Company registration number SC203638 (Scotland)
BULLET EXPRESS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
BULLET EXPRESS LIMITED
CONTENTS
Page
Company information
1
Strategic report
2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 24
BULLET EXPRESS LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr J McKail
Mr M J Craghill
(Appointed 17 October 2023)
Mr M A K Kpedekpo
(Appointed 17 October 2023)
Mr M Schmitz
(Appointed 17 October 2023)
Mr GS Roberts
(Appointed 28 February 2024)
Company number
SC203638
Registered office
Bullet House
5 Ashley Drive
Bothwell
Scotland
G71 8BS
Auditor
Consilium Audit Limited
169 West George Street
Glasgow
Scotland
G2 2LB
BULLET EXPRESS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
The directors present the strategic report for the year ended 31 March 2024.
REVIEW OF BUSINESS
Operating Review
A management buy-out completed during the year with the support of a number of external investors on 16 October 2023. This buy out coincided with a period of business and sector level disruptions which is reflected in the financial performance in the year.
The Company also went through a period of restructuring which included the closure of an underperforming business unit, which is disclosed as a discontinued operation in the financial statements.
Following the year end, the company’s trading performance has continued to improve with sales and profitability for the year ending 31 March 2025 both expected to surpass the 2024 results.
PRINCIPAL RISKS AND UNCERTAINTIES
Financial Risk Management
The company monitors working capital strictly. No hedging of foreign currency movements is considered appropriate and the company has little direct exposure to movements in foreign currencies. The Directors consider that the financial controls in place are more than adequate for management of financial risk.
Competitive Risk Assessment
The Company operates in a competitive environment. However, the Directors believe that through its continued effort to diversify and its reliance on key competencies, the business is well placed to return to growth. The Company has aligned a full portfolio of blended services, connecting global supply chains for a wide range of customers across transport, storage and global supply chains. The full range of services is well placed to deliver growth in the coming years.
FINANCIAL KEY PERFORMANCE INDICATORS
The directors use KPI's to measure return on capital employed as well as gross and net profit margins along with other financial departmental KPI's to monitor the company's development and performance during the year as well as financial position at year end. The KPI's are cascaded through each trading department and are in line with management expectations throughout the business.
2024
2023
Turnover
£17,852k
£19,141k
Gross Profit %
31.68%
34.26%
Net profit before tax %
-2.91%
5.40%
Net profit after tax %
-1.83%
4.36%
Mr J McKail
Director
18 March 2025
BULLET EXPRESS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
The directors present their annual report and financial statements for the year ended 31 March 2024.
Principal activities
The principal activities of the company continued to be that of transportation, freight and haulage of goods.
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £453,719 (2023 - £205,539). The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Ms B MacKay
(Resigned 4 April 2024)
Mr J McKail
Mr W Herron
(Resigned 17 October 2023)
Mr DJ McCutcheon
(Resigned 17 October 2023)
Mr M J Craghill
(Appointed 17 October 2023)
Mr M A K Kpedekpo
(Appointed 17 October 2023)
Mr GR Smith
(Resigned 17 October 2023)
Mr M Schmitz
(Appointed 17 October 2023)
Mr GS Roberts
(Appointed 28 February 2024)
Auditor
The auditor, Consilium Audit Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
BULLET EXPRESS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
Mr J McKail
Director
18 March 2025
BULLET EXPRESS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BULLET EXPRESS LIMITED
- 5 -
Opinion
We have audited the financial statements of Bullet Express Limited (the 'company') for the year ended 31 March 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 March 2024 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.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our 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.
BULLET EXPRESS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BULLET EXPRESS LIMITED
- 6 -
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 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, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including
fraud and non-compliance with laws and regulations, was as follows:
We ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.
We identified the laws and regulations applicable to the company through discussions with directors and management and from our knowledge of the regulatory environment relevant to the company.
We assessed the extent of compliance with laws and regulations through making enquiries of management and inspecting legal correspondence.
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management as to where they considered there was susceptibility to fraud and their knowledge of actual, suspected and alleged fraud.
To address the risk of fraud through management bias and override of controls, we tested journal entries to identify unusual transactions, we assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias and we investigated the rationale behind significant or unusual transactions.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
BULLET EXPRESS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BULLET EXPRESS LIMITED
- 7 -
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Brian Thomson BA Hons CA (Senior Statutory Auditor)
For and on behalf of Consilium Audit Limited
Statutory Auditor
169 West George Street
Glasgow
Scotland
G2 2LB
19 March 2025
BULLET EXPRESS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
Continuing
Discontinued
31 March
Continuing
Discontinued
31 March
operations
operations
2024
operations
operations
2023
Notes
£
£
£
£
£
£
Turnover
3
17,688,886
163,183
17,852,069
19,141,411
-
19,141,411
Cost of sales
(11,907,359)
(289,676)
(12,197,035)
(12,583,542)
(12,583,542)
Gross profit
5,781,527
(126,493)
5,655,034
6,557,869
-
6,557,869
Administrative expenses
(5,910,181)
(240,661)
(6,150,842)
(5,504,895)
(5,504,895)
Other operating income
8,000
8,000
21,981
21,981
Operating (loss)/profit
4
(120,654)
(367,154)
(487,808)
1,074,955
-
1,074,955
Interest receivable and similar income
8
9,952
9,952
2,833
2,833
Interest payable and similar expenses
9
(41,173)
(41,173)
(43,836)
(43,836)
(Loss)/profit before taxation
(151,875)
(367,154)
(519,029)
1,033,952
1,033,952
Tax on (loss)/profit
10
192,103
192,103
(199,793)
(199,793)
(Loss)/profit for the financial year
40,228
(367,154)
(326,926)
834,159
834,159
The notes on pages 11 to 24 form part of these financial statements.
BULLET EXPRESS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
2,633,826
2,839,959
Investments
14
125,000
2,633,826
2,964,959
Current assets
Debtors
15
6,021,040
5,544,416
Cash at bank and in hand
377,046
566,363
6,398,086
6,110,779
Creditors: amounts falling due within one year
16
(4,108,973)
(3,092,517)
Net current assets
2,289,113
3,018,262
Total assets less current liabilities
4,922,939
5,983,221
Creditors: amounts falling due after more than one year
17
(975,775)
(1,063,309)
Provisions for liabilities
Deferred tax liability
20
85,096
277,199
(85,096)
(277,199)
Net assets
3,862,068
4,642,713
Capital and reserves
Called up share capital
22
1,054
1,007
Revaluation reserve
23
450,000
450,000
Other reserves
157,434
Profit and loss reserves
3,411,014
4,034,272
Total equity
3,862,068
4,642,713
The notes on pages 11 to 24 form part of these financial statements.
The financial statements were approved by the board of directors and authorised for issue on 18 March 2025 and are signed on its behalf by:
Mr J McKail
Director
Company Registration No. SC203638
BULLET EXPRESS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
Share capital
Revaluation reserve
Equity share option reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2022
1,007
450,000
157,434
3,405,652
4,014,093
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
-
834,159
834,159
Dividends
12
-
-
-
(205,539)
(205,539)
Balance at 31 March 2023
1,007
450,000
157,434
4,034,272
4,642,713
Year ended 31 March 2024:
Loss and total comprehensive income for the year
-
-
-
(326,926)
(326,926)
Issue of share capital
22
54
-
-
-
54
Dividends
12
-
-
-
(453,719)
(453,719)
Reduction of shares
22
(7)
-
-
7
Transfers
-
(157,434)
157,434
-
Other movements
-
-
-
(54)
(54)
Balance at 31 March 2024
1,054
450,000
-
3,411,014
3,862,068
The notes on pages 11 to 24 form part of these financial statements.
BULLET EXPRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
1
Accounting policies
Company information
Bullet Express Limited is a private company limited by shares incorporated in Scotland. The registered office is Bullet House, 5 Ashley Drive, Bothwell, Scotland, G71 8BS. The company's registration number is SC203638.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Speed Newco Limited. These consolidated financial statements are available from its registered office.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised to the extent that it is probably 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, and value added tax. The following criteria must also be met before revenue is recognised:
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 probably 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.
BULLET EXPRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 12 -
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Fair value measurement
Plant and equipment
25% on a straight line basis
Fixtures and fittings
33% on a straight line basis
Computers
33% on a straight line basis
Motor vehicles
25% on a straight line basis
Property improvements
25% on a straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit and loss account.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the profit and loss account.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's 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.
BULLET EXPRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 13 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in the profit and loss account, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in the profit and loss account in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit and loss account. Debt instruments may be designated as being measured at fair value through the profit and loss account to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
BULLET EXPRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 14 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value, and are depreciated in accordance with the above depreciation policies.
Future instalments payable under such agreements, net of finance charges, are included within creditors. Rentals payable are apportioned between the capital element, which reduces the outstanding obligation included within creditors, and the finance element, which is charged to the profit and loss account on a straight line basis.
Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
BULLET EXPRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
1.13
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in the profit and loss account.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Transportation, Freight and Haulage
17,852,069
19,141,411
2024
2023
£
£
Other revenue
Interest income
9,952
2,833
Grants received
8,000
21,981
4
Operating (loss)/profit
2024
2023
Operating (loss)/profit for the year is stated after charging/(crediting):
£
£
Government grants
(8,000)
(21,981)
Audit fee
19,525
17,500
Depreciation of owned tangible fixed assets
258,889
222,065
Depreciation of tangible fixed assets held under finance leases
26,749
53,497
Operating lease charges
260,511
129,104
BULLET EXPRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 16 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
19,525
17,500
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
151
149
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
5,817,525
5,442,432
Social security costs
566,082
537,193
Pension costs
130,732
157,063
6,514,339
6,136,688
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
429,683
415,434
Company pension contributions to defined contribution schemes
18,649
15,716
448,332
431,150
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
111,997
102,642
Accrued pension at the end of the year
12,482
13,179
BULLET EXPRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 17 -
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
9,952
2,833
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
35,149
40,895
Interest on finance leases and hire purchase contracts
6,024
2,941
41,173
43,836
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
142,259
Deferred tax
Origination and reversal of timing differences
57,534
Previously unrecognised tax loss, tax credit or timing difference
(192,103)
Total deferred tax
(192,103)
57,534
Total tax (credit)/charge
(192,103)
199,793
On 1 April 2023, the main rate of Corporation Tax rose from 19% to 25%. Companies with profits of £50,000 or less will continue to be taxed at 19% which is a new small profits rate. Deferred tax has been calculated at a rate of 25%.
BULLET EXPRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
10
Taxation
(Continued)
- 18 -
The actual (credit)/charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
(Loss)/profit before taxation
(519,029)
1,033,952
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
(129,757)
196,451
Tax effect of expenses that are not deductible in determining taxable profit
(77,585)
21,685
Unutilised tax losses carried forward
156,025
Permanent capital allowances in excess of depreciation
51,317
Capital allowances
(75,877)
Deferred tax
(192,103)
57,534
Taxation (credit)/charge for the year
(192,103)
199,793
11
Discontinued operations
During the current year the company entered into the Air Cargo market to expand its market share but decided to cease operations in this area within the same year to focus on its core operations.
The company incurred a loss in the current year, which was largely related the discontinued operation mentioned above. There was no trade associated with this in the prior year.
12
Dividends
2024
2023
£
£
Final paid
352,021
Interim paid
101,698
205,539
453,719
205,539
BULLET EXPRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 19 -
13
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Property improvements
Total
£
£
£
£
£
£
£
Cost or valuation
At 1 April 2023
2,178,500
689,988
17,186
86,300
203,565
266,316
3,441,855
Additions
26,382
3,610
47,113
2,400
79,505
At 31 March 2024
2,178,500
716,370
20,796
133,413
203,565
268,716
3,521,360
Depreciation and impairment
At 1 April 2023
229,645
11,879
55,545
184,025
120,802
601,896
Depreciation charged in the year
166,912
4,358
35,366
19,540
59,462
285,638
At 31 March 2024
396,557
16,237
90,911
203,565
180,264
887,534
Carrying amount
At 31 March 2024
2,178,500
319,813
4,559
42,502
88,452
2,633,826
At 31 March 2023
2,178,500
460,343
5,307
30,755
19,540
145,514
2,839,959
The Property was purchased in May 2021 and revalued on 25th of February 2022 by DM Hall Chartered Surveyors, independent valuers, not connected with the company, on the basis of market vale. The valuation conforms with the RICS Valuation Global Standards and was based on recent market transactions on arm's length terms of similar properties. The directors are happy that this represents the fair value of the buildings.
Had the property been held at cost, the cost and accumulated depreciation at 31 March 2024 would have been as follows:
BULLET EXPRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
13
Tangible fixed assets
(Continued)
- 20 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2024
2023
£
£
Plant and equipment
26,749
53,497
14
Fixed asset investments
2024
2023
£
£
Unlisted investments
125,000
The balance represents the Company's investment in Pall-Ex Limited.
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2023
125,000
Impairment
(125,000)
At 31 March 2024
-
Carrying amount
At 31 March 2024
-
At 31 March 2023
125,000
The balance represents the Company's investment in Pall-Ex Limited.
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,367,762
3,072,434
Amounts owed by group undertakings
1,637,030
Amounts owed by associates
1,670,970
Other debtors
427,017
55,966
Prepayments and accrued income
589,231
745,046
6,021,040
5,544,416
BULLET EXPRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 21 -
16
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
18
545,023
65,690
Obligations under finance leases
19
19,800
19,800
Trade creditors
2,176,759
1,565,022
Corporation tax
151,758
Other taxation and social security
233,738
363,566
Accruals and deferred income
1,133,653
926,681
4,108,973
3,092,517
17
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
18
952,675
1,020,409
Obligations under finance leases
19
23,100
42,900
975,775
1,063,309
18
Loans and overdrafts
2024
2023
£
£
Bank loans
1,020,761
1,086,099
Bank overdrafts
476,937
1,497,698
1,086,099
Payable within one year
545,023
65,690
Payable after one year
952,675
1,020,409
The bank overdraft and loan facilities are secured by a bond and floating charge over the assets of the company. Interest is charged at 3.59% on the bank loans.
The loan has a fifteen-year term from inception, and is repayable in monthly instalments. The first 12 capital instalment have been classified as a current liability in the current year.
BULLET EXPRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
19
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
19,800
19,800
In two to five years
23,100
42,900
42,900
62,700
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
20
Deferred taxation
The following are the major deferred tax liabilities recognised by the company and movements thereon:
2024
2023
Balances:
£
£
Accelerated capital allowances
91,121
127,199
Tax losses
(156,025)
-
Revaluations
150,000
150,000
85,096
277,199
2024
Movements in the year:
£
Liability at 1 April 2023
277,199
Credit to profit or loss
(192,103)
Liability at 31 March 2024
85,096
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
130,732
157,063
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
BULLET EXPRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
22
Share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
1,054 (2023: 1,000) Ordinary of £1
1,054
1,000
0 (2023: 7) Ordinary A-J of £1
-
7
1,054
1,007
Ordinary shares have full voting rights and dividend rights.
Ordinary A-J shares have full dividend rights but no voting rights.
On share classes have equal rights on winding up.
On 16th October 2023 54 ordinary shares were issued at par value,
23
Revaluation reserve
2024
2023
£
£
At the beginning and end of the year
450,000
450,000
24
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
1,623,485
1,396,656
Between two and five years
2,385,181
2,148,666
4,008,666
3,545,322
25
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Purchases
Purchases
2024
2023
£
£
Other related parties
468,000
468,000
BULLET EXPRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
25
Related party transactions
(Continued)
- 24 -
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Other related parties
-
1,670,970
26
Ultimate controlling party
During the year ended 31 March 2024, the company was acquired via a management buy-out supported by a private equity backed group of investors. As a result of this, there is no ultimate controlling party.
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