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REGISTERED NUMBER: 03087451 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 November 2024

for

Banks & Lloyd (Shipping) Limited

Banks & Lloyd (Shipping) Limited (Registered number: 03087451)






Contents of the Financial Statements
for the Year Ended 30 November 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Statement of Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


Banks & Lloyd (Shipping) Limited

Company Information
for the Year Ended 30 November 2024







DIRECTORS: Mr P P Lucas
Mrs D Banks
Mr E Banks





REGISTERED OFFICE: 2nd Floor
Riverside Court
Bollin Walk
Wilmslow
Cheshire
SK9 1DL





REGISTERED NUMBER: 03087451 (England and Wales)





AUDITORS: Langricks (Holmfirth) Limited, Statutory Auditors
4 Greenfield Road
Holmfirth
West Yorkshire
HD9 2JT

Banks & Lloyd (Shipping) Limited (Registered number: 03087451)

Strategic Report
for the Year Ended 30 November 2024

The directors present their strategic report for the year ended 30 November 2024.

REVIEW OF BUSINESS
The company performed well and inline with our expectations in the year to the 30 November 2024 with consideration to the challenges brought by ongoing geopolitical and economic instability.

We are pleased to report on the growth in turnover by 10% due to restructuring in our sales division and further emphasis on building longstanding relationships with our clients.

We continued further extensive investment into IT and staff upskilling in an effort to ensure we are even better placed to provide diversified services to our core markets as well as expand further into new ones.

Our commitment to our core markets continues with the company placing greater emphasis on the quality of customer service. We believe that this strategy will allow us to continue to fortify a solid foundation for many years to come.

During the financial year ending 30 November 2024, we encountered several challenges, including a significant bad debt amounting to £213,610. Despite these obstacles, we successfully mitigated the impact and are now implementing enhanced strategies and internal coordination to safeguard our business interests.
Additionally, we have introduced insurance measures to protect our financial interests in cases where bad debt is unavoidable.

Due to our strength in the European markets, we closely monitor developments in the changing rules and regulations surrounding imports and exports procedures to and from the EU. This has allowed us to offer and maintain reliable logistics solutions to our customers, despite disruptions caused by continued various conflicts in the world.

The business remains very ambitious with scouting opportunities of new markets throughout the year continuing to take place. We continue to do all our customs clearance work in house with no need to sub-contract. This allows us to control the reliability, efficiency and pace of our customs activities. Our customs and deferment facilities allow us to provide a robust brokerage product which is further boosted by the increased experience within our Valencia operation in Spain.

Looking ahead our existing solid foundations combined with our proactive approach means that we see a continued bright future for the company. We remain optimistic on the year 2025 and expect it to continue the momentum of growth. The company continues to focus on being a leading provider of worldwide freight forwarding and brokerage services.


Banks & Lloyd (Shipping) Limited (Registered number: 03087451)

Strategic Report
for the Year Ended 30 November 2024

PRINCIPAL RISKS AND UNCERTAINTIES
Financial risk management objectives and policies
The company uses various financial instruments including cash, trade debtors and trade creditors that arise from its operations.

The existence of these financial instruments exposes the company to market risk, currency risk, interest rate risk, pricing risk, liquidity risk and credit risk. These risks are described below along with the company's policies for managing these risks.

Market risk
Market risk encompasses currency risk, interest rate risk and price risk.

Currency risk
The company is exposed to foreign exchange risk on some of its purchases. The company seeks to manage its foreign exchange volatility through the prudent management of its purchasing patterns and the trends in foreign exchange rates through supply chain efficiencies and pricing policies.

Interest rate risk
The company is exposed to interest rate fluctuations on some transactions. Whilst this risk is not considered material at the current time, changes in market rates of interest could have an impact on the company's results.

Vendor price risk
The company regularly monitors purchase prices and takes available market actions to mitigate this risk.

Liquidity risk
The company seeks to manage this risk by ensuring sufficient liquidity is available to meet foreseeable needs.

Credit risk
The company's principal financial assets are cash and trade debtors. The principal credit risk arises from the trade debtors.

In order to manage credit risk, the company sets limits for customers based on a combination of payment history and third party credit references. Credit limits are reviewed by the finance team on a regular basis in conjunction with debt ageing and collection history. Provisions against bad debts are made where appropriate.

SECTION 172(1) STATEMENT
The directors believe in building long term, strong and sustainable relationships with our suppliers. The approach has enabled us to create a reliable and robust supply chain which works well to meet business needs.

The business actively plays a part within the local community as it aims to employ local people and utilise the services of local companies where possible. The directors are committed to employees health, wellbeing and training, engaging with specialists for external training and providing in-house sessions for employes during work-time.


Banks & Lloyd (Shipping) Limited (Registered number: 03087451)

Strategic Report
for the Year Ended 30 November 2024

KEY PERFORMANCE INDICATORS
The directors consider a number of key performance indicators, both financial and non-financial, the principal ones are noted below:



2024 2023 2022
£ £ £

Net sales 43,623,175 39,562,802 63,661,054

Gross profit margin 4,400,188 4,121,670 6,216,231
Gross profit margin % 10.09% 10.42% 9.76%

Operating profit 810,043 1.032,251 2,811,560

Net assets 6,030,579 5,820,175 7,556,471


RISK OF BUSINESS INTERRUPTION
Whilst the world continues to suffer from turmoil (conflict in Eastern Europe, and the impact of tariffs) we monitor the potential effects of these issues on our trade adapting where necessary, and we continue to have a positive outlook.

ON BEHALF OF THE BOARD:





Mrs D Banks - Director


20 May 2025

Banks & Lloyd (Shipping) Limited (Registered number: 03087451)

Report of the Directors
for the Year Ended 30 November 2024

The directors present their report with the financial statements of the company for the year ended 30 November 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of worldwide freight forwarders.

DIVIDENDS
The total distribution of dividends for the year ended 30 November 2024 were £411,000.

FUTURE DEVELOPMENTS
The company continues to focus on being a leading provider of worldwide freight forwarding.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 December 2023 to the date of this report.

Mr P P Lucas
Mrs D Banks

Other changes in directors holding office are as follows:

Mr E Banks was appointed as a director after 30 November 2024 but prior to the date of this report.

Mr M E Rahman ceased to be a director after 30 November 2024 but prior to the date of this report.

POLITICAL DONATIONS AND EXPENDITURE
There were no political donations made during the year.

DISABLED EMPLOYEES
The company give full consideration to applications for employment from disabled persons where the candidate's particular aptitudes and abilities are consistent with adequately meeting the requirements of the job. Opportunities are available to disabled employees for training, career development and promotion.

Where existing employees become disabled, it is the company's policy to provide continued employment wherever practicable in the same or in an alternative position and to provide appropriate training to achieve this aim and external advice is also sought, where appropriate.

EMPLOYEE INVOLVEMENT
The company is continuing to develop its internal communications framework for all company employees. The company actively informs all employees of relevant employee related, company and industry information via regular team meetings and communications.

DISCLOSURE IN THE STRATEGIC REPORT
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of business review, financial risk management objectives and policies.


Banks & Lloyd (Shipping) Limited (Registered number: 03087451)

Report of the Directors
for the Year Ended 30 November 2024

DIRECTORS' RESPONSIBILITIES STATEMENT
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;
- state whether applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Langricks (Holmfirth) Limited, Statutory Auditors, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mrs D Banks - Director


20 May 2025

Report of the Independent Auditors to the Members of
Banks & Lloyd (Shipping) Limited

Opinion
We have audited the financial statements of Banks & Lloyd (Shipping) Limited (the 'company') for the year ended 30 November 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 30 November 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.

Report of the Independent Auditors to the Members of
Banks & Lloyd (Shipping) Limited


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 Directors' Responsibilities Statement set out on page six, 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:

The risk of detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentation, or override of internal controls.

Our procedures included:

- Enquiry of management, those charged with governance around actual and potential litigation and claims.
- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
- Auditing the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

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

Report of the Independent Auditors to the Members of
Banks & Lloyd (Shipping) Limited


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.




Christopher Langrick (Senior Statutory Auditor)
for and on behalf of Langricks (Holmfirth) Limited, Statutory Auditors
4 Greenfield Road
Holmfirth
West Yorkshire
HD9 2JT

20 May 2025

Banks & Lloyd (Shipping) Limited (Registered number: 03087451)

Statement of Comprehensive Income
for the Year Ended 30 November 2024

30.11.24 30.11.23
Notes £    £   

TURNOVER 5 43,623,175 39,562,802

Cost of sales 39,222,987 35,441,132
GROSS PROFIT 4,400,188 4,121,670

Administrative expenses 3,743,574 3,255,270
656,614 866,400

Other operating income 153,429 165,851
OPERATING PROFIT 7 810,043 1,032,251

Interest receivable and similar income 9 29,127 -
839,170 1,032,251

Interest payable and similar expenses 10 3,517 4,186
PROFIT BEFORE TAXATION 835,653 1,028,065

Tax on profit 11 214,249 260,872
PROFIT FOR THE FINANCIAL YEAR 621,404 767,193

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

621,404

767,193

Banks & Lloyd (Shipping) Limited (Registered number: 03087451)

Balance Sheet
30 November 2024

30.11.24 30.11.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 13 34,480 71,116
Investments 14 - -
34,480 71,116

CURRENT ASSETS
Debtors 15 9,702,794 8,746,447
Cash at bank and in hand 3,854,378 4,264,137
13,557,172 13,010,584
CREDITORS
Amounts falling due within one year 16 7,423,181 7,229,540
NET CURRENT ASSETS 6,133,991 5,781,044
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,168,471

5,852,160

CREDITORS
Amounts falling due after more than one
year

17

(25,632

)

(31,985

)

PROVISIONS FOR LIABILITIES 20 (112,260 ) -
NET ASSETS 6,030,579 5,820,175

CAPITAL AND RESERVES
Called up share capital 21 200 200
Capital redemption reserve 22 100 100
Retained earnings 22 6,030,279 5,819,875
SHAREHOLDERS' FUNDS 26 6,030,579 5,820,175

The financial statements were approved by the Board of Directors and authorised for issue on 20 May 2025 and were signed on its behalf by:





Mrs D Banks - Director


Banks & Lloyd (Shipping) Limited (Registered number: 03087451)

Statement of Changes in Equity
for the Year Ended 30 November 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 December 2022 200 7,556,171 100 7,556,471

Changes in equity
Dividends - (2,503,489 ) - (2,503,489 )
Total comprehensive income - 767,193 - 767,193
Balance at 30 November 2023 200 5,819,875 100 5,820,175

Changes in equity
Dividends - (411,000 ) - (411,000 )
Total comprehensive income - 621,404 - 621,404
Balance at 30 November 2024 200 6,030,279 100 6,030,579

Banks & Lloyd (Shipping) Limited (Registered number: 03087451)

Cash Flow Statement
for the Year Ended 30 November 2024

30.11.24 30.11.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 352,370 (1,788,485 )
Interest paid - (136 )
Interest element of hire purchase
payments paid

(3,517

)

(4,050

)
Tax paid (343,518 ) (381,142 )
Interest received 29,127 -
Net cash from operating activities 34,462 (2,173,813 )

Cash flows from investing activities
Purchase of tangible fixed assets (27,470 ) (4,217 )
Sale of tangible fixed assets - 362
Net cash from investing activities (27,470 ) (3,855 )

Cash flows from financing activities
Hire purchase contracts (5,751 ) (5,219 )
Equity dividends paid (411,000 ) (2,484,823 )
Net cash from financing activities (416,751 ) (2,490,042 )

Decrease in cash and cash equivalents (409,759 ) (4,667,710 )
Cash and cash equivalents at
beginning of year

2

4,264,137

8,931,847

Cash and cash equivalents at end of
year

2

3,854,378

4,264,137

Banks & Lloyd (Shipping) Limited (Registered number: 03087451)

Notes to the Cash Flow Statement
for the Year Ended 30 November 2024

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

30.11.24 30.11.23
£    £   
Profit before taxation 835,653 1,028,065
Depreciation charges 64,106 68,567
Loss on disposal of fixed assets - 3,410
Provisions 112,260 -
Finance costs 3,517 4,186
Finance income (29,127 ) -
986,409 1,104,228
(Increase)/decrease in trade and other debtors (956,347 ) 2,249,133
Increase/(decrease) in trade and other creditors 322,308 (5,141,846 )
Cash generated from operations 352,370 (1,788,485 )

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 30 November 2024
30.11.24 1.12.23
£    £   
Cash and cash equivalents 3,854,378 4,264,137
Year ended 30 November 2023
30.11.23 1.12.22
£    £   
Cash and cash equivalents 4,264,137 8,931,847


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.12.23 Cash flow At 30.11.24
£    £    £   
Net cash
Cash at bank and in hand 4,264,137 (409,759 ) 3,854,378
4,264,137 (409,759 ) 3,854,378
Debt
Finance leases (37,749 ) 5,751 (31,998 )
(37,749 ) 5,751 (31,998 )
Total 4,226,388 (404,008 ) 3,822,380

Banks & Lloyd (Shipping) Limited (Registered number: 03087451)

Notes to the Financial Statements
for the Year Ended 30 November 2024

1. GENERAL INFORMATION

The company is a private company limited by shares (Co No 03087451) and is incorporated in England and Wales. The address of the registered office is 2nd Floor Riverside Court, Bollin Walk, Wilmslow, Cheshire, SK9 1DL.

2. STATUTORY INFORMATION

Banks & Lloyd (Shipping) Limited is a private company, limited by shares , registered in England and Wales. 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 (£).


3. 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.

Preparation of consolidated financial statements
The financial statements contain information about Banks & Lloyd (Shipping) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it is included by full consolidation on the consolidated financial statements of its parent, BLRV Ltd, 2nd Floor Riverside Court, Bollin Walk, Wilmslow, Cheshire, England, SK9 1DL.

Turnover
Turnover represents amounts chargeable, net of VAT, in respect of freight forwarding services. Turnover is recognised at the point at which goods clear customs for imports.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures and fittings - 33% on cost
Motor vehicles - 33% on cost
Computer equipment - 33% on cost

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.


Banks & Lloyd (Shipping) Limited (Registered number: 03087451)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

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

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


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.

Leasing
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

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

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

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

Financial instruments
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and directors loan accounts (being repayable on demand).

Banks & Lloyd (Shipping) Limited (Registered number: 03087451)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

3. ACCOUNTING POLICIES - continued

Going concern
The financial statements have been prepared on a going concern basis. The directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. Based on these assessments and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual reports and accounts.

4. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make significant judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The items in the financial statements where these judgements and estimates have been made include:

- Accrued shipping freight costs
- The useful economic life of fixed assets

5. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

30.11.24 30.11.23
£    £   
United Kingdom 42,744,669 38,396,026
Europe 336,540 603,017
Rest of the world 541,966 563,759
43,623,175 39,562,802

The turnover and profit before taxation are attributable to the one principal activity of the company.

6. EMPLOYEES AND DIRECTORS
30.11.24 30.11.23
£    £   
Wages and salaries 1,882,710 1,878,774
Social security costs 199,138 200,089
Other pension costs 33,165 33,830
2,115,013 2,112,693

The average number of employees during the year was as follows:
30.11.24 30.11.23

Directors 3 3
Staff 43 47
46 50

Banks & Lloyd (Shipping) Limited (Registered number: 03087451)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

6. EMPLOYEES AND DIRECTORS - continued

30.11.24 30.11.23
£    £   
Directors' remuneration 319,757 337,795
Directors' pension contributions to money purchase schemes 3,522 3,522

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:
30.11.24 30.11.23
£    £   
Emoluments etc 134,249 125,473

The directors are considered to be the key management personnel for both the current and prior year.

7. OPERATING PROFIT

The operating profit is stated after charging:

30.11.24 30.11.23
£    £   
Other operating leases 617,802 444,131
Depreciation - owned assets 42,813 47,273
Depreciation - assets on hire purchase contracts 21,293 21,293
Loss on disposal of fixed assets - 3,411
Foreign exchange differences 23,940 25,400

8. AUDITORS' REMUNERATION
30.11.24 30.11.23
£    £   
Fees payable to the company's auditors and their associates for the
audit of the company's financial statements

15,750

13,758

9. INTEREST RECEIVABLE AND SIMILAR INCOME
30.11.24 30.11.23
£    £   
Interest received on
corporation tax 29,127 -

10. INTEREST PAYABLE AND SIMILAR EXPENSES
30.11.24 30.11.23
£    £   
Interest on overdue taxation - 136
Hire purchase 3,517 4,050
3,517 4,186

Banks & Lloyd (Shipping) Limited (Registered number: 03087451)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

11. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.11.24 30.11.23
£    £   
Current tax:
UK corporation tax 236,077 260,872
Adjustment re prior year (21,828 ) -

Tax on profit 214,249 260,872

UK corporation tax was charged at 25%) in 2023.

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

30.11.24 30.11.23
£    £   
Profit before tax 835,653 1,028,065
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 25%)

208,913

257,016

Effects of:
Expenses not deductible for tax purposes 18,319 14,120
Depreciation in excess of capital allowances 8,844 12,252
R&D refund (21,827 ) -

Effects arising from rate change - (22,516 )
Total tax charge 214,249 260,872

12. DIVIDENDS
30.11.24 30.11.23
£    £   
Ordinary shares of £1 each
Interim 411,000 2,503,489

Banks & Lloyd (Shipping) Limited (Registered number: 03087451)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

13. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 December 2023 41,390 63,879 166,068 271,337
Additions 6,047 18,750 2,673 27,470
At 30 November 2024 47,437 82,629 168,741 298,807
DEPRECIATION
At 1 December 2023 30,559 33,714 135,948 200,221
Charge for year 8,831 26,501 28,774 64,106
At 30 November 2024 39,390 60,215 164,722 264,327
NET BOOK VALUE
At 30 November 2024 8,047 22,414 4,019 34,480
At 30 November 2023 10,831 30,165 30,120 71,116

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 December 2023
and 30 November 2024 63,879
DEPRECIATION
At 1 December 2023 33,714
Charge for year 21,293
At 30 November 2024 55,007
NET BOOK VALUE
At 30 November 2024 8,872
At 30 November 2023 30,165

14. FIXED ASSET INVESTMENTS

The Company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

BL International Logistics and Shipping SL
Registered office: Calle DR J.J Domine, Number 9, Door 18, Valencia 46011
Nature of business: Worldwide freight forwarders

Class of shares: Ordinary - 100% holding






Banks & Lloyd (Shipping) Limited (Registered number: 03087451)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.24 30.11.23
£    £   
Trade debtors 4,635,258 3,802,826
Amounts owed by group undertakings 4,520,837 4,492,537
Other debtors 159,091 159,091
VAT 331,739 244,458
Prepayments 55,869 47,535
9,702,794 8,746,447

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.24 30.11.23
£    £   
Hire purchase contracts (see note 18) 6,366 5,764
Trade creditors 7,177,891 6,899,112
Social security & other taxes 50,437 49,936
Tax 6,603 135,872
Other creditors 2,930 5,316
Accrued expenses 178,954 133,540
7,423,181 7,229,540

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.11.24 30.11.23
£    £   
Hire purchase contracts (see note 18) 25,632 31,985

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
30.11.24 30.11.23
£    £   
Net obligations repayable:
Within one year 6,366 5,764
Between one and five years 25,632 31,985
31,998 37,749

Non-cancellable operating leases
30.11.24 30.11.23
£    £   
Within one year 250,481 388,559
Between one and five years 405,317 655,798
655,798 1,044,357

Banks & Lloyd (Shipping) Limited (Registered number: 03087451)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

18. LEASING AGREEMENTS - continued

The company as a lessor

At the year end the company had contracted with tenants, under non-cancellable operating leases, the following minimum lease payments:

30.11.24 30.11.23

Within one year 42,500 42,500
Between one and five years 2,625 45,125
In more than five years - -
45,125 87,625

19. SECURED DEBTS

The following secured debts are included within creditors:

30.11.24 30.11.23
£    £   
Hire purchase contracts 31,998 37,749

20. PROVISIONS FOR LIABILITIES
30.11.24 30.11.23
£    £   
Other provisions 112,260 -

Onerous
lease
provision
£   
Provided during year 112,260
Balance at 30 November 2024 112,260

The company has during the year recognised the net cost of an onerous lease, this relates to a property previously occupied by the company.

The amounts payable are as follows:

£
Within one year75,539
After one year36,721




21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.11.24 30.11.23
value: £    £   
200 Ordinary £1 200 200

Banks & Lloyd (Shipping) Limited (Registered number: 03087451)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

21. CALLED UP SHARE CAPITAL - continued

Called up share capital - Represents the nominal value of shares that have been issued.

22. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 December 2023 5,819,875 100 5,819,975
Profit for the year 621,404 621,404
Dividends (411,000 ) (411,000 )
At 30 November 2024 6,030,279 100 6,030,379

Retained earnings - Accumulated profits and losses achieved.

Capital redemption reserve - The purchase of company's own shares.

23. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

24. POST BALANCE SHEET EVENTS

On 6 December 2024 the group was restructured, and BLB Freight Limited became the ultimate parent undertaking. The restructure resulted in the company providing a loan to the parent company amounting to £2,253,610, of which £648,000 was paid out of current cash balances and £1,500,000 from a new bank loan which is repayable over four years.

25. ULTIMATE CONTROLLING PARTY

The immediate parent company of Banks and Lloyd (Shipping) Limited is BL Shipping (Holdings) Limited, a company registered in England & Wales.

During the year, the ultimate controlling party was the directors and shareholders of BLRV Limited, and no individual controls the company.

BLRV Limited is the smallest and largest group of undertakings to consolidate these financial statements at the 30 November 2024. Copies of the consolidated financial statements can be obtained from Companies House.

26. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
30.11.24 30.11.23
£    £   
Profit for the financial year 621,404 767,193
Dividends (411,000 ) (2,503,489 )
Net addition/(reduction) to shareholders' funds 210,404 (1,736,296 )
Opening shareholders' funds 5,820,175 7,556,471
Closing shareholders' funds 6,030,579 5,820,175