Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-292024-06-29falsetruetruefalse1522023-07-02151truefalse 02662799 2023-07-02 2024-06-29 02662799 2022-07-03 2023-07-01 02662799 2024-06-29 02662799 2023-07-01 02662799 2022-07-03 02662799 1 2023-07-02 2024-06-29 02662799 1 2022-07-03 2023-07-01 02662799 d:Director1 2023-07-02 2024-06-29 02662799 d:Director2 2023-07-02 2024-06-29 02662799 d:Director3 2023-07-02 2024-06-29 02662799 d:Director3 2024-06-29 02662799 d:Director4 2023-07-02 2024-06-29 02662799 d:Director4 2024-06-29 02662799 d:Director6 2023-07-02 2024-06-29 02662799 d:RegisteredOffice 2023-07-02 2024-06-29 02662799 e:Buildings 2023-07-02 2024-06-29 02662799 e:Buildings 2024-06-29 02662799 e:Buildings 2023-07-01 02662799 e:Buildings e:OwnedOrFreeholdAssets 2023-07-02 2024-06-29 02662799 e:MotorVehicles 2023-07-02 2024-06-29 02662799 e:MotorVehicles 2024-06-29 02662799 e:MotorVehicles 2023-07-01 02662799 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-07-02 2024-06-29 02662799 e:OfficeEquipment 2023-07-02 2024-06-29 02662799 e:OfficeEquipment 2024-06-29 02662799 e:OfficeEquipment 2023-07-01 02662799 e:OfficeEquipment e:OwnedOrFreeholdAssets 2023-07-02 2024-06-29 02662799 e:OwnedOrFreeholdAssets 2023-07-02 2024-06-29 02662799 e:CurrentFinancialInstruments 2024-06-29 02662799 e:CurrentFinancialInstruments 2023-07-01 02662799 e:Non-currentFinancialInstruments 2024-06-29 02662799 e:Non-currentFinancialInstruments 2023-07-01 02662799 e:CurrentFinancialInstruments e:WithinOneYear 2024-06-29 02662799 e:CurrentFinancialInstruments e:WithinOneYear 2023-07-01 02662799 e:Non-currentFinancialInstruments e:AfterOneYear 2024-06-29 02662799 e:Non-currentFinancialInstruments e:AfterOneYear 2023-07-01 02662799 e:ReportableOperatingSegment1 2023-07-02 2024-06-29 02662799 e:ReportableOperatingSegment1 2022-07-03 2023-07-01 02662799 e:ShareCapital 2024-06-29 02662799 e:ShareCapital 2023-07-01 02662799 e:ShareCapital 2022-07-03 02662799 e:RetainedEarningsAccumulatedLosses 2023-07-02 2024-06-29 02662799 e:RetainedEarningsAccumulatedLosses 2024-06-29 02662799 e:RetainedEarningsAccumulatedLosses 2022-07-03 2023-07-01 02662799 e:RetainedEarningsAccumulatedLosses 2023-07-01 02662799 e:RetainedEarningsAccumulatedLosses 2022-07-03 02662799 e:AcceleratedTaxDepreciationDeferredTax 2024-06-29 02662799 e:AcceleratedTaxDepreciationDeferredTax 2023-07-01 02662799 e:TaxLossesCarry-forwardsDeferredTax 2024-06-29 02662799 e:TaxLossesCarry-forwardsDeferredTax 2023-07-01 02662799 e:RetirementBenefitObligationsDeferredTax 2024-06-29 02662799 e:RetirementBenefitObligationsDeferredTax 2023-07-01 02662799 d:OrdinaryShareClass1 2023-07-02 2024-06-29 02662799 d:OrdinaryShareClass1 2024-06-29 02662799 d:OrdinaryShareClass1 2023-07-01 02662799 d:FRS102 2023-07-02 2024-06-29 02662799 d:Audited 2023-07-02 2024-06-29 02662799 d:FullAccounts 2023-07-02 2024-06-29 02662799 d:PrivateLimitedCompanyLtd 2023-07-02 2024-06-29 02662799 e:WithinOneYear 2024-06-29 02662799 e:WithinOneYear 2023-07-01 02662799 e:BetweenOneFiveYears 2024-06-29 02662799 e:BetweenOneFiveYears 2023-07-01 02662799 e:MoreThanFiveYears 2024-06-29 02662799 e:MoreThanFiveYears 2023-07-01 02662799 e:HirePurchaseContracts e:WithinOneYear 2024-06-29 02662799 e:HirePurchaseContracts e:WithinOneYear 2023-07-01 02662799 e:HirePurchaseContracts e:BetweenOneFiveYears 2024-06-29 02662799 e:HirePurchaseContracts e:BetweenOneFiveYears 2023-07-01 02662799 e:HirePurchaseContracts e:MoreThanFiveYears 2024-06-29 02662799 e:HirePurchaseContracts e:MoreThanFiveYears 2023-07-01 02662799 2 2023-07-02 2024-06-29 02662799 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2024-06-29 02662799 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2023-07-01 02662799 f:PoundSterling 2023-07-02 2024-06-29 iso4217:GBP xbrli:shares xbrli:pure
Registered Number:02662799













BACTON LOGISTICS LIMITED
(formerly known as Bacton Transport Services Limited)






ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 29 JUNE 2024











 
BACTON LOGISTICS LIMITED
 

 
COMPANY INFORMATION


Directors
E T Downie 
C J Downie 
R J Emberson (resigned 26 July 2024)
N J Newman (resigned 31 October 2023)
A G Stevenson 




Registered number
02662799



Registered office
Unit 2 Venture Road
Lawn Farm Business Park

Woolpit

Bury St. Edmunds

Suffolk

IP30 9RZ




Independent auditor
Sumer Auditco Limited

Fitzroy House

Crown Street

Ipswich

Suffolk

IP1 3LG






 
BACTON LOGISTICS LIMITED
 


CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditor's Report
5 - 9
Statement of Comprehensive Income
10
Balance Sheet
11
Statement of Changes in Equity
12
Notes to the Financial Statements
13 - 28



 
BACTON LOGISTICS LIMITED
 

 
STRATEGIC REPORT
FOR THE PERIOD ENDED 29 JUNE 2024

Introduction
 
The directors present their strategic report together with the financial statements for the period ended 29 June 2024.

Business review
 
The Company has recently adopted a new brand; Bacton Logistics. This change is to better reflect further diversification of operations into warehousing and customs activities. 
Turnover in the year was £19.6m (2023: £18.1m), an increase of 8.1%. This growth comes despite difficult market conditions driven by skills shortages, low consumer confidence and widespread pressure on costs.
The Company holds reserves of £3.4m and while we are optimistic that the market conditions are improving, we are confident that the Company remains in a strong position to weather any continued downturn.
The directors consider the key performance indicators to be turnover, gross profit margin and the earnings before interest, tax, depreciation, and amortisation (EBITDA). While loss making in the year, EBITDA has grown to £1.3m (2023 £0.9m) and the company continues to generate cash.

Principal risks and uncertainties
 
The principal commercial risks and uncertainties facing the business are considered to be:
1. Macro-economic factors such as high UK inflation and interest rate rises which lead to lower consumer confidence.
2. Non-compliance with applicable legislation and governance.
Key financial risks to which the company is exposed are:
Diesel fuel
The company purchases large quantities of diesel fuel and fuel additives which represent 15% of direct costs. The risk to the Company from volatility in the price of fuel is mitigated by commercial agreements with customers.
Credit risk
The Company looks to minimise the credit risk from customer default by maintaining a diverse customer base alongside clear and closely managed credit control procedures.
Liquidity and cash flow risks
The directors utilise a mixture of cash and hire purchase agreements to fund fixed asset investments with daily working capital provided through cash reserves. The Company also has access to a sales invoice discount facility if required.
 


- 1 -



 
BACTON LOGISTICS LIMITED
 


STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 29 JUNE 2024


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





C J Downie
Director

Date: 25 November 2024


- 2 -



 
BACTON LOGISTICS LIMITED
 

 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 29 JUNE 2024

The directors present their report and the financial statements for the period ended 29 June 2024.

Directors' responsibilities statement

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

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


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

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

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

Principal activity

The Company's principal activity during the year was the provision of road haulage and distribution services.

Results and dividends

The loss for the period, after taxation, amounted to £87,028 (2023 - loss £80,412).

Particulars of dividends paid can be found in note 13.

Directors

The directors who served during the period were:

E T Downie 
C J Downie 
R J Emberson (resigned 26 July 2024)
N J Newman (resigned 31 October 2023)
A G Stevenson 


- 3 -



 
BACTON LOGISTICS LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 29 JUNE 2024

Matters covered in the Strategic Report

Details of the Company's risk management objectives and policies, including its use of financial instruments and key risks to which it is exposed, are included in the Strategic Report.

Disclosure of information to auditor

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

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

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditor

On 28 March 2024 our auditor, SB Audit LLP, marged with Sumer Auditco Limited. Accordingly SB Audit LLP formally resgined as the Company's auditor with the directors duly appointing Sumer Auditco Limited to fill the vacancy arising. The auditor, Sumer Auditco Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





C J Downie
Director

Date: 25 November 2024


- 4 -



 
BACTON LOGISTICS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BACTON LOGISTICS LIMITED

Opinion


We have audited the financial statements of Bacton Logistics Limited (the 'Company') for the period ended 29 June 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 29 June 2024 and of its loss for the period 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 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


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


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


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



- 5 -



 
BACTON LOGISTICS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BACTON LOGISTICS LIMITED (CONTINUED)

Other information


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


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

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


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


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



- 6 -



 
BACTON LOGISTICS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BACTON LOGISTICS LIMITED (CONTINUED)

Responsibilities of directors
 

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


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



- 7 -



 
BACTON LOGISTICS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BACTON LOGISTICS LIMITED (CONTINUED)

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.


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

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience and through discussions and enquiries of directors and management. During the engagement team briefing, the outcomes of these discussions were shared with the team, as well as consideration as to where and how fraud may occur in the Company.
The following laws and regulations were identified as being of significance to the Company:
• Those laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards and UK Company Law; and
• Those laws and regulations considered to have an indirect effect on the financial statements including operator licence regulations.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the Company complies with such regulations; enquiries of management and those charged with governance concerning any actual or potential litigation or claims, inspection of relevant legal documentation, review of board minutes, testing the appropriateness of journal entries and the performance of analytical review to identify any unexpected movements in account balances which may be indicative of fraud.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).


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 Auditor's Report.



- 8 -



 
BACTON LOGISTICS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BACTON LOGISTICS LIMITED (CONTINUED)

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 2006Our 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.





Steven Burgess (Senior Statutory Auditor)
  
for and on behalf of
Sumer Auditco Limited
 
Statutory Auditor
  
Ipswich

25 November 2024

- 9 -



 
BACTON LOGISTICS LIMITED
 

 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 29 JUNE 2024

2024
2023
Note
£
£

  

Turnover
 4 
19,580,397
18,116,463

Cost of sales
  
(16,501,804)
(15,336,561)

Gross profit
  
3,078,593
2,779,902

Administrative expenses
  
(3,100,562)
(2,922,163)

Other operating income
 5 
84,578
54,945

Operating profit/(loss)
 6 
62,609
(87,316)

Interest receivable and similar income
 10 
189
2,256

Interest payable and similar expenses
 11 
(172,702)
(123,178)

Loss before tax
  
(109,904)
(208,238)

Tax on loss
 12 
22,876
127,826

Loss for the financial period
  
(87,028)
(80,412)

EBITDA                                                                                                                             1,316,696          923,838
There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 13 to 28 form part of these financial statements.


- 10 -



 
BACTON LOGISTICS LIMITED
REGISTERED NUMBER:02662799


BALANCE SHEET
AS AT 29 JUNE 2024

29 June
1 July
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 14 
5,024,469
4,927,059

Current assets
  

Stocks
 15 
32,719
45,195

Debtors: amounts falling due within one year
 16 
3,105,316
3,108,824

Cash at bank and in hand
 17 
866,140
862,153

  
4,004,175
4,016,172

Creditors: amounts falling due within one year
 18 
(3,360,168)
(3,081,559)

Net current assets
  
 
 
644,007
 
 
934,613

Total assets less current liabilities
  
5,668,476
5,861,672

Creditors: amounts falling due after more than one year
 19 
(2,118,425)
(2,051,717)

Provisions for liabilities
  

Deferred tax
 21 
(99,545)
(122,421)

Net assets
  
3,450,506
3,687,534


Capital and reserves
  

Called up share capital 
 22 
100,000
100,000

Profit and loss account
 23 
3,350,506
3,587,534

  
3,450,506
3,687,534


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




C J Downie
Director

Date: 25 November 2024

The notes on pages 13 to 28 form part of these financial statements.


- 11 -



 
BACTON LOGISTICS LIMITED
 


STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 29 JUNE 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 4 July 2021
100,000
3,667,946
3,767,946



Loss for the period
-
(80,412)
(80,412)



At 2 July 2022
100,000
3,587,534
3,687,534



Loss for the period
-
(87,028)
(87,028)


Contributions by and distributions to owners

Dividends: Equity capital
-
(150,000)
(150,000)


At 1 July 2023
100,000
3,350,506
3,450,506


The notes on pages 13 to 28 form part of these financial statements.


- 12 -



 
BACTON LOGISTICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 JUNE 2024

1.


General information

The Company is a private company limited by shares, incorporated and registered in England and Wales. The address of its registered office is Unit 2 Venture Road, Lawn Farm Business Park, Woolpit, Bury St. Edmunds, IP30 9RZ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

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

The financial statements are presented in Sterling and are rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

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

This information is included in the consolidated financial statements of Bacton Transport Services Holdings Limited as at 29 June 2024 and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

 
2.3

Going concern

After making enquiries and review of forecasts, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 
Revenue in respect to haulage and distribution services is recognised over the period to which the service relates to.


- 13 -



 
BACTON LOGISTICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 JUNE 2024

2.Accounting policies (continued)

 
2.5

Operating leases: the Company as lessor

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

 
2.6

Operating leases: the Company as lessee

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

 
2.7

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.9

Finance costs

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

 
2.10

Pensions

Defined contribution pension plan

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

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


- 14 -



 
BACTON LOGISTICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 JUNE 2024

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

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

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

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

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

 
2.12

Tangible fixed assets

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

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.


- 15 -



 
BACTON LOGISTICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 JUNE 2024

2.Accounting policies (continued)


2.12
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
10 to 33%
Motor vehicles
-
15 to 33%
Office equipment
-
10 to 33%

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

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

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. 

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand.

 
2.16

Creditors

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

 
2.17

Financial instruments

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

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention

- 16 -



 
BACTON LOGISTICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 JUNE 2024

2.Accounting policies (continued)


2.17
Financial instruments (continued)

to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

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

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

Impairment of financial assets

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

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

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

Financial liabilities

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

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

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

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


- 17 -



 
BACTON LOGISTICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 JUNE 2024

2.Accounting policies (continued)


2.17
Financial instruments (continued)

Derecognition of financial instruments

Derecognition of financial assets

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

Derecognition of financial liabilities

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

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:
The useful economic life of tangible fixed assets is based on estimates made by the directors. These are reviewed annually for any revisions needed.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Haulage services
19,580,397
18,116,463


All turnover arose within the United Kingdom.


- 18 -



 
BACTON LOGISTICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 JUNE 2024

5.


Other operating income

2024
2023
£
£

Other operating income
29,633
-

Net rents receivable
46,896
46,896

Government grants receivable
8,049
8,049

84,578
54,945



6.


Operating profit/(loss)

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

2024
2023
£
£

Depreciation
1,254,087
1,011,154

Other operating lease rentals
553,993
891,052


7.


Auditor's remuneration

During the period, the Company obtained the following services from the Company's auditor:


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
9,000
8,250


- 19 -



 
BACTON LOGISTICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 JUNE 2024

8.


Employees

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


2024
2023
£
£

Wages and salaries
6,357,896
6,252,866

Social security costs
145,127
169,841

Cost of defined contribution scheme
121,285
42,976

6,624,308
6,465,683


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


        2024
        2023
            No.
            No.







Admin
49
47



Drivers
103
104

152
151


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
335,634
387,143

Company contributions to defined contribution pension schemes
92,021
15,163

427,655
402,306


During the period retirement benefits were accruing to 5 directors (2023 - 5) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £82,984 (2023 - £93,949).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £6,094 (2023 - £3,000).


- 20 -



 
BACTON LOGISTICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 JUNE 2024

10.


Interest receivable

2024
2023
£
£


Other interest receivable
189
2,256

189
2,256


11.


Interest payable and similar expenses

2024
2023
£
£


Finance leases and hire purchase contracts
170,844
106,250

Other interest payable
1,858
16,928

172,702
123,178


12.


Taxation


2024
2023
£
£



Deferred tax


Origination and reversal of timing differences
(22,876)
(127,826)

Total deferred tax
(22,876)
(127,826)


- 21 -



 
BACTON LOGISTICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 JUNE 2024
 
12.Taxation (continued)


Factors affecting tax charge for the period

The tax assessed for the period is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Loss on ordinary activities before tax
(109,904)
(208,238)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
(27,476)
(52,060)

Effects of:


Expenses not deductible for tax purposes
4,600
2,390

Changes in rate of tax
-
1,810

Unrelieved tax losses carried forward
-
(81,168)

Other differences leading to an increase (decrease) in the tax charge
-
1,202

Total tax charge for the period
(22,876)
(127,826)


Factors that may affect future tax charges

There are no factors that may affect future tax charges.


13.


Dividends

29 June
1 July
2024
2023
£
£


Dividends
150,000
-

150,000
-


- 22 -



 
BACTON LOGISTICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 JUNE 2024

14.


Tangible fixed assets







Freehold property
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 2 July 2023
40,436
7,674,154
943,632
8,658,222


Additions
-
1,340,031
44,100
1,384,131


Disposals
-
(354,830)
(6,171)
(361,001)



At 29 June 2024

40,436
8,659,355
981,561
9,681,352



Depreciation


At 2 July 2023
35,475
3,437,486
258,202
3,731,163


Charge for the period
1,012
1,144,663
108,412
1,254,087


Disposals
-
(328,367)
-
(328,367)



At 29 June 2024

36,487
4,253,782
366,614
4,656,883



Net book value



At 29 June 2024
3,949
4,405,573
614,947
5,024,469



At 1 July 2023
4,961
4,236,668
685,430
4,927,059

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


29 June
1 July
2024
2023
£
£



Motor vehicles
4,032,933
3,562,888


- 23 -



 
BACTON LOGISTICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 JUNE 2024

15.


Stocks

29 June
1 July
2024
2023
£
£

Fuel stocks
32,719
45,195



16.


Debtors

29 June
1 July
2024
2023
£
£


Trade debtors
2,642,580
2,820,400

Other debtors
77,407
46,820

Prepayments and accrued income
385,329
241,604

3,105,316
3,108,824



17.


Cash and cash equivalents

29 June
1 July
2024
2023
£
£

Cash at bank and in hand
866,140
862,153



- 24 -



 
BACTON LOGISTICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 JUNE 2024

18.


Creditors: Amounts falling due within one year

29 June
1 July
2024
2023
£
£

Trade creditors
1,502,349
1,335,930

Other taxation and social security
502,249
613,160

Obligations under finance lease and hire purchase contracts
842,294
648,805

Other creditors
93,644
96,131

Accruals and deferred income
419,632
387,533

3,360,168
3,081,559


The Company has also granted a fixed and floating charge over all monies due in favour of HSBC for security in respect of any monies due or to become due from the Company. 


19.


Creditors: Amounts falling due after more than one year

29 June
1 July
2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
2,118,425
2,051,717

2,118,425
2,051,717


The obligations under finance lease and hire purchase contracts are secured against the assets to which they relate.


20.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

29 June
1 July
2024
2023
£
£


Within one year
842,294
778,820

Between 1-5 years
2,067,934
2,010,093

Over 5 years
50,491
154,176

2,960,719
2,943,089


- 25 -



 
BACTON LOGISTICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 JUNE 2024

21.


Deferred taxation






2024
2023


£

£






At beginning of year
(122,421)
(250,247)


Charged to profit or loss
22,876
127,826



At end of year
(99,545)
(122,421)

The provision for deferred taxation is made up as follows:

29 June
1 July
2024
2023
£
£


Accelerated capital allowances
(1,178,762)
(1,118,005)

Other temporary differences
6,060
6,060

Tax losses carried forward
1,073,157
989,524

(99,545)
(122,421)

The value of deferred tax losses carried forward is £4,292,629 (2023 - £3,958,097).


22.


Share capital

29 June
1 July
2024
2023
£
£
Allotted, called up and fully paid



100,000 (2023 - 100,000) Ordinary shares of £1.00 each
100,000
100,000



23.


Reserves

Profit and loss account

The profit and loss account represents accumulated surplus of reserves less dividends paid.


- 26 -



 
BACTON LOGISTICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 JUNE 2024

24.


Contingent liabilities

The Company has granted a fixed charge over all purchased debts which fail to vest in favour of HSBC Invoice Finance (UK) Ltd for security in respect of any monies due or to become due from the Company. At the year end no liabilities were due to HSBC Invoice Finance (UK) Ltd and therefore no balances were secured by this charge.
On 26 May 2022 the Company entered into a cross guarantee in respect to its parent company in favour of HSBC.


25.


Capital commitments


At 29 June 2024 the Company had capital commitments as follows:

29 June
1 July
2024
2023
£
£


Contracted for but not provided in these financial statements
-
1,911,517


26.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £151,613 (2023 - £124,984). Contributions totalling £32,911 (2023 - £25,083) were payable to the fund at the balance sheet date.


27.


Commitments under operating leases

At 29 June 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

29 June
1 July
2024
2023
£
£


Not later than 1 year
363,927
615,927

Later than 1 year and not later than 5 years
1,218,093
1,317,961

Later than 5 years
500,000
750,000

2,082,020
2,683,888


- 27 -



 
BACTON LOGISTICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 JUNE 2024

28.


Related party transactions

During the year, Key Management Personnel received remuneration totalling £460,966 (2023 - £451,580).
A close family member of one of the directors working within the company received remuneration of £31,000 (2023 - £30,615).


29.


Controlling party

The Company is under the immediate control of Bacton Transport Services Holdings Limited. Bacton Transport Services Holdings Limited is controlled by E T Downie and C J Downie, who each own half of its share capital. They are the ultimate controlling party.
The largest and smallest group for which the Company's results are included is headed by Bacton Transport Services Holdings Limited.

 

- 28 -