Company registration number 01475410 (England and Wales)
TRADEWAY (SHIPPING) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
TRADEWAY (SHIPPING) LIMITED
COMPANY INFORMATION
Directors
Mr GH Gerber
Mr JE Heald
Secretary
Mr DW Whewell
Company number
01475410
Registered office
Town End Place
146 Lowtown
Pudsey
Leeds
West Yorkshire
United Kingdom
LS28 9AY
Auditor
Sedulo Audit Limited
Statutory Auditor
St Paul's House
23 Park Square
Leeds
West Yorkshire
United Kingdom
LS1 2ND
TRADEWAY (SHIPPING) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Income statement
9
Statement of financial position
10
Statement of changes in equity
11
Notes to the financial statements
12 - 20
TRADEWAY (SHIPPING) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 1 -
The directors present the strategic report for the year ended 28 February 2025.
Review of the business
The overriding issue facing the company, the whole sector, and indeed the world economy during the year to 28 February 2025 continued to be the ongoing war in the Ukraine, the Red Sea crisis and global supply chain problems more generally.
Principal risks and uncertainties
Tradeway Shipping, along with the rest of the logistics industry continue to be affected by the ongoing situations in the Middle East and Ukraine, which will likely continue to affect the wider global economy for a significant amount of time.
As discussed in note 1.2 to the financial statements, the directors consider the company is in a strong position to come through this period and fully expect the company to be able to meet any risks and uncertainties that arise.
The company mitigates its specific financial risks through the policies covered in detail in the Director’s Report.
Key performance indicators
The Directors consider the following to be Key Performance indicators:
1) Turnover
Year end 2025 £30.2m
Year end 2024 £24.7m
During FY24 we started to see falling freight rates due to overcapacity in the market, however, the impact of the Red Sea crisis increased freight rates sharply from October 2023 and then this was compounded when the major lines stopped transiting through the Suez Canal in December 2023. The full effect of this has been felt during FY25, given that the company has broadly maintained volumes during the year with turnover increasing to £30.2m from £24.7m in FY2024.
2) Gross profit margin
Year end 2025 12%
Year end 2024 16%
Gross profit margin, however, fell from 16% in FY24 to 12% in FY25, based on gross profits of £4m and £3.7m respectively. The ability of the company to secure long term favourable rates with shipping lines, whilst remaining competitive from a market perspective continues to remain the case, however, the Red Sea crisis continues to affect global freight rates and push down margin, where the additional charges cannot be passed on to customers.
The company also notes increased competition in the market generally, driven by the decline in the economy, which has led to reduced margins.
TRADEWAY (SHIPPING) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 2 -
Future developments
With uncertainty around Brexit fading given the agreement reached by the last Government with the European Union, and the Windsor framework, the company remains well positioned to deal with any future issues which may arise due to the majority of its business involving destinations outside of the European Union.
As noted, the ongoing situations in the Middle East and the Ukraine, continue to affect the wider global economy and will do for a significant amount of time, until the Suez Canal is back to operating at full capacity. Once this happens, the company is well placed to benefit from the reduced freight rates which will follow.
The company is confident that it has the working capital available in its financial reserves, based on increasing cash balances, and as discussed in note 1.2 to the financial statements, the directors consider that the company is in a strong position to come through this period, partly due to available working capital to and fully expect the company to be able to meet any risks and uncertainties that arise.
Mr JE Heald
Director
9 May 2025
TRADEWAY (SHIPPING) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 3 -
The directors present their annual report and financial statements for the year ended 28 February 2025.
Principal activities
The principal activity of the company continued to be that of freight forwarders.
Results and dividends
The total distribution for the year ended 28th February 2025 was £530,000 (2024 - £800,000).
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr GH Gerber
Mr JE Heald
Supplier payment policy
The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).
The company's current policy concerning the payment of trade creditors is to:
settle the terms of payment with suppliers when agreeing the terms of each transaction;
ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and
pay in accordance with the company's contractual and other legal obligations.
Trade creditors of the company at the year end were equivalent to 28 day's purchases, based on the average daily amount invoiced by suppliers during the year.
Financial risk management
The company’s operations expose it to a number of financial risks, which include credit risk and foreign exchange risk.
Foreign exchange risk
The company has potential exposure to foreign exchange risk, due to the global nature of its business. To mitigate the risk, the company operates a number of foreign currency bank accounts.
Credit risk
The company has implemented policies that require appropriate credit checks on customers before sales are made.
Post reporting date events
The directors are of the opinion that there are no significant post balance sheet events other than those disclosed at note 17.
Future developments
Future developments are considered in detail within the Strategic Report.
Auditor
Sedulo Audit Limited have expressed their willingness to continue in office as auditors and appropriate arrangements have been put in place for them to be deemed reappointed as auditors in the absence of an Annual General Meeting.
Energy and carbon report
As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.
TRADEWAY (SHIPPING) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 4 -
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.
On behalf of the board
Mr JE Heald
Director
9 May 2025
TRADEWAY (SHIPPING) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 5 -
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:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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.
TRADEWAY (SHIPPING) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TRADEWAY (SHIPPING) LIMITED
- 6 -
Opinion
We have audited the financial statements of Tradeway (Shipping) Limited (the 'company') for the year ended 28 February 2025 which comprise the income statement, the statement of financial position, the statement of changes in equity 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 101 Reduced Disclosure Framework (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 28 February 2025 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.
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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
TRADEWAY (SHIPPING) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TRADEWAY (SHIPPING) LIMITED (CONTINUED)
- 7 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
Enquiring of directors and inspection of policy documentation as to the Company's high-level policies and procedures to prevent and detect fraud, as well as whether they have knowledge of any actual, suspected or alleged fraud.
Reading Board and sub committee meeting minutes.
Considering remuneration incentive schemes and performance targets for management, directors and sales staff.
Using analytical procedures to identify any unusual or unexpected relationships.
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.
TRADEWAY (SHIPPING) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TRADEWAY (SHIPPING) LIMITED (CONTINUED)
- 8 -
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.
Sam Perkin (Senior Statutory Auditor)
For and on behalf of Sedulo Audit Limited, Statutory Auditor
Chartered Accountants
Statutory Auditor
St Paul's House
23 Park Square
Leeds
West Yorkshire
LS1 2ND
United Kingdom
9 May 2025
TRADEWAY (SHIPPING) LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 9 -
2025
2024
Notes
£
£
Revenue
3
30,208,399
24,745,974
Cost of sales
(26,461,975)
(20,738,697)
Gross profit
3,746,424
4,007,277
Administrative expenses
(2,298,279)
(2,284,678)
Other operating income
11,669
1,706
Operating profit
7
1,459,814
1,724,305
Investment income
88,979
429,040
Profit before taxation
1,548,793
2,153,345
Tax on profit
8
(388,407)
(444,790)
Profit and total comprehensive income for the financial year
1,160,386
1,708,555
TRADEWAY (SHIPPING) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
28 FEBRUARY 2025
28 February 2025
- 10 -
2025
2024
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
10
6,194
4,137
Investments
11
2,819,672
2,819,672
2,825,866
2,823,809
Current assets
Trade and other receivables
12
4,098,078
3,658,998
Cash and cash equivalents
3,564,408
3,535,497
7,662,486
7,194,495
Current liabilities
13
(2,650,893)
(2,812,034)
Net current assets
5,011,593
4,382,461
Total assets less current liabilities
7,837,459
7,206,270
Equity
Called up share capital
15
10,000
10,000
Capital redemption reserve
374
374
Other reserves
16
8,955
8,152
Retained earnings
7,818,130
7,187,744
Total equity
7,837,459
7,206,270
The financial statements were approved by the board of directors and authorised for issue on 9 May 2025 and are signed on its behalf by:
Mr JE Heald
Director
Company registration number 01475410 (England and Wales)
TRADEWAY (SHIPPING) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 11 -
Share capital
Capital redemption reserve
Other reserves
Retained earnings
Total
Notes
£
£
£
£
£
Balance at 1 March 2023
10,000
374
7,182
6,279,189
6,296,745
Year ended 28 February 2024:
Profit and total comprehensive income
-
-
-
1,708,555
1,708,555
Transactions with owners:
Dividends
9
-
-
-
(800,000)
(800,000)
Other movements
-
-
970
-
970
Balance at 28 February 2024
10,000
374
8,152
7,187,744
7,206,270
Year ended 28 February 2025:
Profit and total comprehensive income
-
-
-
1,160,386
1,160,386
Transactions with owners:
Dividends
9
-
-
-
(530,000)
(530,000)
Other movements
-
-
803
-
803
Balance at 28 February 2025
10,000
374
8,955
7,818,130
7,837,459
TRADEWAY (SHIPPING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 12 -
1
Accounting policies
Company information
Tradeway (Shipping) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Town End Place, 146 Lowtown, Pudsey, Leeds, West Yorkshire, United Kingdom, LS28 9AY. The company's principal activities and nature of its operations are disclosed in the directors' report.
1.1
Accounting convention
Basis of preparation
These financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
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 pound.
The financial statements show the results and financial position of the company only. The company has taken advantage of the exemption from preparing consolidated financial statements incorporating its subsidiary undertaking, SAI Logistics Limited as the results are included within consolidated financial statements prepared by the company's ultimate parent undertaking, Santova Limited, a company registered in South Africa.
Disclosure exemptions
The company has taken advantage of certain disclosure exemptions available under FRS 101 in relation to:
financial instruments where disclosure requirements appear in the group accounts;
fair value measurement;
share based payments;
the presentation of a cash flow statement and associated notes;
the presentation of comparative information in respect of tangible fixed assets;
capital management;
related party disclosures and transactions
Where required, equivalent disclosures are given in the group accounts of the ultimate parent company.
1.2
Going concern
The company has prepared forecasts for the next twelve months, taking into account possible fluctuations in market conditions arising from the ongoing situation in Ukraine and the Middle East, which indicate that the company is expected to continue to make profits. true
Moreover, the directors note that the company had significant cash reserves as at the year end and based on their forecasts they expect the company to be able to meet all its cash flow requirements, with no recourse required for additional third-party funding.
Accordingly, at the time of signing these accounts the Directors are of the opinion that the Company will remain viable for the foreseeable future and therefore these Financial Statements have been prepared on the going concern basis.
1.3
Revenue
Turnover comprises amounts invoiced for services provided, exclusive of value added tax, and covers fees, mark-ups, and the costs of shipping including custom duties, cartage and freight charges.
Turnover is recognised on the date when the company has fulfilled its performance obligation in relation to their contract with the customer i.e. the date on which good are shipped by the relevant shipping line.
TRADEWAY (SHIPPING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 13 -
1.4
Property, plant and equipment
Property, plant and equipment 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:
Fixtures and fittings
33% on cost
Plant and equipment
50% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.
1.5
Cash and cash equivalents
Cash and cash equivalents 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.
1.6
Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
The company only enters into transactions in 'basic' financial instruments which result in the recognition of assets and liabilities; these include trade and other debtors and creditors, bank balances, loans from banks and other third parties, and loans to related parties.
Basic financial assets (other than those classified as payable within one year) are initially measured at cost, and are subsequently carried at cost or amortised cost using the effective interest method, less any impairment losses. Basic financial assets classified as receivable within one year are not amortised.
Basic financial liabilities (other than those classified as payable within one year) are initially recognised at present value of future cash flows and subsequently at amortised costs using the effective interest method. Basic financial liabilities classified as payable within one year are not amortised.
Financial assets and liabilities are offset, with the net amounts reported 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.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
TRADEWAY (SHIPPING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 14 -
Deferred tax
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary 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.
1.9
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.
1.10
Foreign exchange
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. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies, are recognised in the income statement.
1.11
Investment in subsidiaries
Investments in subsidiaries are held at cost less 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.
2
Critical accounting estimates and judgements
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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below:
Impairment of debtors
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.
Impairment of the company's fixed asset investment
The directors have had to determine whether there are indications of impairment of the company's fixed asset Investment. The Directors, together with its parent undertaking, have considered the value of this investment in light of expected future returns and judge there are no indications of impairment.
Apart from the estimates above, the company was not required to make any additional critical judgements when applying its accounting policies.
TRADEWAY (SHIPPING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 15 -
3
Revenue
The turnover and profit before taxation are attributable to the one principal activity of the company. An analysis of turnover by geographical is given below:
2025
2024
£
£
Revenue analysed by geographical market
UK
22,184,588
18,217,364
Rest of World
8,023,811
6,528,610
30,208,399
24,745,974
Turnover comprises amounts invoiced for services provided, exclusive of value added tax, and covers fees, mark-ups, and the costs of shipping including custom duties, cartage and freight charges'.
4
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
17,000
13,450
For other services
Tax services
625
550
Other services
2,875
2,315
Total non-audit fees
3,500
2,865
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Administrative
17
18
Sales
8
8
Total
25
26
TRADEWAY (SHIPPING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
5
Employees
(Continued)
- 16 -
Their aggregate remuneration comprised:
2025
2024
£
£
Wages and salaries
1,246,777
1,247,671
Social security costs
127,696
115,255
Pension costs
108,252
121,946
1,482,725
1,484,872
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
162,967
159,401
Company pension contributions to defined contribution schemes
13,487
12,968
176,454
172,369
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024 - 1).
7
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(11,669)
(1,706)
Depreciation of property, plant and equipment
2,403
1,911
Operating leases
30,000
18,000
8
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
388,407
444,790
TRADEWAY (SHIPPING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
8
Taxation
(Continued)
- 17 -
The charge for the year can be reconciled to the profit per the income statement as follows:
2025
2024
£
£
Profit before taxation
1,548,793
2,153,345
Expected tax charge based on a corporation tax rate of 25.00% (2024: 25.00%)
387,198
538,336
Effect of expenses not deductible in determining taxable profit
9,433
10,027
Income not taxable
(100,000)
Effect of change in UK corporation tax rate
(9,100)
Under/(over) provided in prior years
(20,093)
11,422
Capital allowances in excess of depreciation
(514)
(684)
Other tax adjusments
12,383
(5,211)
Taxation charge for the year
388,407
444,790
Tax effects relating to effects of other comprehensive income
28.02.2025
Gross
Tax
Net
£
£
£
Share option scheme
803
-
803
29.02.2024
Gross
Tax
Net
£
£
£
Share option scheme
970
-
970
9
Dividends
2025
2024
2025
2024
Amounts recognised as distributions:
per share
per share
Total
Total
£
£
£
£
Oridinary shares
Interim dividend paid
53.00
80.00
530,000
800,000
TRADEWAY (SHIPPING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 18 -
10
Property, plant and equipment
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 March 2024
2,835
8,501
11,336
Additions
2,495
1,965
4,460
At 28 February 2025
5,330
10,466
15,796
Accumulated depreciation and impairment
At 1 March 2024
2,835
4,364
7,199
Charge for the year
416
1,987
2,403
At 28 February 2025
3,251
6,351
9,602
Carrying amount
At 28 February 2025
2,079
4,115
6,194
At 28 February 2024
4,137
4,137
11
Investments
Current
Non-current
2025
2024
2025
2024
£
£
£
£
Investments in subsidiaries
-
-
2,819,672
2,819,672
The company's investments at the Balance Sheet date in the share capital of companies include the following:
SAI Logistics Limited
Registered office: Unit D Libra Maidstone Kingston, Milton Keynes, MK10 0BD
Nature of business: Freight Forwarders
%
Class of shares: holding
Ordinary 100.00
TRADEWAY (SHIPPING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 19 -
12
Trade and other receivables
2025
2024
£
£
Trade receivables
3,666,050
3,237,457
VAT recoverable
53,346
50,490
Amounts owed by fellow group undertakings
39,726
177,421
Other receivables
14,015
16,421
Prepayments and accrued income
324,941
177,209
4,098,078
3,658,998
Transactions with group companies are conducted at arms length with standard credit terms.
13
Liabilities
2025
2024
Notes
£
£
Trade and other payables
14
2,468,399
2,654,593
Corporation tax
151,988
125,000
Other taxation and social security
30,506
32,441
2,650,893
2,812,034
14
Trade and other payables
2025
2024
£
£
Trade payables
1,992,649
2,146,730
Amounts owed to fellow group undertakings
94,911
64,136
Accruals and deferred income
371,906
434,390
Other payables
8,933
9,337
2,468,399
2,654,593
Transactions with group companies are conducted at arms length with standard credit terms.
15
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Oridinary shares of £1 each
10,000
10,000
10,000
10,000
Full voting and dividend rights are attached to the Ordinary shares.
TRADEWAY (SHIPPING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 20 -
16
Other reserves
2025
2024
£
£
At the beginning of the year
8,152
7,182
Vested share option
803
970
At the end of the year
8,955
8,152
Other reserves relate to a share options reserve awarded to a Director. These options have vested as at 28 February 2025. It is anticipated that these options will be exercised within 12 months of the date of these financial statements whereupon this reserve will be released to the profit and loss reserve.
17
Events after the reporting date
After 28 February 2025 but prior to the date of these financial statements the company received a dividend of £500,000 from its subsidiary undertaking SAI Logistics Limited.
18
Pension commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £108,252 (2024: £121,946). Contributions totaling £8,933 (2024: £8,475) were accrued at the year end.
19
Ultimate controlling party
The immediate parent undertaking is Santova International Holdings (PTY) Limited, registered in South Africa.
The ultimate parent undertaking and the smallest and largest group to consolidate these financial statements is Santova Limited, registered in South Africa. Consolidated financial statements, prepared in accordance with IFRS, are available from www.santova.com.
The company is under the control of the shareholders of Santova Limited, the company's ultimate parent undertaking.
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