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2024-01-01
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2,891,704
2,915,548
30,430
1,504
545
31,389
28,620
1,366
545
29,441
1,948
1,810
528,835
554,499
190,098
206,629
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COMPANY REGISTRATION NUMBER:
03131179
|
Bucci Freight Services Limited |
|
|
Reports and Financial Statements |
|
|
Bucci Freight Services Limited |
|
|
Reports and Financial Statements |
|
Year ended 31st December 2024
|
Officers and professional advisers |
1 |
|
|
|
Independent auditor's report to the members |
6 to 9 |
|
|
|
Statement of income and retained earnings |
10 |
|
|
|
Statement of financial position |
11 |
|
|
|
Notes to the reports and financial statements |
12 to 18 |
|
|
|
Bucci Freight Services Limited |
|
|
Officers and Professional Advisers |
|
|
The board of directors |
R. Bucci |
|
G. Boito |
|
D. Gnerre |
|
|
|
Registered office |
2-4 Great Eastern Street |
|
London |
|
EC2A 3NW |
|
|
|
Auditor |
Quay Business Advice Limited |
|
Chartered Accountants & statutory auditors |
|
3 Pleshey Lodge Offices, |
|
Pump Lane, |
|
Pleshey, Chelmsford, |
|
Essex, CM31HF |
|
|
|
Bucci Freight Services Limited |
|
Year ended 31st December 2024
We aim to present a balanced and comprehensive review of the development and performance of our business during the period and its position at the period end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face. The company provides a comprehensive range of freight forwarding services to clients, comprising the management and movement of container/trailers based freight and the provision of general freight forwarding services world wide.
Bucci Freight Services Limited
is the UK arm of the Roberto Bucci Group which is based in Italy. Containerised freight movements between Italy and the UK play a major part of the company's activities, as well as new trailer services from Italy and the UK to all European Countries. One of the company's strengths is its relatively small operational team, resulting in close individual contact with clients and tightly controlled activities. We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover, gross margin and return on capital employed.Turnover has continued to rise albeit at a slightly lower profit margin. Turnover is £44,085,677 (2023 - £41,434,816), gross margin is 10.7% (2023 - 10.8%) and return on capital employed is 39% (2023 - 41%). Return on capital employed is calculated as profit before tax divided by capital employed, which constitutes total assets less current liabilities. Many of the company's competitors are offering lower freight rates to gain extra business and so Bucci has had to lower rates to keep the business growing. This has meant a reduced margin has been achieved. Risks and uncertainties As for many businesses of our size, the business environment in which we operate continues to be challenging. The freight forwarding market in the UK is highly competitive and margins continue to be tight. With these risks and uncertainties in mind, we are aware that any plans for the future development of the business may be subject to unforeseen future events outside of our control. The UK economy grew during 2024 albeit at a slow rate. Continued uncertainty about the UK's future trading relationship with the EU may slow growth. Although our EU trades are impacted by this and increased border controls, we continue to enjoy no decline in turnover or profits In order to minimise the risk of bad debts the company has trade indemnity insurance to cover any we may have in the future. Cyber-attacks are becoming more common and we have put in place cyber risk insurance to help mitigate these. The company policy going forward is to expand further into other world markets or trades with the support of our existing and new clients. The principal financial risks to which the Company is exposed relate to liquidity/funding, credit risk, interest rates and foreign exchange rates. Financial instruments The Company's financial instruments, comprise cash, bank borrowings and various items, such as trade receivables and trade payables, that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the Company’s operations.
This report was approved by the board of directors on 10th July 2025 and signed on behalf of the board by:
|
Registered office: |
|
2-4 Great Eastern Street |
|
London |
|
EC2A 3NW |
|
|
Bucci Freight Services Limited |
|
Year ended 31st December 2024
The directors present their report and the reports and financial statements of the company for the year ended
31 December 2024
.
Directors
The directors who served the company during the year were as follows:
|
R. Bucci |
|
|
G. Boito |
|
|
D. Gnerre |
|
|
|
Dividends
Particulars of recommended dividends are detailed in note 11 to the reports and financial statements.
Disclosure of information in the strategic report
The Strategic report is on page 2 and includes details of the financial instruments and future developments.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the reports and financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare reports and financial statements for each financial year. Under that law the directors have elected to prepare the reports and 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 reports and financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these reports and financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the reports and financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the reports and 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.
Auditors
Each of the persons who is a director at the date of approval of this report confirms that:
-
so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on
10 July 2025
and signed on behalf of the board by:
|
Registered office: |
|
2-4 Great Eastern Street |
|
London |
|
EC2A 3NW |
|
|
Bucci Freight Services Limited |
|
|
Independent Auditor's Report to the Members of
Bucci Freight Services Limited |
|
Year ended 31st December 2024
Opinion
We have audited the reports and financial statements of Bucci Freight Services Limited (the 'company') for the year ended 31st December 2024 which comprise the statement of income and retained earnings, statement of financial position and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the reports and financial statements: - give a true and fair view of the state of the company's affairs as at 31st December 2024 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's responsibilities for the audit of the reports and 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 reports and 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 reports and financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the reports and 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 reports and 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 reports and financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the reports and financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the reports and financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the reports and financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the reports and financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the strategic report and the directors' report for the financial year for which the reports and financial statements are prepared is consistent with the reports and 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 reports and financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the reports and 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 reports and financial statements that are free from material misstatement, whether due to fraud or error. In preparing the reports and 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 reports and financial statements
Our objectives are to obtain reasonable assurance about whether the reports and 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 reports and 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: Discussions were held with the directors with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. The following laws and regulations were identified as being of significance to the entity: - 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. - The company is a member of BIFA and is a UK Authorised Economic Operator for which non-compliance with procedures may be fundamental to the operating aspects of the business. Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud. 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). As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the reports and financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the reports and financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the reports and financial statements, including the disclosures, and whether the reports and financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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.
|
Lee Anne Conquest FCA |
|
(Senior Statutory Auditor) |
|
|
For and on behalf of |
|
Quay Business Advice Limited |
|
Chartered Accountants & statutory auditors |
|
3 Pleshey Lodge Offices, |
|
Pump Lane, |
|
Pleshey, Chelmsford, |
|
Essex, CM31HF |
|
10 July 2025
|
Bucci Freight Services Limited |
|
|
Statement of Income and Retained Earnings |
|
Year ended 31st December 2024
|
2024 |
2023 |
|
Note |
£ |
£ |
|
Turnover |
4 |
44,085,677 |
41,434,816 |
|
|
|
|
|
Cost of sales |
(
39,381,429) |
(
36,973,383) |
|
------------- |
------------- |
|
Gross profit |
4,704,248 |
4,461,433 |
|
|
|
|
Administrative expenses |
(
969,949) |
(
886,552) |
|
|
------------ |
------------ |
|
Operating profit |
5 |
3,734,299 |
3,574,881 |
|
|
|
|
|
Other interest receivable and similar income |
8 |
153,695 |
106,097 |
|
Non-trading foreign exchange (losses)/gains |
(
25,664) |
(
12,883) |
|
Interest payable and similar expenses |
9 |
(
2,599) |
(
5,607) |
|
------------ |
------------ |
|
Profit before taxation |
3,859,731 |
3,662,488 |
|
|
|
|
|
Tax on profit |
10 |
(
968,027) |
(
746,940) |
|
------------ |
------------ |
|
Profit for the financial year and total comprehensive income |
2,891,704 |
2,915,548 |
|
------------ |
------------ |
|
|
|
|
|
Dividends paid and payable |
11 |
(
2,000,000) |
(
3,510,000) |
|
|
|
|
|
Retained earnings at the start of the year |
8,719,558 |
9,314,010 |
|
------------ |
------------ |
|
Retained earnings at the end of the year |
9,611,262 |
8,719,558 |
|
------------ |
------------ |
|
|
|
All the activities of the company are from continuing operations.
|
Bucci Freight Services Limited |
|
|
Statement of Financial Position |
|
31 December 2024
Fixed assets
|
Tangible assets |
12 |
|
1,948 |
1,810 |
|
|
|
|
|
Current assets
|
Debtors |
13 |
7,009,162 |
|
7,396,606 |
|
Cash at bank and in hand |
7,652,986 |
|
5,799,122 |
|
------------- |
|
------------- |
|
14,662,148 |
|
13,195,728 |
|
|
|
|
|
|
Creditors: amounts falling due within one year |
14 |
4,882,834 |
|
4,307,980 |
|
------------- |
|
------------- |
|
Net current assets |
|
9,779,314 |
8,887,748 |
|
|
------------ |
------------ |
|
Total assets less current liabilities |
|
9,781,262 |
8,889,558 |
|
|
------------ |
------------ |
|
Net assets |
|
9,781,262 |
8,889,558 |
|
|
------------ |
------------ |
|
|
|
|
|
Capital and reserves
|
Called up share capital |
16 |
|
170,000 |
170,000 |
|
Profit and loss account |
|
9,611,262 |
8,719,558 |
|
|
------------ |
------------ |
|
Shareholders funds |
|
9,781,262 |
8,889,558 |
|
|
------------ |
------------ |
|
|
|
|
|
These reports and financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These reports and financial statements were approved by the
board of directors
and authorised for issue on
10 July 2025
, and are signed on behalf of the board by:
Company registration number:
03131179
|
Bucci Freight Services Limited |
|
|
Notes to the Reports and Financial Statements |
|
Year ended 31st December 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office and principal place of business is 2-4 Great Eastern Street, London EC2A 3NW.
The principal activity of the company during the year was that of a freight forwarding agency.
2.
Statement of compliance
These reports and financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Roberto Bucci (UK) Limited - Group which can be obtained from Companies House, Crown Way, Cardiff CF14 3UZ. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) No disclosure has been given for the aggregate remuneration of key management personnel.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year were accrued income and accruals.
Turnover
The turnover shown in the profit and loss account represents the value of services provided during the period, exclusive of Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Fixtures and fittings |
- |
25% straight line |
|
|
|
|
Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. - Financial assets Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, 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. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. - Financial liabilities Basic financial liabilities, including trade and other payables, bank loans and loans from fellow Group companies are classified as debt, 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 receipts discounted at a market rate of interest. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. - Offsetting Financial assets and liabilities are offset and 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.
Defined contribution plans
The company operates a money purchase pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account
4.
Turnover
Turnover arises from:
|
2024 |
2023 |
|
£ |
£ |
|
Freight forwarding |
44,085,677 |
41,434,816 |
|
------------- |
------------- |
|
|
|
The turnover is attributable to the one principal activity of the company. An analysis of turnover by the geographical markets that substantially differ from each other is given below:
|
2024 |
2023 |
|
£ |
£ |
|
United Kingdom |
38,650,787 |
36,497,998 |
|
Overseas |
5,434,890 |
4,936,818 |
|
------------- |
------------- |
|
44,085,677 |
41,434,816 |
|
------------- |
------------- |
|
|
|
5.
Operating profit
Operating profit or loss is stated after charging:
|
2024 |
2023 |
|
£ |
£ |
|
Depreciation of tangible assets |
1,366 |
2,323 |
|
Foreign exchange differences |
20,590 |
23,288 |
|
Fees payable for the audit of the reports and financial statements |
13,850 |
13,600 |
|
-------- |
-------- |
|
|
|
6.
Employees
The average number of persons employed by the company during the year, including the directors, amounted to:
|
2024 |
2023 |
|
No. |
No. |
|
Administrative staff |
1 |
1 |
|
Management staff |
3 |
3 |
|
Operational staff |
5 |
5 |
|
---- |
---- |
|
9 |
9 |
|
---- |
---- |
|
|
|
The aggregate payroll costs incurred during the year, relating to the above, were:
|
2024 |
2023 |
|
£ |
£ |
|
Wages and salaries |
483,689 |
501,285 |
|
Social security costs |
51,842 |
43,738 |
|
Other pension costs |
20,062 |
20,367 |
|
--------- |
--------- |
|
555,593 |
565,390 |
|
--------- |
--------- |
|
|
|
7.
Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
|
2024 |
2023 |
|
£ |
£ |
|
Remuneration |
147,451 |
181,666 |
|
--------- |
--------- |
|
|
|
No directors were accruing any pension benefits. The key management personnel compensation is the directors remuneration.
8.
Other interest receivable and similar income
|
2024 |
2023 |
|
£ |
£ |
|
Interest on cash and cash equivalents |
153,695 |
106,097 |
|
--------- |
--------- |
|
|
|
9.
Interest payable and similar expenses
|
2024 |
2023 |
|
£ |
£ |
|
Other interest payable and similar charges |
2,599 |
5,607 |
|
------- |
------- |
|
|
|
10.
Tax on profit
Major components of tax expense
Current tax:
|
UK current tax expense |
968,027 |
747,275 |
|
Adjustments in respect of prior periods |
– |
(
335) |
|
--------- |
--------- |
|
Total current tax |
968,027 |
746,940 |
|
--------- |
--------- |
|
--------- |
--------- |
|
Tax on profit |
968,027 |
746,940 |
|
--------- |
--------- |
|
|
|
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2023: lower than) the
standard rate of corporation tax in the UK
of
25
% (2023:
23.52
%).
|
2024 |
2023 |
|
£ |
£ |
|
Profit on ordinary activities before taxation |
3,859,731 |
3,662,488 |
|
------------ |
------------ |
|
Profit on ordinary activities by rate of tax |
964,933 |
861,417 |
|
Adjustment to tax charge in respect of prior periods |
– |
(
335) |
|
Effect of expenses not deductible for tax purposes |
3,409 |
1,978 |
|
Effect of capital allowances and depreciation |
(
315) |
44 |
|
Utilisation of tax losses |
– |
(
116,181) |
|
Rounding on tax charge |
– |
17 |
|
------------ |
------------ |
|
Tax on profit |
968,027 |
746,940 |
|
------------ |
------------ |
|
|
|
11.
Dividends
|
2024 |
2023 |
|
£ |
£ |
|
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) |
2,000,000 |
3,510,000 |
|
------------ |
------------ |
|
|
|
12.
Tangible assets
|
Fixtures and fittings |
Total |
|
£ |
£ |
|
Cost |
|
|
|
At 1st January 2024 |
30,430 |
30,430 |
|
Additions |
1,504 |
1,504 |
|
Disposals |
(
545) |
(
545) |
|
-------- |
-------- |
|
At 31st December 2024 |
31,389 |
31,389 |
|
-------- |
-------- |
|
Depreciation |
|
|
|
At 1st January 2024 |
28,620 |
28,620 |
|
Charge for the year |
1,366 |
1,366 |
|
Disposals |
(
545) |
(
545) |
|
-------- |
-------- |
|
At 31st December 2024 |
29,441 |
29,441 |
|
-------- |
-------- |
|
Carrying amount |
|
|
|
At 31st December 2024 |
1,948 |
1,948 |
|
-------- |
-------- |
|
At 31st December 2023 |
1,810 |
1,810 |
|
-------- |
-------- |
|
|
|
13.
Debtors
|
2024 |
2023 |
|
£ |
£ |
|
Trade debtors |
5,286,176 |
6,176,948 |
|
Prepayments and accrued income |
776,107 |
647,361 |
|
Directors loan account |
396,727 |
– |
|
Loan to company under common control |
528,835 |
554,499 |
|
Other debtors |
21,317 |
17,798 |
|
------------ |
------------ |
|
7,009,162 |
7,396,606 |
|
------------ |
------------ |
|
|
|
14.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
|
Trade creditors |
1,274,885 |
975,308 |
|
Amounts owed to group undertakings |
2,815,113 |
2,722,254 |
|
Accruals and deferred income |
264,528 |
144,515 |
|
Corporation tax |
508,027 |
446,202 |
|
Social security and other taxes |
20,015 |
19,362 |
|
Director loan accounts |
266 |
339 |
|
------------ |
------------ |
|
4,882,834 |
4,307,980 |
|
------------ |
------------ |
|
|
|
15.
Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £
20,062
(2023: £
20,367
).
16.
Called up share capital
Issued, called up and fully paid
|
2024 |
2023 |
|
No. |
£ |
No. |
£ |
|
Ordinary shares of £ 1 each |
170,000 |
170,000 |
170,000 |
170,000 |
|
--------- |
--------- |
--------- |
--------- |
|
|
|
|
|
17.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2024 |
2023 |
|
£ |
£ |
|
Not later than 1 year |
– |
28,125 |
|
---- |
-------- |
|
|
|
18.
Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
|
|
Total |
|
|
£ |
|
R. Bucci |
190,098 |
|
D. Gnerre |
206,629 |
|
|
--------- |
|
|
396,727 |
|
|
--------- |
|
|
|
The balance outstanding at the year end was:
|
|
Total |
|
|
£ |
|
R. Bucci |
190,098 |
|
D. Gnerre |
206,629 |
|
|
--------- |
|
|
396,727 |
|
|
--------- |
|
|
|
All loans are interest free and repayable on demand.
19.
Related party transactions
During the year the company had transactions with Roberto Bucci SpA another company within the ultimate group. Included within sales and cost of sales is £1,317,098 (2023 - £1,792,964) and £27,935,556 (2023 - £26,661,809) in respect of freight charges between
Bucci Freight Services Limited
and Roberto Bucci SpA. Group and Related Party indebtedness figures are summarised below as follows :-
Debtors - due within one year
|
SCI Bucci Saint Michel (Company under common control) |
528,835 |
554,499 |
|
|
|
|
Creditors - due within one year
|
Roberto Bucci SpA (Ultimate Group company) |
(
2,369,693) |
(
2,248,834) |
|
|
|
|
The company is exempt from disclosing other related party transactions as they are with other companies that are wholly owned within the Group.
20.
Controlling party
During the current and previous year the immediate parent company was Roberto Bucci (U.K.) Limited, a company registered in England. Roberto Bucci (U.K.) Limited heads the UK arm of the group and the results of Bucci Freight Services Limited have been consolidated into this UK group. The ultimate holding entity is The Prudence Trust, a trust registered in Italy. There is no ultimate controlling party.