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REGISTERED NUMBER: 04869956 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

BRUNEL LOGISITCS (UK) LTD

BRUNEL LOGISITCS (UK) LTD (REGISTERED NUMBER: 04869956)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 18


BRUNEL LOGISITCS (UK) LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Graham Bott
George Bott
H Bott





SECRETARY: Mrs L M Bott





REGISTERED OFFICE: 2 Oaks Business Park
Clews Road
Redditch
Worcestershire
B98 7ST





REGISTERED NUMBER: 04869956 (England and Wales)





AUDITORS: Saxon & Co Accountants Ltd
Statutory Auditors
Chartered Certified Accountants
Kings Chambers
Queens Cross
High Street
Dudley
West Midlands
DY1 1QT

BRUNEL LOGISITCS (UK) LTD (REGISTERED NUMBER: 04869956)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their strategic report of the company and the group for the year ended 31 March 2024.

REVIEW OF BUSINESS
The directors consider group financial performance to be satisfactory during the year.

Turnover declined by 40% on a like for like basis but this is in line expectations due to falls in freight rates, which are set at world level.
The group achieved a gross profit of £1.32m which is 18% of sales revenue compared to 17.4% in the prior period.

Shareholders funds decreased by £167k to £4.47m from £4.63m in 2023 due to the effect of foreign exchange rates.

Cash reserves at the end of the reporting period remained strong, and these continue to be held to safeguard the business from unforeseen future financial issues and also to facilitate expansion of the business.

PRINCIPAL RISKS AND UNCERTAINTIES
The group's operations expose it to a number of financial risks including price risk, credit risk and foreign exchange risk.

Given the size of the group, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The polices set by the directors are implemented by the group's finance department as required.

Price risk

The group is exposed to price risk as a result of its operations. However, given the size of the group's operations, the cost of actively managing exposure to commodity price risk exceed the potential benefits.

Credit risk

The group has implemented policies that require appropriate credit checks on new customers before sales are made.

Foreign exchange risk

The group has potential exposure to due to a large proportion of its purchases being invoiced is US dollars. To mitigate the risk the company operates foreign currency bank accounts.

KEY PERFORMANCE INDICATORS
The key performance indicators of the business during the year are as follows:


2024 2023 Change
16 month period (Pro rata )
£    as restated £ %
Turnover 7,288,930 16,433,830 -40%
Profit before tax 51,018 1,221,066 -98%
Shareholders' funds 4,504,312 4,637,673 -3%


BRUNEL LOGISITCS (UK) LTD (REGISTERED NUMBER: 04869956)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

FUTURE DEVELOPMENTS
The group will continue with its strategy of maintaining and increasing its customer base with the aim of generating profits for shareholders.

ON BEHALF OF THE BOARD:





Graham Bott - Director


14 February 2025

BRUNEL LOGISITCS (UK) LTD (REGISTERED NUMBER: 04869956)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024

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

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of the provision of transport and logistics services.

DIVIDENDS
No dividends will be distributed for the year ended 31 March 2024.

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

Graham Bott
George Bott
H Bott

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

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

BRUNEL LOGISITCS (UK) LTD (REGISTERED NUMBER: 04869956)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024


AUDITORS
The auditors, Saxon & Co Accountants Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Graham Bott - Director


14 February 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BRUNEL LOGISITCS (UK) LTD

Opinion
We have audited the financial statements of Brunel Logisitcs (UK) Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2024 and of the group's 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 group 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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

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

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

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

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BRUNEL LOGISITCS (UK) LTD


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BRUNEL LOGISITCS (UK) LTD


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

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

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks to obtain sufficient appropriate audit evidence on which to base our opinion.

To identify and assess risks of material misstatement in respect of irregularities, including fraud, we conduct general and specific risk assessment procedures which include considering:

- The nature of the entity and the industry in which it operates, business performance and the control environment.
- The laws and regulations applicable to the entity.
- Management's own assessment of the risk of fraud occurring and non-compliance with laws and regulations.
- The operating effectiveness of management's controls established to mitigate the risks of fraud or non-compliance with laws and regulations.
- Whether management know of any instances of fraud or non-compliance with laws and regulations.

We also hold an audit engagement team meeting to discuss how and where fraud might occur, if any opportunities and incentives may exist within the business and assess any potential indicators of fraud.

As a result of our procedures we identified direct laws and regulations applicable to the entity. Direct laws and regulations are those that effect the financial statements and indirect laws and regulations are those that may be central to the entity's ability to operate. The direct laws and regulations identified are the Companies Act, UK and Foreign GAAP and UK Tax Legislation. We did not identify any significant indirect laws and regulations.

Our response to the risks identified include:

- Reviewing the financial statement disclosures and testing supporting documentation.
- Reviewing alignment of accounting policies of foreign subsidiaries with UK GAAP.
- Requesting component auditors to audit significant components within the group.
- Enquiring of management concerning actual or potential litigation claims.
- Performing analytical procedures to identify any unusual or unexpected variances that may be indicators of material misstatement due to fraud.
- Assessing the risk of management override of controls and bias by testing the appropriateness of journal entries and estimates within the financial statements.
- Obtaining an understanding of related parties and evaluating related party transactions and any significant transactions outside the normal course of business.

We also communicate the requirement to maintain professional skepticism to all members of the engagement team and ensure they are aware of relevant identified laws and regulations, related parties and potential fraud risks and remain alert to any indicators of fraud or non-compliance with laws and regulations throughout the audit.

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BRUNEL LOGISITCS (UK) LTD


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




Matthew Saxon (Senior Statutory Auditor)
for and on behalf of Saxon & Co Accountants Ltd
Statutory Auditors
Chartered Certified Accountants
Kings Chambers
Queens Cross
High Street
Dudley
West Midlands
DY1 1QT

17 February 2025

BRUNEL LOGISITCS (UK) LTD (REGISTERED NUMBER: 04869956)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

Period
1.12.21
Year Ended to
31.3.24 31.3.23
as restated
Notes £    £   

TURNOVER 3 7,288,930 16,433,830

Cost of sales 5,970,760 13,576,791
GROSS PROFIT 1,318,170 2,857,039

Administrative expenses 1,385,109 1,797,849
(66,939 ) 1,059,190

Other operating income 475 134,461
OPERATING (LOSS)/PROFIT 5 (66,464 ) 1,193,651

Interest receivable and similar income 6 132,339 31,121
65,875 1,224,772

Interest payable and similar expenses 7 14,857 3,706
PROFIT BEFORE TAXATION 51,018 1,221,066

Tax on profit 8 94,655 238,344
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(43,637

)

982,722
(Loss)/profit attributable to:
Owners of the parent (43,637 ) 982,722

BRUNEL LOGISITCS (UK) LTD (REGISTERED NUMBER: 04869956)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

Period
1.12.21
Year Ended to
31.3.24 31.3.23
as restated
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (43,637 ) 982,722


OTHER COMPREHENSIVE LOSS
Foreign exchange losses (89,724 ) -
Income tax relating to other comprehensive
loss

-

-
OTHER COMPREHENSIVE LOSS FOR
THE YEAR, NET OF INCOME TAX

(89,724

)

-
TOTAL COMPREHENSIVE
(LOSS)/INCOME FOR THE YEAR

(133,361

)

982,722

Total comprehensive (loss)/income attributable to:
Owners of the parent (133,361 ) 982,722

BRUNEL LOGISITCS (UK) LTD (REGISTERED NUMBER: 04869956)

CONSOLIDATED BALANCE SHEET
31 MARCH 2024

2024 2023
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 46,962 46,090
Tangible assets 12 202,046 195,689
Investments 13 - -
249,008 241,779

CURRENT ASSETS
Debtors 14 1,848,014 2,142,372
Cash at bank and in hand 3,573,097 3,526,875
5,421,111 5,669,247
CREDITORS
Amounts falling due within one year 15 1,134,036 1,273,353
NET CURRENT ASSETS 4,287,075 4,395,894
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,536,083

4,637,673

PROVISIONS FOR LIABILITIES 16 31,771 -
NET ASSETS 4,504,312 4,637,673

CAPITAL AND RESERVES
Called up share capital 17 3 3
Capital redemption reserve 18 1 1
Retained earnings 18 4,504,308 4,637,669
SHAREHOLDERS' FUNDS 4,504,312 4,637,673

The financial statements were approved by the Board of Directors and authorised for issue on 14 February 2025 and were signed on its behalf by:




Graham Bott - Director



George Bott - Director


BRUNEL LOGISITCS (UK) LTD (REGISTERED NUMBER: 04869956)

COMPANY BALANCE SHEET
31 MARCH 2024

2024 2023
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 152,020 160,352
Investments 13 289,479 329,479
441,499 489,831

CURRENT ASSETS
Debtors 14 1,766,075 1,593,628
Cash at bank and in hand 2,983,549 3,032,472
4,749,624 4,626,100
CREDITORS
Amounts falling due within one year 15 937,556 970,697
NET CURRENT ASSETS 3,812,068 3,655,403
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,253,567

4,145,234

PROVISIONS FOR LIABILITIES 16 38,005 -
NET ASSETS 4,215,562 4,145,234

CAPITAL AND RESERVES
Called up share capital 17 3 3
Capital redemption reserve 18 1 1
Retained earnings 18 4,215,558 4,145,230
SHAREHOLDERS' FUNDS 4,215,562 4,145,234

Company's profit for the financial year 70,328 784,405

The financial statements were approved by the Board of Directors and authorised for issue on 14 February 2025 and were signed on its behalf by:




Graham Bott - Director



George Bott - Director


BRUNEL LOGISITCS (UK) LTD (REGISTERED NUMBER: 04869956)

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

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 December 2021 3 3,654,947 1 3,654,951

Changes in equity
Total comprehensive income - 982,722 - 982,722
Balance at 31 March 2023 3 4,637,669 1 4,637,673

Changes in equity
Total comprehensive loss - (133,361 ) - (133,361 )
Balance at 31 March 2024 3 4,504,308 1 4,504,312

BRUNEL LOGISITCS (UK) LTD (REGISTERED NUMBER: 04869956)

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

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 December 2021 3 3,360,825 1 3,360,829

Changes in equity
Total comprehensive income - 784,405 - 784,405
Balance at 31 March 2023 3 4,145,230 1 4,145,234

Changes in equity
Total comprehensive income - 70,328 - 70,328
Balance at 31 March 2024 3 4,215,558 1 4,215,562

BRUNEL LOGISITCS (UK) LTD (REGISTERED NUMBER: 04869956)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

Period
1.12.21
Year Ended to
31.3.24 31.3.23
as restated
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 352,666 974,439
Interest paid (14,857 ) (2,487 )
Interest element of hire purchase or finance
lease rental payments paid

-

(1,219

)
Tax paid (198,888 ) (231,322 )
Net cash from operating activities 138,921 739,411

Cash flows from investing activities
Purchase of tangible fixed assets (142,321 ) (87,723 )
Sale of tangible fixed assets - 403
Loan advance (8,103 ) -
Interest received 132,339 31,121
Net cash from investing activities (18,085 ) (56,199 )

Cash flows from financing activities
Amount introduced by directors - 21,980
Amount withdrawn by directors (53,653 ) (1,120 )
Net cash from financing activities (53,653 ) 20,860

Increase in cash and cash equivalents 67,183 704,072
Cash and cash equivalents at beginning of
year

2

3,526,875

2,822,803
Effect of foreign exchange rate changes (20,961 ) -
Cash and cash equivalents at end of year 2 3,573,097 3,526,875

BRUNEL LOGISITCS (UK) LTD (REGISTERED NUMBER: 04869956)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period
1.12.21
Year Ended to
31.3.24 31.3.23
as restated
£    £   
Profit before taxation 51,018 1,221,066
Depreciation charges 76,075 85,781
Loss on disposal of fixed assets 1,780 72
Group balances - (87,046 )
Loss on investment 7,881 -
Finance costs 14,857 3,706
Finance income (132,339 ) (31,121 )
19,272 1,192,458
Decrease in trade and other debtors 347,021 513,185
Decrease in trade and other creditors (13,627 ) (731,204 )
Cash generated from operations 352,666 974,439

2. CASH AND CASH EQUIVALENTS

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

Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 3,573,097 3,526,875
Period ended 31 March 2023
31.3.23 1.12.21
as restated
£    £   
Cash and cash equivalents 3,526,875 2,822,803


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 3,526,875 46,222 3,573,097
3,526,875 46,222 3,573,097
Total 3,526,875 46,222 3,573,097

BRUNEL LOGISITCS (UK) LTD (REGISTERED NUMBER: 04869956)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Brunel Logisitcs (UK) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The presentation currency of the financial statements is the Pound Sterling (£).

Basis of consolidation
The group financial statements consolidate the financial statements of Brunel Logisitics (UK) Limited and all its subsidiary undertakings up to 31st March.
Subsidiaries are consolidated from the date of their acquisition, being the date on which the group obtains control and continue to be consolidated until the date that such control ceases.

The following subsidiaries are included in the consolidation:

Brunel Logistics Global Solutions Ltd
Brunel Logistics Southern Africa (PTY) Ltd
Brunel Logistics (HK) Ltd
Brunel Logistics India Pvt. Ltd

Dormant subsidiaries are not included in the consolidation.

Significant judgements and estimates
The financial statements do not contain any significant judgements or estimation uncertainty.

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

The group recognises revenue from contracts with customers when the performance obligation is satisfied, which is when the customer obtains control of the promised services.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of ten years.

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

Amortisation is charged so as to allocate the cost of intangibles less their residual values over their estimated useful lives, using the straight-line method. The intangible assets are amortised over the following useful economic lives:
Goodwill- 10 years.

BRUNEL LOGISITCS (UK) LTD (REGISTERED NUMBER: 04869956)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance

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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

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

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

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Interest income
Interest income is recognised in the consolidated income statement using the effective interest method.

BRUNEL LOGISITCS (UK) LTD (REGISTERED NUMBER: 04869956)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

Period
1.12.21
Year Ended to
31.3.24 31.3.23
as restated
£    £   
Rendering of services 7,288,930 16,433,830
7,288,930 16,433,830

An analysis of turnover by geographical market is given below:

Period
1.12.21
Year Ended to
31.3.24 31.3.23
as restated
£    £   
United Kingdom 4,390,042 9,918,158
Europe 94,896 363,891
United States of America 275,229 462,013
Asia 1,656,540 1,979,673
Africa 872,223 3,710,095
7,288,930 16,433,830

4. EMPLOYEES AND DIRECTORS
Period
1.12.21
Year Ended to
31.3.24 31.3.23
as restated
£    £   
Wages and salaries 730,947 1,001,355
Social security costs 54,193 64,290
Other pension costs 4,006 41,880
789,146 1,107,525

BRUNEL LOGISITCS (UK) LTD (REGISTERED NUMBER: 04869956)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
Period
1.12.21
Year Ended to
31.3.24 31.3.23
as restated

Accounts 5 5
Operational 24 24
29 29

Period
1.12.21
Year Ended to
31.3.24 31.3.23
as restated
£    £   
Directors' remuneration 216,107 262,397
Directors' pension contributions to money purchase schemes 1,170 38,200

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

Money purchase schemes 1 1

Information regarding the highest paid director is as follows:
Period
1.12.21
Year Ended to
31.3.24 31.3.23
as restated
£    £   
Emoluments etc 81,207 137,940
Pension contributions to money purchase schemes 1,071 38,200

The directors consider their own remuneration to be the only significant key management remuneration.

BRUNEL LOGISITCS (UK) LTD (REGISTERED NUMBER: 04869956)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging/(crediting):

Period
1.12.21
Year Ended to
31.3.24 31.3.23
as restated
£    £   
Depreciation - owned assets 58,458 77,765
Loss on disposal of fixed assets 1,847 72
Goodwill amortisation 6,777 8,016
Auditors' remuneration 21,499 24,033
Foreign exchange differences 100,663 (121,706 )
Auditors' remuneration for non-audit services 9,690 10,059

6. INTEREST RECEIVABLE AND SIMILAR INCOME
Period
1.12.21
Year Ended to
31.3.24 31.3.23
as restated
£    £   
Deposit account interest 132,339 31,121

7. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.12.21
Year Ended to
31.3.24 31.3.23
as restated
£    £   
Interest payable 14,857 2,487
Leasing - 1,219
14,857 3,706

BRUNEL LOGISITCS (UK) LTD (REGISTERED NUMBER: 04869956)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
Period
1.12.21
Year Ended to
31.3.24 31.3.23
as restated
£    £   
Current tax:
UK corporation tax 55,449 191,314
Overseas Tax 1,201 43,769
Total current tax 56,650 235,083

Deferred tax 38,005 3,261
Tax on profit 94,655 238,344

UK corporation tax was charged at 19 %) in 2023.

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

Period
1.12.21
Year Ended to
31.3.24 31.3.23
as restated
£    £   
Profit before tax 51,018 1,221,066
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 19 %)

12,755

232,003

Effects of:
Expenses not deductible for tax purposes 12,865 10,781
Capital allowances in excess of depreciation (6,714 ) (5,499 )
Deferred Tax 38,005 3,261
Different tax rates - foreign 37,744 6,557
Short term timing differences - (8,759 )
Total tax charge 94,655 238,344

BRUNEL LOGISITCS (UK) LTD (REGISTERED NUMBER: 04869956)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

8. TAXATION - continued

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Foreign exchange losses (89,724 ) - (89,724 )

9. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


10. PRIOR YEAR ADJUSTMENT

The comparative amounts for turnover and cost of sales have been increased by £1,736,693. Due to a netting off error within a subsidiary's 2023 financial statements, group turnover and cost of sales were understated by £1,736,693. The effect on profit was NIL.

11. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 April 2023 60,118
Exchange differences 7,649
At 31 March 2024 67,767
AMORTISATION
At 1 April 2023 14,028
Amortisation for year 6,777
At 31 March 2024 20,805
NET BOOK VALUE
At 31 March 2024 46,962
At 31 March 2023 46,090

BRUNEL LOGISITCS (UK) LTD (REGISTERED NUMBER: 04869956)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

12. TANGIBLE FIXED ASSETS

Group
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2023 377,552 268,159 645,711
Additions 47,860 41,799 89,659
Disposals (285 ) (23,700 ) (23,985 )
Exchange differences (104,957 ) - (104,957 )
At 31 March 2024 320,170 286,258 606,428
DEPRECIATION
At 1 April 2023 314,322 135,700 450,022
Charge for year 17,080 41,378 58,458
Eliminated on disposal (124 ) (21,920 ) (22,044 )
Exchange differences (82,054 ) - (82,054 )
At 31 March 2024 249,224 155,158 404,382
NET BOOK VALUE
At 31 March 2024 70,946 131,100 202,046
At 31 March 2023 63,230 132,459 195,689

Company
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2023 191,521 268,159 459,680
Additions - 41,799 41,799
Disposals - (23,700 ) (23,700 )
At 31 March 2024 191,521 286,258 477,779
DEPRECIATION
At 1 April 2023 163,628 135,700 299,328
Charge for year 6,973 41,378 48,351
Eliminated on disposal - (21,920 ) (21,920 )
At 31 March 2024 170,601 155,158 325,759
NET BOOK VALUE
At 31 March 2024 20,920 131,100 152,020
At 31 March 2023 27,893 132,459 160,352

BRUNEL LOGISITCS (UK) LTD (REGISTERED NUMBER: 04869956)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

13. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 April 2023 329,479
Impairments (40,000 )
At 31 March 2024 289,479
NET BOOK VALUE
At 31 March 2024 289,479
At 31 March 2023 329,479

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Brunel Logistics (South Africa) PTY Ltd
Registered office: 54 St Andrews Drive, 1st Floor Suite Number 7B, Durban North, 4051, South Africa
Nature of business: Transport and logistics services
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 178,442 204,123
(Loss)/profit for the year/period (12,912 ) 129,899

Brunel Logistics (India) PVT Ltd
Registered office: 609, B Wing, Sagar Tech Plaza, Andheri (East), Mumbai, 400072, India
Nature of business: Transport and logistics services
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 19,709 61,280
Loss for the year/period (37,992 ) (555 )

BRUNEL LOGISITCS (UK) LTD (REGISTERED NUMBER: 04869956)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

13. FIXED ASSET INVESTMENTS - continued

Brunel Logistics Global Solutions Ltd
Registered office: 11b Sho-Sylva Lane, Off Marine Road, Apapa, G.R.A. Lagos, Nigeria
Nature of business: Transport and logistics services
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 35,731 73,194
Profit for the year/period 11,949 15,355

Brunel Logistics Hong Kong Ltd
Registered office: Room 607 Ricky Centre, Chong Yip Street, Kwun Tong, Kowloon, Hong Kong, China.
Nature of business: Transport and logistics services
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 292,622 294,155
Profit for the year/period 9,268 58,980


14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
as restated as restated
£    £    £    £   
Trade debtors 956,878 1,186,770 841,589 715,249
Amounts owed by group undertakings - - 93,653 63,602
Other debtors 54,848 33,306 - -
Amounts due from related party 706,180 706,180 706,180 706,180
Directors' current accounts - - 22,910 906
Tax - 41,618 - -
VAT 826 54,602 826 54,602
Deferred tax asset - 3,357 - -
Prepayments 129,282 116,539 100,917 53,089
1,848,014 2,142,372 1,766,075 1,593,628

Deferred tax asset
Group Company
2024 2023 2024 2023
as restated as restated
£    £    £    £   
Deferred tax - 3,357 - -

BRUNEL LOGISITCS (UK) LTD (REGISTERED NUMBER: 04869956)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

Group balances are repayable on demand and no interest is charged on them.

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
as restated as restated
£    £    £    £   
Trade creditors 639,040 589,852 597,989 561,261
Amounts owed to group undertakings - - - 47,560
Tax 53,362 204,525 55,449 191,314
Social security and other taxes 4,731 3,794 4,731 3,794
Other creditors 28,832 74,084 813 -
Amounts due to related party 4,129 1,068 4,129 1,068
Directors' current accounts 20,406 126,630 - -
Accrued expenses 383,536 273,400 274,445 165,700
1,134,036 1,273,353 937,556 970,697

Group balances are repayable on demand and no interest is charged on them.

16. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
as restated as restated
£    £    £    £   
Deferred tax 31,771 - 38,005 -

Group
Deferred
tax
£   
Balance at 1 April 2023 (3,357 )
Provided during year 35,128
Balance at 31 March 2024 31,771

Company
Deferred
tax
£   
Provided during year 38,005
Balance at 31 March 2024 38,005

BRUNEL LOGISITCS (UK) LTD (REGISTERED NUMBER: 04869956)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

17. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2024 2023
value: as restated
£    £   
3 Share capital 1 1 3 3

Each share has full rights in the company in respect of voting, dividends and distributions.

18. RESERVES

Group
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 April 2023 4,637,669 1 4,637,670
Deficit for the year (43,637 ) (43,637 )
Foreign exchange losses (89,724 ) - (89,724 )
At 31 March 2024 4,504,308 1 4,504,309

Company
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 April 2023 4,145,230 1 4,145,231
Profit for the year 70,328 70,328
At 31 March 2024 4,215,558 1 4,215,559


19. PENSION COMMITMENTS

Defined contribution scheme

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





2024 2023
£ £
Charge to the income statement in respect of defined contribution schemes 4,006 41,880

BRUNEL LOGISITCS (UK) LTD (REGISTERED NUMBER: 04869956)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

20. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Entities over which the entity has control, joint control or significant influence
2024 2023
as restated
£    £   
Amount due from related party 706,180 706,180
Amount due to related party 4,129 1,068

The directors are considered key management personnel and their remuneration is disclosed in note 4.

21. ULTIMATE CONTROLLING PARTY

The ultimate controlling party throughout the current and comparative period was Graham Bott by virtue of him owning 100% of the issued share capital of the company.