Company Registration No. NI617002 (Northern Ireland)
TST TRANSPORT LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
TST TRANSPORT LTD
COMPANY INFORMATION
Director
Ms M C Reid
Company number
NI617002
Registered office
The John Reid Logistics Park
190 Raceview Road
Ballymena
Northern Ireland
BT42 4HZ
Auditor
SCC Chartered Accountants Ltd
1 The Square
Moy
Co. Tyrone
BT71 7SG
Bankers
Barclays Bank UK Plc
Leicester
Leicester
LE87 2BB
Solicitors
Mills Selig Solicitors
21 Arthur Street
Belfast
Co. Antrim
BT1 4GA
TST TRANSPORT LTD
CONTENTS
Page
Strategic report
1 - 2
Director's report
3 - 4
Independent auditor's report
5 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
Notes to the financial statements
11 - 21
TST TRANSPORT LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 1 -

The director presents the strategic report for the year ended 30 November 2024.

Fair review of the business

 

The financial year ended 30 November 2024 was a period of strong growth for TST Transport Ltd. The company achieved increased sales, supported by the continued development of its full-load transport services, and remains the largest contributor within its sector. Key drivers of revenue growth included the expansion of operations across the UK and Ireland through new locations, the development of relationships with new customers, and increased revenues from existing customers, all underpinned by consistently high service levels.

 

Margins improved during the year, reflecting both revenue growth and operational efficiency. The directors are confident in maintaining these margins as a minimum in the coming year and intend to enhance them further through the development of new revenue streams alongside continued efficiency improvements.

Principal risks and uncertainties

 

The principal risks and uncertainties facing the Company are described below:

 

Price Risk

Market conditions, competitive pressures, and the cost of shipping and labour continue to present key challenges for TST Transport Ltd.

 

Credit Risk

The company has established robust policies requiring due diligence and senior-level approval before entering into contracts or agreements with new customers.

 

Liquidity Risk

TST Transport Ltd maintains sufficient cash reserves to support the efficient operation of its daily activities. Detailed cash flow forecasts are prepared on a weekly, quarterly, and annual basis to ensure that adequate funds are available for both routine operations and any planned expenditures. In addition, the company operates an invoice discounting facility, which can be accessed if required.

 

Customs Legislation

A qualified in-house Customs department has been developed to mitigate any risks arising from changes to Irish Sea trading arrangements following Brexit.

Key performance indicators

 

Financial KPIs

Turnover, gross margin, net profit, cash flow, and gearing ratio are the primary financial KPIs used by TST Transport Ltd to monitor performance and support strategic decision-making.

 

Employees

The safety and mental wellbeing of employees are key priorities. The company is committed to providing a safe working environment, opportunities for skills development, and ensuring that employees feel heard, with individual goals aligned to the company’s objectives. Employee turnover and sickness KPIs are monitored to assess workforce wellbeing, with outcomes addressed through policy updates to meet evolving needs.

 

Corporate Social Responsibility

As the company grows, it remains mindful of its CSR obligations. The board of directors is committed to ensuring that the business operates in a socially accountable manner, benefiting the company, its stakeholders, and the wider public.

 

Environmental Impact

TST Transport Ltd has implemented initiatives aligned with the Government’s key targets for 2030 and 2050. A Carbon Reduction roadmap has been developed and is currently being implemented. Advanced software monitors driver behaviour and route efficiency, further demonstrating the company’s commitment to sustainability. Up to 70% of the energy requirements at the Northern Ireland headquarters are met through wind-powered facilities.

TST TRANSPORT LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 2 -
Post Balance Sheet Events

 

There have been no significant events affecting TST Transport Ltd since the year end.

On behalf of the board

Ms M C Reid
Director
29 August 2025
TST TRANSPORT LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 3 -

The director presents her annual report and financial statements for the year ended 30 November 2024.

Principal activities

The principal activity of the company continued to be freight transport by road and other transportation support activities.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Ms M C Reid
Results and dividends

The Company has not declared any dividend for the financial year, and there are no results to report for the period.

Future developments

The directors anticipate that any future developments would relate to the principal business activity of the Company.

Auditor

The Board proposes the appointment of SCC Chartered Accountants, as the Company's auditor in accordance with section 485 of the Companies Act 2006. A resolution confirming their appointment will be proposed at the forthcoming Annual General Meeting.

Statement of director's responsibilities

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

 

 

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. She is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

TST TRANSPORT LTD
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 4 -
On behalf of the board
Ms M C Reid
Director
29 August 2025
TST TRANSPORT LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TST TRANSPORT LTD
- 5 -
Opinion

We have audited the financial statements of TST Transport Ltd (the 'company') for the year ended 30 November 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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:

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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

 

This was the first year the company required an audit due to exceeding the audit exemption thresholds. Prior year financial statements were not audited, however work was carried out on opening balances.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The director is responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

TST TRANSPORT LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TST TRANSPORT LTD
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the director's report.

 

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of director

As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines 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 director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

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 financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

The purpose of our audit work and to whom we owe our responsibilities

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to her in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Sean G. Cavanagh (Senior Statutory Auditor)
for and on behalf of SCC Chartered Accountants Ltd
29 August 2025
Chartered Accountants
Statutory Auditor
1 The Square
Moy
Co. Tyrone
BT71 7SG
TST TRANSPORT LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 7 -
Year
Unaudited
ended
ended
30 November
30 November
2024
2023
as restated
Notes
£
£
Turnover
3
15,023,130
12,348,489
Cost of sales
(7,567,217)
(6,467,993)
Gross profit
7,455,913
5,880,496
Distribution costs
(4,517,006)
(3,604,989)
Administrative expenses
(2,404,700)
(1,961,617)
Operating profit
4
534,207
313,890
Interest payable and similar expenses
6
(401,778)
(328,803)
Profit/(loss) before taxation
132,429
(14,913)
Tax on profit/(loss)
7
-
0
-
0
Profit/(loss) for the financial year
132,429
(14,913)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

TST TRANSPORT LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 8 -
Year
Unaudited
ended
ended
2024
2023
£
£
Profit/(loss) for the year
132,429
(14,913)
Other comprehensive income
-
-
Total comprehensive income for the year
132,429
(14,913)
TST TRANSPORT LTD
BALANCE SHEET
AS AT
30 NOVEMBER 2024
30 November 2024
- 9 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
9
8,489,515
4,481,497
Current assets
Stocks
10
138,062
148,282
Debtors
11
6,341,726
5,280,995
Cash at bank and in hand
732,136
50,017
7,211,924
5,479,294
Creditors: amounts falling due within one year
12
(4,677,250)
(4,303,865)
Net current assets
2,534,674
1,175,429
Total assets less current liabilities
11,024,189
5,656,926
Creditors: amounts falling due after more than one year
13
(10,567,527)
(5,332,693)
Provisions for liabilities
211,409
211,409
Net assets
668,071
535,642
Capital and reserves
Called up share capital
18
456,324
456,324
Share premium account
495,035
495,035
Profit and loss reserves
(283,288)
(415,717)
Total equity
668,071
535,642
The financial statements were approved and signed by the director and authorised for issue on 29 August 2025
Ms M C Reid
Director
Company Registration No. NI617002
TST TRANSPORT LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 10 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
As restated for the period ended 30 November 2023:
Balance at 1 December 2022
456,324
495,035
(400,804)
550,555
Period ended 30 November 2023:
Loss and total comprehensive income for the period
-
-
(14,913)
(14,913)
Balance at 30 November 2023
456,324
495,035
(415,717)
535,642
Year ended 30 November 2024:
Profit and total comprehensive income for the year
-
-
132,429
132,429
Balance at 30 November 2024
456,324
495,035
(283,288)
668,071
TST TRANSPORT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 11 -
1
Accounting policies
Company information

TST Transport 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.

 

The financial statements for the year ended 30 November 2024 have been audited. The comparative information presented for the year ended 30 November 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 year 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.

The company has taken advantage of the exemption in FRS 102 paragraph 7.1A from preparing a cash flow statement on the grounds that it is a wholly owned subsidiary and its results are included in the consolidated financial statements of TST Holdings (NI) Limited, which are publicly available.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
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 TRANSPORT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 12 -
1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

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:

Freehold land and buildings
over 50 years
Plant and equipment
over 5 years
Fixtures and fittings
over 5 years
Computers
over 5 years
Motor vehicles
over 5 years

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 and intangible 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.

TST TRANSPORT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
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.

1.9
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.

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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

TST TRANSPORT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 14 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

TST TRANSPORT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 15 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
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.

1.11
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.

1.12
Retirement benefits

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

1.13
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.

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.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

TST TRANSPORT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 16 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sales
15,023,130
12,348,489
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
15,023,130
12,348,489
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
962
987
Fees payable to the company's auditor for the audit of the company's financial statements
9,250
-
0
Depreciation of owned tangible fixed assets
854,133
668,204
Loss/(profit) on disposal of tangible fixed assets
2,278
(42,169)
Operating lease charges
16,204
-
5
Employees

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

2024
2023
Number
Number
93
79

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
3,253,737
2,815,845
Social security costs
417,660
362,945
Pension costs
60,303
52,403
3,731,700
3,231,193
TST TRANSPORT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 17 -
6
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
488
9,003
Interest on invoice finance arrangements
244,423
182,429
244,911
191,432
Other finance costs:
Interest on finance leases and hire purchase contracts
156,867
137,371
401,778
328,803
7
Taxation

The actual charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit/(loss) before taxation
132,429
(14,913)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
33,107
(3,728)
Unutilised tax losses carried forward
-
0
3,728
Permanent capital allowances in excess of depreciation
(33,107)
-
0
Taxation charge for the year
-
-
8
Intangible fixed assets
Goodwill
£
Cost
At 1 December 2023 and 30 November 2024
35,000
Amortisation and impairment
At 1 December 2023 and 30 November 2024
35,000
Carrying amount
At 30 November 2024
-
0
At 30 November 2023
-
0
TST TRANSPORT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 18 -
9
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 December 2023
202,328
5,630,345
23,602
143,837
362,117
6,362,229
Additions
65,652
4,657,035
-
0
62,617
76,847
4,862,151
Disposals
-
0
-
0
(3,441)
-
0
-
0
(3,441)
At 30 November 2024
267,980
10,287,380
20,161
206,454
438,964
11,220,939
Depreciation and impairment
At 1 December 2023
90,663
1,475,572
19,257
124,418
170,822
1,880,732
Depreciation charged in the year
36,828
726,213
986
13,246
76,860
854,133
Eliminated in respect of disposals
-
0
-
0
(3,441)
-
0
-
0
(3,441)
At 30 November 2024
127,491
2,201,785
16,802
137,664
247,682
2,731,424
Carrying amount
At 30 November 2024
140,489
8,085,595
3,359
68,790
191,282
8,489,515
At 30 November 2023
111,665
4,154,773
4,345
19,419
191,295
4,481,497

The net carrying value of tangible fixed assets includes £7,395,699 (2023 - £3,131,319) in respect of assets held under finance leases or hire purchase contracts

10
Stocks
2024
2023
£
£
Raw materials and consumables
138,062
148,282
11
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,677,912
2,459,944
Other debtors
2,311,621
2,611,661
Prepayments and accrued income
352,193
209,390
6,341,726
5,280,995
TST TRANSPORT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 19 -
12
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
14
2,842
-
0
Trade creditors
1,096,303
1,342,076
Taxation and social security
363,697
675,792
Other creditors
2,863,543
2,147,064
Accruals and deferred income
350,865
138,933
4,677,250
4,303,865
13
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
14
850,200
1,120,960
Obligations under finance leases
15
5,348,131
2,515,298
Other borrowings
14
3,417,878
1,696,435
Trade creditors
867,746
-
0
Other creditors
83,572
-
0
10,567,527
5,332,693
14
Loans and overdrafts
2024
2023
£
£
Bank loans
850,200
1,120,960
Bank overdrafts
2,842
-
0
Loans from related parties
3,417,878
1,696,435
4,270,920
2,817,395
Payable within one year
2,842
-
0
Payable after one year
4,268,078
2,817,395

The long-term loans are secured by floating charges that covers all the property or undertaking of the company.

The loans bear interest at commercial rates and are repayable in instalments, with final maturity dates extending beyond one year. Certain bank loans are secured on comany assets. The credit card facility is repayable on demand.

 

The Company complied with all banking covenants during the year. The directors consider that the carrying amounts of borrowings approximate to their fair values.

TST TRANSPORT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 20 -
15
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
In two to five years
5,348,131
2,515,298

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.

16
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
(211,409)
(211,409)
There were no deferred tax movements in the year.

The deferred tax liability set out above is expected to reverse within [12 months] and relates to accelerated capital allowances that are expected to mature within the same period.

17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
60,303
52,403

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

18
Share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
142 Ordinary Share of £1 each
142
142
TST TRANSPORT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
18
Share capital
2024
2023
£
£
(Continued)
- 21 -
Preference share capital
Issued and fully paid
Preference shares classified as equity
456,182
456,182
Total equity share capital
456,324
456,324
19
Related party transactions

At the year end, the company was owed £2,227,077 (2023: £2,540,441) by Warley Carriers Limited. The loan is unsecured, interest-free and repayable on demand. Warley Carriers Limited is a wholly owned subsidiary of TST Holdings (NI) Limited.

 

At the year end, the company owes £1,210,476 (2023: £865,744) to TST Holdings (NI) Limited. This is unsecured, interest free and repayable on demand.

 

At the year end, the company owes £2,207,402 (2023: £830,691) to TST Logistic Services Ltd. This is unsecured, interest free and repayable on demand. TST Logistic Services Ltd is a wholly own subsidiary of TST Holdings (NI) Ltd.

 

20
Ultimate controlling party

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.

 

Ms. Maire-Claire 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.

21
Prior period adjustment

The comparative figures for the year ended 30 November 2023 have been restated to correct an error identified during the current year. These figures were previously unaudited and were presented in the prior year financial statements on that basis.

 

As a result, the following changes have been made to the previously reported amounts:

 

2024-11-302023-12-01falsefalsefalseCCH SoftwareCCH Accounts Production 2025.200Ms M C ReidNI6170022023-12-012024-11-30NI617002bus:Director12023-12-012024-11-30NI617002bus:RegisteredOffice2023-12-012024-11-30NI617002bus:Agent12023-12-012024-11-30NI6170022024-11-30NI6170022022-12-012023-11-30NI617002core:RetainedEarningsAccumulatedLosses2022-12-012023-11-30NI617002core:RetainedEarningsAccumulatedLosses2023-12-012024-11-30NI6170022023-11-30NI617002core:LandBuildingscore:OwnedOrFreeholdAssets2024-11-30NI617002core:PlantMachinery2024-11-30NI617002core:FurnitureFittings2024-11-30NI617002core:ComputerEquipment2024-11-30NI617002core:MotorVehicles2024-11-30NI617002core:LandBuildingscore:OwnedOrFreeholdAssets2023-11-30NI617002core:PlantMachinery2023-11-30NI617002core:FurnitureFittings2023-11-30NI617002core:ComputerEquipment2023-11-30NI617002core:MotorVehicles2023-11-30NI617002core:CurrentFinancialInstrumentscore:WithinOneYear2024-11-30NI617002core:CurrentFinancialInstrumentscore:WithinOneYear2023-11-30NI617002core:Non-currentFinancialInstrumentscore:AfterOneYear2024-11-30NI617002core:Non-currentFinancialInstrumentscore:AfterOneYear2023-11-30NI617002core:CurrentFinancialInstruments2024-11-30NI617002core:CurrentFinancialInstruments2023-11-30NI617002core:Non-currentFinancialInstruments2024-11-30NI617002core:Non-currentFinancialInstruments2023-11-30NI617002core:ShareCapital2024-11-30NI617002core:ShareCapital2023-11-30NI617002core:SharePremium2024-11-30NI617002core:SharePremium2023-11-30NI617002core:RetainedEarningsAccumulatedLosses2024-11-30NI617002core:RetainedEarningsAccumulatedLosses2023-11-30NI617002core:ShareCapital2022-11-30NI617002core:SharePremium2022-11-30NI617002core:RetainedEarningsAccumulatedLosses2022-11-30NI6170022022-11-30NI617002core:ShareCapitalOrdinaryShareClass12024-11-30NI617002core:ShareCapitalOrdinaryShareClass12023-11-30NI617002core:Goodwill2023-12-012024-11-30NI617002core:LandBuildingscore:OwnedOrFreeholdAssets2023-12-012024-11-30NI617002core:PlantMachinery2023-12-012024-11-30NI617002core:FurnitureFittings2023-12-012024-11-30NI617002core:ComputerEquipment2023-12-012024-11-30NI617002core:MotorVehicles2023-12-012024-11-30NI617002core:UKTax2023-12-012024-11-30NI617002core:UKTax2022-12-012023-11-30NI617002core:Goodwill2023-11-30NI617002core:Goodwill2024-11-30NI617002core:Goodwill2023-11-30NI617002core:LandBuildingscore:OwnedOrFreeholdAssets2023-11-30NI617002core:PlantMachinery2023-11-30NI617002core:FurnitureFittings2023-11-30NI617002core:ComputerEquipment2023-11-30NI617002core:MotorVehicles2023-11-30NI6170022023-11-30NI617002core:Non-currentFinancialInstruments12024-11-30NI617002core:Non-currentFinancialInstruments12023-11-30NI617002core:BetweenTwoFiveYears2024-11-30NI617002core:BetweenTwoFiveYears2023-11-30NI617002bus:PrivateLimitedCompanyLtd2023-12-012024-11-30NI617002bus:FRS1022023-12-012024-11-30NI617002bus:Audited2023-12-012024-11-30NI617002bus:FullAccounts2023-12-012024-11-30xbrli:purexbrli:sharesiso4217:GBP