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 |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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. |
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: |
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. |
for and on behalf of |
Statutory Auditors |
Chartered Certified Accountants |
Kings Chambers |
Queens Cross |
High Street |
Dudley |
West Midlands |
DY1 1QT |
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 |
( |
) |
(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 |
Investments | 13 |
CURRENT ASSETS |
Debtors | 14 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 16 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Capital redemption reserve | 18 |
Retained earnings | 18 |
SHAREHOLDERS' FUNDS |
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 |
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 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 March 2023 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 March 2024 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
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 |
Plant and machinery | - |
Motor vehicles | - |
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 |
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 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
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 |
Impairments | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: 54 St Andrews Drive, 1st Floor Suite Number 7B, Durban North, 4051, South Africa |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
(Loss)/profit for the year/period | ( |
) |
Registered office: 609, B Wing, Sagar Tech Plaza, Andheri (East), Mumbai, 400072, India |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Loss for the year/period | ( |
) | ( |
) |
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 |
Registered office: 11b Sho-Sylva Lane, Off Marine Road, Apapa, G.R.A. Lagos, Nigeria |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year/period |
Registered office: Room 607 Ricky Centre, Chong Yip Street, Kwun Tong, Kowloon, Hong Kong, China. |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year/period |
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 |
Amounts owed by group undertakings | - | - |
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 |
Deferred tax asset | - | 3,357 | - | - |
Prepayments | 129,282 | 116,539 |
1,848,014 | 2,142,372 |
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 |
Amounts owed to group undertakings | - | - |
Tax | 53,362 | 204,525 |
Social security and other taxes | 4,731 | 3,794 |
Other creditors | 28,832 | 74,084 |
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 |
1,134,036 | 1,273,353 |
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 |
Balance at 31 March 2024 |
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 |
£ | £ |
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 | 4,145,231 |
Profit for the year |
At 31 March 2024 | 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. |