Company registration number 13452348 (England and Wales)
SPEEDY FREIGHT HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
SPEEDY FREIGHT HOLDINGS LIMITED
COMPANY INFORMATION
Directors
M R Smith
J P Munnelly
R Francis
M J Widdall
Company number
13452348
Registered office
Puro House
Unit 2 The Pavilions
Cranford Drive
Knutsford
Cheshire
WA16 8ZR
Auditor
Azets Audit Services
Ship Canal House
98 King Street
Manchester
M2 4WU
SPEEDY FREIGHT HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 5
Independent auditor's report
6 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 28
SPEEDY FREIGHT HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 1 -
The directors present the strategic report for the year ended 30 November 2024.
The year ended 30 November 2024 has been a year of investment for Speedy Freight Holdings Group. Investment in people, in technology and investment in building out our proposition in new services and across the USA.
The companies formed in late 2023 in the USA have continued to build and have recently expanded to facilitate the launch of the franchise proposition in Q1 2025.
The year ended 30 November 2024 has been another difficult year for Puro Ventures Limited. The decline in the UK economic situation has seen a significant drop in retail volumes, the core SME volume has held up strongly however and continues to show year on year improvements. New service offerings enhance the sales proposition to include parcels and fulfilment services are ready to be fully scaled out now for 2025.
There has been significant continued investment made to IT functions this year with the ongoing development of our bespoke Transport Management System, the integration of all the core operating systems with the ERP / TMS system, together with significant investment in integrations with all of the UK major parcels carriers and shopping platforms as well as some of the largest carriers in the USA. The technology development road map for 2025 is formed and will ensure a secure infrastructure is in place for the continued growth of the Group.
Our aim is to build upon these foundations and continue to invest in our people and systems to provide an unrivalled quality of service to our customers and franchisees, as well as delivering a mutually beneficial and ethical relationship with our suppliers.
As a business, we strive to reduce debt and invest back into the business for our future growth.
Business model and strategy
We aim to be the first choice for same day or express delivery across the UK and be recognised as the leading provider in this sector.
As a franchise business we continually invest in the training and development of our franchised businesses. We provide a range of courses to support our colleagues and franchisees, ranging from finance to the Qualified Franchise Professional, a formal qualification recognising knowledge and experience run by the BFA. We also provide support on a range of technical aspects from customs requirements to transportation of hazardous goods.
We focus on providing the best logistics solution to our customers, we do this through best utilisation of our resources, capabilities, and technology, as well as those of complementary service providers to deliver a comprehensive supply chain solution.
As consumer demands move ever closer towards very short lead times and same day logistics services, we believe our industry knowledge and technical expertise will be a deciding factor in the growth of our business.
We seek to improve our operating performance with the emphasis on quality, cooperation, performance, and operating costs. For 2025 our strategy for growth is through a continued focus on training and development across the franchise network, coupled with development of enhanced technology solutions and a national communications plan, reinforced with bespoke local tactics.
Our model allows us to provide a scalable solution to meet our customer needs and avoids the requirement for our customers having expensive equipment sat idle.
SPEEDY FREIGHT HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 2 -
Principal risks and uncertainties
There are potential risks and uncertainties which could have an impact upon the company’s performance and could cause the company’s actual results to differ from expected and historical results.
Competitor risk
The company faces competitor risk in the core markets in which it operates. There is a danger that its profitability and/or market share may be impaired.
To manage this risk the company and the individual franchise businesses maintain strong relationships and a focus on customer service, Trustpilot and NPS scores are a key metric on which this is based. The company seeks to build long term relationships with customers and other significant participants in the markets in which it is active.
Liquidity risk
The company manages its cash and borrowing requirements to maximise income and minimise interest expense, whilst ensuring that the company has sufficient liquid resource to meet the operating needs of the business in a high growth environment.
Credit risk
Puro traded with a large volume of customers and is exposed to risk of non-payment of debts. To mitigate the company insures all its customers and each must be credit approved before any credit facilities are offered.
Financial key comparative indicators
The financial key performance indicators for the current and comparative year are as follows:
| | | | |
| | | | |
Operating (loss)/profit (£'000) | | | | |
Operating (loss)/profit % | | | | |
| | | | |
Number of franchise offices | | | | |
Adjusted EBIT includes the add back of bank factoring charges amounting to £192,202 and the amortisation of goodwill amounting to £1,422,146.
M R Smith
Director
17 April 2025
SPEEDY FREIGHT HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 3 -
The directors present their annual report and financial statements for the year ended 30 November 2024.
Results and dividends
The results for the year are set out on page 9.
No ordinary dividends were paid. 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:
M R Smith
J P Munnelly
R Francis
M J Widdall
Auditor
The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Energy and carbon report
This is the third year that the company has consumed more than 40,000kWh of energy in the reporting year. Looking to do our part for the environment, Puro Ventures Limited engaged with Carbon Neutral Britain® in February 2023, with the ambition to measure and offset the total organisation emissions - to become Carbon Neutral.
2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
153,538
138,589
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
12.35
1.80
- Fuel consumed for owned transport
428.99
410.70
441.34
412.50
Scope 2 - indirect emissions
- Electricity purchased
31.79
28.70
Total gross emissions
473.13
441.20
Intensity ratio
Tonnes CO2e per £m turnover
7.9
7.8
Quantification and reporting methodology
We have followed the Government GHG Conversion Factors for Company Reporting 2024.
Intensity measurement
For consistency purposes, we have continued to report an intensity ratio: metric tonnes CO²e per £1m turnover as for 2022. Due to the complexity of franchise businesses employment status, we selected the turnover calculi.
SPEEDY FREIGHT HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 4 -
Measures taken to improve energy efficiency
Speedy Freight participated in an independent ESG performance assessment carried out by BGF with third party verification from Apex. Our overall rating was ‘Excellent’ and our Environmental rating was ‘Leader’ which is in the top 10% of all businesses.
Since 2020 we have monitored the carbon emissions associated with various aspects of our business operations and recognize the importance of environmental protection. We continue to look for opportunities to reduce our carbon footprint and impact on climate change with the reduction of carbon emissions associated with our services. Our partnership with Carbon Neutral Britain® is clear evidence of our environmental commitments and this partnership has agreed a path to Net Zero by 2050. This would require an annual 7.14% reduction in CO² emissions.
In August 2023, Puro Ventures Limited offset their carbon footprint to become certified as a Carbon Neutral Business. As certification awarded by an external organisation, it provides assurance that the carbon neutral claim is robust and credible, following calculation using the ISO 14064 and GHG Protocol Emissions Standard principles of relevance, completeness, consistency, transparency and accuracy.
Carbon Neutral Status has been awarded to the organisation for a period of 12 months. Through the Carbon Neutral Britain Climate Fund™, Puro Ventures Limited has offset its total carbon emissions through internationally certified carbon offsetting projects.
Certified via the Verra - Verified Carbon Standard (VCS), the Gold Standard – Voluntary Emission Reductions (VER) or the United Nations - Certified Emission Reductions (CER) programmes, the projects have also been selected based on their direct and indirect impact around the world - not just in offsetting, but also in supporting education, employment and clean water, as well as having net positive impact on the local wildlife and ecology.
Puro Ventures Limited has significantly increased the size of it's vehicle fleet and the increase CO² emissions is directly proportional to this increase.
Our key environmental objectives for 2025 are:
Promote environmental awareness, objectives and reporting in all Speedy Freight owned & franchise sites
Preserve our carbon-neutral status in partnership with Carbon Neutral Britain®
Empower local environmental champions to implement practical initiatives that reduce our environmental impact
Launch a new reporting module in our Traffic Management System to increase the accuracy in reporting customer CO² emissions
Strive to reduce the waste sent to landfill by recycling obsolete IT hardware, furniture & uniforms and separating waste
Increase the number of electric vehicle charging spaces on our estate
Add 2 more sites to the scope of our ISO14001:2015 accreditation
Reduce total emissions by at least 7.14% consistent with our net zero target
SPEEDY FREIGHT HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 5 -
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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
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 group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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 auditor of the company 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 auditor of the company is aware of that information.
On behalf of the board
M R Smith
Director
17 April 2025
SPEEDY FREIGHT HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SPEEDY FREIGHT HOLDINGS LIMITED
- 6 -
Opinion
We have audited the financial statements of Speedy Freight Holdings limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows 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 group's and the parent company's affairs as at 30 November 2024 and of the group's loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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 group and parent 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 group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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.
SPEEDY FREIGHT HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SPEEDY FREIGHT HOLDINGS LIMITED
- 7 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the 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 parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent 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.
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.
SPEEDY FREIGHT HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SPEEDY FREIGHT HOLDINGS LIMITED
- 8 -
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Reviewing minutes of meetings of those charged with governance;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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.
Graham Rigby (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
24 April 2025
Chartered Accountants
Statutory Auditor
Ship Canal House
98 King Street
Manchester
M2 4WU
SPEEDY FREIGHT HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
2
62,687,218
56,562,913
Cost of sales
(54,707,999)
(48,768,603)
Gross profit
7,979,219
7,794,310
Administrative expenses
(8,869,060)
(7,113,796)
Other operating income
12,252
-
Operating (loss)/profit
3
(877,589)
680,514
Amortisation of goodwill
(1,422,146)
(1,416,849)
Operating loss
(2,299,735)
(736,335)
Interest receivable and similar income
10,152
7,155
Interest payable and similar expenses
5
(1,069,690)
(1,166,694)
Loss before taxation
(3,359,273)
(1,895,874)
Tax on loss
6
764,395
63,606
Loss for the financial year
(2,594,878)
(1,832,268)
Loss for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
SPEEDY FREIGHT HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
30 NOVEMBER 2024
30 November 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
8
9,357,642
10,744,438
Other intangible assets
8
1,791,029
2,015,428
Total intangible assets
11,148,671
12,759,866
Tangible assets
9
1,812,239
1,505,093
12,960,910
14,264,959
Current assets
Debtors
12
13,028,620
12,288,004
Cash at bank and in hand
962,276
804,442
13,990,896
13,092,446
Creditors: amounts falling due within one year
13
(13,611,212)
(10,618,231)
Net current assets
379,684
2,474,215
Total assets less current liabilities
13,340,594
16,739,174
Creditors: amounts falling due after more than one year
14
(10,182,862)
(10,398,140)
Provisions for liabilities
Deferred tax liability
17
588,424
-
(588,424)
Net assets
3,157,732
5,752,610
Capital and reserves
Called up share capital
19
955
955
Share premium account
6,276,072
6,276,072
Profit and loss reserves
(3,119,295)
(524,417)
Total equity
3,157,732
5,752,610
The financial statements were approved by the board of directors and authorised for issue on 17 April 2025 and are signed on its behalf by:
17 April 2025
M R Smith
Director
Company registration number 13452348 (England and Wales)
SPEEDY FREIGHT HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 NOVEMBER 2024
30 November 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
10
17,146,479
17,146,379
Current assets
-
-
Creditors: amounts falling due within one year
13
(2,181,093)
(1,215,989)
Net current liabilities
(2,181,093)
(1,215,989)
Total assets less current liabilities
14,965,386
15,930,390
Creditors: amounts falling due after more than one year
14
(9,650,000)
(9,650,000)
Net assets
5,315,386
6,280,390
Capital and reserves
Called up share capital
19
955
955
Share premium account
6,276,072
6,276,072
Profit and loss reserves
(961,641)
3,363
Total equity
5,315,386
6,280,390
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £965,004 (2023 - £724,693 profit).
The financial statements were approved by the board of directors and authorised for issue on 17 April 2025 and are signed on its behalf by:
17 April 2025
M R Smith
Director
Company registration number 13452348 (England and Wales)
SPEEDY FREIGHT HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 December 2022
955
6,276,072
2,071,851
8,348,878
Year ended 30 November 2023:
Loss and total comprehensive income
-
-
(1,832,268)
(1,832,268)
Dividends
7
-
-
(764,000)
(764,000)
Balance at 30 November 2023
955
6,276,072
(524,417)
5,752,610
Year ended 30 November 2024:
Loss and total comprehensive income
-
-
(2,594,878)
(2,594,878)
Balance at 30 November 2024
955
6,276,072
(3,119,295)
3,157,732
SPEEDY FREIGHT HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 13 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 December 2022
955
6,276,072
42,670
6,319,697
Year ended 30 November 2023:
Profit and total comprehensive income for the year
-
-
724,693
724,693
Dividends
7
-
-
(764,000)
(764,000)
Balance at 30 November 2023
955
6,276,072
3,363
6,280,390
Year ended 30 November 2024:
Profit and total comprehensive income
-
-
(965,004)
(965,004)
Balance at 30 November 2024
955
6,276,072
(961,641)
5,315,386
SPEEDY FREIGHT HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
21
2,380,152
3,865,661
Income taxes refunded
325,508
176,453
Net cash inflow from operating activities
2,705,660
4,042,114
Investing activities
Purchase of intangible assets
(777,934)
(659,811)
Proceeds from disposal of intangibles
38,338
52,051
Purchase of tangible fixed assets
(345,225)
(116,556)
Proceeds from disposal of tangible fixed assets
285,604
139,291
Interest received
10,152
7,155
Net cash used in investing activities
(789,065)
(577,870)
Financing activities
Repayment of borrowings
-
(1,000,000)
Payment of finance leases obligations
(689,071)
(526,621)
Interest paid
(1,069,690)
(1,166,694)
Dividends paid to equity shareholders
(764,000)
Net cash used in financing activities
(1,758,761)
(3,457,315)
Net increase in cash and cash equivalents
157,834
6,929
Cash and cash equivalents at beginning of year
804,442
797,513
Cash and cash equivalents at end of year
962,276
804,442
SPEEDY FREIGHT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 15 -
1
Accounting policies
Company information
Speedy Freight Holdings limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Puro House, Unit 2 The Pavilions, Cranford Drive, Knutsford, Cheshire, WA16 8ZR.
The group consists of Speedy Freight Holdings limited and its subsidiaries.
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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The 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 for parent company information presented within the consolidated financial statements:
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.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. Investments in subsidiaries are accounted for at cost less impairment.
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Speedy Freight Holdings limited together with all entities controlled by the parent company (its subsidiaries).
All financial statements are made up to 30 November 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
SPEEDY FREIGHT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.4
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group 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.
1.5
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover in respect of collection and delivery services is recognised in the profit and loss account, with amounts attributable to franchisees recognised within cost of sales as 'transport costs'. Turnover is recognised at the point the service is fulfilled.
Turnover in respect of franchise sales is recognised at the point of entering into an unconditional contract with the franchisee, as a result of which a non-refundable franchise payment is due to the company.
1.6
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.7
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business, representing the purchase of customer lists, order books and associated franchise data, are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation 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:
Software
33% reducing balance
Other intangible assets
10% reducing balance
1.8
Tangible fixed assets
Tangible fixed assets are initially measured at cost, 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:
Fixtures, fittings and equipment
12% - 33% reducing balance
Motor vehicles
25% - 33% reducing balance
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 recognised in the profit and loss account.
SPEEDY FREIGHT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.9
Fixed asset investments
In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.10
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and represent cash in hand and deposits held at call with banks.
1.11
Financial instruments
The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.
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. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
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 group after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price. 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. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.12
Equity instruments
Equity instruments issued by the group 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 group.
SPEEDY FREIGHT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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 group’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 if, and only if, there is 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.
1.14
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.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases and hire purchase contracts are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss 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 leased asset are consumed.
SPEEDY FREIGHT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.17
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 profit or loss.
1.18
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.
2
Turnover
2024
2023
£
£
Turnover analysed by class of business
Sales of goods
60,870,371
54,610,257
Warehouse income
1,693,208
1,491,786
Franchise sales
123,639
460,870
62,687,218
56,562,913
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
60,764,493
56,130,670
Europe
627,339
426,155
Rest of World
1,295,386
6,088
62,687,218
56,562,913
3
Operating loss
2024
2023
£
£
Operating loss for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
64,014
47,026
Depreciation of tangible fixed assets held under finance leases
560,978
376,493
(Profit)/loss on disposal of tangible fixed assets
(3,836)
2,948
Amortisation of intangible assets
2,350,791
2,321,270
Auditor's remuneration
54,050
32,500
Operating lease charges
399,535
274,406
SPEEDY FREIGHT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 20 -
4
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Management
3
3
-
-
Operational
102
77
-
-
Administrative
77
61
-
-
Total
182
141
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
6,380,484
5,125,172
Social security costs
526,002
542,929
-
-
Pension costs
97,516
84,969
7,004,002
5,753,070
5
Interest payable and similar expenses
2024
2023
£
£
Loan note interest
965,004
1,090,003
Interest on finance leases and hire purchase contracts
104,686
76,691
Total finance costs
1,069,690
1,166,694
6
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
(129,960)
SPEEDY FREIGHT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
6
Taxation
2024
2023
£
£
(Continued)
- 21 -
Deferred tax
Origination and reversal of timing differences
(141,931)
(65,847)
Previously unrecognised tax loss
(484,392)
Adjustment in respect of prior periods
(8,112)
2,241
Total deferred tax
(634,435)
(63,606)
Total tax credit
(764,395)
(63,606)
The actual credit for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Loss before taxation
(3,359,273)
(1,895,874)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.01%)
(839,818)
(436,241)
Tax effect of expenses that are not deductible in determining taxable profit
375,793
375,433
Tax effect of income not taxable in determining taxable profit
(1,400)
Tax effect of utilisation of tax losses not previously recognised
(26,529)
Effect of change in corporation tax rate
-
217
Research and development tax credit
(129,960)
Deferred tax adjustments in respect of prior years
(8,112)
2,241
Fixed asset differences
49,369
64,859
Movement in deferred tax not recognised
299,254
(68,715)
Tax losses previously not recognised
(484,392)
Taxation credit
(764,395)
(63,606)
7
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
-
764,000
SPEEDY FREIGHT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 22 -
8
Intangible fixed assets
Group
Goodwill
Software
Other intangible assets
Total
£
£
£
£
Cost
At 1 December 2023
14,168,490
2,870,713
895,782
17,934,985
Additions
35,350
538,711
203,873
777,934
Disposals
(50,000)
(50,000)
At 30 November 2024
14,203,840
3,409,424
1,049,655
18,662,919
Amortisation and impairment
At 1 December 2023
3,424,052
1,582,110
168,957
5,175,119
Amortisation charged for the year
1,422,146
793,905
134,740
2,350,791
Disposals
(11,662)
(11,662)
At 30 November 2024
4,846,198
2,376,015
292,035
7,514,248
Carrying amount
At 30 November 2024
9,357,642
1,033,409
757,620
11,148,671
At 30 November 2023
10,744,438
1,288,603
726,825
12,759,866
The company had no intangible fixed assets at 30 November 2024 or 30 November 2023.
SPEEDY FREIGHT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 23 -
9
Tangible fixed assets
Group
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 December 2023
436,465
1,729,005
2,165,470
Additions
123,590
1,090,316
1,213,906
Disposals
(306,084)
(306,084)
At 30 November 2024
560,055
2,513,237
3,073,292
Depreciation and impairment
At 1 December 2023
212,317
448,060
660,377
Depreciation charged in the year
61,310
563,682
624,992
Eliminated in respect of disposals
(24,316)
(24,316)
At 30 November 2024
273,627
987,426
1,261,053
Carrying amount
At 30 November 2024
286,428
1,525,811
1,812,239
At 30 November 2023
224,148
1,280,945
1,505,093
The company had no tangible fixed assets at 30 November 2024 or 30 November 2023.
10
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
11
17,146,479
17,146,379
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 December 2023
17,146,379
Additions
100
At 30 November 2024
17,146,479
Carrying amount
At 30 November 2024
17,146,479
At 30 November 2023
17,146,379
SPEEDY FREIGHT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 24 -
11
Subsidiaries
Details of the company's subsidiaries at 30 November 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Speedy Freight Holdings Corp.
1209 Orange Street, Wilmington, New Castle, Delaware 19801, United States of America
Ordinary
100.00
-
Speedy Freight LLC
1209 Orange Street, Wilmington, New Castle, Delaware 19801, United States of America
Ordinary
0
100.00
Speedy Freight Franchising LLC
1209 Orange Street, Wilmington, New Castle, Delaware 19801, United States of America
Ordinary
0
100.00
Speedy Freight Billing LLC
1209 Orange Street, Wilmington, New Castle, Delaware 19801, United States of America
Ordinary
0
100.00
Puro Ventures Limited
Unit 2, The Pavillions, Cranford Drive, Knutsford, Cheshire, United Kingdom, WA16 8ZR
Ordinary
100.00
-
Speedy Freight Limited
Unit 2, The Pavillions, Cranford Drive, Knutsford, Cheshire, United Kingdom, WA16 8ZR
Ordinary
0
100.00
Connected Logistics Solutions Limited*
3rd Floor 1 Ashley Road, Altrincham, Cheshire, United Kingdom, WA14 2DT
Ordinary
100.00
-
Devon and Cornwall Logistics Limited**
3rd Floor 1 Ashley Road, Altrincham, Cheshire, United Kingdom, WA14 2DT
Ordinary
0
100.00
* Exempt from audit under s479A
** Exempt from audit under s480
12
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
11,186,501
10,284,886
Corporation tax recoverable
15,486
211,034
Other debtors
201,732
382,018
Prepayments and accrued income
1,556,470
1,370,242
12,960,189
12,248,180
-
-
Amounts falling due after more than one year:
Other debtors
22,420
39,824
Deferred tax asset (note 17)
46,011
68,431
39,824
-
-
Total debtors
13,028,620
12,288,004
-
-
SPEEDY FREIGHT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 25 -
13
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases and hire purchase contracts
15
804,762
409,874
Invoice discounting advances
4,845,498
2,318,390
Trade creditors
3,542,889
2,651,718
Amounts owed to group undertakings
2,096,710
1,103,955
Other taxation and social security
873,882
669,943
-
-
Other creditors
137,628
480,600
Accruals and deferred income
3,406,553
4,087,706
84,383
112,034
13,611,212
10,618,231
2,181,093
1,215,989
Invoice discounting advances are secured upon the assets of Puro Ventures Limited.
14
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases and hire purchase contracts
15
532,862
748,140
Other borrowings
16
9,650,000
9,650,000
9,650,000
9,650,000
10,182,862
10,398,140
9,650,000
9,650,000
15
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
804,762
409,874
In two to five years
532,862
748,140
1,337,624
1,158,014
-
-
Obligations under finance leases and hire purchase contracts are secured upon the assets to which they relate.
SPEEDY FREIGHT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 26 -
16
Loans
Group
Company
2024
2023
2024
2023
£
£
£
£
Loan notes
9,650,000
9,650,000
9,650,000
9,650,000
Payable after one year
9,650,000
9,650,000
9,650,000
9,650,000
The loans and other borrowings are secured by a fixed and floating charge over all the property and undertaking of the group.
At the balance sheet date, borrowings consisted of £5,150,000 series A loan notes and £4,500,000 series B loan notes.
The A loan notes are repayable in biannual instalments of £858,333 from December 2026. Interest is charged at 10% per annum.
The series B loan notes are repayable in annual instalments of £900,000 from June 2027. Interest is charged at 10% per annum.
17
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
-
590,638
(504,864)
-
Tax losses
-
-
484,392
-
Other short term timing differences
-
(2,214)
66,483
-
-
588,424
46,011
-
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 December 2023
588,424
-
Credit to profit or loss
(634,435)
-
Asset at 30 November 2024
(46,011)
-
SPEEDY FREIGHT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 27 -
18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
97,516
84,969
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
19
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of 1p each
34,000
34,000
340
340
B1 Ordinary shares of 1p each
50,000
50,000
500
500
B2 Ordinary shares of 1p each
1,000
1,000
10
10
C Ordinary shares of 1p each
10,500
10,500
105
105
E Ordinary shares of 1p each
5
-
-
-
95,505
95,500
955
955
The A Ordinary, B1 Ordinary, B2 Ordinary, C Ordinary and E Ordinary shares have rights as defined in the Company’s Articles of Association.
20
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
1,206,140
795,263
-
-
Between two and five years
3,101,840
2,684,845
-
-
In over five years
1,572,736
2,178,284
-
-
5,880,716
5,658,392
-
-
SPEEDY FREIGHT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
20
Operating lease commitments
(Continued)
- 28 -
Lessor
The operating leases represent leases to third parties. The leases are negotiated over terms of 5 years and rentals are fixed for 5 years.
At the reporting end date the group had contracted with tenants for the following minimum lease payments:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
606,288
606,288
-
-
Between two and five years
967,922
1,574,211
-
-
1,574,210
2,180,499
-
-
21
Cash generated from group operations
2024
2023
£
£
Loss for the year after tax
(2,594,878)
(1,832,268)
Adjustments for:
Taxation credited
(764,395)
(63,606)
Finance costs
1,069,690
1,166,694
Investment income
(10,152)
(7,155)
(Gain)/loss on disposal of tangible fixed assets
(3,836)
2,948
Amortisation and impairment of intangible assets
2,350,791
2,321,270
Depreciation and impairment of tangible fixed assets
624,992
423,519
Movements in working capital:
(Increase)/decrease in debtors
(890,153)
1,713,473
Increase in creditors
2,598,093
140,786
Cash generated from operations
2,380,152
3,865,661
22
Analysis of changes in net debt - group
1 December 2023
Cash flows
30 November 2024
£
£
£
Cash at bank and in hand
804,442
157,834
962,276
Borrowings excluding overdrafts
(9,650,000)
-
(9,650,000)
Obligations under finance leases
(1,158,014)
(179,610)
(1,337,624)
(10,003,572)
(21,776)
(10,025,348)
2024-11-302023-12-01falsefalseCCH SoftwareCCH Accounts Production 2025.100No description of principal activityM R SmithJ P MunnellyR FrancisM J 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