REGISTERED NUMBER: SC250946 (Scotland)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2024

for

Albatrans (UK) Ltd

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Statement of Comprehensive Income

7

Balance Sheet

8

Statement of Changes in Equity

9

Cash Flow Statement

10

Notes to the Cash Flow Statement

11

Notes to the Financial Statements

12

DIRECTORS:

R Crawford

G Chiarelli

M Mele

SECRETARY:

R Crawford

REGISTERED OFFICE:

112 West George Street

Glasgow

G2 1PS

REGISTERED NUMBER:

SC250946 (Scotland)

AUDITORS:

McLay McAlister & McGibbon LLP

Chartered Accountants and Statutory Auditors

145 St Vincent Street

Glasgow

G2 5JF

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

The company's turnover for the year 2024 has seen a decrease to £22,550,920, an 9% drop compared to £24,767,383 in 2023. Net operating costs were down 5% on 2023 resulting in an operating profit before tax of £2,011,980 compared to £3,255,543 in 2023.

Following on from 2023, 2024 saw a further drop in global trade.

Albatrans UK's core business remains the export of Scotch Whisky. As expected sales and volumes of alcohol have dropped further from the record levels of 2022, however the company continues to seek new emerging markets.

The outlook for 2025 looks uncertain, with looming tariff surcharges in the United States expected to have a detrimental effect on export volumes to this key market.

External influences such as the on-going Red Sea crisis, together with fallout from the recent USA presidential election, continue to have an unsettling effect on international trade.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors continue to monitor the key risks facing the company and assess controls for managing these risks.

ON BEHALF OF THE BOARD:

R Crawford - Director

4 April 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of shipping and forwarding agents.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2024 was £1,475,000.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

R Crawford

G Chiarelli

M Mele

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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;

-	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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

ON BEHALF OF THE BOARD:

R Crawford - Director

4 April 2025

Opinion

We have audited the financial statements of Albatrans (UK) Ltd (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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.

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors 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 Report of the Directors.

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

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

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

In preparing the financial statements, the directors are responsible for assessing the 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.

Auditors' responsibilities for the audit of the financial statements

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

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

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

- the nature of the industry and sector, control environment and business performance;

- results of our enquiries of management about their own identification and assessment of the risks and irregularities;

- any matters we identified having reviewed the company's internal controls established to mitigate risks of fraud or non- compliance with laws and regulations;

- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

We obtained an understanding of the legal and regulatory framework that the company operates in. The key laws and regulations we considered included the UK Companies Act and tax legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. In addition we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate. These included health and safety, GDPR and employment laws. Auditing standards limit the required audit procedures to identify non - compliance with these laws and regulations to enquiry of the directors, inspection of regulatory and legal correspondence, if any, and review of minutes of meetings. These limited procedures did not identify actual or suspected non-compliance.

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

Use of our report

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

Fiona Russell (Senior Statutory Auditor)

for and on behalf of McLay McAlister & McGibbon LLP

Chartered Accountants and Statutory Auditors

145 St Vincent Street

Glasgow

G2 5JF

4 April 2025

TURNOVER

22,550,920

24,767,383

Cost of sales

(18,614,386

)

(19,365,166

)

GROSS PROFIT

3,936,534

5,402,217

Administrative expenses

(1,924,554

)

(2,146,674

)

OPERATING PROFIT and

PROFIT BEFORE TAXATION

2,011,980

3,255,543

Tax on profit

5

(502,995

)

(797,095

)

PROFIT FOR THE FINANCIAL YEAR

1,508,985

2,458,448

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,508,985

2,458,448

FIXED ASSETS

Tangible assets

7

63,473

13,796

CURRENT ASSETS

Debtors

8

3,162,697

2,292,758

Cash at bank

3,713,425

4,930,391

6,876,122

7,223,149

CREDITORS

Amounts falling due within one year

9

(2,672,694

)

(3,004,029

)

NET CURRENT ASSETS

4,203,428

4,219,120

TOTAL ASSETS LESS CURRENT LIABILITIES

4,266,901

4,232,916

CAPITAL AND RESERVES

Called up share capital

12

50,000

50,000

Retained earnings

13

4,216,901

4,182,916

SHAREHOLDERS' FUNDS

4,266,901

4,232,916

The financial statements were approved by the Board of Directors and authorised for issue on 4 April 2025 and were signed on its behalf by:

R Crawford - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

50,000

2,624,468

2,674,468

Changes in equity

Dividends

-

(900,000

)

(900,000

)

Total comprehensive income

-

2,458,448

2,458,448

Balance at 31 December 2023

50,000

4,182,916

4,232,916

Changes in equity

Dividends

-

(1,475,000

)

(1,475,000

)

Total comprehensive income

-

1,508,985

1,508,985

Balance at 31 December 2024

50,000

4,216,901

4,266,901

Cash flows from operating activities

Cash generated from operations

1

966,986

5,434,357

Tax paid

(650,123

)

(579,751

)

Net cash from operating activities

316,863

4,854,606

Cash flows from investing activities

Purchase of tangible fixed assets

(58,829

)

(7,013

)

Net cash from investing activities

(58,829

)

(7,013

)

Cash flows from financing activities

Equity dividends paid

(1,475,000

)

(900,000

)

Net cash from financing activities

(1,475,000

)

(900,000

)

(Decrease)/increase in cash and cash equivalents

(1,216,966

)

3,947,593

Cash and cash equivalents at beginning of year

2

4,930,391

982,798

Cash and cash equivalents at end of year

2

3,713,425

4,930,391

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

31.12.24

31.12.23

£

£

Profit before taxation

2,011,980

3,255,543

Depreciation charges

9,152

6,666

Loss on disposal of fixed assets

-

1,684

2,021,132

3,263,893

(Increase)/decrease in trade and other debtors

(869,939

)

3,782,406

Decrease in trade and other creditors

(184,207

)

(1,611,942

)

Cash generated from operations

966,986

5,434,357

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

3,713,425

4,930,391

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

4,930,391

982,798

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank

4,930,391

(1,216,966

)

3,713,425

4,930,391

(1,216,966

)

3,713,425

Total

4,930,391

(1,216,966

)

3,713,425

1.	STATUTORY INFORMATION

Albatrans (UK) Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover represents net invoiced sales of services, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

in accordance with the property

Fixtures and fittings

-

at varying rates on cost

Computer equipment

-

25% on cost

The company's policy is to review the remaining useful lives and residual value of all tangible fixed assets on an on-going basis and to adjust the depreciation charge to reflect the remaining useful economic life and residual value.

Financial instruments

Debtors

Trade debtors and other debtors are recognised at the settlement amount due with appropriate allowances for any irrecoverable amounts when there is objective evidence the asset is impaired.

Cash and cash equivalents

Cash and cash equivalent in the balance sheet comprise cash in hand.

Creditors

Trade creditors and other creditors are recognised where the company has a present obligation resulting from a past event and are recognised at the settlement amount due after allowing for any trade discounts due.

Derivatives

Derivatives are initially recognised at cost and thereafter at fair value with changes recognised in the profit and loss account.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Tax

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

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

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

Foreign currencies

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme for the benefit of its employees and one of its directors. These funds are administered by third parties and are separate from the company. The cost is charged to the profit and loss account as the contributions are paid.

3.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

£

Wages and salaries

1,158,152

1,297,294

Social security costs

166,945

110,249

Other pension costs

36,241

22,737

1,361,338

1,430,280

The average number of employees during the year was as follows:

31.12.24

31.12.23

Directors and Administration

19

17

31.12.24

31.12.23

£

£

Directors' remuneration

345,807

594,858

Directors' pension contributions to money purchase schemes

4,303

6,470

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

Money purchase schemes

1

1

Information regarding the highest paid director is as follows:

31.12.24

31.12.23

£

£

Emoluments etc

345,807

594,858

Pension contributions to money purchase schemes

4,303

6,470

4.	OPERATING PROFIT

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

31.12.24

31.12.23

£

£

Depreciation - owned assets

9,152

6,667

Loss on disposal of fixed assets

-

1,684

Auditors' remuneration

17,659

13,059

Foreign exchange differences

(15,098

)

175,938

5.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31.12.24

31.12.23

£

£

Current tax:

UK corporation tax

502,995

797,095

Tax on profit

502,995

797,095

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is the same as the standard rate of corporation tax in the UK.

31.12.24

31.12.23

£

£

Profit before tax

2,011,980

3,255,543

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 25%)

502,995

813,886

Effects of:

Expenses not deductible for tax purposes

18,043

16,295

Capital allowances in excess of depreciation

(8,956

)

(192

)

Over/(under) provision

(9,087

)

16,225

Change in tax rate

-

(49,119

)

Total tax charge

502,995

797,095

6.

DIVIDENDS

31.12.24

31.12.23

£

£

Ordinary shares of £1 each

Final

1,475,000

900,000

7.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 January 2024

-

-

13,656

51,265

64,921

Additions

29,361

9,016

4,795

15,657

58,829

At 31 December 2024

29,361

9,016

18,451

66,922

123,750

DEPRECIATION

At 1 January 2024

-

-

8,758

42,367

51,125

Charge for year

612

188

2,044

6,308

9,152

At 31 December 2024

612

188

10,802

48,675

60,277

NET BOOK VALUE

At 31 December 2024

28,749

8,828

7,649

18,247

63,473

At 31 December 2023

-

-

4,898

8,898

13,796

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

2,347,834

1,769,819

Amounts owed by group undertakings

365,469

196,831

VAT

218,932

161,526

Prepayments

230,462

164,582

3,162,697

2,292,758

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

1,973,972

1,705,700

Amounts owed to group undertakings

72,948

40,848

Tax

281,245

428,373

Social security and other taxes

74,724

69,102

Other creditors

223,553

370,609

Accrued expenses

46,252

389,397

2,672,694

3,004,029

10.	LEASING AGREEMENTS

At the year end the company had £412,617 (2023: £28,983) outstanding in non cancellable operating leases.

11.	SECURED DEBTS

The bank overdraft is secured by a bond and floating charge over the assets of the company. Banca del Lavoro, Italy has guaranteed €350,000 for the obligations of Albatrans (UK) Ltd.

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

50,000

Ordinary

£1

50,000

50,000

13.

RESERVES

Retained

earnings

£

At 1 January 2024

4,182,916

Profit for the year

1,508,985

Dividends

(1,475,000

)

At 31 December 2024

4,216,901

14.	RELATED PARTY DISCLOSURES

During the year sales of £2,654,862(2023: £3,438,376) and purchases of £1,397,914 (2023: £1,284,623) were made to and from the parent company and fellow subsidiaries.

At the year end £365,468 (2023: £196,831) was due from the parent company and fellow subsidiaries and £72,949 (2023: £40,849) was due to the parent company and fellow subsidiaries.

The company's parent undertaking at the balance sheet date was Albatrans S.p.A, a company incorporated in Italy.

The company is under the control of its parent company Albatrans S.p.A who own 100% of the company's issued share capital.

15.	ULTIMATE CONTROLLING PARTY

The company's ultimate parent undertaking is Savino Del Bene S.p.A, which is registered in Italy.

Group accounts can be obtained from :

Savino Del Bene S.p.A

Casella Postale 336

50100 Firenze

Italia