9.


27.


Post balance sheet events

On 21 December 2024, following an extended restructuring process, the Group repaid in full the entire term loan facility agreement with DE Shaw and replaced it with a new term loan of £39 million, alongside 90% equity in the Group. The loan notes carry a fixed interest rate of 8%, payable in cash if certain liquidity conditions are met or, alternatively, rolled up as Payment In Kind (PIK) interest. The loan is secured by a fixed and floating charge over the assets of the Group.
The new facility is due for repayment in June 2027, with an option to break in June 2026. This successful restructuring provides the Group with short- to medium-term financial stability, enabling it to focus on delivering its strategic objectives.
On 21 December 2024, the ultimate controlling party of Kinaxia Limited changed from Ensco 1477 Limited to DELALV Delaware Holdco, L.L.C., a company registered in Delaware, USA. The transfer of control occurred as part of a group restructuring.


28.


Controlling party

The company's immediate parent undertaking is Kinaxia Transport and Warehousing Limited, a company registered in England and Wales, company number 09447448.
Kinaxia Limited is the parent company for the smallest and largest group for which consolidated group accounts are prepared. The registered address of Kinaxia Limited is Kinaxia, Adlington Business Park, Adlington, Macclesfield, England, SK10 4NL.
The consolidated financial statements of Kinaxia Limited is available to the public and may be obtained from the Registrar of Companies, Companies House, Crown Way, Cardiff, C14 3UZ.
Ensco 1477 Limited, a company registered in England and Wales, company number 14593321, was the immediate parent company of Kinaxia Limited and the ultimate parent company of the Group till 21 December 2024. The registered address of Ensco 1477 Limited is C/O Gateley Legal, Ship Canal House, 98 King Street, Manchester, Lancashire, M2 4WU. There is no overall controlling party of Ensco 1477 Limited.
On 21 December 2024, the ultimate controlling party of Kinaxia Limited changed from Ensco 1477 Limited to DELALV Delaware Holdco, L.L.C., a company registered in Delaware, USA. The transfer of control occurred as part of a group restructuring. The sole shareholder of DELALV Delaware Holdco, L.L.C. is DELALV Portfolios, L.L.C. 
Dr D.E.Shaw is considered the controlling party of Kinaxia Limited due to his ownership of the voting rights.

Page 27