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REGISTERED NUMBER: 04845404 (England and Wales)










Delivery Solutions (Delsol) Limited

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 30 November 2024






Delivery Solutions (Delsol) Limited (Registered number: 04845404)






Contents of the Consolidated Financial Statements
for the year ended 30 November 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Consolidated Income Statement 7

Consolidated Other Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 15


Delivery Solutions (Delsol) Limited

Company Information
for the year ended 30 November 2024







DIRECTORS: Mr S Walker
Mr K Jones
Ms K A Jones





SECRETARY: Mr S Walker





REGISTERED OFFICE: Bryn Warehouse
Griffiths Crossing
Caernarfon
Gwynedd
LL55 1TU





REGISTERED NUMBER: 04845404 (England and Wales)





AUDITORS: Salisbury & Company Business Solutions Limited
Statutory Auditors
Chartered Accountants
Irish Square
Upper Denbigh Road
St Asaph
Denbighshire
LL17 0RN

Delivery Solutions (Delsol) Limited (Registered number: 04845404)

Group Strategic Report
for the year ended 30 November 2024

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

The primary aims for Delivery Solutions (Delsol) Ltd in 2025 are prosperity for the company, controlled growth in all departments and improved customer and staff retention. We hope to exceed our forecasts, to enable cash generation sufficient to self-fund the growth over the year.

Goals will be achieved by measuring KPIs of the various departments and taking action to control or encourage individuals to achieve the best performance in their roles.

Our core business of APC parcels has been separated into a new facility in Deeside allowing for further growth in our parcels business whilst also easing performance reporting.

The Caernarfon facility has expanded to allow for growth in both the parcel and pallet business. We have high expectations that the relationship with APC parcels will flourish in 2025.

Our Pallet network business includes delivering for TPN and the Hazchem Network and has remained robust throughout the year. Our two pallet operating sites in Sandycroft and Caernarfon are primed for growth in 2025 with capacity available. Direct and brokered haulage project controlled growth this year.

Delsol International Ltd has been trading successfully since July 2024 and is gaining new business that opens up new markets for the Delsol group. We are very pleased with the progress made by this startup. Delsol International Ltd will post profits of £48,883 on a turnover of £276,305.

The HF Owen Transport business has had a successful year in 2024 posting profits of £43,675 on a turnover of £2,459,048. The relationship with Pallet Track is good and our depot recently won a number of awards at the annual awards ceremony. HF Owen's haulage and pallet networking businesses are showing good progress and we expect this to continue into 2025.


SUSTAINABILITY
We invest in the most modern fleet which is ULEZ compliant, we have introduced EV vans for parcel delivery and our FLT's/ Pallet trucks are electric. In the new Deeside facility this is aided by solar power generation. We have introduced the Delsol Eco Plan which enables local customers to have their local parcels delivered at reduced rates as this is a lower carbon option cutting out miles of unnecessary carriage.



RESPONSIBILITY
Delivery Solutions (Delsol) Limited is a large regional employer and service industry and we play a meaningful role in supporting many businesses in North Wales and the North West providing quality collection and delivery services across the UK and worldwide and we appreciate the significance of this role. We are an equal opportunities employer, we have defined career paths within the business allowing dynamic people to grow and prosper, and we have many long term staff who have made a career in the Delsol group.

REVIEW OF BUSINESS
The group saw a 14.2% increase in turnover during the year, with gross margin at 23% compared to 24% in 2023. The group made a profit before tax of £202,349 in 2024 compared to £467,309 in 2023. The overall net assets position remains strong.

PRINCIPAL RISKS AND UNCERTAINTIES
We believe uncertainty is a certainty in 2025 in many ways which may affect the wider economy and our region, however this is a very resilient business which can adapt and change as required. Government pressures on wage policy is an obvious issue from April this year. There is likely to be some pressure on cash flow from dilapidations as we exit our older unit in Sandycroft in May. The overall position however remains strong and we will have an eye on acquisition opportunities throughout this year.

ON BEHALF OF THE BOARD:





Mr S Walker - Director


4 June 2025

Delivery Solutions (Delsol) Limited (Registered number: 04845404)

Report of the Directors
for the year ended 30 November 2024

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

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of freight transport by road.

DIVIDENDS
The total distribution of dividends for the year ended 30 November 2024 will be £ 20,000 .

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 S Walker
Mr K Jones

Other changes in directors holding office are as follows:

Ms K A Jones - appointed 15 January 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

AUDITORS
The auditors, Salisbury & Company Business Solutions Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr S Walker - Director


4 June 2025

Report of the Independent Auditors to the Members of
Delivery Solutions (Delsol) Limited

Opinion
We have audited the financial statements of Delivery Solutions (Delsol) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 30 November 2024 and of the group's 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Report of the Independent Auditors to the Members of
Delivery Solutions (Delsol) Limited


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

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent 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:

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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned in accordance with ISA (UK).

We obtained an understanding of the legal and regulatory frameworks applicable to the group and the industry in which it operates through our general commercial and sector experience and discussions with management. We determined that the following laws and regulations were most significant: The Companies Act 2006, FRS 102 the 'Financial Reporting Standards applicable in the UK and Republic of Ireland' and relevant UK tax legislation. In addition, we concluded that there are certain laws and regulations that may have an effect on the determination of the amounts and disclosures within the financial statements such as Health and Safety laws and regulations.

We accessed the susceptibility of the group's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
- Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations or fraud;
- Obtain an understanding of the internal controls that management have in place to prevent and detect fraud;
- Challenging assumptions and judgements made by management in its significant accounting estimates;
- Reviewing the financial statement disclosures and assessing the appropriateness of the accounting policies used;
- Identifying and testing journal entries, in particular manual or unusual entries;
- Obtaining third party confirmations of all the companies banking arrangements;
- Performing analytical procedures to identify any unusual or unexpected relationships;
- Conclude on the appropriateness of the directors' use of the going concern basis of accounting.
The assessment of the appropriateness of the collective competence and capabilities of the engagement team included consideration of the engagements team's knowledge of the industry in which the client operates in and understanding of, and practical experience with, audit engagements of a similar nature and complexity through appropriate training and participation.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment.

Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

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
Delivery Solutions (Delsol) 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.




Mr Jeremy Salisbury (Senior Statutory Auditor)
for and on behalf of Salisbury & Company Business Solutions Limited
Statutory Auditors
Chartered Accountants
Irish Square
Upper Denbigh Road
St Asaph
Denbighshire
LL17 0RN

4 June 2025

Delivery Solutions (Delsol) Limited (Registered number: 04845404)

Consolidated
Income Statement
for the year ended 30 November 2024

2024 2023
Notes £    £   

TURNOVER 4 16,101,650 14,104,223

Cost of sales (12,348,571 ) (10,677,677 )
GROSS PROFIT 3,753,079 3,426,546

Distribution costs (718 ) (7,602 )
Administrative expenses (3,391,448 ) (2,831,588 )
360,913 587,356

Other operating income 524 21,563
OPERATING PROFIT 6 361,437 608,919


Interest payable and similar expenses 7 (159,088 ) (141,610 )
PROFIT BEFORE TAXATION 202,349 467,309

Tax on profit 8 (54,559 ) (94,682 )
PROFIT FOR THE FINANCIAL YEAR 147,790 372,627
Profit attributable to:
Owners of the parent 116,994 372,627
Non-controlling interests 30,796 -
147,790 372,627

Delivery Solutions (Delsol) Limited (Registered number: 04845404)

Consolidated
Other Comprehensive Income
for the year ended 30 November 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 147,790 372,627


OTHER COMPREHENSIVE INCOME
RE - valuation of property - 698,593
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX

-

698,593
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

147,790

1,071,220

Total comprehensive income attributable to:
Owners of the parent 116,949 1,071,220
Non-controlling interests 30,841 -
147,790 1,071,220

Delivery Solutions (Delsol) Limited (Registered number: 04845404)

Consolidated Balance Sheet
30 November 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 11 94,465 101,285
Tangible assets 12 3,462,012 3,197,990
Investments 13 - -
3,556,477 3,299,275

CURRENT ASSETS
Debtors 14 2,644,035 2,385,484
Cash at bank and in hand 235,055 438,740
2,879,090 2,824,224
CREDITORS
Amounts falling due within one year 15 2,810,814 2,536,418
NET CURRENT ASSETS 68,276 287,806
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,624,753

3,587,081

CREDITORS
Amounts falling due after more than one
year

16

(488,412

)

(633,134

)

PROVISIONS FOR LIABILITIES 20 (145,076 ) (90,517 )
NET ASSETS 2,991,265 2,863,430

CAPITAL AND RESERVES
Called up share capital 21 800 800
Fair value reserve 22 698,593 698,593
Retained earnings 22 2,261,031 2,164,037
SHAREHOLDERS' FUNDS 2,960,424 2,863,430

NON-CONTROLLING INTERESTS 30,841 -
TOTAL EQUITY 2,991,265 2,863,430

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





Mr S Walker - Director


Delivery Solutions (Delsol) Limited (Registered number: 04845404)

Company Balance Sheet
30 November 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 3,274,495 3,133,365
Investments 13 76,633 76,578
3,351,128 3,209,943

CURRENT ASSETS
Debtors 14 2,278,213 2,078,602
Cash at bank and in hand 135,816 408,844
2,414,029 2,487,446
CREDITORS
Amounts falling due within one year 15 2,403,423 2,219,724
NET CURRENT ASSETS 10,606 267,722
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,361,734

3,477,665

CREDITORS
Amounts falling due after more than one
year

16

(420,457

)

(628,500

)

PROVISIONS FOR LIABILITIES 20 (106,637 ) (78,501 )
NET ASSETS 2,834,640 2,770,664

CAPITAL AND RESERVES
Called up share capital 21 800 800
Fair value reserve 22 698,593 698,593
Retained earnings 22 2,135,247 2,071,271
SHAREHOLDERS' FUNDS 2,834,640 2,770,664

Company's profit for the financial year 83,976 339,430

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





Mr S Walker - Director


Delivery Solutions (Delsol) Limited (Registered number: 04845404)

Consolidated Statement of Changes in Equity
for the year ended 30 November 2024

Called up Fair
share Retained value
capital earnings reserve
£    £    £   
Balance at 1 December 2022 800 1,828,610 -

Changes in equity
Dividends - (37,200 ) -
Total comprehensive income - 372,627 698,593
Balance at 30 November 2023 800 2,164,037 698,593

Changes in equity
Dividends - (20,000 ) -
Total comprehensive income - 116,994 -
Balance at 30 November 2024 800 2,261,031 698,593
Non-controlling Total
Total interests equity
£    £    £   
Balance at 1 December 2022 1,829,410 - 1,829,410

Changes in equity
Dividends (37,200 ) - (37,200 )
Total comprehensive income 1,071,220 - 1,071,220
Balance at 30 November 2023 2,863,430 - 2,863,430

Changes in equity
Dividends (20,000 ) - (20,000 )
Total comprehensive income 116,994 30,841 147,835
Balance at 30 November 2024 2,960,424 30,841 2,991,265

Delivery Solutions (Delsol) Limited (Registered number: 04845404)

Company Statement of Changes in Equity
for the year ended 30 November 2024

Called up Fair
share Retained value Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 December 2022 800 1,769,041 - 1,769,841

Changes in equity
Dividends - (37,200 ) - (37,200 )
Total comprehensive income - 339,430 698,593 1,038,023
Balance at 30 November 2023 800 2,071,271 698,593 2,770,664

Changes in equity
Dividends - (20,000 ) - (20,000 )
Total comprehensive income - 83,976 - 83,976
Balance at 30 November 2024 800 2,135,247 698,593 2,834,640

Delivery Solutions (Delsol) Limited (Registered number: 04845404)

Consolidated Cash Flow Statement
for the year ended 30 November 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 904,619 975,769
Interest paid (63,198 ) (65,987 )
Interest element of hire purchase payments
paid

(95,890

)

(75,623

)
Tax paid (80,323 ) (27,053 )
Net cash from operating activities 665,208 807,106

Cash flows from investing activities
Purchase of tangible fixed assets (690,405 ) (474,174 )
Sale of tangible fixed assets 32,758 87,118
Net cash from investing activities (657,647 ) (387,056 )

Cash flows from financing activities
Loan repayments in year (258,539 ) (195,985 )
Capital repayments in year 142,104 25,301
Amount introduced/withdrawn by directors (74,811 ) (51,953 )
Equity dividends paid (20,000 ) (37,200 )
Net cash from financing activities (211,246 ) (259,837 )

(Decrease)/increase in cash and cash equivalents (203,685 ) 160,213
Cash and cash equivalents at beginning
of year

2

438,740

278,527

Cash and cash equivalents at end of year 2 235,055 438,740

Delivery Solutions (Delsol) Limited (Registered number: 04845404)

Notes to the Consolidated Cash Flow Statement
for the year ended 30 November 2024

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

2024 2023
£    £   
Profit before taxation 202,349 467,309
Depreciation charges 420,088 403,262
Profit on disposal of fixed assets (19,643 ) (54,733 )
Finance costs 159,088 141,610
761,882 957,448
Increase in trade and other debtors (167,544 ) (216,961 )
Increase in trade and other creditors 310,281 235,282
Cash generated from operations 904,619 975,769

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 235,055 438,740
Year ended 30 November 2023
30/11/23 1/12/22
£    £   
Cash and cash equivalents 438,740 278,527


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/12/23 Cash flow At 30/11/24
£    £    £   
Net cash
Cash at bank and in hand 438,740 (203,685 ) 235,055
438,740 (203,685 ) 235,055
Debt
Finance leases (549,441 ) (142,104 ) (691,545 )
Debts falling due within 1 year (239,087 ) 108,598 (130,489 )
Debts falling due after 1 year (400,542 ) 149,941 (250,601 )
(1,189,070 ) 116,435 (1,072,635 )
Total (750,330 ) (87,250 ) (837,580 )

Delivery Solutions (Delsol) Limited (Registered number: 04845404)

Notes to the Consolidated Financial Statements
for the year ended 30 November 2024

1. STATUTORY INFORMATION

Delivery Solutions (Delsol) 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 General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Basis of consolidation
The financial statements consolidate the accounts of Delivery Solutions (Delsol) Limited and its subsidiary undertaking H F Owen Transport & Storage Limited. All intra-group transactions, balances, income and expenses are eliminated in full on consolidation.

Investments in subsidiaries are accounted for at the cost of investment less provision for impairment.

The parent company is included in the consolidated financial statements and is considered to be a qualifying entity under FRS 102 paragraphs 1.8 to 1.12. The following exemptions available under FRS 102 in respect of certain disclosures for the parent company financial statements have been applied:

- No separate parent company Cash Flow Statement with related notes is included;
- Key Management Personnel compensation has not been included a second time; and
- Certain disclosures required by FRS 102.11 Basic Financial Instruments and FRS 102.12 Other Financial Instrument Issues

Related party exemption
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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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


Land and Buildings - 2% Straightline
Plant and Machinery - 10% Straightline/25% Reducing balance
Fixtures and Fittings - 10% Straightline/25% Reducing balance
Motor Vehicles - 25% Straightline/25% Reducing balance


Delivery Solutions (Delsol) Limited (Registered number: 04845404)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 November 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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.

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 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.

Hire purchase and leasing commitments
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 group operates a defined contribution pension scheme. Contributions payable to the group'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.

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

Employee benefits
Short term employee benefits and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. These estimates and assumptions are based on historical experience and other factors that are considered to be relevant.

Critical accounting judgements in applying the company's accounting policies:

In the course of preparing the financial statements, no judgements have been made in the process of applying the Company's accounting policies, other than those involving estimations (which are dealt with separately below).

Source of estimation uncertainty and judgements involving estimations:

The company does not have any key assumptions concerning the future, or other key sources of estimation uncertainty in the reporting period that may have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year.

Delivery Solutions (Delsol) Limited (Registered number: 04845404)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 November 2024

4. TURNOVER

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

The turnover represents the provision of parcel delivery and storage services during the period.

All turnover arose within the United Kingdom.

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 4,768,191 4,051,682
Social security costs 452,090 331,847
5,220,281 4,383,529

The average number of employees during the year was as follows:
2024 2023

Directors 3 2
Management and Administrative Staff 38 35
Drivers and Warehouse Staff 118 103
159 140

2024 2023
£    £   
Directors' remuneration 142,907 46,311

6. OPERATING PROFIT

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

2024 2023
£    £   
Other operating leases 340,187 337,647
Depreciation - owned assets 104,110 202,268
Depreciation - assets on hire purchase contracts 309,158 195,146
Profit on disposal of fixed assets (19,643 ) (54,733 )
Goodwill amortisation 6,820 5,848
Auditors' remuneration 11,000 11,330
Auditors' remuneration for non audit work 4,496 12,695

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 51,986 56,644
Factoring interest 11,212 9,343
Hire Purchase interest 95,890 75,623
159,088 141,610

Delivery Solutions (Delsol) Limited (Registered number: 04845404)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 November 2024

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax - 80,323

Deferred tax 54,559 14,359
Tax on profit 54,559 94,682

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:

2024 2023
£    £   
Profit before tax 202,349 467,309
Profit multiplied by the standard rate of corporation tax in the UK of 22 %
(2023 - 23.010 %)

44,517

107,528

Effects of:
Expenses not deductible for tax purposes 477 -
Income not taxable for tax purposes (4,429 ) (12,594 )
Capital allowances in excess of depreciation (47,331 ) (14,611 )
Deferred tax charge 54,559 14,359
Group tax relief 6,766 -
Total tax charge 54,559 94,682

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 30 November 2024.

2023
Gross Tax Net
£    £    £   
RE - valuation of property 698,593 - 698,593

9. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


10. DIVIDENDS
2024 2023
£    £   
Final 20,000 37,200

Delivery Solutions (Delsol) Limited (Registered number: 04845404)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 November 2024

11. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 December 2023
and 30 November 2024 125,954
AMORTISATION
At 1 December 2023 24,669
Amortisation for year 6,820
At 30 November 2024 31,489
NET BOOK VALUE
At 30 November 2024 94,465
At 30 November 2023 101,285

12. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 December 2023 2,449,872 313,403 143,569 1,968,163 4,875,007
Additions 114,646 23,283 57,404 495,072 690,405
Disposals - (3,950 ) - (418,750 ) (422,700 )
At 30 November 2024 2,564,518 332,736 200,973 2,044,485 5,142,712
DEPRECIATION
At 1 December 2023 132,872 144,673 91,579 1,307,893 1,677,017
Charge for year 20,021 36,803 12,704 343,740 413,268
Eliminated on disposal - (3,950 ) - (405,635 ) (409,585 )
At 30 November 2024 152,893 177,526 104,283 1,245,998 1,680,700
NET BOOK VALUE
At 30 November 2024 2,411,625 155,210 96,690 798,487 3,462,012
At 30 November 2023 2,317,000 168,730 51,990 660,270 3,197,990

Land and property were valued as at the 30th November 2023 by Legat Owen on the 26th of February 2024.The Directors are of the opinion that the valuation is accurate as at the year end.

Delivery Solutions (Delsol) Limited (Registered number: 04845404)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 November 2024

12. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 December 2023 94,210 1,857,881 1,952,091
Additions 16,118 361,663 377,781
Disposals - (266,353 ) (266,353 )
At 30 November 2024 110,328 1,953,191 2,063,519
DEPRECIATION
At 1 December 2023 33,893 1,114,461 1,148,354
Charge for year 10,648 298,510 309,158
Eliminated on disposal - (253,238 ) (253,238 )
At 30 November 2024 44,541 1,159,733 1,204,274
NET BOOK VALUE
At 30 November 2024 65,787 793,458 859,245
At 30 November 2023 60,317 743,420 803,737

Company
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 December 2023 2,449,872 326,811 122,729 2,069,668 4,969,080
Additions 101,087 4,210 51,769 364,158 521,224
Disposals - - - (307,646 ) (307,646 )
At 30 November 2024 2,550,959 331,021 174,498 2,126,180 5,182,658
DEPRECIATION
At 1 December 2023 132,872 187,348 91,262 1,424,233 1,835,715
Charge for year 18,412 24,515 9,662 317,982 370,571
Eliminated on disposal - - - (298,123 ) (298,123 )
At 30 November 2024 151,284 211,863 100,924 1,444,092 1,908,163
NET BOOK VALUE
At 30 November 2024 2,399,675 119,158 73,574 682,088 3,274,495
At 30 November 2023 2,317,000 139,463 31,467 645,435 3,133,365

Delivery Solutions (Delsol) Limited (Registered number: 04845404)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 November 2024

12. TANGIBLE FIXED ASSETS - continued

Company

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 December 2023 60,210 1,803,777 1,863,987
Additions - 361,663 361,663
Disposals - (212,249 ) (212,249 )
At 30 November 2024 60,210 1,953,191 2,013,401
DEPRECIATION
At 1 December 2023 18,611 1,083,174 1,101,785
Charge for year 5,320 291,695 297,015
Eliminated on disposal - (202,726 ) (202,726 )
At 30 November 2024 23,931 1,172,143 1,196,074
NET BOOK VALUE
At 30 November 2024 36,279 781,048 817,327
At 30 November 2023 41,599 720,603 762,202

13. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 December 2023 76,578
Additions 76
Disposals (21 )
At 30 November 2024 76,633
NET BOOK VALUE
At 30 November 2024 76,633
At 30 November 2023 76,578

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

Subsidiaries

H F Owen Transport and Storage Limited
Registered office: Ddol Farm, Bethel, Caernarfon, Gwynedd, LL55 1UN
Nature of business: Transport and Storage
%
Class of shares: holding
Ordinary 81.00

Delsol International Limited
Registered office: Bryn Warehouse, Griffiths Crossing, Caernarfon, Gwynedd,LL55 1TU
Nature of business: Other transportation support activities
%
Class of shares: holding
Ordinary A 55.00


Delivery Solutions (Delsol) Limited (Registered number: 04845404)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 November 2024

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 2,484,759 2,268,355 2,063,156 1,895,675
Amounts owed by group undertakings - 1 116,446 100,001
Other debtors 45 - - -
Tax 10,685 (80,323 ) - (70,695 )
Prepayments 148,546 197,451 98,611 153,621
2,644,035 2,385,484 2,278,213 2,078,602

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 17) 130,489 239,087 130,489 239,087
Hire purchase contracts (see note 18) 453,734 316,849 367,723 289,454
Trade creditors 1,103,699 1,015,391 881,907 818,341
Factoring account 251,493 (56,865 ) 251,493 (56,865 )
Tax - (10,685 ) - -
Social security and other taxes 97,300 72,910 81,975 62,111
VAT 211,669 195,866 168,942 152,691
Other creditors 8,298 7,492 7,028 7,492
Directors' current accounts 364,468 439,279 364,468 439,279
Accrued expenses 189,664 317,094 149,398 268,134
2,810,814 2,536,418 2,403,423 2,219,724

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 17) 250,601 400,542 250,601 400,542
Hire purchase contracts (see note 18) 237,811 232,592 169,856 227,958
488,412 633,134 420,457 628,500

17. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 130,489 239,087 130,489 239,087
Amounts falling due between two and five years:
Bank loans - 2-5 years 250,601 400,542 250,601 400,542

Delivery Solutions (Delsol) Limited (Registered number: 04845404)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 November 2024

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 453,734 316,849
Between one and five years 237,811 232,592
691,545 549,441

Company
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 367,723 289,454
Between one and five years 169,856 227,958
537,579 517,412

19. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans 381,090 639,629 381,090 639,629
Hire purchase contracts 691,545 549,441 537,579 517,412
1,072,635 1,189,070 918,669 1,157,041

Delivery Solutions (Delsol) Limited has a Limited Guarantee given by the directors for £80,000 dated 25 July 2007.

Barclays Bank PLC hold a fixed charge over Bryn Farm, Bethel dated 27 January 2006, a charge over APC Chester dated 29 October 2010 and a charge over Project House in Sandycroft dated 24 September 2013.

Barclays Bank PLC hold both a fixed and floating charge over which covers all the property or undertaking of H F Owen Transport and Storage Limited dated 21 January 2021.

20. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax 145,076 90,517 106,637 78,501

Group
Deferred
tax
£   
Balance at 1 December 2023 90,517
Provided during year 54,559
Change in tax rate
Balance at 30 November 2024 145,076

Delivery Solutions (Delsol) Limited (Registered number: 04845404)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 November 2024

20. PROVISIONS FOR LIABILITIES - continued

Company
Deferred
tax
£   
Balance at 1 December 2023 78,501
Provided during year 28,136
Change in tax rate
Balance at 30 November 2024 106,637

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
800 Ordinary £1 800 800

22. RESERVES

Group
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 December 2023 2,164,037 698,593 2,862,630
Profit for the year 116,994 116,994
Dividends (20,000 ) (20,000 )
At 30 November 2024 2,261,031 698,593 2,959,624

Company
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 December 2023 2,071,271 698,593 2,769,864
Profit for the year 83,976 83,976
Dividends (20,000 ) (20,000 )
At 30 November 2024 2,135,247 698,593 2,833,840


23. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 November 2024 and 30 November 2023:

2024 2023
£    £   
Mr S Walker
Balance outstanding at start of year 439,279 491,416
Amounts advanced 20,000 37,200
Amounts repaid (94,811 ) (89,337 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 364,468 439,279

Delivery Solutions (Delsol) Limited (Registered number: 04845404)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 November 2024

23. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

Mr R A Parry
Balance outstanding at start of year - 183
Amounts repaid - (183 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

24. RELATED PARTY DISCLOSURES

Directors

S Walker, a director and shareholder, received dividends during the year totalling £20,000

25. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr S Walker since September 2022.