Company Registration No. 02507771 (England and Wales)
ALPI UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
ALPI UK LIMITED
COMPANY INFORMATION
Directors
P Albini
L Albini
U D Pedersen
Company number
02507771
Registered office
Alpi House
Miles Gray Road
Basildon
Essex
SS14 3HJ
Auditor
Rickard Luckin Limited
1st Floor
County House
100 New London Road
Chelmsford
Essex
CM2 0RG
ALPI UK LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Profit and loss account
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 27
ALPI UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

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

 

Strategy and business model

 

The Company is focused on continuing its growth in the UK market with increased revenue and a higher market share being long term goals. The market is continuously reviewed to ensure that potential opportunities are capitalised on.

 

The Company intends to continue its steady sales growth and improve profitability, building on the current strong customer base. The company will continue to be supported by Albini & Pitigliani group as part of the international Alpi network.

 

Business review

 

The results for the year and the financial position at the year end were considered satisfactory by the Directors against the background of the current trading conditions in the UK and European economies.

The Company's turnover has increased by 4.9% in the year ended 31 December 2024, however the gross profit margin decreased slightly from 29% to 27%.

 

The financial statements have been prepared on a going concern basis. The Directors have considered relevant information, including the annual budget, forecast future cash flow and the impact of subsequent events in making their assessment.

 

The forecast prepared supports the ability of the Company to remain a going concern and enables the Company to trade and meet its debts as they fall due. The Directors are of the opinion that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Principal risks and uncertainties

Treasury options

The Company operates a treasury function which is responsible for managing the liquidity and interest risks associated with the Company's activities. The Company keeps surplus cash on deposit at financial institutions that have credit ratings that meet the Directors' criteria.

 

Liquidity Risk

The Company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring that the Company has sufficient liquid resources to meet the operating needs of the business.

 

The Company benefits from being part of the Albini & Pitigliani group and cash borrowing requirements are also managed between group companies.

 

Interest rate risk

The Company is exposed to cash flow interest rate risk on its trading operations.

 

Credit risk

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are reviewed on a regular basis and a provision is made for doubtful debts when necessary.

 

Business risk

The Company has appropriate disaster recovery plans in place.

Foreign currency risk

The Company continues to routinely carry out business denominated in Euros and US dollars, as well as in Sterling. The Company's principal foreign currency exposures arise from trading with overseas suppliers. Most foreign transactions are entered into as Euro-denominated, this risk is balanced by invoicing UK transactions in Euros where appropriate.

 

ALPI UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Key performance indicators

The Directors use the following key performance indicators to measure the performance of this Company:

 

2024                 2023

         £           £

 

Turnover              51,241,127                   48,837,457

Gross profit 13,814,416          14,170,904

Net profit/(loss) before tax 1,488,026                  520,939

Capital expenditure 221,052      140,492

 

 

 

Other performance indicators

We consider service delivery and customer satisfaction to be the key non-financial performance indicators and the Directors are confident that both these have been achieved at a high level.

On behalf of the board

U D Pedersen
Director
8 May 2025
ALPI UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the Company continued to be that of national and international freight forwarding.

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 final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

P Albini
L Albini
U D Pedersen
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

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

 

 

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.

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 financial risk disclosures.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

ALPI UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
On behalf of the board
U D Pedersen
Director
8 May 2025
ALPI UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ALPI UK LIMITED
- 5 -
Opinion

We have audited the financial statements of Alpi UK Limited (the 'company') for the year ended 31 December 2024 which comprise the profit and loss account, the balance sheet, the statement of changes in equity, the 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:

Basis for opinion

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

ALPI UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ALPI UK LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors' report.

 

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:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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.

Capability of the audit in detecting irregularity, including fraud

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

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our: general commercial and sector experience; through verbal and written communications with those charged with governance and other management; and via inspection of the company’s regulatory and legal correspondence.

We discussed with those charged with governance and other management the policies and procedures regarding compliance with laws and regulations

We communicated identified laws and regulations to our team and remained alert to any indicators of non-compliance throughout the audit, we also specifically considered where and how fraud may occur within the company.

 

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the company is subject to laws and regulations that directly affect the financial statements, including: the company’s constitution, relevant financial reporting standards; company law; tax legislation and distributable profits legislation and we assess the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

ALPI UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ALPI UK LIMITED
- 7 -

Secondly the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines and penalties, or through losses arising from litigations. We identified the following areas as those most likely to have such an affect: employment legislation; health and safety legislation; trade and export legislation; data protection regulations; anti-bribery and corruption legislation; legislation covering freight forwarders including handling hazardous goods.

International Auditing Standards (UK) limit the required procedures to identify non-compliance with these laws and regulations to the procedures, and no procedures over and above those already noted are required. These limited procedures did not identify any actual or suspected non-compliance which laws and regulations that could have a material impact on the financial statements.

In relation to fraud, we performed the following specific procedures in addition to those already noted:

These procedures did not identify any actual or suspected fraudulent irregularity that could have a material impact on the financial statements.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with International Auditing Standards (UK). For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the procedures that we are required to undertake would identify it. In addition, as with any audit, there remains a high risk of non-detection of irregularities, as these might involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal controls. We are not responsible for preventing non-compliance with laws and regulations or fraud, and cannot be expected to detect non-compliance with all laws and regulations or every incidence of fraud.

ALPI UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ALPI UK LIMITED
- 8 -

Use of our report

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

Paul Forster (Senior Statutory Auditor)
for and on behalf of Rickard Luckin Limited
19 May 2025
Chartered Accountants
Statutory Auditor
1st Floor
County House
100 New London Road
Chelmsford
Essex
CM2 0RG
ALPI UK LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
51,241,127
48,837,457
Cost of sales
(37,425,972)
(34,666,553)
Gross profit
13,815,155
14,170,904
Administrative expenses
(12,739,827)
(13,853,136)
Other operating income
328,376
382,682
Exceptional item
4
(30,648)
(220,759)
Operating profit
5
1,373,056
479,691
Interest receivable and similar income
9
114,970
41,248
Profit before taxation
1,488,026
520,939
Tax on profit
10
(405,684)
(145,804)
Profit for the financial year
1,082,342
375,135

The profit and loss account has been prepared on the basis that all operations are continuing operations.

ALPI UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
5,254,200
5,408,263
Investments
12
1,438,202
9,969
6,692,402
5,418,232
Current assets
Debtors
15
8,912,686
7,765,846
Cash at bank and in hand
3,729,857
3,003,334
12,642,543
10,769,180
Creditors: amounts falling due within one year
16
(10,914,995)
(9,479,711)
Net current assets
1,727,548
1,289,469
Total assets less current liabilities
8,419,950
6,707,701
Creditors: amounts falling due after more than one year
17
(593,397)
-
0
Provisions for liabilities
Provisions
18
439,728
381,356
Deferred tax liability
19
146,128
167,990
(585,856)
(549,346)
Net assets
7,240,697
6,158,355
Capital and reserves
Called up share capital
20
800,000
800,000
Revaluation reserve
23
1,064,656
1,086,608
Profit and loss reserves
23
5,376,041
4,271,747
Total equity
7,240,697
6,158,355

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 8 May 2025 and are signed on its behalf by:
U D Pedersen
Director
Company registration number 02507771 (England and Wales)
ALPI UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2023
800,000
1,108,560
3,874,660
5,783,220
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
375,135
375,135
Excess depreciation transfer
-
(21,952)
21,952
-
Balance at 31 December 2023
800,000
1,086,608
4,271,747
6,158,355
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
1,082,342
1,082,342
Excess depreciation transfer
-
(21,952)
21,952
-
Balance at 31 December 2024
800,000
1,064,656
5,376,041
7,240,697
ALPI UK LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
26
1,255,268
(155,523)
Income taxes paid
(5,713)
(203,896)
Net cash inflow/(outflow) from operating activities
1,249,555
(359,419)
Investing activities
Purchase of tangible fixed assets
(221,052)
(140,492)
Purchase of subsidiaries
-
0
(9,219)
Purchase of associates
(416,950)
-
0
Interest received
114,970
41,248
Net cash used in investing activities
(523,032)
(108,463)
Net increase/(decrease) in cash and cash equivalents
726,523
(467,882)
Cash and cash equivalents at beginning of year
3,003,334
3,471,216
Cash and cash equivalents at end of year
3,729,857
3,003,334
ALPI UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
1
Accounting policies
Company information

Alpi UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Alpi House, Miles Gray Road, Basildon, Essex, SS14 3HJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.

The Company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The Directors have considered a period in excess of 12 months from the date of approval of the financial statements when making this assessment. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

 

Revenue for freight forwarding services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

In practice this is when the Company is reasonably sure the transaction has been completed. This is usually when the goods for which the Company has organised transport for have been confirmed as delivered or the Company has received supplier invoices relating to the physical movement of the goods.

ALPI UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold buildings
2-10% straight line
Plant and equipment
15% straight line
Computers
25% straight line

Freehold land is not depreciated.

 

The transitional provision of FRS 102 are being followed in that the Tangible Fixed Asset, Land & Buildings at Alpi House, Miles Gray Road, Basildon, Essex SS14 3HJ is included in the financial statements at deemed cost of £6,050,000, having previously been revalued to this figure in 2015.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

ALPI UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

ALPI UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

ALPI UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.12
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.

1.13
Retirement benefits

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

 

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

ALPI UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.14
Leases

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 leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.15
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.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Revenue recognition

Revenue is recognised in the period in which the services have been provided in accordance with the stage of completion of the contract. This is usually deemed to be the physical movement of the goods. Revenue is considered to be sufficiently certain at this date and is therefore recognised in the profit or loss account.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Depreciation

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Freight forwarding
51,241,127
48,837,457
ALPI UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Turnover and other revenue
(Continued)
- 19 -
2024
2023
£
£
Other significant revenue
Rent receivable
262,529
282,158
Sundry income
65,847
100,524
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
43,997,526
41,318,982
Rest of the world
7,243,601
7,518,475
51,241,127
48,837,457
4
Exceptional item
2024
2023
£
£
Expenditure
Roof repair
30,648
220,759

The exceptional item relates to extensive roof repairs that have been conducted on the main premises, including the removal of asbestos, which do not qualify as capital expenditure. This work has now been completed.

5
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(254,758)
(203,183)
Depreciation of owned tangible fixed assets
375,115
468,665
(Profit)/loss on disposal of tangible fixed assets
-
19,250
Operating lease charges
775,498
878,894
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
35,500
31,275
For other services
Taxation compliance services
19,870
2,875
ALPI UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
7
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Directors
3
3
Administration and warehouse
175
193
Total
178
196

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
6,435,325
6,811,050
Social security costs
638,020
677,906
Pension costs
469,948
437,690
7,543,293
7,926,646
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
111,245
135,378
Company pension contributions to defined contribution schemes
29,171
56,765
140,416
192,143

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).

9
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
114,970
37,352
Interest on overpaid taxation
-
0
3,896
Total income
114,970
41,248
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
114,970
37,352
ALPI UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
427,546
196,503
Adjustments in respect of prior periods
-
0
(35,937)
Total current tax
427,546
160,566
Deferred tax
Origination and reversal of timing differences
(21,862)
(14,762)
Total tax charge
405,684
145,804

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,488,026
520,939
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
372,007
130,235
Tax effect of expenses that are not deductible in determining taxable profit
10,033
(9,376)
Adjustments in respect of prior years
-
0
(35,937)
Effect of change in corporation tax rate
-
0
(12,360)
Permanent capital allowances in excess of depreciation
-
0
(711)
Depreciation on assets not qualifying for tax allowances
23,581
50,701
Change in unrecognised deferred tax assets
63
23,252
Taxation charge for the year
405,684
145,804
ALPI UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
11
Tangible fixed assets
Freehold buildings
Plant and equipment
Computers
Total
£
£
£
£
Cost
At 1 January 2024
7,432,332
1,063,380
369,734
8,865,446
Additions
133,167
44,734
43,151
221,052
Disposals
-
0
-
0
(3,484)
(3,484)
At 31 December 2024
7,565,499
1,108,114
409,401
9,083,014
Depreciation and impairment
At 1 January 2024
2,435,433
724,250
297,500
3,457,183
Depreciation charged in the year
221,853
109,069
44,193
375,115
Eliminated in respect of disposals
-
0
-
0
(3,484)
(3,484)
At 31 December 2024
2,657,286
833,319
338,209
3,828,814
Carrying amount
At 31 December 2024
4,908,213
274,795
71,192
5,254,200
At 31 December 2023
4,996,899
339,130
72,234
5,408,263
12
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
13
9,969
9,969
Investments in associates
14
1,428,233
-
0
1,438,202
9,969
Movements in fixed asset investments
Shares in subsidiaries and associates
£
Cost or valuation
At 1 January 2024
9,969
Additions
1,428,233
At 31 December 2024
1,438,202
Carrying amount
At 31 December 2024
1,438,202
At 31 December 2023
9,969
ALPI UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
13
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Alpi United Kingdom Limited
United Kingdom
Ordinary
100.00
Kuba Brokerage Solutions Sp. z o.o
Poland
Ordinary
60.00

As at 31 December 2024, the aggregate of the share capital and reserves for Alpi United Kingdom Limited was £1,000 and the profit or loss for the year ended on that date were £Nil.

 

As at 31 December 2024, the aggregate of the share capital and reserves for Kuba Brokerage Solutions Sp. z.o.o, was 118,641 PZL and the profit for the period ended on that date was 29,468 PZL.

14
Associates

Details of the company's associates at 31 December 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Alpi Ireland Limited
Ireland
Ordinary
45.00

During the year the company purchased 45% of the share capital Alpi Ireland for a total of €1,710,000 including cash consideration of €500,000 and deferred cash consideration of €1,210,000.

15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
7,078,783
5,899,722
Corporation tax recoverable
-
0
262,396
Amounts owed by group undertakings
861,423
718,445
Other debtors
474,606
475,400
Prepayments and accrued income
497,874
409,883
8,912,686
7,765,846
16
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
5,793,994
5,468,228
Amounts owed to group undertakings
2,399,263
1,603,071
Corporation tax
159,437
-
0
Other taxation and social security
925,672
1,372,222
Other creditors
749,147
261,720
Accruals and deferred income
887,482
774,470
10,914,995
9,479,711
ALPI UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
17
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
593,397
-
0
18
Provisions for liabilities
2024
2023
£
£
Dilapidation provision
439,728
381,356
Movements on provisions:
Dilapidation provision
£
At 1 January 2024
381,356
Additional provisions in the year
58,372
At 31 December 2024
439,728
19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
146,128
183,884
Short term timing differences
-
(15,894)
146,128
167,990
2024
Movements in the year:
£
Liability at 1 January 2024
167,990
Credit to profit or loss
(21,862)
Liability at 31 December 2024
146,128
ALPI UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
800,000
800,000
800,000
800,000
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
469,948
437,690

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Contributions totalling £67,773 (2023 - £64,973) were payable to the fund at the balance sheet date.

 

 

22
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
915,360
759,483
Between two and five years
2,920,669
2,437,190
In over five years
2,602,714
2,257,272
6,438,743
5,453,945
Lessor

The operating leases represent leases of freehold property to third parties. The leases are negotiated over terms of 6 months to five years and rentals are fixed for the period. There are no options in place for either party to extend the lease terms.

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2024
2023
£
£
Within one year
57,233
141,405
Between two and five years
135,363
269,721
192,596
411,126
ALPI UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
23
Reserves

Revaluation reserve

The revaluation reserve is a non-distributable fund resulting from the revaluation of the freehold property at transition date under FRS 102 transitional provisions.

 

Profit and loss account

The profit and loss reserve is the accumulation of realised profits and losses from the current and previous periods and is distributable.

24
Ultimate controlling party

The immediate and ultimate parent undertaking of the Company is Albini & Pitigliani S.P.A., a company incorporated in Italy. This company heads up the largest and smallest group for which consolidated financial statements are prepared. A copy of the consolidated financial statements can be obtained from 46 Viale G. Marcon, Prato 59100, Italy.

There is no ultimate controlling party.

25
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
1,007,741
1,124,475
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sales
Purchases
2024
2023
2024
2023
£
£
£
£
Fellow subsidiaries
1,151,099
240,884
2,128,030
3,552,637
Associated companies
316,380
1,505,340
2,044,625
2,257,306
1,467,479
1,746,224
4,172,655
5,809,943
Other information

At the year end the company owed £232,703 (2023: £248,959) to fellow subsidiary companies and was owed £512,843 (2023: £994) by fellow subsidiary companies. At the year end the company also owed £163,616 (2023: £33,365) to associated companies who are under common control and was owed £21,656 (2023: £157,147) by associated companies who are under common ownership. These amounts are included within other creditors and other debtors in these financial statements are fully payable and recoverable.

ALPI UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
26
Cash generated from/(absorbed by) operations
2024
2023
£
£
Profit after taxation
1,082,342
375,135
Adjustments for:
Taxation charged
405,684
145,804
Investment income
(114,970)
(41,248)
(Gain)/loss on disposal of tangible fixed assets
-
19,250
Depreciation and impairment of tangible fixed assets
375,114
468,665
Increase in provisions
58,372
381,356
Movements in working capital:
(Increase)/decrease in debtors
(1,409,235)
1,042,734
Increase/(decrease) in creditors
857,961
(2,547,219)
Cash generated from/(absorbed by) operations
1,255,268
(155,523)
27
Analysis of changes in net funds
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
3,003,334
726,523
3,729,857
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