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Registered number: 04190764
SAXON LOGISTICS LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 JUNE 2024
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SAXON LOGISTICS LIMITED
REGISTERED NUMBER: 04190764
BALANCE SHEET
AS AT 30 JUNE 2024
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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SAXON LOGISTICS LIMITED
REGISTERED NUMBER: 04190764
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 11 form part of these financial statements.
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SAXON LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Saxon Logistics Limited (the "Company") is a private company limited by share capital, incorporated under the UK Companies Act 1985 and domiciled in England. The address of the Company's registered office is 124 Finchley Road, London, NW3 5JS.
2.Accounting policies
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Summary of significant accounting policies
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The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all reporting periods presented, unless otherwise stated.
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Basis of preparation of financial statements
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The financial statements of the Company have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland, and the UK Companies Act 2006.
The preparation of financial statements in conformity with Financial Reporting Standard 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company's accounting policies.
Details of those estimates and/or judgments made in applying the Company's accounting policies towards the preparation of these financial statements that may be considered as yielding a significant risk of a material adjustment being made to the carrying amounts of assets and/or liabilities reported in the balance sheet during the next financial reporting period are disclosed in note 3 to the financial statements.
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Functional and presentational currency
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Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the Company operates (the "functional currency").
The functional currency of the Company and the currency in which the financial statements are presented (the "presentational currency") is 'Pounds Sterling' (£) rounded to the nearest single unit of currency.
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Foreign currency translation
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Foreign currencies are translated into the functional (and presentational) currency using the exchange rates prevailing at the date of the respective transaction or valuation where items are re-measured.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at financial period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.
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SAXON LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
As at the date these financial statements were approved by the director, the following significant factors were considered by the director when determining the going concern status of the Company.
Financial performance
The Company is dependant on the income it generates through day-to-day operations in order to meet its cash-flow requirements. Where the income generated is insufficient to meet the Company's cash-flow requirements, the Company is reliant on the availability of financial support to enable the Company to continue trading and meet any and all debts as they fall due. Should adequate financial support not be made available to the Company, there is an increased risk that the Company would be unable to meet its debts as they should fall due and no longer be a going concern.
Although the Company has continued reporting operating losses before exceptional items over the preceding number of years; the director, with the continuing support of the Company's ultimate beneficial owners, remains of the opinion that the Company's 'raison d'être' is financially viable and capable of yielding profitability in the long term.
Financial position
At the balance sheet date, the Company held net liabilities of £13,999,301 and is dependent on the continued financial support of fellow group undertaking, City & Docklands Management Limited.
The board of directors of City & Docklands Management Limited, a member of which is also the sole director of the Company, have confirmed in said capacity to the Company and on behalf of City & Docklands Management Limited that the current and ongoing intention of City & Docklands Management Limited is for the Company to continue to be provided with appropriate financial support where considered necessary such that the Company would be able to meet any third party debts as they should fall due and for no demand for repayment of any amounts owed by the Company to its fellow group undertakings to be made until such time as the Company can repay them.
The director has considered the Company's operational cash flow requirements for the short term, based on the observed performance up to the date these financial statements were approved and forecasted performance, and is of the opinion that the Company will have, available at its disposal, adequate financial resources to meet its debts as they should fall due and will be able to continue in operational existence for the foreseeable future.
As a result, the Company is expected to remain a going concern and as such the director therefore considers it both appropriate to adopt the going concern basis in preparing the Company's financial statements and to not recognise any adjustments in the financial statements that would arise if the going concern basis were to become no longer appropriate.
Turnover comprises revenues receivable by the Company in respect of the hire of aircraft and other vehicles supplied during the year exclusive of Value Added Tax and recognised upon completion of services agreed upon to be provided.
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SAXON LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
Interest payable is 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.
All borrowing costs are recognised in profit or loss in the year in which they are incurred unless where considered, in the opinion of the directors, to be material with respect to the value of the associated capital instrument upon which the respective borrowing costs on issue are initially recognised as a reduction against the proceeds of the associated capital instrument.
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Operating leases: the Company as lessee
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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.
The tax expense comprises of deferred taxation and is recognised in profit or loss.
Deferred taxation is recognised on temporary differences arising between the tax bases of assets and liabilities and their respective carrying amounts in the financial statements. Deferred taxation is calculated using tax rates and on the basis of tax laws enacted or substantively enacted at the balance sheet date and are expected to apply when the related deferred tax asset/liability is realised/settled.
Deferred tax assets are recognised only to the extent that it is sufficiently probable that future taxable profits will be available against which the temporary differences can be utilised. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the respective deferred tax assets and liabilities relate to current taxation levied by the same tax authority.
Tangible fixed assets are recognised under the cost model and stated at historical cost less accumulated depreciation. 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 upon acquisition.
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SAXON LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is provided on the following basis:
Aircraft, included within plant and machinery, is estimated to have a residual value of 30% of its original cost.
Depreciation of a tangible fixed asset commences once the asset is available for use.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Classic car stocks and restoration works in progress are stated at the lower of cost and net realisable value with cost comprising of expenditure incurred towards the acquisition of the underlying asset and direct expenditure incurred towards its restoration. Cost excludes indirect overheads.
At each balance sheet date, stocks and work in progress are assessed for impairment. Where indicators of impairment are identified as being present, the carrying amount is reduced to its selling price less costs to complete and sell with the impairment loss recognised immediately in profit or loss.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities; with said financial assets and liabilities classified in accordance with the substance of the underlying contractual obligations rather than its legal form.
Financial assets and liabilities are recognised in the balance sheet upon becoming party to the contractual provisions of the instrument. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or the financial asset is transferred along with substantially all the risks and rewards of ownership of the asset to another party. Financial liabilities are derecognised only when the Company’s obligations are discharged, cancelled or expired.
The measurement of specific financial assets, financial liabilities and equity is as outlined below:
Debtors and creditors
Debtors, excluding deferred taxation (see note 2.9), and creditors, excluding loans, deemed to be short term in nature are initially measured at transaction price (i.e fair value) and subsequently held, at transaction price less provision for impairment of assets.
The Company held no debtors, excluding deferred taxation, or creditors, excluding loans, deemed not to be short term in nature during the current or preceding financial reporting periods.
Loans payable are initially measured at fair value, net of transaction costs, and subsequently measured at amortised cost using the effective interest method with the interest expense recognised on an effective yield basis.
Cash and cash equivalents
Cash balances are reported by the Company as being financial instruments classified as short term
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SAXON LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
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Financial instruments (continued)
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receivables and are represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours and subject to an insignificant risk of changes in value. Cash balances are held at floating interest rates linked to UK bank rates.
Equity
Ordinary share capital, shown in equity, is initially measured and subsequently held at its nominal value. Where the transaction price for issued shares exceeds their nominal value, the difference is shown under equity in a share premium account with any directly attributable transaction costs associated with the issuing of said shares deducted from the share premium account.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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In the application of the Company's accounting policies, the director is required to apply judgment and make estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other available sources based on historical experience and other factors that are considered to be relevant. Consequently, actual results may differ from that originally estimated.
In the opinion of the director, the following judgments, estimates and/or assumptions made in applying the principal accounting policies, outlined in note 2 of these financial statements, towards the preparation of these financial statements may be considered as having a significant risk of causing a material adjustment to the carrying amount of assets and/or liabilities carried forward as at the balance sheet date where by which the actual future outcome observed may differ from that originally determined and reported.
Depreciation of tangible assets
The useful lives of assets and residual values of tangible assets are estimated by the director based on general consensus taking into account a number of factors such as technological innovation, asset life cycles, maintenance programs and projected disposal values.
Impairment of stocks
When assessing stock impairment, the director considers the nature and condition of stocks held; and taking into account current and expected market activity, the likelihood of future sale and whether the current carrying value exceeds the expected net sales value.
Impairment of debtors
When assessing the recoverable value of debtors, the director considers a variety of factors including the ageing profile of the debt, historical experience and the quality of communications to date with the debtor.
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The average monthly number of employees, including directors, during the year was 1 (2023 - 1).
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SAXON LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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Charge for the year on owned assets
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Restoration works in progress
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Stock recognised in cost of sales during the year as an expense was £nil (2023: £nil).
No impairment was recognised in cost of sales against stocks held during the year in respect of slow-movement and obsolescence.
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SAXON LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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Prepayments and accrued income
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Other debtors falling due within one year are non-interest bearing and, in the opinion of the director, of a fair value not materially different from their carrying value.
At the balance sheet date, the provision for impairment against debtors falling due within one year was £5,992,252 (2023: £5,992,252).
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other loans of $1,260,839 (2023: $179,717), translated to £995,270 as at 30 June 2024 (2023: £152,516) are secured by a fixed charge over aircraft owned by the Company and incur interest at a rate of 3.75% above USD 1 month LIBOR per annum. The loans were repaid in July 2024.
Amounts owed to group undertakings are unsecured, interest free and repayable on demand with no fixed date of repayment.
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SAXON LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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Creditors: Amounts falling due after more than one year
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Other loans of $Nil (2022: $1,187,816), translated to £Nil as at 30 June 2024 (2023: £931,614), are secured by a fixed charge over aircraft owned by the Company, incur interest at a rate of 3.75% above USD 1 month LIBOR per annum. The loans were repaid in July 2024.
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The Company held no financial instruments that would require specific disclosure under sections 1.12, 11 or 12 of Financial Reporting Standard 102 and paragraph 36 of Schedule 1 to the Companies Act 2006.
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(Charged)/credited to profit or loss
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The deferred taxation asset/(liability) carried forward is made up as follows:
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Accelerated capital allowances
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Related party transactions
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The Company has taken advantage of exemptions provided by Section 33 of Financial Reporting Standard 102 from the requirement to disclose transactions undertaken or balances carried forward as at the balance sheet date between the Company and its fellow wholly-owned group undertakings.
There were no other related party transactions and/or period end balances to report in accordance with the UK Companies Act 2006 and Section 1A of Financial Reporting Standard 102 as part of these financial statements.
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SAXON LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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Post balance sheet events
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Following the balance sheet date, in July 2024, other loans secured against aircraft held by the Company (see notes 9 and 10) were repaid in full following the Company's disposal of said secured aircraft.
The immediate parent undertaking is Landeck Services Limited, a company incorporated under the BVI Business Companies Act, which holds a 100% interest in the issued share capital of the Company.
Landeck Services Limited, whose registered office is located at Craigmuir Chambers, Road Town, Tortola, British Virgin Islands, is the parent undertaking of the smallest group to consolidate these financial statements.
The auditors' report on the financial statements for the year ended 30 June 2024 was unqualified.
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In their report, the auditors emphasised the following matter without qualifying their report:
∙The existence of a material uncertainty which may cast significant doubt about the Company’s ability to continue as a going concern and note 2.5 of the financial statements which explained the sole director's basis in light of this uncertainty for continuing to adopt the going concern basis in preparing the Company's financial statements.
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The audit report was signed on 28 August 2025 by Richard Paul (senior statutory auditor) on behalf of Nyman Libson Paul LLP.
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