Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-312024-12-31falsetruetrue2024-01-01false00falsefalse SC131956 2024-01-01 2024-12-31 SC131956 2023-01-01 2023-12-31 SC131956 2024-12-31 SC131956 2023-12-31 SC131956 2024-01-01 SC131956 2023-01-01 SC131956 c:CompanySecretary1 2024-01-01 2024-12-31 SC131956 c:Director1 2024-01-01 2024-12-31 SC131956 c:Director2 2024-01-01 2024-12-31 SC131956 c:Director3 2024-01-01 2024-12-31 SC131956 c:RegisteredOffice 2024-01-01 2024-12-31 SC131956 d:Buildings 2024-01-01 2024-12-31 SC131956 d:PlantMachinery 2024-01-01 2024-12-31 SC131956 d:FurnitureFittings 2024-01-01 2024-12-31 SC131956 d:OfficeEquipment 2024-01-01 2024-12-31 SC131956 d:CurrentFinancialInstruments 2024-12-31 SC131956 d:CurrentFinancialInstruments 2023-12-31 SC131956 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 SC131956 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 SC131956 d:ShareCapital 2024-12-31 SC131956 d:ShareCapital 2023-12-31 SC131956 d:ShareCapital 2023-01-01 SC131956 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 SC131956 d:RetainedEarningsAccumulatedLosses 2024-12-31 SC131956 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 SC131956 d:RetainedEarningsAccumulatedLosses 2023-12-31 SC131956 d:RetainedEarningsAccumulatedLosses 2023-01-01 SC131956 c:OrdinaryShareClass1 2024-01-01 2024-12-31 SC131956 c:OrdinaryShareClass1 2023-01-01 2023-12-31 SC131956 c:OrdinaryShareClass1 2024-12-31 SC131956 c:OrdinaryShareClass1 2023-12-31 SC131956 c:FRS102 2024-01-01 2024-12-31 SC131956 c:Audited 2024-01-01 2024-12-31 SC131956 c:FullAccounts 2024-01-01 2024-12-31 SC131956 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 SC131956 d:Subsidiary1 2024-01-01 2024-12-31 SC131956 d:Subsidiary1 1 2024-01-01 2024-12-31 SC131956 d:Subsidiary2 2024-01-01 2024-12-31 SC131956 d:Subsidiary2 1 2024-01-01 2024-12-31 SC131956 d:Subsidiary3 2024-01-01 2024-12-31 SC131956 d:Subsidiary3 1 2024-01-01 2024-12-31 SC131956 d:Subsidiary4 2024-01-01 2024-12-31 SC131956 d:Subsidiary4 1 2024-01-01 2024-12-31 SC131956 d:Subsidiary5 2024-01-01 2024-12-31 SC131956 d:Subsidiary5 1 2024-01-01 2024-12-31 SC131956 d:Subsidiary6 2024-01-01 2024-12-31 SC131956 d:Subsidiary6 1 2024-01-01 2024-12-31 SC131956 d:Subsidiary7 2024-01-01 2024-12-31 SC131956 d:Subsidiary7 1 2024-01-01 2024-12-31 SC131956 c:Consolidated 2024-12-31 SC131956 c:ConsolidatedGroupCompanyAccounts 2024-01-01 2024-12-31 SC131956 6 2024-01-01 2024-12-31 SC131956 e:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: SC131956

 
 
 
 
 
 
 
 
 
 
 
 
STREAMLINE SHIPPING GROUP LIMITED





 
 
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

 
STREAMLINE SHIPPING GROUP LIMITED
 

COMPANY INFORMATION


Directors
Mr D Gray 
Mr E Ockendon 
Mr E S T Roberts 




Company secretary
Dentons Secretaries Limited



Registered number
SC131956



Registered office
Streamline Terminal
Blaikies Quay

Aberdeen

AB11 5PU




Independent auditor
Anderson Anderson & Brown Audit LLP

Kingshill View

Prime Four Business Park

Kingswells

Aberdeen

AB15 8PU





 
STREAMLINE SHIPPING GROUP LIMITED
 

CONTENTS



Page
Group strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 9
Consolidated statement of comprehensive income
10
Consolidated balance sheet
11
Company balance sheet
12
Consolidated statement of changes in equity
13
Company statement of changes in equity
14
Consolidated statement of cash flows
15 - 16
Consolidated analysis of net debt
17
Notes to the financial statements
18 - 37


 
STREAMLINE SHIPPING GROUP LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The principal activities of the group continue to be the provision of haulage, distribution, forwarding, vessel agency services, stevedoring and chemical manufacturing.
The key financial indicators for the business are set out below;

ole7782.png

Business review
 
The directors are happy with an increased profit and operating margin in 2024. 2024 has also seen an increase in Net Assets, while maintaining a healthy Net Current Assets balance.
We maintain a strong relationship with our Asset Finance and Banking providers, and facilities were fully renewed in June 2025.  This support has allowed us to continue to provide a modern fleet and equipment to support our growing customer base. We have, however, maintained a prudent approach to investment through 2024, given the current landscape. This has allowed us to maintain a strong cash position.
The directors continue to scrutinise performance of all divisions carefully, with a strong focus on cost reduction and efficiency. The business has invested in new equipment and technology in 2024, taking a long-term view, to stay at the forefront of the industry, driving digitalisation and integrating with our partners.

Future outlook

The directors are confident of a positive result in 2025.  The current economic climate continues to cause upward pressure on many costs, but we continue to diligently review all business costs to stay efficient and keep rate increases to a minimum, in line with market conditions.

Page 1

 
STREAMLINE SHIPPING GROUP LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Principal risks and uncertainties
 
Credit Risk
All customers are credit checked before credit is made available.  A strict credit control process is maintained, and the business is notified of any changes affecting the credit worthiness of a customer.
Liquidity Risk
The company continues to improve its cash position, in order to minimise the risk of unforeseen circumstances, and at the same time, provide options to fund its working capital requirements
 
Interest Rate Risk
The company utilises a mixture of generated profits and borrowings to fund its working capital requirements and investment.  Although a significant increase in interest rates would have an adverse effect on the business, we’re confident that our long-standing relationship with our finance providers would help minimise these impacts.
Foreign Exchange Risk
Although only a small percentage of transactions are conducted in a foreign currency, large changes in exchange rates could affect the profitability of this work.  We monitor exchange rates daily, and take action where required to reduce the impact of large fluctuations.
Inflation Risk
Due to the current economic climate, we’ve seen the most volatile period of inflation in a generation.  This can result in significant increases to various costs and there is a risk of rapidly diminishing margins.  We have implemented a more dynamic rate structure to minimise this risk, through mechanisms such as fuel surcharges and more regular rate reviews.
Environment
The company recognises its responsibilities in relation to its impact on the environment.  An environmental strategy was brought into action in 2020, and we will look to continue our transition to green-energy transport, by replacing diesel vehicles with fully electric options.

Other key performance indicators
 
The directors continually seek to improve HSEQ awareness, employee engagement and wellbeing, and customer service levels and relationships, through the implementation of management systems that meet the standards set out in ISO 9001, ISO 14001 and OHSAS 18001.


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



Mr E S T Roberts
Director

Date: 4 July 2025

Page 2

 
STREAMLINE SHIPPING GROUP LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

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

Principal activity

The principal activity of the group continued to be the provision of feight consolidation, shipping, haulage, distribution, forwarding, agency and stevedoring services, and chemical manufacturing. The comany does not trade, but acts as a holding company.

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £773,481 (2023 - £383,313).

Ordinary dividends were paid amounting to £400,000 (2023 - £400,000). The directors do not recommend payment of a final dividend.

Directors

The directors who served during the year were:

Mr D Gray 
Mr E Ockendon 
Mr E S T Roberts 

Future developments

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

Disclosure of information to auditor

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 and the Group's auditor is 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 and the Group's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditor

The auditor, Anderson Anderson & Brown Audit LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 3

 
STREAMLINE SHIPPING GROUP LIMITED
 

DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

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





Mr E S T Roberts
Director

Date: 4 July 2025

Page 4

 
STREAMLINE SHIPPING GROUP LIMITED
 

DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

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

select suitable accounting policies for the Group's financial statements 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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 5

 
STREAMLINE SHIPPING GROUP LIMITED
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STREAMLINE SHIPPING GROUP LIMITED
 

Opinion


We have audited the financial statements of Streamline Shipping Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 Group's and of the parent Company's affairs as at 31 December 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


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


Page 6

 
STREAMLINE SHIPPING GROUP LIMITED
 

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STREAMLINE SHIPPING GROUP LIMITED (CONTINUED)

Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual 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 Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 5, 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 Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
STREAMLINE SHIPPING GROUP LIMITED
 

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STREAMLINE SHIPPING GROUP LIMITED (CONTINUED)

Auditor's responsibilities for the audit of the financial statements
 

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

We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements.  
 
The laws and regulations we considered in this context were the Companies Act 2006  and UK Taxation legislation.
We identified the greatest risk of material impact on the financial statements from irregularities including fraud to be: 
 
Management override of controls to manipulate the company’s key performance indicators to meet targets;
Timing and completeness of revenue recognition
Management judgement applied in calculating provisions; and
Compliance with relevant laws and regulations which directly impact the financial statements and those that the company needs to comply with for the purpose of trading.

Our audit procedures to respond to these risks included: 
 
Testing of journal entries and other adjustments for appropriateness; 
Evaluating the business rationale of significant transactions outside the normal course of business; 
Reviewing judgements made by management in their calculation of accounting estimates for potential management bias;
Enquiries of management about litigation and claims and inspection of relevant correspondence; and
Reviewing legal and professional fees to identify indications of actual or potential litigation, claims and any non-compliance with laws and regulations.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 
 
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 Auditor's report.


Page 8

 
STREAMLINE SHIPPING GROUP LIMITED
 

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STREAMLINE SHIPPING GROUP LIMITED (CONTINUED)

Use of our report
 

This report is made solely to the Company's directors, 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 directors 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 directors, as a body, for our audit work, for this report, or for the opinions we have formed.





Derek Mair (Senior statutory auditor)
  
for and on behalf of
Anderson Anderson & Brown Audit LLP
 
Statutory Auditor
  
Kingshill View
Prime Four Business Park
Kingswells
Aberdeen
AB15 8PU

4 July 2025
Page 9

 
STREAMLINE SHIPPING GROUP LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 3 
44,334,364
43,232,439

Cost of sales
  
(32,409,200)
(32,347,335)

Gross profit
  
11,925,164
10,885,104

Administrative expenses
  
(10,742,502)
(10,232,279)

Operating profit
 4 
1,182,662
652,825

Interest payable and similar expenses
 8 
(154,843)
(94,580)

Profit before taxation
  
1,027,819
558,245

Tax on profit
 9 
(301,417)
(155,641)

Profit for the financial year
  
726,402
402,604

  

Profit for the year attributable to:
  

Non-controlling interests
  
(47,079)
19,291

Owners of the parent Company
  
773,481
383,313

  
726,402
402,604

The notes on pages 18 to 37 form part of these financial statements.

Page 10

 
STREAMLINE SHIPPING GROUP LIMITED
REGISTERED NUMBER:SC131956

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
6,723,797
5,768,982

  
6,723,797
5,768,982

Current assets
  

Stocks
 14 
588,041
778,204

Debtors: amounts falling due within one year
 15 
7,948,690
8,295,071

Cash at bank and in hand
 16 
1,735,021
88,165

  
10,271,752
9,161,440

Creditors: amounts falling due within one year
 17 
(7,708,678)
(6,361,797)

Net current assets
  
 
 
2,563,074
 
 
2,799,643

Total assets less current liabilities
  
9,286,871
8,568,625

Creditors: amounts falling due after more than one year
 18 
(893,090)
(796,196)

Provisions for liabilities
  

Deferred tax
 22 
(1,103,526)
(802,109)

Provisions
 23 
(283,000)
(289,467)

  
 
 
(1,386,526)
 
 
(1,091,576)

Net assets
  
7,007,255
6,680,853


Capital and reserves
  

Called up share capital 
 24 
500,000
500,000

Non-controlling interests
  
13,172
60,251

Profit and loss account
  
6,494,083
6,120,602

  
7,007,255
6,680,853


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr E S T Roberts
Mr E Ockendon
Director
Director


Date: 4 July 2025
Date:4 July 2025

The notes on pages 18 to 37 form part of these financial statements.

Page 11

 
STREAMLINE SHIPPING GROUP LIMITED
REGISTERED NUMBER:SC131956

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 13 
360,946
360,946

  
360,946
360,946

Current assets
  

Debtors: amounts falling due within one year
 15 
3,096,350
147,073

  
3,096,350
147,073

Creditors: amounts falling due within one year
  
-
(1,001)

Net current assets
  
 
 
3,096,350
 
 
146,072

Total assets less current liabilities
  
3,457,296
507,018

  

  

Net assets
  
3,457,296
507,018


Capital and reserves
  

Called up share capital 
 24 
500,000
500,000

Profit and loss account brought forward
  
7,018
7,018

Profit for the year
  
3,350,278
400,000

Dividends Paid

  

(400,000)
(400,000)

Profit and loss account carried forward
  
2,957,296
7,018

  
3,457,296
507,018


As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and
related notes. The company’s profit for the year was £3,350,278 (2023: £400,000).
The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


Mr E S T Roberts
Mr E Ockendon
Director
Director


Date: 4 July 2025
Date:4 July 2025

The notes on pages 18 to 37 form part of these financial statements.

Page 12

 
STREAMLINE SHIPPING GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity

£
£
£
£
£


At 1 January 2023
500,000
6,137,289
6,637,289
140,960
6,778,249



Profit for the year
-
383,313
383,313
19,291
402,604

Dividends: Equity capital
-
(400,000)
(400,000)
(100,000)
(500,000)



At 1 January 2024
500,000
6,120,602
6,620,602
60,251
6,680,853



Profit for the year
-
773,481
773,481
(47,079)
726,402

Dividends: Equity capital
-
(400,000)
(400,000)
-
(400,000)


At 31 December 2024
500,000
6,494,083
6,994,083
13,172
7,007,255


The notes on pages 18 to 37 form part of these financial statements.

Page 13

 
STREAMLINE SHIPPING GROUP LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2023
500,000
7,018
507,018



Profit for the year
-
400,000
400,000


Contributions by and distributions to owners

Dividends: Equity capital
-
(400,000)
(400,000)



At 1 January 2024
500,000
7,018
507,018



Profit for the year
-
3,350,278
3,350,278


Contributions by and distributions to owners

Dividends: Equity capital
-
(400,000)
(400,000)


At 31 December 2024
500,000
2,957,296
3,457,296


The notes on pages 18 to 37 form part of these financial statements.

Page 14

 
STREAMLINE SHIPPING GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
726,402
402,604

Adjustments for:

Amortisation of intangible assets
-
(8,400)

Depreciation of tangible assets
1,332,575
1,021,571

Loss on disposal of tangible assets
(55,426)
(142,200)

Interest paid
154,843
94,580

Taxation charge
301,417
155,641

Decrease in stocks
190,163
272,123

Decrease in debtors
346,381
5,450,253

Increase/(decrease) in creditors
693,817
(4,250,434)

(Decrease) in provisions
(6,467)
(333,503)

Corporation tax received/(paid)
-
(285,580)

Net cash generated from operating activities

3,683,705
2,376,655


Cash flows from investing activities

Purchase of tangible fixed assets
(2,415,246)
(2,634,288)

Sale of tangible fixed assets
183,282
688,585

HP interest paid
(84,500)
(43,843)

Net cash from investing activities

(2,316,464)
(1,989,546)
Page 15

 
STREAMLINE SHIPPING GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


2024
2023

£
£



Cash flows from financing activities

New loans
453,336
-

Repayment of loans
-
(79,996)

Repayment of other loans
(13,608)
(45,830)

New finance leases
1,361,146
684,765

Finance leases repaid
(1,024,824)
-

Dividends paid
(400,000)
(400,000)

Interest paid
(70,343)
(50,737)

Dividends paid to non-controlling interests
-
(100,000)

Net cash used in financing activities
305,707
8,202

Net increase in cash and cash equivalents
1,672,948
395,311

Cash and cash equivalents at beginning of year
62,073
(333,238)

Cash and cash equivalents at the end of year
1,735,021
62,073


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,735,021
88,165

Bank overdrafts
-
(26,092)

1,735,021
62,073


The notes on pages 18 to 37 form part of these financial statements.

Page 16

 
STREAMLINE SHIPPING GROUP LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024






At 1 January 2024
Cash flows
Other loans
New finance leases
At 31 December 2024
£

£

£

£

£

Cash at bank and in hand

141,663

1,593,358

-

-

1,735,021

Bank overdrafts

(199,584)

199,584

-

-

-

Borrowings excluding overdrafts

-

-

(453,336)

-

(453,336)

Finance leases

(1,305,775)

1,024,824

-

(1,361,146)

(1,642,097)


(1,363,696)
2,817,766
(453,336)
(1,361,146)
(360,412)

The notes on pages 18 to 37 form part of these financial statements.

Page 17

 
STREAMLINE SHIPPING GROUP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Streamline Shipping Group Limited (“the company”) is a private limited company limited by shares, domiciled and incorporated in Scotland. The registered office and principal place of business is Streamline Terminal, Blaikies Quay, Aberdeen AB11 5PU.
The group consists of Streamline Shipping Group Limited and all of its subsidiaries.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102.

Page 18

 
STREAMLINE SHIPPING GROUP LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Going concern

The group continues to be profitable and cash-generative throughout 2025 to the date of signing the financial statements. Financial forecasts for 12 months from the date of sign-off, despite factoring in increasing upward pressure on various costs such as fuel, wages and subcontract haulage, continue to show profitable and cash positive results.
At the balance sheet date, the group has reported net assets of £7.0m (2023: £6.7m) and net current assets of £2.5m (2023: £2.7m). The company has reported net assets of £3.5m (2023: £0.5m) and net current assets of £3.1m (2023: £0.1m).
Full banking facilities were renewed in June 2025. Working capital continues to be increasingly funded from profits, with a decreasing reliance on external finance.
Therefore, at the time of approving the financial statements, the directors have a reasonable expectation that the group and company have adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 
2.4

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 Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 19

 
STREAMLINE SHIPPING GROUP LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 20

 
STREAMLINE SHIPPING GROUP LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The Group contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge 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 balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, 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 balance sheet date.


 
2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.12

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.

Page 21

 
STREAMLINE SHIPPING GROUP LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.12
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
Not depreciated
Plant and machinery
-
15-25% reducing balance and 20% straight line
Tenants improvements
-
10-25% straight line
Office equipment
-
25% reducing balance

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.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Page 22

 
STREAMLINE SHIPPING GROUP LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.18

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.

 
2.19

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Balance sheet when the Group 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, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

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 assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Page 23

 
STREAMLINE SHIPPING GROUP LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.19
Financial instruments (continued)


Basic 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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

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

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

 
2.20

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.

Page 24

 
STREAMLINE SHIPPING GROUP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Freight consolidation and cargo handling services
44,178,644
43,035,818

Haulage, distribution and forwarding agency
155,720
196,621

44,334,364
43,232,439


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
39,365,411
37,785,266

Rest of the world
4,968,953
5,447,173

44,334,364
43,232,439



4.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of owned tangible fixed assets
844,086
930,332

Depreciation of tangible fixed assets held under finance leases
488,489
479,347

Profit on disposal of tangible fixed assets
(55,426)
(50,907)

Exchange differences
(9,772)
25,895

Other operating lease rentals
1,415,405
1,331,711

Amortisation of intangible assets
-
(8,403)


5.


Auditor's remuneration

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


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the consolidated and parent Company's financial statements
55,420
54,000

Fees payable to the Company's auditor in respect of:

Taxation compliance services
8,164
7,800

Page 25

 
STREAMLINE SHIPPING GROUP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Employees

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


Group
Group
2024
2023
£
£


Wages and salaries
10,384,958
9,046,175

Social security costs
1,043,585
942,569

Cost of defined contribution scheme
474,147
446,714

11,902,690
10,435,458


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


        2024
        2023
            No.
            No.







Operations
146
141



Administration
99
95

245
236

The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL)

7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
393,335
384,005

Group contributions to defined contribution pension schemes
54,000
48,000

447,335
432,005


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £240,493 (2023 - £200,150).


8.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
70,343
50,737

Finance leases and hire purchase contracts
84,500
43,843

154,843
94,580

Page 26

 
STREAMLINE SHIPPING GROUP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Taxation


2024
2023
£
£

Corporation tax


Adjustments in respect of previous periods
-
(44,202)


-
(44,202)


Total current tax
-
(44,202)

Deferred tax


Origination and reversal of timing differences
301,417
199,843

Total deferred tax
301,417
199,843


301,417
155,641

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,027,819
558,245


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)
256,955
124,044

Effects of:


Tax effect of expenses that are not deductible in determining taxable profit
20,354
35,084

Adjustments in respect of prior years
17,478
(44,202)

Capital allowances for year in excess of depreciation
23,876
52,740

Deferred tax adjustments in respect of prior years
-
(25,351)

Remeasure deferred tax due to change in rate
(17,246)
13,326

Total tax charge for the year
301,417
155,641


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 27

 
STREAMLINE SHIPPING GROUP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Dividends

2024
2023
£
£


Dividends Paid
400,000
400,000

400,000
400,000


11.


Intangible assets

Group and Company





Goodwill
Negative goodwill
Total

£
£
£



Cost


At 1 January 2024
123,414
(50,415)
72,999



At 31 December 2024

123,414
(50,415)
72,999



Amortisation


At 1 January 2024
123,414
(50,415)
72,999



At 31 December 2024

123,414
(50,415)
72,999



Net book value



At 31 December 2024
-
-
-



At 31 December 2023
-
-
-



The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.

Page 28

 
STREAMLINE SHIPPING GROUP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Tangible fixed assets

Group






Land and buildings freehold
Tenants improvements
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2024
190,000
2,076,310
5,505,129
2,478,229
413,032
10,662,700


Additions
-
70,856
996,212
1,286,856
61,322
2,415,246


Disposals
-
(4,655)
(169,578)
(214,872)
(69,504)
(458,609)



At 31 December 2024

190,000
2,142,511
6,331,763
3,550,213
404,850
12,619,337



Depreciation


At 1 January 2024
-
726,098
3,193,164
727,840
246,616
4,893,718


Charge for the year
-
133,335
497,096
646,212
55,932
1,332,575


Disposals
-
(4,654)
(116,551)
(164,271)
(45,277)
(330,753)



At 31 December 2024

-
854,779
3,573,709
1,209,781
257,271
5,895,540



Net book value



At 31 December 2024
190,000
1,287,732
2,758,054
2,340,432
147,579
6,723,797



At 31 December 2023
190,000
1,350,212
2,311,965
1,750,389
166,416
5,768,982




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


2024
2023
£
£

Freehold
190,000
190,000

Short leasehold
1,287,732
1,350,212

1,477,732
1,540,212


Page 29

 
STREAMLINE SHIPPING GROUP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
360,946



At 31 December 2024
360,946





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

North East Stevedoring Company Limited
Streamline Terminal, Blaikies Quay,Aberdeen AB11 5PU
Ordinary
100%
Northern Isles Freightways Limited
Streamline Terminal, Blaikies Quay,Aberdeen AB11 5PU
Ordinary
100%
Orkney Line Limited
Streamline Terminal, Blaikies Quay,Aberdeen AB11 5PU
Ordinary
100%
Prasinus Holdings Limited
Streamline Terminal, Blaikies Quay,Aberdeen AB11 5PU
Ordinary
75%
Shetland Line 1984 Limited
Streamline Terminal, Blaikies Quay,Aberdeen AB11 5PU
Ordinary
100%
Streamline Freight Limited
Streamline Terminal, Blaikies Quay,Aberdeen AB11 5PU
Ordinary
100%
Streamline Shipping Agencies Limited
Streamline Terminal, Blaikies Quay,Aberdeen AB11 5PU
Ordinary
100%

Page 30

 
STREAMLINE SHIPPING GROUP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Subsidiary undertakings (continued)

The aggregate of the share capital and reserves as at 31 December 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

North East Stevedoring Company Limited
2
-

Northern Isles Freightways Limited
1
-

Orkney Line Limited
100
-

Prasinus Holdings Limited
107,094
(188,314)

Shetland Line 1984 Limited
1,000
-

Streamline Freight Limited
2
-

Streamline Shipping Agencies Limited
3,813,707
914,716


14.


Stocks

Group
Group
2024
2023
£
£

Raw materials and consumables
177,168
394,320

Work in progress (goods to be sold)
355,682
335,292

Finished goods and goods for resale
55,191
48,592

588,041
778,204



15.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
6,642,417
6,541,933
-
-

Amounts owed by group undertakings
-
-
3,096,350
147,073

Other debtors
176,467
765,857
-
-

Prepayments and accrued income
1,129,806
987,281
-
-

7,948,690
8,295,071
3,096,350
147,073


Page 31

 
STREAMLINE SHIPPING GROUP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

16.


Cash and cash equivalents

Group
Group
2024
2023
£
£

Cash at bank and in hand
1,735,021
88,165

Less: bank overdrafts
-
(26,092)

1,735,021
62,073



17.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank overdrafts
-
26,092
-
-

Other loans
453,336
-
-
-

Trade creditors
3,907,216
3,902,500
-
-

Amounts owed to group undertakings
-
-
-
1,000

Other taxation and social security
1,113,048
958,209
-
-

Obligations under finance lease and hire purchase contracts
749,007
523,187
-
-

Other creditors
596,297
816,160
-
1

Accruals and deferred income
889,774
135,649
-
-

7,708,678
6,361,797
-
1,001



18.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Other loans
-
13,608

Net obligations under finance leases and hire purchase contracts
893,090
782,588

893,090
796,196




Page 32

 
STREAMLINE SHIPPING GROUP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

19.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2024
2023
£
£

Amounts falling due within one year

Other loans
453,336
-

Amounts falling due 1-2 years

Other loans
-
13,608


-
13,608



453,336
13,608



20.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

Within one year
749,007
523,187

Between 1-5 years
893,090
782,588

1,642,097
1,305,775

Page 33

 
STREAMLINE SHIPPING GROUP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

21.


Financial instruments

Group
Group
2024
2023
£
£

Financial assets

Financial assets measured at fair value through profit or loss
1,735,021
88,165

Financial assets measured at amortised cost
7,948,690
8,295,071

9,683,711
8,383,236


Financial liabilities

Financial liabilities measured at amortised cost
(5,549,313)
(4,599,844)


Financial assets measured at fair value through profit or loss comprise of cash held at bank. 


Financial assets measured at amortised cost comprise of trade debtors, other debtors and prepayments
and accrued income.


Financial liabilities measured at amortised cost comprise of trade creditors and hire purchase liabilities.

Page 34

 
STREAMLINE SHIPPING GROUP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

22.


Deferred taxation


Group



2024


£






At beginning of year
802,109


Charged to profit or loss
301,417



At end of year
1,103,526






The provision for deferred taxation is made up as follows:

Group
Group
2024
2023
£
£

Accelerated capital allowances
1,240,228
855,962

Short term timing differences
(136,702)
(115,951)

Pension surplus
-
(62,098)

1,103,526
802,109

Page 35

 
STREAMLINE SHIPPING GROUP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

23.


Provisions


Group



Dilapidation Provisions
Other Provisions
Total

£
£
£





At 1 January 2024
161,000
128,467
289,467


Charged to profit or loss
72,000
(78,467)
(6,467)



At 31 December 2024
233,000
50,000
283,000

24.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



500,000 (2023 - 500,000) Ordinary shares of £1.00 each
500,000
500,000



25.


Financial commitments, guarantees and contingent liabilities

The company's bankers hold cross corporate guarantees between Streamline Shipping Group Limited,
Streamline Shipping Agencies Limited, Northern Isles Freightways Limited, and Prasinus Holdings Limited, together with a bond and floating charge over all of the assets of the group.
The bankers also hold a letter of offset on account of the aforementioned companies for all sums. The letter is secured against all sums which are now or which may at any time hereafter be at the credit of the group.
The bank also holds security over the group's property.
At the year end, a total of £190,000 (2023: £199,584) was secured across the group.


26.


Pension commitments

The Group pays contributions to employees' personal pension plans. The pension costs charge represents contributions payable by the Group and amounted to £474,147 (2023 - £446,714).

Page 36

 
STREAMLINE SHIPPING GROUP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

27.


Commitments under operating leases

At 31 December 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
1,283,605
1,087,785

Later than 1 year and not later than 5 years
2,106,683
2,645,273

Later than 5 years
1,724,762
1,990,536

5,115,050
5,723,594


28.


Related party transactions

During the year, directors advanced £499,280 (2023: £402,126) and were repaid £500,000 (2023: £162,700). At 31 December 2024, the balance due to directors was £nil (2023: £720).
During the year the company rented properties for £191,656 (2023: £165,000) from a pension fund in which some of the directors are trustees. There was no balance due to the pension fund at the year end (2023: £nil).
During the year the company made sales of £16,863 (2023 - £NIL) and purchases of £20,802 (2023 - £NIL) to a company with a common director.At the balance sheet date that balance due to the company was £NIL (2023 - £NIL) and the balance due from the company was £NIL (2023 - £NIL).
The company has taken advantage of the exemption available in accordance with section 33 of FRS 102
'Related party disclosures' not to disclose transactions entered into between two or more members of the
group, provided that any subsidiary which is party to the transaction is wholly owned by such a member.


29.


Controlling party

Mr E S T Roberts controls Streamline Shipping Group Limited.


Page 37