Caseware UK (AP4) 2024.0.164 2024.0.164 2025-03-312025-03-31false2024-04-01false2128falsefalse 02569484 2024-04-01 2025-03-31 02569484 1 2024-04-01 2025-03-31 02569484 2023-04-01 2024-03-31 02569484 2025-03-31 02569484 2024-03-31 02569484 2023-04-01 02569484 1 2024-04-01 2025-03-31 02569484 1 2023-04-01 2024-03-31 02569484 4 2024-04-01 2025-03-31 02569484 4 2023-04-01 2024-03-31 02569484 5 2024-04-01 2025-03-31 02569484 5 2023-04-01 2024-03-31 02569484 e:CompanySecretary1 2024-04-01 2025-03-31 02569484 e:Director1 2024-04-01 2025-03-31 02569484 e:Director3 2024-04-01 2025-03-31 02569484 e:Director5 2024-04-01 2025-03-31 02569484 e:RegisteredOffice 2024-04-01 2025-03-31 02569484 c:Buildings 2024-04-01 2025-03-31 02569484 c:Buildings 2025-03-31 02569484 c:Buildings 2024-03-31 02569484 c:Buildings c:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 02569484 c:Buildings c:LongLeaseholdAssets 2024-04-01 2025-03-31 02569484 c:LandBuildings 2025-03-31 02569484 c:LandBuildings 2024-03-31 02569484 c:MotorVehicles 2024-04-01 2025-03-31 02569484 c:MotorVehicles 2025-03-31 02569484 c:MotorVehicles 2024-03-31 02569484 c:MotorVehicles c:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 02569484 c:FurnitureFittings 2024-04-01 2025-03-31 02569484 c:FurnitureFittings 2025-03-31 02569484 c:FurnitureFittings 2024-03-31 02569484 c:FurnitureFittings c:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 02569484 c:OfficeEquipment 2024-04-01 2025-03-31 02569484 c:OfficeEquipment 2025-03-31 02569484 c:OfficeEquipment 2024-03-31 02569484 c:OfficeEquipment c:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 02569484 c:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 02569484 c:FreeholdInvestmentProperty 2025-03-31 02569484 c:FreeholdInvestmentProperty 2024-03-31 02569484 c:CurrentFinancialInstruments 2025-03-31 02569484 c:CurrentFinancialInstruments 2024-03-31 02569484 c:CurrentFinancialInstruments c:WithinOneYear 2025-03-31 02569484 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 02569484 c:UKTax 2024-04-01 2025-03-31 02569484 c:UKTax 2023-04-01 2024-03-31 02569484 c:ShareCapital 2025-03-31 02569484 c:ShareCapital 2024-03-31 02569484 c:ShareCapital 2023-04-01 02569484 c:RevaluationReserve 2024-04-01 2025-03-31 02569484 c:RevaluationReserve 2025-03-31 02569484 c:RevaluationReserve 2024-03-31 02569484 c:RevaluationReserve 2023-04-01 02569484 c:RetainedEarningsAccumulatedLosses 2024-04-01 2025-03-31 02569484 c:RetainedEarningsAccumulatedLosses 2025-03-31 02569484 c:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 02569484 c:RetainedEarningsAccumulatedLosses 2024-03-31 02569484 c:RetainedEarningsAccumulatedLosses 2023-04-01 02569484 c:FinancialAssetsAmortisedCost 2025-03-31 02569484 c:FinancialAssetsAmortisedCost 2024-03-31 02569484 c:FinancialLiabilitiesAmortisedCost 2025-03-31 02569484 c:FinancialLiabilitiesAmortisedCost 2024-03-31 02569484 e:OrdinaryShareClass1 2024-04-01 2025-03-31 02569484 e:OrdinaryShareClass1 2025-03-31 02569484 e:OrdinaryShareClass1 2024-03-31 02569484 e:FRS102 2024-04-01 2025-03-31 02569484 e:Audited 2024-04-01 2025-03-31 02569484 e:FullAccounts 2024-04-01 2025-03-31 02569484 e:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 02569484 c:AcceleratedTaxDepreciationDeferredTax 2025-03-31 02569484 c:AcceleratedTaxDepreciationDeferredTax 2024-03-31 02569484 c:RetirementBenefitObligationsDeferredTax 2025-03-31 02569484 c:RetirementBenefitObligationsDeferredTax 2024-03-31 02569484 c:OtherDeferredTax 2025-03-31 02569484 c:OtherDeferredTax 2024-03-31 02569484 2 2024-04-01 2025-03-31 02569484 6 2024-04-01 2025-03-31 02569484 f:PoundSterling 2024-04-01 2025-03-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 02569484








SPEDITION SERVICES LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

 
SPEDITION SERVICES LIMITED
 
 
COMPANY INFORMATION


Directors
Y. Fazal 
Z. Fazal 
E. Fazal 




Company secretary
J. H. Garner



Registered number
02569484



Registered office
Spedition House
1-3 Blenheim Court, Brook Way

Leatherhead

Surrey

KT22 7NA




Independent auditors
Calders (1883) LLP
Chartered Accountants & Statutory Auditors

30 Orange Street

London

WC2H 7HF





 
SPEDITION SERVICES LIMITED
 

CONTENTS



Page
Strategic report
 
 
1 - 2
Directors' report
 
 
3 - 4
Independent auditors' report
 
 
5 - 9
Statement of comprehensive income including profit and loss account
 
 
10
Statement of financial position
 
 
11
Statement of changes in equity
 
 
12
Statement of cash flows
 
 
13
Notes to the financial statements
 
 
14 - 26


 
SPEDITION SERVICES LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025

Introduction
 
The directors present their strategic report for the year ended 31 March 2025.

Business review
 
The year saw a 42.9% reduction in turnover to £15million, following a significant reduction in 2024, which was primarily as a result of the ongoing war between Russia and Ukraine and as a consequence the loss of major clients. The company's margins and overall profitability has been affected and  the directors remain cautious about how this situation will continue to affect the business over the next few years.
Despite the fall in turnover and profits there was an improvement in net assets strength as shown on the Statement of Financial Position (assets £23 million from £22.1 million in 2024) and this means the company continues to be in a strong position to react to any further reduction in trade or profits in the coming year or take advantage of any opportunities that arise in existing or new markets should they arise. 

Principal risks and uncertainties
 
The principal risks and uncertainties facing the Company are from competition and economic uncertainties in some of their main markets and liquidity and cash flow.
Competitive Risks
The Company operates in a highly competitive marketplace. The Company is well positioned and funded to finance its business going forwards and able to adjust staffing levels and to an extent overhead costs if activity further reduces..
Exposure to liquidity and cash flow risk
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. We aim to mitigate liquidity risk by managing cash generation by our operations, applying cash collection targets and maintaining a meaningful cash position to fund working capital requirements. 
Cash flow risk is the risk that inflows and outflows of cash equivalents will not be sufficient to finance the day-to-day operations. We manage cash flow risk by careful negotiation of terms with customers and suppliers.

Financial key performance indicators
 
The board does not consider that the company faces any unduly significant financial risks as it has good debtors control, significant and adequate cash and bank balances to finance the level of its trade. The company manages its cash flow well and believes that it is in a position to react to any downturn in economic activity without resorting to bank borrowings as it can rely on its existing working capital and healthy bank and cash balances to finance both existing levels of trade and to any short term reduction in those levels.

Other key performance indicators
 
The directors believe that analysis using key performance indicators for the company in isolation is not necessary or appropriate for an understanding of its development or market position.

Page 1

 
SPEDITION SERVICES LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025


This report was approved by the board on 26 June 2025 and signed on its behalf.



Y. Fazal
Director

Page 2

 
SPEDITION SERVICES LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025

The directors present their report and the financial statements for the year ended 31 March 2025.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Principal activity

The Company’s principal activity is specialising in freight forwarding, transport, logistics, project management and 3PL consultancy.

Results and dividends

The profit for the year, after taxation, amounted to £1,129,285 (2024 - £3,848,007).

Dividends of £Nil (2024 - £2,000,000) were paid during the year.

Directors

The directors who served during the year were:

Y. Fazal 
Z. Fazal 
E. Fazal 

Page 3

 
SPEDITION SERVICES LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025


Holding company

The company's holding company is PSC Logistics SPRL, a company incorporated and resident in Belgium. Consolidated accounts are not required in Belgium for an entity of this size.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

The war between Russia and the Ukraine continues and its full impact on ongoing trading activities remains uncertain.

Auditors

The auditorsCalders (1883) LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 26 June 2025 and signed on its behalf.
 





Y. Fazal
Director

Page 4

 
SPEDITION SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SPEDITION SERVICES LIMITED
 

Opinion


We have audited the financial statements of Spedition Services Limited (the 'Company') for the year ended 31 March 2025, which comprise the Statement of comprehensive income including profit and loss account, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 Company's affairs as at 31 March 2025 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.


Page 5

 
SPEDITION SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SPEDITION SERVICES LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion 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 Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

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


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


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
SPEDITION SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SPEDITION SERVICES LIMITED (CONTINUED)


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 an Auditors' 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered and undertook the following audit procedures in response:
      •    We obtained an understanding of the legal and regulatory frameworks that are applicable to the company
           and determined that the most significant are those that relate to the reporting frameworks (United 
           Kingdom accounting standards and Companies Act 2006);
      •    We obtained an understanding of the nature of the industry and sector, control environment and business
           performance; 
      •    The outcome of discussions with management and those charged with governance and any matters we
           identified having obtained and reviewed the company’s documentation of their policies and procedures
           related to:   
                 -    Identifying, evaluating and complying with laws and regulations and whether they were aware of 
                      any instances of non-compliance or any actual or potential litigation or claims;
                 -    Detecting and responding to the risks of fraud and whether they have knowledge of any actual, 
                      suspected or alleged fraud;
                 -    The internal controls established to mitigate risks of fraud or non-compliance with laws and
                      regulations;   
      •    The matters discussed during the audit engagement team briefing regarding how and where fraud might 
           occur in the financial statements and any potential indicators of fraud. All engagement team members 
           were advised to remain alert to any indications of fraud or non-compliance with laws and regulations
           throughout the audit;  
      •    Reviewing the financial statement disclosures and testing to supporting documentation to assess
           compliance with provisions of relevant laws and regulations described as having a direct effect on the 
           financial statements;
      •    Performing analytical procedures to identify any unusual or unexpected relationships that may indicate
           risks of material misstatement due to fraud; 
      •    Reviewing correspondence with HMRC and inspection of relevant legal correspondence;
      •    In addressing the risk of fraud through management override of controls, testing the appropriateness of
           journal entries and other adjustments by testing manual journal entries, in particular journal entries
           relating to management estimates and entries determined to be large or relating to unusual transactions;
      •    Assessing whether the judgements made in making accounting estimates are indicative of a potential
           bias; and evaluating the business rationale of any significant transactions that are unusual or outside the
           normal course of business;
 
Page 7

 
SPEDITION SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SPEDITION SERVICES LIMITED (CONTINUED)


             
      •    Assessment of the appropriateness of the collective competence and capabilities of the engagement
           team included consideration of the engagement team’s: 
                 -    understanding of, and practical experience with audit engagements of a similar nature and
                      complexity through appropriate training and participation;
                 -    knowledge of the industry in which the client operates; 
                 -    understanding of the legal and regulatory requirements specific to the company including:
                                   •    the provisions of the applicable legislation
                                   •    the applicable statutory provisions;
As a result of these procedures, we considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud in the areas in which management is required to exercise significant judgement. We are also required to perform specific procedures to respond to the risk of management override.   
We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of the material amounts and disclosures in the financial statements. 
Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate and avoid a material penalty. These included data protection, employment and health and safety regulations, competition and anti-bribery laws, environment regulations. 
With regards to laws and regulations relating to the operating aspects of the company, these were discussed with management and were not considered fundamental to the operating of the business therefore should not have a material impact on the financial statements.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).


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 Auditors' report.


Page 8

 
SPEDITION SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SPEDITION SERVICES LIMITED (CONTINUED)


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 2006Our 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 Auditors' 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.





David Gallagher (Senior statutory auditor)
  
for and on behalf of
Calders (1883) LLP
 
Chartered Accountants & Statutory Auditors
  
30 Orange Street
London
WC2H 7HF

26 June 2025
Page 9

 
SPEDITION SERVICES LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME INCLUDING PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025

2025
2024
Note
£
£

  

Turnover
 4 
15,305,039
26,816,866

Cost of sales
  
(12,558,299)
(19,419,266)

Gross profit
  
2,746,740
7,397,600

Administrative expenses
  
(1,842,158)
(2,679,845)

Other operating income
 5 
33,786
38,903

Operating profit
 6 
938,368
4,756,658

Unrealised gain on investment
  
54,732
-

Interest receivable and similar income
 10 
531,911
443,413

Interest payable and similar expenses
 11 
-
(50,966)

Profit before tax
  
1,525,011
5,149,105

Tax on profit
 12 
(395,726)
(1,301,098)

Profit for the financial year
  
1,129,285
3,848,007

There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income including profit and loss account.

There was no other comprehensive income for 2025 (2024:£NIL).

The notes on pages 14 to 26 form part of these financial statements.

Page 10

 
SPEDITION SERVICES LIMITED
REGISTERED NUMBER: 02569484

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025

As restated
2025
2024
Note
£
£

Fixed assets
  

Tangible assets
 14 
1,142,422
1,173,962

Investment property
 15 
475,000
475,000

  
1,617,422
1,648,962

Current assets
  

Debtors: amounts falling due within one year
 16 
2,695,264
3,320,422

Current asset investments
 17 
1,908,214
1,283,587

Cash at bank and in hand
 18 
20,267,820
24,790,577

  
24,871,298
29,394,586

Creditors: amounts falling due within one year
 19 
(3,190,398)
(8,886,512)

Net current assets
  
 
 
21,680,900
 
 
20,508,074

Total assets less current liabilities
  
23,298,322
22,157,036

Provisions for liabilities
  

Deferred tax
 21 
(25,492)
(13,491)

  
 
 
(25,492)
 
 
(13,491)

Net assets
  
23,272,830
22,143,545


Capital and reserves
  

Called up share capital 
 22 
90,000
90,000

Other reserve
 23 
160,554
105,822

Profit and loss account
 23 
23,022,276
21,947,723

  
23,272,830
22,143,545


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 June 2025.




Y. Fazal
Director

The notes on pages 14 to 26 form part of these financial statements.

Page 11

 
SPEDITION SERVICES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025


Called up share capital
Other reserve
Profit and loss account
Total equity

£
£
£
£


At 1 April 2023
90,000
105,822
20,099,716
20,295,538


Comprehensive income for the year

Profit for the year
-
-
3,848,007
3,848,007

Dividends: Equity capital
-
-
(2,000,000)
(2,000,000)



At 1 April 2024
90,000
105,822
21,947,723
22,143,545


Comprehensive income for the year

Profit for the year
-
-
1,129,285
1,129,285

Transfer to/from profit and loss account
-
54,732
(54,732)
-


At 31 March 2025
90,000
160,554
23,022,276
23,272,830


The notes on pages 14 to 26 form part of these financial statements.

Page 12

 
SPEDITION SERVICES LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025

As restated
2025
2024
£
£

Cash flows from operating activities

Profit for the financial year
1,129,285
3,848,007

Adjustments for:

Depreciation of tangible assets
40,901
37,229

(Profit)/loss on disposal of tangible assets
41
(340)

Interest paid
-
50,966

Interest received
(531,911)
(443,413)

Taxation charge
395,726
1,301,098

Decrease in debtors
908,329
3,537,742

(Increase)/decrease in amounts owed by associated company
(174,401)
-

Increase/(decrease) in creditors
450,163
(4,824,320)

Increase in amount owed to holding company
(5,676,556)
5,676,556

Unrealised gain on investment
(54,732)
-

Corporation tax (paid)
(962,216)
(2,367,272)

Net cash generated from operating activities

(4,475,371)
6,816,253


Cash flows from investing activities

Purchase of tangible fixed assets
(9,402)
(59,466)

Sale of tangible fixed assets
-
360

Purchase of short-term listed investments
(569,895)
(1,283,587)

Interest received
531,911
443,413

Net cash from investing activities

(47,386)
(899,280)

Cash flows from financing activities

Dividends paid
-
(2,000,000)

Interest paid
-
(50,966)

Net cash used in financing activities
-
(2,050,966)

Net (decrease)/increase in cash and cash equivalents
(4,522,757)
3,866,007

Cash and cash equivalents at beginning of year
24,790,577
20,924,570

Cash and cash equivalents at the end of year
20,267,820
24,790,577


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
20,267,820
24,790,577

20,267,820
24,790,577

Page 13

 
SPEDITION SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

1.


General information

Spedition Services Limited is a private company limited by share capital, incorporated in England and Wales, registration number 02569484. The address of the registered office is Spedition House, 1-3 Blenheim Court, Brook Way, Leatherhead, Surrey, KT22 7NA. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006.
Under Section 454 Companies Act 2006 the directors of the company may revise these financial statements if they subsequently prove to be defective.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The company operates a number of branches and offices in various other jurisdictions to assist in the smooth and efficient running of operations. Whilst some of these branches operate through local Limited Companies; paying local corporate taxes, as they are effectively cost centres and all sales and costs are recorded as those of Spedition Services Limited and all assets and liabilities show on Spedition Services Limited's balance sheet, they are not treated as subsidiaries. The directors believe this properly reflects the substance of the company's method of operation.
The prior year bank account balance has been restated to remove the purchase of a yield fund growth bond to disclose separately within current asset investments (see notes 17 and 18).
The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding value added tax and where applicable other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services:
Revenue from a contract to provide services is recognised at the point of loading of goods when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the costs incurred and the costs to complete the contract can be measured reliably.

Page 14

 
SPEDITION SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Land and buildings
-
2% on freehold buildings
Motor vehicles
-
20% straight line
Fixtures and fittings
-
33% straight line
Computer equipment
-
33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Valuation of investments

The company holds a yield fund growth bond which is recognised in these financial statements at market value. The investment was initially disclosed at original cost translated at the rate of exchange prevailing at the time of the investment and is now disclosed at market value. Any unrealised gains are recognised in the Statement of Comprehensive Income including Profit and Loss Account. 

 
2.5

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.6

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.7

Creditors

Short term creditors are measured at the transaction price.

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to profit or loss.

Page 15

 
SPEDITION SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.10

Pensions

Defined contribution pension plan

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 profit or loss 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.

 
2.11

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income including profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 16

 
SPEDITION SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.12

Current and deferred taxation

Tax is recognised in the Income statement, except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Material deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of financial position date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations and investment property revaluations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.13

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income including profit and loss account.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from or to third or related parties.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
 
Page 17

 
SPEDITION SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)


2.15
Financial instruments (continued)


Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an 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.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily ascertainable from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual outcomes may differ from these estimates.
The estimates and underlying assumptions are reviewed on an continuing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised.
The directors consider the calculation of trade accruals and accrued income for individual jobs, the valuation of the investment property and the provision for bad debts to be accounting policies for which significant judgments, estimates and assumptions are made. Actual results may differ from these estimates under different assumptions and conditions and may materially affect financial results or the financial position reported in future periods.


4.


Turnover

The whole of the turnover is attributable to the one principal activity of the company being international freight forwarders.

All turnover arose within the United Kingdom.


5.


Other operating income

2025
2024
£
£

Net rents receivable
33,786
38,903

33,786
38,903


Page 18

 
SPEDITION SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

6.


Operating profit

The operating profit is stated after charging:

2025
2024
£
£

Exchange differences
469,282
580,531


7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2025
2024
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
28,250
24,750


8.


Employees

Staff costs, including directors' remuneration, were as follows:


2025
2024
£
£

Wages and salaries
648,874
717,106

Social security costs
64,685
77,270

Cost of defined contribution scheme
10,881
11,703

724,440
806,079


The average monthly number of employees, including the directors, during the year was as follows:


        2025
        2024
            No.
            No.







Management and administration
16
18



Overseas employees
5
10

21
28

Page 19

 
SPEDITION SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

9.


Directors' remuneration

2025
2024
£
£

Directors' emoluments
12,160
8,000

Company contributions to defined contribution pension schemes
178
86

12,338
8,086


Yasmin Fazal is director and sole owner of PSC Logistics SPRL (the ultimate parent). Yasmin received her remuneration for duties as director of Spedition Services Limited through the parent company. During the year PSC Logistics SPRL received £85,572 (2024 - £83,649) in fees from Spedition Services Limited.
Key management personnel compensation is considered to be the same as the directors remuneration as shown above.


10.


Interest receivable

2025
2024
£
£


Other interest receivable
531,911
443,413

531,911
443,413


11.


Interest payable

2025
2024
£
£


Other interest payable
-
50,966

-
50,966

Page 20

 
SPEDITION SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

12.


Taxation


2025
2024
£
£

Corporation tax


Current tax on profits for the year
383,725
1,293,755


383,725
1,293,755


Total current tax
383,725
1,293,755

Deferred tax


Origination and reversal of timing differences
12,001
7,343

Total deferred tax
12,001
7,343


Tax on profit
395,726
1,301,098

Factors affecting tax charge for the year

The tax assessed for the year is the same as (2024 - the same as) the standard rate of corporation tax in the UK of25% (2024 - 25%) as set out below:

2025
2024
£
£


Profit on ordinary activities before tax
1,525,011
5,149,105


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)
381,253
1,287,276

Effects of:


Expenses not deductible for tax purposes
8,727
12,682

Capital allowances for year in excess of depreciation
7,424
1,139

Adjustments to tax charge in respect of prior periods
(4,682)
-

Other timing differences leading to an increase (decrease) in taxation
3,000
-

Adjustment for rounding
4
1

Total tax charge for the year
395,726
1,301,098


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 21

 
SPEDITION SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

13.


Dividends

2025
2024
£
£


Dividends
-
2,000,000

-
2,000,000


14.


Tangible fixed assets





Land and buildings
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2024
1,425,247
68,814
265,975
78,091
1,838,127


Additions
-
500
1,220
7,682
9,402


Disposals
-
-
(105,296)
(21,130)
(126,426)



At 31 March 2025

1,425,247
69,314
161,899
64,643
1,721,103



Depreciation


At 1 April 2024
309,842
23,682
264,043
66,598
664,165


Charge for the year on owned assets
22,505
9,846
1,157
7,393
40,901


Disposals
-
-
(105,277)
(21,108)
(126,385)



At 31 March 2025

332,347
33,528
159,923
52,883
578,681



Net book value



At 31 March 2025
1,092,900
35,786
1,976
11,760
1,142,422



At 31 March 2024
1,115,405
45,132
1,932
11,493
1,173,962




The net book value of land and buildings may be further analysed as follows:


2025
2024
£
£

Freehold
1,092,900
1,115,405

1,092,900
1,115,405


Page 22

 
SPEDITION SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

15.


Investment property


Freehold investment property

£



Valuation


At 1 April 2024
475,000



At 31 March 2025
475,000

The investment property described as 2, Semaphore, 30 Stoke Road, Cobham and Garden Ground, KT11 3BF was acquired on 9th December 2015 and is shown at current valuation. The original cost of the investment property was £422,124.

The 2025 valuations were made by the directors, on an open market value for existing use basis.





16.


Debtors

2025
2024
£
£


Trade debtors
2,279,772
3,013,126

Amounts owed by associated company
174,401
-

Corporation tax repayable
108,770
-

Other debtors
33,844
49,894

Prepayments and accrued income
98,477
257,402

2,695,264
3,320,422


The amounts owed by associated undertakings comprises a loan of £174,401 (2024 - £Nil) which
bears no interest and is due to be repaid within one year.

Page 23

 
SPEDITION SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

17.


Current asset investments

As restated
2025
2024
£
£

Listed investment
1,908,214
1,283,587

1,908,214
1,283,587


The listed investment comprises a yield fund growth bond which was purchased in November 2023. This was incorrectly disclosed in the year ended 31st March 2024 financial statements under cash at bank and in hand. The comparative has now been restated to disclose separately as a current asset investment.  


18.


Cash and cash equivalents

As restated
2025
2024
£
£

Cash at bank and in hand
20,267,820
24,790,577

20,267,820
24,790,577



19.


Creditors: Amounts falling due within one year

2025
2024
£
£

Trade creditors
1,985,402
2,035,371

Amounts owed to group undertakings
-
5,676,556

Corporation tax
-
469,721

Other taxation and social security
16,992
17,829

Other creditors
839,463
13,597

Accruals and deferred income
348,541
673,438

3,190,398
8,886,512


The amounts owed to group undertakings comprises a loan of £Nil (2024 - £5,676,556) which
beared no interest and was repaid in full during the year. 

Page 24

 
SPEDITION SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

20.


Financial instruments

2025
2024
£
£

Financial assets


Financial assets that are debt instruments measured at cost
2,515,988
3,245,866


Financial liabilities


Financial liabilities measured at cost
(3,173,406)
(2,722,406)


Financial assets measured at cost comprise trade debtors, loans, accrued income, staff loans and VAT repayable.


Financial liabilities measured at cost comprise trade creditors, other creditors, directors current accounts, accruals and deferred income.


21.


Deferred taxation




2025


£






At beginning of year
(13,491)


Charged to profit or loss
(12,001)



At end of year
(25,492)

The provision for deferred taxation is made up as follows:

2025
2024
£
£


Accelerated capital allowances
(5,660)
(7,343)

Deferred tax on unrealised gain on investment
(13,684)
-

Deferred tax on the revaluation of investment property
(6,148)
(6,148)

(25,492)
(13,491)

Page 25

 
SPEDITION SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

22.


Share capital

2025
2024
£
£
Allotted, called up and fully paid



90,000 (2024 - 90,000) Ordinary shares of £1.00 each
90,000
90,000



23.


Reserves

Other reserve

The other reserve represents unrealised gains on the revaluation of investment property of £105,822 and on investments of £54,732 which are not distributable. 

Profit & loss account

The profit and loss reserve of £23,022,276 (2024 - £21,947,723) are all distributable.


24.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held
separately from those of the company in an independently administered fund. The pension cost charge
represents contributions payable by the company to the fund and amounted to £10,881 (2024 - £11,703).
Contributions totalling £Nil (2024 - £Nil) were payable to the fund at the balance sheet date.


25.


Related party transactions

Dividends of £Nil (2024 - £2,000,000) were paid during the year to PSC Logistics SPRL. 
PSC Logistics SPRL is a personal services company based in Belgium of which Yasmin Fazal is a director and owner. During the year PSC Logistics SPRL charged fees of £85,572 (2024 - £83,649) to the company. 
During the year a loan was made to Spedition Services Kazakhstan which is considered a related party due to common ownership for £174,401 (2024 - £Nil) and is disclosed in note 16. The loan bears no interest.


26.


Ultimate Holding Company and Controlling party

PSC Logistics SPRL, a company incorporated in Belgium is the immediate and ultimate parent company owning 100% of the share capital. The company accounts can be obtained from the registered office at Rue Edith Cavell 14, Uccle 1180, Belgium. The ultimate controlling party is Yasmin Fazal

 
Page 26