Company Registration No. 03131583 (England and Wales)
S.T.I. (U.K.) Limited
Annual report and financial statements
for the year ended 31 December 2024
S.T.I. (U.K.) Limited
Company information
Directors
Pierre Henry
Kai Schuettke
Secretary
Christina White
Company number
03131583
Registered office
Punchbowl 130
Punchbowl Park
Cherry Tree Lane
Hemel Hempstead
United Kingdom
HP2 7EU
Independent auditor
Saffery LLP
St John's Court
Easton Street
High Wycombe
HP11 1JX
S.T.I. (U.K.) Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11 - 22
S.T.I. (U.K.) Limited
Strategic report
For the year ended 31 December 2024
1

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

Review of the business

The directors are satisfied with the results for the year and do not envisage any major change in the conduct of the business over the next twelve months.

 

The Company continues to provide supply chain services to customers in four core sectors: chilled food and drink, freight forwarding, retail logistics and group related activities. The Company's market proposition covers a broad spectrum of supply chain solutions specifically designed for the customer from the design stage to execution.

 

The logistics sector has experienced little growth during the year but it is anticipated there will be an increase in business confidence during the later part of 2025. The dedicated haulier fleet continues to ensure service levels are maintained whilst remaining cost effective. S.T.I. (U.K.) Limited remains focused on providing sustainable and adaptable logistics solutions to its existing and new customer base.

 

STIlive, the digital track and trace and ETA (estimated time of arrival) system continues to provide delivery optimisation and increased efficiency for planning transport and execution. Due to the move from Transporean to Shippeo for RTV (Real Time Visibility) the target rollout to track 85% of journeys by Q3 2024 was revised to tracking 70% of journeys by Q3 2025. The current statistics reflect 46.67% completely tracked and 13.33% partially tracked deliveries and is steadily increasing each month. All S.T.I.(U.K.) Limited hauliers have access to STILive. In addition, 76% of hauliers have access to STILive to upload invoices for auto-booking via ELO. Full transparency with an overview of transport status at any time and the ability to adapt to changing circumstances quickly will continue to be a focus during 2025 with the progression of rolling out the platform to customers.

 

ST.I. (U.K.) Limited has continued to identify opportunities to reduce the impact of its business on the environment. To reduce CO2 emissions during the year, the Company continues to incorporate rail options and increased containerisation to the solution portfolio, this option also provides the benefit of increasing pallet carrying capacity and reducing road mileage, tyre wear and fuel consumption. Electric trailers will be added to the transport options available in an effort to promote sustainability.

 

Results and dividends are noted in the Directors’ Report on pages 3 to 4.

Principal risks and uncertainties

Management meets regularly to discuss risks on the business and communicate this monthly to the parent company. The main areas affecting the business are:

 

Treasury policies

The objectives of the Company are to manage the Company's financial risk, secure cost-effective funding for the Company's operations, and to minimise the adverse effects of fluctuations in the financial markets on the Company's financial assets and liabilities, on reported profitability, and on the cash flows of the Company.

 

Financial instruments

The Company's financial instruments comprise cash and liquid resources, balances, with group undertakings and various items such as trade debtors and trade creditors, which arise directly from its operations.

 

The main risks arising from the Company's financial instruments are interest rate risk and liquidity risk. All the Company's transactions predominantly are in sterling. The Board reviews and agrees policies for managing these risks as summarised below.

S.T.I. (U.K.) Limited
Strategic report (continued)
For the year ended 31 December 2024
2

Market risk

A significant portion of the Company's revenue is generated through one key customer. Management continues to focus on increasing its customer base to mitigate this risk.

 

Liquidity risk

The Company finances its operations through a mixture of retained profits and balances with group undertakings.

 

Interest rate risk

No other interest-bearing assets except cash. The Company does not trade in financial instruments and has no form of derivatives.

Price risk

The Company's exposure is limited by agreed prices generally fixed for a period of 1 year.

Development and performance

The directors aim to maintain the management policies which have contributed to the results for the year. They anticipate continued improvements in the results through continuing operations and further efficiencies.

 

In 2025, the directors are continuing to pursue the growth of the Pharma division of its business by acquiring GDP accreditation and drawing on the experience of the pharma experts within the S.T.I. network to understand the rules of engagement for pharma customers and ensuring their expectations are addressed.

 

The directors have a reasonable expectation that the Company has access to adequate resources to continue in operational existence for the foreseeable future.

Key performance indicators

The Company's key financial indicators and other performance indicators during the year were as follows:

2024
2023
Change
Turnover (£000)
40,574
40,669
(0.2%)
Profit before taxation (£000)
1,411
1,406
0.4%
Average monthly number of employees
46
44
4.6%
Other information and explanations

S.T.I. (U.K.) Limited is funded by way of share capital and participates in the Group Cash pooling arrangement. As part of this arrangement the Company held £366,973 of available credit at the Balance Sheet Date (2023 - £107,595) in the form of intercompany creditors.

On behalf of the board

Pierre Henry
Director
11 June 2025
S.T.I. (U.K.) Limited
Directors' report
For the year ended 31 December 2024
3

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

Principal activities

The principal activity of the Company continued to be that of the provision of supply chain services.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £1,072k (2023 - £815k).

Directors

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

Pierre Henry
Kai Schuettke
Employee involvement

The Company recognises the importance of encouraging all employees to contribute to the achievements of the Company. It has a comprehensive set of employment practices designed to achieve that objective.

 

In particular, the Company's equal opportunities policy is designed to create an environment in which all employees are encouraged to develop their individual potential whatever their sex, race, religion, colour, age or disability. The same opportunities for training, career development and promotion are available to all employees including those with disabilities, in so far as that disability does not prevent them from performing their job or any suitable alternative available job. Applications for employment by disabled persons are always fully considered bearing in mind the respective aptitudes and abilities of the applicant concerned.

 

Consultation and communication with employees or their representatives take place at all levels as appropriate to the Company's businesses. These are designed to ensure that employees' views are taken into account when decisions are made that are likely to affect their interests.

 

The Company attaches great importance to the quality of its communications with all employees. Employees are provided with information about the performance of the Company through a variety of briefing mechanisms appropriate to their circumstances.

Auditor

Saffery LLP were appointed as auditor to the company and have expressed their willingness to continue in office.

Going concern

The Directors believe that preparing the financial statements on the going concern basis is appropriate due to the Company's abilities to meet its day-to-day working capital requirements. The Company's forecasts and projections, taking account of reasonably possible changes in trading performance show that the Company would be able to operate within the level of its current facilities. The Directors have a reasonable expectation that the Company has access to adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.

 

In addition, based on the various scenarios reviewed by the Directors, including a pessimistic yet plausible downside scenario which models no growth in operational activity against the current forecasted performance the Directors expect the Company to continue to have sufficient liquidity. The Company therefore continues to adopt the going concern basis in preparing its financial statements.

S.T.I. (U.K.) Limited
Directors' report (continued)
For the year ended 31 December 2024
4
Statement of directors' responsibilities

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

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

 

Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

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

Strategic report

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

Statement of disclosure to auditor

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

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Pierre Henry
Director
11 June 2025
S.T.I. (U.K.) Limited
Independent auditor's report
To the members of S.T.I. (U.K.) Limited
5
Opinion

We have audited the financial statements of S.T.I. (U.K.) Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

 

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

 

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

S.T.I. (U.K.) Limited
Independent auditor's report (continued)
To the members of S.T.I. (U.K.) Limited
6

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

 

Matters on which we are required to report by exception

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

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

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

 

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and by updating our understanding of the sector in which the company operates.

S.T.I. (U.K.) Limited
Independent auditor's report (continued)
To the members of S.T.I. (U.K.) Limited
7

Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation.

 

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. 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 by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

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

Andrew Watkinson
Senior Statutory Auditor
For and on behalf of Saffery LLP
11 June 2025
Statutory Auditors
St John's Court
Easton Street
High Wycombe
HP11 1JX
S.T.I. (U.K.) Limited
Statement of comprehensive income
For the year ended 31 December 2024
8
2024
2023
Notes
£000
£000
Turnover
3
40,574
40,669
Cost of sales
(35,361)
(35,410)
Gross profit
5,213
5,259
Administrative expenses
(4,163)
(4,204)
Other operating income
140
136
Operating profit
4
1,190
1,191
Interest receivable and similar income
8
227
219
Interest payable and similar expenses
9
(6)
(4)
Profit before taxation
1,411
1,406
Tax on profit
10
(355)
(334)
Profit for the financial year
1,056
1,072

The income statement has been prepared on the basis that all operations are continuing operations.

S.T.I. (U.K.) Limited
Statement of financial position
As at 31 December 2024
9
2024
2023
Notes
£000
£000
£000
£000
Fixed assets
Tangible assets
12
1
18
Current assets
Debtors
13
5,414
5,193
Cash at bank and in hand
4,197
6,133
9,611
11,326
Creditors: amounts falling due within one year
14
(8,546)
(10,262)
Net current assets
1,065
1,064
Net assets
1,066
1,082
Capital and reserves
Called up share capital
17
10
10
Profit and loss reserves
1,056
1,072
Total equity
1,066
1,082
The financial statements were approved by the board of directors and authorised for issue on 11 June 2025 and are signed on its behalf by:
Pierre Henry
Director
Company Registration No. 03131583
S.T.I. (U.K.) Limited
Statement of changes in equity
For the year ended 31 December 2024
10
Share capital
Profit and loss reserves
Total
Notes
£000
£000
£000
Balance at 1 January 2023
10
815
825
Year ended 31 December 2023:
Profit and total comprehensive income
-
1,072
1,072
Dividends
11
-
(815)
(815)
Balance at 31 December 2023
10
1,072
1,082
Year ended 31 December 2024:
Profit and total comprehensive income
-
1,056
1,056
Dividends
11
-
(1,072)
(1,072)
Balance at 31 December 2024
10
1,056
1,066
S.T.I. (U.K.) Limited
Notes to the financial statements
For the year ended 31 December 2024
11
1
Accounting policies
Company information

S.T.I. (U.K.) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Punchbowl 130, Punchbowl Park, Cherry Tree Lane, Hemel Hempstead, United Kingdom, HP2 7EU.

1.1
Accounting convention

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

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £000.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

This information is included in the consolidated financial statements of STI Freight Management GmbH as at and for the year ending 31 December 2024 and these financial statements may be obtained from Geitlingstrasse 20; 47228 Duisburg, Germany.

1.2
Going concern

The Directors believe that preparing the financial statements on the going concern basis is appropriate due to the Company's abilities to meet its day-to-day working capital requirements through its banking facilities. The Company's forecasts and projections, taking account of reasonably possible changes in trading performance show that the Company would be able to operate within the level of its current facilities. The Directors have a reasonable expectation that the Company has access to adequate resources to continue in operational existence for the foreseeable future. true

 

In addition, based on the various scenarios reviewed by the Directors, including a pessimistic yet plausible downside scenario which models no growth in operational activity against the current forecasted performance the Directors expect the Company to continue to have sufficient liquidity. The Company therefore continues to adopt the going concern basis in preparing its financial statements.

S.T.I. (U.K.) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
12
1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

The Company recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the Company retains no continuing involvement or control over the goods; (c) the amount of revenue can be measured reliably; (d) it is probable that future economic benefits will flow to the entity and (e) when the specific criteria relating to the each of the Company's sales channels have been met as described below.

Revenue from the arrangement of freight forwarding services is recognised upon the provision of those services at delivery.

Interest income is recognised using the effective interest rate method.

1.4
Tangible fixed assets

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

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

Leasehold improvements
over the period of the lease
Office equipment
- 5 to 8 years
Computer equipment
- 3 to 4 years

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

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.6
Financial instruments

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

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

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

Basic financial assets

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

S.T.I. (U.K.) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
13
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

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

Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

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

 

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

Derecognition of financial liabilities

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

1.7
Equity instruments

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

1.8
Taxation

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

S.T.I. (U.K.) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
14
Current tax

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

Deferred tax

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

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Provisions

Provisions are recognised when the Company has a present legal or constructive obligation as a result of past events: it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

 

Provisions are charged as an expense in the Statement of Comprehensive Income during the year that the Company becomes aware of the obligation and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

 

When payments are eventually made, they are offset against the provision carried in the Statement of Financial Position.

 

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

 

In particular:

 

Contingencies

 

Contingent liabilities are not recognised. Contingent liabilities arise as a result of past events when it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the reporting date or when the existence will be confirmed by the occurrence or non-occurrence of uncertain future events not wholly within the Company's control. Contingent liabilities are disclosed in the financial statements unless the probability of an outflow of resources is remote.

 

Contingent assets are not recognised. Contingent assets are disclosed in the financial statements when an inflow of economic benefits is probable.

S.T.I. (U.K.) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
15
1.10
Employee benefits

The Company provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements and defined contribution pension plan.

 

Short-term benefits

Short term benefits including holiday pay and other similar non-monetary benefits are recognised as an expense in the period in which the service is received.

 

Defined Contribution Pension Plans

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 

Annual bonus plan

The Company operates an annual bonus plan for qualifying employees. An expense is recognised in the Statement of Comprehensive Income when the Company has a legal or constructive obligation to make payments under the plan as a result of past events and a reliable estimate of the obligation can be made.

 

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Critical accounting judgements and key sources of estimation uncertainty

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

 

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

Critical judgements

There are not deemed to be any critical judgements in applying the Company's accounting policies.

S.T.I. (U.K.) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
2
Critical accounting judgements and key sources of estimation uncertainty (continued)
16
Key sources of estimation uncertainty

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

Impairment of debtors

The Company makes an estimate of the recoverable value of trade debtors, management considers factors including the current credit rating of the debtors, the ageing profile of debtors and historical experiences.

3
Turnover and other revenue

Turnover represents the amounts derived from the rendering of services which fall within the Company's ordinary activities, stated net of value added tax.

 

Turnover is wholly attributable to one class of business being the principal activity of the Company. An analysis of turnover by Customer origin is given below:

2024
2023
£000
£000
Turnover analysed by geographical market
United Kingdom
31,672
33,003
Rest of Europe
8,902
7,666
40,574
40,669
2024
2023
£000
£000
Other revenue
Interest income
227
213
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£000
£000
Exchange losses
8
-
0
Depreciation of owned tangible fixed assets
17
35
Operating lease charges
320
318
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£000
£000
For audit services
Audit of the financial statements of the company
30
67
For other services
All other non-audit services
6
9
S.T.I. (U.K.) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
17
6
Employees

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

2024
2023
Number
Number
46
44

Their aggregate remuneration comprised:

2024
2023
£000
£000
Wages and salaries
2,062
1,858
Social security costs
228
220
Pension costs
75
72
2,365
2,150
7
Directors' remuneration
2024
2023
£000
£000
Remuneration for qualifying services
178
163
Amounts receivable under long term incentive schemes
23
84
Company pension contributions to defined contribution schemes
8
8
209
255

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

The number of directors who are entitled to receive shares under long term incentive schemes during the year was 1 (2023 - 1).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£000
£000
Remuneration for qualifying services
178
163
Amounts receivable under long term incentive schemes
23
84
Company pension contributions to defined contribution schemes
8
8
S.T.I. (U.K.) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
7
Directors' remuneration (continued)
18

No director has a direct or indirect interest in any transaction, arrangement or agreement which, in the opinion of the directors, requires disclosure. The annual management charge incurred by the Company includes the services of Kai Schuettke who is remunerated by other group companies and not by the Company. Having made reasonable efforts, the remuneration of this director in respect of qualifying services to the Company cannot be determined.

8
Interest receivable and similar income
2024
2023
£000
£000
Interest income
Interest on bank deposits
227
213
Exchange differences
-
0
6
Total income
227
219
9
Interest payable and similar expenses
2024
2023
£000
£000
Other interest
6
4
10
Taxation
2024
2023
£000
£000
Current tax
UK corporation tax on profits for the current period
359
329
Adjustments in respect of prior periods
5
5
Total current tax
364
334
Deferred tax
Origination and reversal of timing differences
(9)
6
Changes in tax rates
-
0
(6)
Total deferred tax
(9)
-
0
Total tax charge
355
334
S.T.I. (U.K.) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
10
Taxation (continued)
19

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

2024
2023
£000
£000
Profit before taxation
1,411
1,406
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.50%)
353
331
Tax effect of expenses that are not deductible in determining taxable profit
1
5
Adjustments in respect of prior years
1
(2)
Taxation charge for the year
355
334
11
Dividends
2024
2023
£000
£000
Final paid/payable
1,072
815
12
Tangible fixed assets
Leasehold improvements
Office equipment
Computer equipment
Total
£000
£000
£000
£000
Cost
At 1 January 2024 and 31 December 2024
152
92
7
251
Depreciation and impairment
At 1 January 2024
136
91
6
233
Depreciation charged in the year
16
-
0
1
17
At 31 December 2024
152
91
7
250
Carrying amount
At 31 December 2024
-
0
1
-
0
1
At 31 December 2023
16
1
1
18
S.T.I. (U.K.) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
20
13
Debtors
2024
2023
Amounts falling due within one year:
£000
£000
Trade debtors
4,823
4,546
Amounts owed by group undertakings
86
35
Other debtors
29
36
Prepayments and accrued income
424
533
5,362
5,150
Deferred tax asset (note 15)
52
43
5,414
5,193

Amounts owed by group undertakings are unsecured, interest free and are repayable on demand.

14
Creditors: amounts falling due within one year
2024
2023
£000
£000
Trade creditors
4,316
5,015
Amounts owed to group undertakings
367
108
Corporation tax
162
196
Other taxation and social security
97
112
Accruals and deferred income
3,604
4,831
8,546
10,262

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

S.T.I. (U.K.) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
21
15
Deferred taxation

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

Assets
Assets
2024
2023
Balances:
£000
£000
Accelerated capital allowances
25
25
Trading timing differences
27
18
52
43
2024
Movements in the year:
£000
Asset at 1 January 2024
(43)
Credit to profit or loss
(9)
Asset at 31 December 2024
(52)
16
Retirement benefit schemes
2024
2023
Defined contribution schemes
£000
£000
Charge to profit or loss in respect of defined contribution schemes
75
72

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

17
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£000
£000
Issued and fully paid
Ordinary shares of £1 each
10,000
10,000
10
10
S.T.I. (U.K.) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
22
18
Operating lease commitments
Lessee

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

2024
2023
£000
£000
Within one year
224
219
Between two and five years
517
620
741
839
19
Related party transactions
Transactions with related parties

The company has taken advantage of the exemption conferred by FRS 102 from disclosing related party transactions with other companies that are wholly owned within the group.

20
Ultimate controlling party

The ultimate controlling interest in the Company is held by HAVI Group LP and Reyes Holdings LLC. STI Freight Management GmbH, Germany, is the Company's immediate parent undertaking at the year end. HAVI Group LP is the Company's ultimate parent company, which is the smallest and largest group to consolidate these financial statements. Copies of the consolidated financial statements of STI Freight Management GmbH are available at Geitlingstrasse 20; 47228 Duisburg, Germany. Copies of the consolidated financial statements of HAVI Group LP are available at 345 N. Morgan Street Suite 1000, Chicago, Illinois 60607, USA. S.T.I. (U.K.) Limited results are not consolidated into the Reyes Holdings LLC financial statements.

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