Company Registration No. NI653891 (Northern Ireland)
TST LOGISTICS SERVICES LTD
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2024
PAGES FOR FILING WITH REGISTRAR
TST LOGISTICS SERVICES LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
TST LOGISTICS SERVICES LTD
BALANCE SHEET
AS AT
30 NOVEMBER 2024
30 November 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
45,946
51,496
Current assets
Debtors
4
2,076,907
449,085
Cash at bank and in hand
382,860
-
0
2,459,767
449,085
Creditors: amounts falling due within one year
5
(890,607)
(362,917)
Net current assets
1,569,160
86,168
Total assets less current liabilities
1,615,106
137,664
Creditors: amounts falling due after more than one year
6
(1,424,317)
-
0
Provisions for liabilities
27,500
27,500
Net assets
218,289
165,164
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
218,189
165,064
Total equity
218,289
165,164

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 29 August 2025 and are signed on its behalf by:
Ms M C Reid
Director
Company Registration No. NI653891
TST LOGISTICS SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 2 -
1
Accounting policies
Company information

TST Logistics Services Ltd is a private company limited by shares incorporated in Northern Ireland. The registered office is The John Reid Logistics Park, 190 Raceview Road, Ballymena, Northern Ireland, BT42 4HZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

 

The financial statements for the period ended 30 November 2024 have been audited. The comparative information presented for the year ended 30 June 2023 has not been audited and is included for comparative purposes only. Accordingly, the comparative information does not carry the same level of assurance as the current year’s audited financial statements.

 

As part of our audit of the financial statements for the period ended 30 November 2024, the opening balances as at 1 December 2023 have been subject to audit procedures in order to obtain sufficient and appropriate assurance over the prior year closing balances.

 

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has 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.

1.3
Reporting period

These financial statements cover the period from 1 July 2023 to 30 November 2024, a period of 17 months. The comparative figures presented are for the year ended 30 June 2023. As a result, the amounts presented in the primary statements are not entirely comparable.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

TST LOGISTICS SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Building adaptations
20% Straight Line
Plant and equipment
20% Straight Line
Computers
20% Straight Line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet 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.

TST LOGISTICS SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include debtors 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 transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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 creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

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

1.9
Equity instruments

Equity instruments issued by the company are recorded at the 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.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

TST LOGISTICS SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 5 -

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
2023
Number
Number
Total
64
27
3
Tangible fixed assets
Building adaptations
Plant and equipment
Computers
Total
£
£
£
£
Cost
At 1 July 2023
93,028
21,000
51,168
165,196
Additions
1,870
3,200
12,200
17,270
Disposals
-
0
(400)
-
0
(400)
At 30 November 2024
94,898
23,800
63,368
182,066
Depreciation and impairment
At 1 July 2023
53,041
11,200
49,459
113,700
Depreciation charged in the period
9,061
9,970
3,389
22,420
At 30 November 2024
62,102
21,170
52,848
136,120
Carrying amount
At 30 November 2024
32,796
2,630
10,520
45,946
At 30 June 2023
39,987
9,800
1,709
51,496

Change in Accounting Estimate - Depreciation Rates:

 

During the year, the estimated useful life of Building Adaptations, Plant & Machinery and IT Equipment was revised, resulting in a change of the depreciation rate applied. The depreciation method remains straight line, but the rate has increased from 15% per annum to 20% per annum.

 

This change reflects a updated expectations regarding the usage and residual value of the assets and has been applied prospectively.

 

At the year end, the net book value of tangible fixed assets held under hire purchase agreements amounted to £9,450 (2023: £12,600).

TST LOGISTICS SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 6 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
546,797
298,035
Other debtors
1,523,909
45,851
Prepayments and accrued income
6,201
105,199
2,076,907
449,085
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
370,588
48,932
Obligations under finance leases
7
3,610
8,965
Trade creditors
46,033
175,437
Taxation and social security
93,998
88,976
Other creditors
354,482
21,307
Accruals and deferred income
21,896
19,300
890,607
362,917
6
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
1,424,317
-
0
7
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
3,610
8,965

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Sean G. Cavanagh .
TST LOGISTICS SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
8
Audit report information
(Continued)
- 7 -
The auditor was SCC Chartered Accountants Ltd.
9
Related party transactions

At the year end, the company had an amount receivable of £334,571 (2023: £- 113,842) from TST Holdings (NI) Limited. This loan is unsecured, interest free and repayable on demand.

 

At the year end, the company had an amount receivable of £2,207,402 (2023: £830 691) from TST Transport Ltd. This loan is unsecured, interest free and repayable on demand. TST Transport Ltd is a wholly owned subsidiary of TST Holdings (NI) Ltd.

 

At the year end, the company an an amount payable of £1,018,064 (2023: £776,960) to Warley Carriers Limited. This is unsecured, interest free and repayable on demand. Warley Carriers Limited is a wholly owned subsidiary of TST Holdings (NI) Ltd.

10
Parent company

The company is a subsidiary of TST Holdings (NI) Limited, which is the immediate parent undertaking. The directors consider TST Holdings (NI) Limited to be the company’s ultimate controlling party, by virtue of its shareholding.

 

Mr. Liam Reid is the principal shareholder of TST Holdings (NI) Limited.

 

Consolidated financial statements for TST Holdings (NI) Limited, which include the results of the company, are available from its registered office at: The John Reid Logistics Park, 190 Raceview Road, Ballymena, Northern Ireland, BT42 4HZ.

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