| 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 |
| 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: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 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: |
| 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. |
| Other changes in directors holding office are as follows: |
| 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: |
| 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. |
| for and on behalf of |
| Statutory Auditors |
| Chartered Accountants |
| Irish Square |
| Upper Denbigh Road |
| St Asaph |
| Denbighshire |
| LL17 0RN |
| 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 |
| 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 |
| Investments | 13 |
| CURRENT ASSETS |
| Debtors | 14 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 15 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
16 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 20 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 21 |
| Fair value reserve | 22 |
| Retained earnings | 22 |
| SHAREHOLDERS' FUNDS |
| 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 |
| 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 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - |
| Balance at 30 November 2023 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - |
| Balance at 30 November 2024 |
| 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 |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 |
| 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 |
| 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 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 30 November 2024 |
| DEPRECIATION |
| At 1 December 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 30 November 2024 |
| NET BOOK VALUE |
| At 30 November 2024 |
| At 30 November 2023 |
| 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 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 30 November 2024 |
| DEPRECIATION |
| At 1 December 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 30 November 2024 |
| NET BOOK VALUE |
| At 30 November 2024 |
| At 30 November 2023 |
| 13. | FIXED ASSET INVESTMENTS |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 December 2023 |
| Additions |
| Disposals | ( |
) |
| At 30 November 2024 |
| NET BOOK VALUE |
| At 30 November 2024 |
| At 30 November 2023 |
| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Subsidiaries |
| Registered office: Ddol Farm, Bethel, Caernarfon, Gwynedd, LL55 1UN |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: Bryn Warehouse, Griffiths Crossing, Caernarfon, Gwynedd,LL55 1TU |
| Nature of business: |
| % |
| Class of shares: | holding |
| 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 |
| Amounts owed by group undertakings | - | 1 |
| Other debtors | 45 | - |
| Tax | 10,685 | (80,323 | ) | ( |
) |
| Prepayments | 148,546 | 197,451 |
| 2,644,035 | 2,385,484 |
| 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 |
| Hire purchase contracts (see note 18) | 453,734 | 316,849 |
| Trade creditors | 1,103,699 | 1,015,391 |
| Factoring account | 251,493 | (56,865 | ) | 251,493 | (56,865 | ) |
| Tax | - | (10,685 | ) |
| Social security and other taxes | 97,300 | 72,910 |
| VAT | 211,669 | 195,866 | 168,942 | 152,691 |
| Other creditors | 8,298 | 7,492 |
| Directors' current accounts | 364,468 | 439,279 | 364,468 | 439,279 |
| Accrued expenses | 189,664 | 317,094 |
| 2,810,814 | 2,536,418 |
| 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 |
| Hire purchase contracts (see note 18) | 237,811 | 232,592 |
| 488,412 | 633,134 |
| 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 |
| Amounts falling due between two and five | years: |
| Bank loans - 2-5 years | 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 |
| Between one and five years |
| 19. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Bank loans | 381,090 | 639,629 |
| Hire purchase contracts | 691,545 | 549,441 | 537,579 | 517,412 |
| 1,072,635 | 1,189,070 |
| 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 |
| Provided during year |
| Change in tax rate |
| Balance at 30 November 2024 |
| 21. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| 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 | 2,769,864 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| At 30 November 2024 | 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. |