| REGISTERED NUMBER: |
| Strategic Report, Report of the Director and |
| Financial Statements for the Year Ended 31 October 2024 |
| for |
| PREMIER LOGISTICS(UK)LIMITED |
| REGISTERED NUMBER: |
| Strategic Report, Report of the Director and |
| Financial Statements for the Year Ended 31 October 2024 |
| for |
| PREMIER LOGISTICS(UK)LIMITED |
| PREMIER LOGISTICS(UK)LIMITED (REGISTERED NUMBER: 05120063) |
| Contents of the Financial Statements |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Director | 4 |
| Report of the Independent Auditors | 6 |
| Income Statement | 10 |
| Balance Sheet | 11 |
| Statement of Changes in Equity | 12 |
| Cash Flow Statement | 13 |
| Notes to the Cash Flow Statement | 14 |
| Notes to the Financial Statements | 16 |
| PREMIER LOGISTICS(UK)LIMITED |
| Company Information |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| The Maltings |
| 2 Anderson Rd |
| Bearwood |
| Birmingham |
| West Midlands |
| B66 4AR |
| PREMIER LOGISTICS(UK)LIMITED (REGISTERED NUMBER: 05120063) |
| Strategic Report |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| I am pleased to present our strategic report for the year ending 31st October 2024. This report outlines our performance, challenges, and opportunities as well as our strategies for the future. |
| REVIEW OF BUSINESS |
| PERFORMANCE |
| The business has demonstrated resilient growth this year with turnover increasing by 4.1% to £12,216,645 (2023: £11,740,644). This recovery follows last year's challenges when we experienced a significant bad debt. The resulting gross profit margin was £3,708,359 (30.4%) compared to 2023's £3,810,058 (32.5%). |
| Key expenses have been well controlled resulting in a profit before taxation of £351,661 (2.9%) compared to the 2023 result of £467,272 (4.0%). Whilst this represents a decrease in profit percentage, it reflects ongoing investment in our fleet and infrastructure to support future growth. |
| The company's balance sheet continues to strengthen with net assets at the year end increasing to £3,125,321 (2023: £3,022,324). Working capital has been effectively managed with careful attention to cash flow throughout the year. |
| The company issued 2 new ordinary shares during the year. |
| We continue to make operational efficiencies through improved fleet management and fuel consumption optimisation. Our investment in newer, more fuel-efficient vehicles is yielding returns through reduced maintenance costs and improved driver retention. |
| Capital expenditure was focused primarily on motor vehicles and trailers which are necessary to support operations. |
| During the year the company invested in new fixed assets at a cost of £1,132,211 (2023: £1,019,803). The company's commitment to fleet renewal has enabled it to effectively manage its average MPG and achieve further reduction in maintenance costs, supporting both operational efficiency and our environmental goals. |
| We have consistently received positive feedback from our customers for our quality of service, which remains a key differentiator in our competitive market. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| As a logistics company, continued risks and uncertainties remain: |
| Fuel costs continue to represent a significant expense (£1,319,578 in 2024 compared to £1,293,417 in 2023). Volatility in fuel prices could impact profitability if increases cannot be passed on to customers. HGV driver availability remains challenging in the sector, making it difficult to attract and retain sufficient experienced drivers, potentially impacting capacity and growth. The wider economic environment continues to create uncertainty that may influence customer spending patterns and supply chain dynamics. |
| DEVELOPMENT AND PERFORMANCE |
| Moving forward, we recognise these ongoing challenges and ensure that adequate systems and procedures are in place to ensure that the company continues to retain its strong position and is not adversely affected by these challenges. We are implementing enhanced digital solutions to improve route planning and load optimisation, which will further reduce fuel consumption and environmental impact. |
| PREMIER LOGISTICS(UK)LIMITED (REGISTERED NUMBER: 05120063) |
| Strategic Report |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| We continue seeking opportunities for growth and development, with a particular focus on expanding our warehousing operations which showed strong potential this year. We will focus on deepening relationships with existing customers whilst targeting new sectors where our reputation for quality service and reliability can create competitive advantage. |
| KEY FINANCIAL PERFORMANCE INDICATORS |
| The key financial indicator for the company is the gross margin which was 30.4% (2023: 32.5%). |
| This is reviewed on a weekly and monthly basis to identify any corrective action required to maintain and improve performance. The slight reduction in margin reflects increased competition in the sector and some cost pressures that were not fully passed through to customers. |
| Other key indicators are the ongoing review of fleet profitability by careful management of fuel consumption and empty loads. Cashflow projections are prepared and reviewed on a weekly basis, with increased focus on debtor management following previous year's experience. |
| CONCLUSION |
| In conclusion, I am confident that Premier Logistics is well-positioned for success in the years ahead. We have a strong foundation, a proven track record of resilience, and a clear vision for the future. By remaining focused on our customers, continuing to invest in our fleet and technology, and developing our service offerings, we will continue to grow and adapt in this challenging and dynamic industry. |
| ON BEHALF OF THE BOARD: |
| PREMIER LOGISTICS(UK)LIMITED (REGISTERED NUMBER: 05120063) |
| Report of the Director |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| The director presents his report with the financial statements of the company for the year ended 31 October 2024. |
| PRINCIPAL ACTIVITY |
| The principal activity of the company in the year under review was that of warehousing, haulage and logistics. |
| DIVIDENDS |
| No interim dividends were paid during the year ended 31 October 2024. |
| The director recommends final dividends per share as follows: |
| Ordinary A & B £1 shares | £ |
| Ordinary C and D £1 shares | £ |
| The total distribution of dividends for the year ended 31 October 2024 will be £ |
| RESEARCH AND DEVELOPMENT |
| The company continues to invest in research and development in order to improve route and job planning. |
| DIRECTOR |
| DONATIONS |
| Non-political donations in the year amounted to £20,922 (2023: £33,802). |
| STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
| The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
| Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| PREMIER LOGISTICS(UK)LIMITED (REGISTERED NUMBER: 05120063) |
| Report of the Director |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| AUDITORS |
| The auditors, Ark&Co Ltd - Statutory Auditors, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Premier Logistics(UK)Limited |
| Opinion |
| We have audited the financial statements of Premier Logistics(UK)Limited (the 'company') for the year ended 31 October 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the company's affairs as at 31 October 2024 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 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 director's 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 director with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
| Report of the Independent Auditors to the Members of |
| Premier Logistics(UK)Limited |
| 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 Report of the Director. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept, 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 director's remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of director |
| As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
| Report of the Independent Auditors to the Members of |
| Premier Logistics(UK)Limited |
| Auditors' responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| As auditors, we have planned and performed our procedures and audit testing in a manner designed to identify and assess the risks of material misstatement due to fraud or error. |
| We gained an understanding of the legal and regulatory framework applicable to the Company and the haulage industry within which it operates, and considered the risk of acts by the Company that were not in line with the applicable laws and regulations, including fraud. |
| We understood how the Company is complying with those laws and regulations by: |
| - making enquiries of management concerning actual and potential litigation and claims. We corroborated our enquiries by obtaining an understanding of management's procedures relating to detecting and responding to the risks of fraud and whether they have any knowledge of any actual, suspected or alleged fraud; |
| - we performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluation of business rationale of material transactions outside the normal course of business; |
| - we reviewed accounting estimates for any bias; |
| - we reviewed in detail any fines, legal and professional expenses incurred along with correspondence with regulatory bodies to evaluate whether there were any instances of non-compliance: and |
| - we performed detailed audit testing in specific areas to ensure that income and expenditure is correctly recorded and is a genuine income or expense of the company. |
| Our audit procedures were designed to respond to risks of material misstatement of the financial statements, recognising that the risk of not detecting a materials 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, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulation is from the events and transactions reflected in financial statements, the less likely we are to become aware of it. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| Report of the Independent Auditors to the Members of |
| Premier Logistics(UK)Limited |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| The Maltings |
| 2 Anderson Rd |
| Bearwood |
| Birmingham |
| West Midlands |
| B66 4AR |
| PREMIER LOGISTICS(UK)LIMITED (REGISTERED NUMBER: 05120063) |
| Income Statement |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 31.10.24 | 31.10.23 |
| Notes | £ | £ |
| TURNOVER | 3 |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| OPERATING PROFIT | 5 |
| Interest receivable and similar income |
| 488,800 | 640,080 |
| Interest payable and similar expenses | 7 |
| PROFIT BEFORE TAXATION |
| Tax on profit | 8 |
| PROFIT FOR THE FINANCIAL YEAR |
| PREMIER LOGISTICS(UK)LIMITED (REGISTERED NUMBER: 05120063) |
| Balance Sheet |
| 31 OCTOBER 2024 |
| 31.10.24 | 31.10.23 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 10 |
| Tangible assets | 11 |
| CURRENT ASSETS |
| Stocks | 12 |
| Debtors | 13 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 14 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 15 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | 18 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 19 |
| Capital redemption reserve | 20 |
| Retained earnings | 20 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the director and authorised for issue on |
| PREMIER LOGISTICS(UK)LIMITED (REGISTERED NUMBER: 05120063) |
| Statement of Changes in Equity |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| Called up | Capital |
| share | Retained | redemption | Total |
| capital | earnings | reserve | equity |
| £ | £ | £ | £ |
| Balance at 1 November 2022 |
| Changes in equity |
| Issue of share capital | ( |
) | - | - | ( |
) |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - |
| Balance at 31 October 2023 |
| Changes in equity |
| Issue of share capital | - | - |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - |
| Balance at 31 October 2024 |
| PREMIER LOGISTICS(UK)LIMITED (REGISTERED NUMBER: 05120063) |
| Cash Flow Statement |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 31.10.24 | 31.10.23 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 |
| Interest paid | ( |
) | ( |
) |
| Interest element of hire purchase payments paid |
( |
) |
( |
) |
| Tax paid | ( |
) |
| Net cash from operating activities |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | ( |
) | ( |
) |
| Sale of tangible fixed assets |
| Interest received |
| Net cash from investing activities | ( |
) | ( |
) |
| Cash flows from financing activities |
| Capital repayments in year | ( |
) | ( |
) |
| Amount introduced by directors | - | 223,212 |
| Amount withdrawn by directors | (10,927 | ) | (38,400 | ) |
| Share issue | ( |
) |
| Equity dividends paid | ( |
) | ( |
) |
| Net cash from financing activities | ( |
) | ( |
) |
| Increase in cash and cash equivalents |
| Cash and cash equivalents at beginning of year |
2 |
876,049 |
| Cash and cash equivalents at end of year | 2 | 1,076,124 | 1,014,605 |
| PREMIER LOGISTICS(UK)LIMITED (REGISTERED NUMBER: 05120063) |
| Notes to the Cash Flow Statement |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Profit before taxation |
| Depreciation charges |
| Profit on disposal of fixed assets | ( |
) | ( |
) |
| Finance costs | 137,139 | 172,808 |
| Finance income | (25,779 | ) | (5,841 | ) |
| 1,503,494 | 1,472,593 |
| Decrease in stocks |
| Increase in trade and other debtors | ( |
) | ( |
) |
| Increase in trade and other creditors |
| Cash generated from operations |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 31 October 2024 |
| 31.10.24 | 1.11.23 |
| £ | £ |
| Cash and cash equivalents | 1,076,124 | 1,014,605 |
| Year ended 31 October 2023 |
| 31.10.23 | 1.11.22 |
| £ | £ |
| Cash and cash equivalents | 1,014,605 | 876,049 |
| PREMIER LOGISTICS(UK)LIMITED (REGISTERED NUMBER: 05120063) |
| Notes to the Cash Flow Statement |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 3. | ANALYSIS OF CHANGES IN NET DEBT |
| At 1.11.23 | Cash flow | At 31.10.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank | 1,014,605 | 61,519 | 1,076,124 |
| 1,014,605 | 1,076,124 |
| Debt |
| Finance leases | (2,199,073 | ) | 133,337 | (2,065,736 | ) |
| (2,199,073 | ) | 133,337 | (2,065,736 | ) |
| Total | (1,184,468 | ) | 194,856 | (989,612 | ) |
| PREMIER LOGISTICS(UK)LIMITED (REGISTERED NUMBER: 05120063) |
| Notes to the Financial Statements |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 1. | STATUTORY INFORMATION |
| Premier Logistics(UK)Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Critical accounting judgements and key sources of estimation uncertainty |
| In the application of the company's accounting policies, the director is 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 |
| The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. |
| In categorising leases as·finance operating leases the directors make a judgement as to whether significant risks and rewards of ownership have transferred to the company as lessee. |
| Key sources of estimation uncertainty - Tangible fixed assets' depreciation |
| The assessment of the useful economic lives and the method of depreciating tangible fixed assets requires judgement. Depreciation is charged to the statement of income based on the useful economic life selected, which requires an estimation of the period and profile over which the company expects to consume the future economic benefits embodied by the assets. |
| PREMIER LOGISTICS(UK)LIMITED (REGISTERED NUMBER: 05120063) |
| Notes to the Financial Statements - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Revenue is recognised when all of the following criteria are met: |
| - The company has delivered goods or provided services to the customer. |
| - The price of the service is fixed and determinable. |
| - Collectibility of the payment is reasonably assured. |
| Haulage Revenue is recognised at the time the delivery is completed. |
| Revenue from storage services is recognised over time as services are provided. The company recognises revenue each month for the storage services provided during that month. |
| The company's payment terms vary depending on the customer and the type of service provided. The company recognises revenue when it is earned, regardless of whether payment has been received. |
| Contractual Arrangements: If the company has a contractual arrangement with a customer that specifies the terms and conditions of the services to be provided, revenue is recognised in accordance with the terms of the contract. |
| Goodwill |
| The annual amortisation charge is £86,134. Net book value at 31 October 2024 was £238,583 (2023: £324,717) |
| The company tests goodwill for impairment at least annually or when there is an indication that the fair value of the asset acquired has decreased below its carrying value. Impairment is determined by comparing the fair value of the asset to its carrying value. |
| If the fair value of the asset is less than its carrying value, an impairment loss is recognised for the amount of the difference. The impairment loss reduces the carrying value of goodwill and is recorded as an expense in the income statement. |
| The company performed an impairment test during the current reporting period and no impairment loss was recorded. |
| During the current reporting period, the company did not make any acquisitions that required the recognition of goodwill. |
| Any future changes in the goodwill balance due to acquisitions or impairment losses will be disclosed in the notes to the financial statements for the period in which they occur. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| PREMIER LOGISTICS(UK)LIMITED (REGISTERED NUMBER: 05120063) |
| Notes to the Financial Statements - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Improvements to property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Stocks |
| Stock comprises fuel stock used by the company vehicles and is not for re-sale.. Vehicle fuel stock is stated at cost. |
| PREMIER LOGISTICS(UK)LIMITED (REGISTERED NUMBER: 05120063) |
| Notes to the Financial Statements - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| Financial instruments are recognised 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 trade and other debtors, and amounts due from companies under common control and cash and bank balances, 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 financial asset is measured at the present value of the future receipts discounted at a market rate of interest. |
| Impairment of financial assets |
| Financial assets, other than those held at fair value through the statement of income, 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 the statement of income. |
| 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 trade and other creditors and amounts due from companies under common control, 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. |
| Derecognition of financial liabilities |
| Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire. |
| Equity instruments |
| Equity instruments issued by the company are recorded at the fair value of 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. |
| PREMIER LOGISTICS(UK)LIMITED (REGISTERED NUMBER: 05120063) |
| Notes to the Financial Statements - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or carry back against previous years' profits / other future taxable profits. |
| Research and development |
| Expenditure on research and development is written off in the year in which it is incurred. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| PREMIER LOGISTICS(UK)LIMITED (REGISTERED NUMBER: 05120063) |
| Notes to the Financial Statements - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 3. | TURNOVER |
| The turnover and profit before taxation are attributable to the one principal activity of the company. |
| An analysis of turnover by class of business is given below: |
| 31.10.24 | 31.10.23 |
| £ | £ |
| 4. | EMPLOYEES AND DIRECTORS |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 31.10.24 | 31.10.23 |
| Administrative | 15 | 10 |
| Productive | 49 | 57 |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Director's remuneration |
| Pension costs include Director's pension paid £105,212 (2023: £NIL). |
| PREMIER LOGISTICS(UK)LIMITED (REGISTERED NUMBER: 05120063) |
| Notes to the Financial Statements - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Hire of motor vehicles |
| Other operating leases |
| Depreciation - owned assets |
| Depreciation - assets on hire purchase contracts |
| Profit on disposal of fixed assets | ( |
) | ( |
) |
| Goodwill amortisation |
| 6. | AUDITORS' REMUNERATION |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Fees payable to the company's auditors for the audit of the company's financial statements |
14,384 |
14,377 |
| 7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Other interest payable |
| Late interest on taxation |
| Invoice finance facility |
| Hire purchase |
| 8. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Deferred tax | ( |
) |
| Tax on profit |
| PREMIER LOGISTICS(UK)LIMITED (REGISTERED NUMBER: 05120063) |
| Notes to the Financial Statements - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 8. | TAXATION - continued |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
| Effects of: |
| Expenses not deductible for tax purposes |
| Depreciation in excess of capital allowances |
| Timing differences | 63,059 | (84,751 | ) |
| Total tax charge | 216,878 | 108,804 |
| 9. | DIVIDENDS |
| The director recommends final dividends per share as follows: |
| Ordinary A and B £1 shares - £1,680 per share |
| Ordinary C and D £1 Shares - £10,360 per share |
| Total dividends paid in the year amounted to £104,720 (2023: £93,000) |
| 10. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 November 2023 |
| and 31 October 2024 |
| AMORTISATION |
| At 1 November 2023 |
| Amortisation for year |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| PREMIER LOGISTICS(UK)LIMITED (REGISTERED NUMBER: 05120063) |
| Notes to the Financial Statements - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 11. | TANGIBLE FIXED ASSETS |
| Improvements | Fixtures |
| to | Plant and | and |
| property | machinery | fittings |
| £ | £ | £ |
| COST |
| At 1 November 2023 |
| Additions |
| Disposals |
| At 31 October 2024 |
| DEPRECIATION |
| At 1 November 2023 |
| Charge for year |
| Eliminated on disposal |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 November 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 October 2024 |
| DEPRECIATION |
| At 1 November 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| PREMIER LOGISTICS(UK)LIMITED (REGISTERED NUMBER: 05120063) |
| Notes to the Financial Statements - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 11. | TANGIBLE FIXED ASSETS - continued |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and | Motor |
| machinery | vehicles | Totals |
| £ | £ | £ |
| COST |
| At 1 November 2023 |
| Additions |
| At 31 October 2024 |
| DEPRECIATION |
| At 1 November 2023 |
| Charge for year |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| 12. | STOCKS |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Stocks |
| 13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Invoice finance facility | 33,029 | 62,277 |
| Accrued income |
| Prepayments |
| Other debtors £717,303 (2023: £235,125) relates to loans due from companies controlled by the Director, Mr L P Christopher. These are repayable repayable on demand. |
| Trade debtors includes £154,609 due from companies controlled by the Director, Mr Lee Christopher. |
| PREMIER LOGISTICS(UK)LIMITED (REGISTERED NUMBER: 05120063) |
| Notes to the Financial Statements - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Hire purchase contracts (see note 16) |
| Trade creditors |
| Tax |
| Social security and other taxes |
| Directors' current accounts | - | 10,927 |
| Accrued expenses |
| Trade creditors includes £83,320 (2023: £64,267) due to companies under the control of the director, Mr L P Christopher. |
| 15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Hire purchase contracts (see note 16) |
| 16. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Non-cancellable operating | leases |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Within one year |
| Between one and five years |
| PREMIER LOGISTICS(UK)LIMITED (REGISTERED NUMBER: 05120063) |
| Notes to the Financial Statements - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 17. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 31.10.24 | 31.10.23 |
| £ | £ |
| HP & Finance Leases | 2,065,736 | 2,199,073 |
| Bibby Invoice Discounting Ltd have a Debenture in place securing its liabilities against the assets of the company. |
| HP & Finance leases are secured against the assets to which they relate. |
| 18. | PROVISIONS FOR LIABILITIES |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Deferred tax |
| Accelerated capital allowances |
| Deferred |
| tax |
| £ |
| Balance at 1 November 2023 |
| Provided during year |
| Balance at 31 October 2024 |
| 19. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.10.24 | 31.10.23 |
| value: | £ | £ |
| Ordinary A & B | £1 | 50 | 50 |
| Ordinary C and D | £1 | 2 | - |
| NIL | - | - |
| 52 | 50 |
| PREMIER LOGISTICS(UK)LIMITED (REGISTERED NUMBER: 05120063) |
| Notes to the Financial Statements - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 20. | RESERVES |
| Capital |
| Retained | redemption |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 November 2023 | 3,022,274 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| At 31 October 2024 | 3,052,337 |
| 21. | CAPITAL COMMITMENTS |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Contracted but not provided for in the |
| financial statements |
| 22. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 31 October 2024 and 31 October 2023: |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Balance outstanding at start of year | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) |
| 23. | RELATED PARTY DISCLOSURES |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Sales to entities under common control |
| Purchases from entities under common control |
| Other amounts paid L P Christopher | 97,000 | 5,000 |
| Other amounts paid to related parties | 82,234 | 154,297 |
| Amount due from entities under common control |
| Amount due to entities under common control |
| PREMIER LOGISTICS(UK)LIMITED (REGISTERED NUMBER: 05120063) |
| Notes to the Financial Statements - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 24. | ULTIMATE CONTROLLING PARTY |
| The controlling party is L P Christopher. |
| The ultimate controlling party is |