Company registration number 01488473 (England and Wales)
JAS ROAD FREIGHT (UK) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
JAS ROAD FREIGHT (UK) LIMITED
COMPANY INFORMATION
Directors
C. Hunt
T. Fumo
M. Rebuffi
Secretary
C. Hunt
Company number
01488473
Registered office
Netherlands Way
Stallingborough
Grimsby
England
DN41 8DF
Auditor
BG Audit LLP
Statutory Auditors
7 Three Rivers Business Park
Felixstowe Road, Foxhall
IPSWICH
IP10 0BF
Business address
Netherlands Way
Stallingborough
Grimsby
England
DN41 8DF
JAS ROAD FREIGHT (UK) LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Statement of income and retained earnings
9
Balance sheet
10
Statement of cash flows
11
Notes to the financial statements
12 - 23
JAS ROAD FREIGHT (UK) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Principal activities

The principal activity of the company continued to be that of freight forwarding agents, together with the provision of warehouse and distribution facilities.

JAS Worldwide

JAS Roadfreight is part of the JAS NOBA region (Nordic/Baltic region).

JAS was founded in 1978 in Milan, Italy. Over the last four decades, JAS has grown from regional roots to a global force in freight forwarding. Today, the company covers 100+ countries between JAS offices and official agents and has over 7,000 employees globally.

The mission of JAS is to focus on innovation and maintain a commitment to deliver products securely and on time. A key part of JAS' mission is to be an organization that is committed to providing services at a level of excellence that exceeds every industry standard and JAS accomplishes this through continuous efforts to position itself as a partner that develops scalable solutions for customers, regardless of size and complexity.

Our Values

JAS has a steadfast commitment to their respective customers' success and satisfaction and strives to exceed expectations. The JAS group is dedicated to conducting business in a respectful, collaborative, and inclusive way.

Our values are:

Family: Embrace inclusiveness and belonging, Integrity: Lead by example, trust and respect, Excellence: Enable quality, service and performance, Innovation: Embrace agile decision making and new ideas, Community: Make a sustainable impact in our ecosystem.

Mission

JAS Worldwide’s growth is attributed to consistently providing our customers exceptional service and competitive pricing. Exceptional service comes from the people within the global JAS organization, people in which the JAS organization has invested and who have grown alongside JAS.

Our objective is to create lasting value to our clients and shareholders by repeatedly and transparently delivering the client’s products safely and on time. We do so in an atmosphere of integrity and honesty that still allows our company to prosper in the long-term.

Our Mission is to deliver customer value with passion.

Health & Safety, Quality & Environment

ISO Certification

The quality and environmental work are an integrated part of our daily work and actions. All JAS offices are certified against the quality standard ISO 9001:2015 & ISO 14001:2015. A number of our offices are accredited in ISO45001:2018 Occupational Health & Safety management standard. The remaining offices will work towards this during 2025.

Environment

The environment is an integral and essential part of our sustainability work. Our ambition is to be the frontrunner in the transport industry; a competent partner who provides eco-friendly alternatives to traditional transport solutions. Our environmental responsibility includes caring for the environment across all levels of our organisation.

Sustainability

We acknowledge 17 Sustainability Development Goals (SDGs), although 6 SDGs have been identified as being the most relevant to JAS business as a global logistics company.

Relative emissions reduced:

2030: Reduce the total C02e per TONKM by 25% compared to 2021.

C02e = CO2 equivalent.

JAS ROAD FREIGHT (UK) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

Our Environmental Commitment

JAS Worldwide has committed to set a science-based target towards nett zero 2050. This is applicable to all country organizations.

JAS Worldwide has an Environmental Policy that outlines our commitment to aspects such as decarbonisation, emissions reporting and stakeholder engagement to achieve our targets.

Our code of conduct for our business and suppliers set out our environmental standards to reduce the environmental impacts of our operations and comply with all environmental protection regulations.

As part of the JAS Business Management System, JAS Worldwide is accredited to ISO 14001:2015 Environmental Management System.

Health & Safety

Health and Safety continues to be at the forefront of our business. We outsourced Fire risk assessments to industry consultants; we undertake regular training and audits to ensure policies and procedures are implemented. Our aim is to identify and reduce potential risks and near misses and to ensure compliance with legal and customer requirements.

Operating and financial review

During 202 4 our services were strategically focused on i nternational and domestic road.

The company concentrated on its core international road freight and domestic distribution business. Expansion of the Trailer fleet to include new Huckepack equipment allowing intermodal sustainable options for planning and routing in the Nordics and Northern Europe which helps to assist clients with decreasing emissions for international freight movements.

Key performance indicators

We consider our key financial performance indicators to be turnover, gross profit and net profit. These are shown in the table below:-

Key Performance Indicator | 20 24 | 20 2 3
| £ | £
Turnover | 11,703,578 | 12,252,091
Gross profit | 1,892,961 | 1,239,518
Gross profit (%) | 16.2% | 10.1%
Net profit/(loss) | 255,805 | (630,913)

JAS ROAD FREIGHT (UK) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Principal risks and uncertainties

Like any business we are exposed to risks as a result of the internal and external environment, a summary of significant risks specific to our business is outlined below:-

IT - All servers are protected by IBM - Tivoli Storage Manager. Backups are performed on a daily basis and data is kept for 30 days. All systems are protected by Trend Micro OfficeScan. If OfficeScan Central Management software identifies an outbreak, a disc scan at infected system will be triggered with warning to IT administration and disconnection from network if needed. A personal warning and reminder will be sent to end-users with instructions and reminders on email and internet security. Virus detection pattern updates are distributed by OfficeScan on a daily basis and distribution is monitored by OfficeScan Management software and at servers by IT support monitoring system.

Legislation & Regulation – our business is controlled under a variety of legislation and regulation reflecting the characteristics of the industry. Management ensures that it has appropriate procedures and controls in place to adhere to necessary compliance in accordance with the regulation and identify and act on any future changes.

Fuel Prices – fuel represents a significant cost to the business, the risk associated with fuel price movements is mitigated through the use of escalators within customer agreements which allows for changes in fuel costs to be reflected in the sales price.

Currency fluctuation – the fluctuation of currencies represents a significant cost to the business, the risk associated with currency movements is mitigated through the use of escalators within customer agreements which allows for changes to be reflected in the sales price.

Liquidity – monthly management accounts are prepared, and a review of cash balances and cashflows is undertaken to ensure that the business can operate efficiently and effectively.

On behalf of the board

C. Hunt
Director
20 June 2025
JAS ROAD FREIGHT (UK) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

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

Principal activities

The principal activity of the company continued to be that of freight forwarding agents, together with the provision of warehouse and distribution facilities.

Directors

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

C. Hunt
T. Fumo
M. Rebuffi
Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Auditor

The auditor, BG Audit LLP, statutory auditors, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

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.

On behalf of the board
C. Hunt
Director
20 June 2025
JAS ROAD FREIGHT (UK) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -

The directors are responsible for preparing the annual report and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 of the profit or loss of the company for that period.

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

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are 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.

JAS ROAD FREIGHT (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JAS ROAD FREIGHT (UK) LIMITED
- 6 -
Opinion

We have audited the financial statements of JAS Road Freight (UK) Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of income and retained earnings, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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.

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 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.

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 report. 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. 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.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

JAS ROAD FREIGHT (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JAS ROAD FREIGHT (UK) LIMITED
- 7 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

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, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of 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' r esponsibilities s tatement, 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 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 company or to cease operations, or have 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.

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.

Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to operating licence requirements relating to its transport business, and considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that impact directly on the preparation of the financial statements including the Companies Act, and UK tax legislation.

We considered managements incentives and opportunities for fraudulent adjustments to the financial statements including override of controls and determined that the principal risks were related to inappropriate journal entries or fraudulent transactions that would result in the manipulation of profits.

Audit procedures included:

- Making enquiries of management for known or suspected instances of fraud or non-compliance with laws and regulations.

- Consideration of management’s procedures for detecting and preventing fraud, including controls.

- Reviewing journal entries to identify material or unusual transactions

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.

JAS ROAD FREIGHT (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JAS ROAD FREIGHT (UK) LIMITED
- 8 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in 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.

Roger Beaton F.C.A. (Senior Statutory Auditor)
For and on behalf of BG Audit LLP
20 June 2025
Statutory Auditor
7 Three Rivers Business Park
Felixstowe Road, Foxhall
IPSWICH
IP10 0BF
JAS ROAD FREIGHT (UK) LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
Continuing
Discontinued
31 December
Continuing
Discontinued
31 December
operations
operations
2024
operations
operations
2023
Notes
£
£
£
£
£
£
Turnover
11,703,578
-
11,703,578
11,682,136
569,955
12,252,091
Cost of sales
(9,810,617)
-
(9,810,617)
(9,909,841)
(1,102,732)
(11,012,573)
Gross profit
1,892,961
-
1,892,961
1,772,295
(532,777)
1,239,518
Administrative expenses
(1,738,633)
-
0
(1,738,633)
(1,793,824)
(193,901)
(1,987,725)
Other operating income
81,242
-
81,242
69,420
-
69,420
Operating profit/(loss)
3
235,570
-
235,570
47,891
(726,678)
(678,787)
Interest receivable and similar income
6
50,896
-
0
50,896
75,334
-
0
75,334
Interest payable and similar expenses
7
(30,661)
-
0
(30,661)
(20,792)
(6,668)
(27,460)
Profit/(loss) before taxation
255,805
-
0
255,805
102,433
(733,346)
(630,913)
Taxation
8
(59,044)
-
0
(59,044)
(29,193)
208,984
179,791
Profit/(loss) for the financial year
196,761
-
0
196,761
73,240
(524,362)
(451,122)
Retained earnings at 1 January 2024
1,342,651
1,793,773
Retained earnings at 31 December 2024
1,539,412
1,342,651
JAS ROAD FREIGHT (UK) LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
610,018
692,491
Investments
11
500
500
610,518
692,991
Current assets
Stocks
12
25,289
36,799
Debtors
13
2,002,410
2,214,477
Cash at bank and in hand
-
0
7
2,027,699
2,251,283
Creditors: amounts falling due within one year
14
(1,057,858)
(1,573,202)
Net current assets
969,841
678,081
Total assets less current liabilities
1,580,359
1,371,072
Creditors: amounts falling due after more than one year
15
(104,178)
(150,696)
Provisions for liabilities
68,231
127,275
Net assets
1,544,412
1,347,651
Capital and reserves
Called up share capital
20
2,500
2,500
Capital redemption reserve
2,500
2,500
Profit and loss reserves
1,539,412
1,342,651
Total equity
1,544,412
1,347,651
The financial statements were approved by the board of directors and authorised for issue on 20 June 2025 and are signed on its behalf by:
C. Hunt
Director
Company Registration No. 01488473
JAS ROAD FREIGHT (UK) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
69,763
1,789
Interest paid
(30,661)
(27,460)
Income taxes (paid)/refunded
-
0
9,242
Net cash inflow/(outflow) from operating activities
39,102
(16,429)
Investing activities
Purchase of tangible fixed assets
(8,774)
(434,833)
Proceeds on disposal of tangible fixed assets
3,500
52,151
Interest received
896
15,334
Dividends received
50,000
60,000
Net cash generated from/(used in) investing activities
45,622
(307,348)
Financing activities
Payment of finance leases obligations
(43,911)
(86,990)
Net cash used in financing activities
(43,911)
(86,990)
Net increase/(decrease) in cash and cash equivalents
40,813
(410,767)
Cash and cash equivalents at beginning of year
(60,315)
350,452
Cash and cash equivalents at end of year
(19,502)
(60,315)
Relating to:
Cash at bank and in hand
-
0
7
Bank overdrafts included in creditors payable within one year
(19,502)
(60,322)
JAS ROAD FREIGHT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
1
Accounting policies
Company information

JAS Road Freight (UK) Limited is a private company limited by shares incorporated in England and Wales. The company number is 01488473. The registered office is Netherlands Way, Stallingborough, Grimsby, England, DN41 8DF.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources, including support from group companies and access to the group cashpool, to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents amounts receivable for services net of VAT and trade discounts. Revenue is recognised on the basis of when the work has been completed. For import work this is the estimated arrival date of the vessel. For export work this is the estimated sailing date of the vessel.

Profit shares due to group partners are recognised as a reduction in sales. Profit shares receivable from group partners are recognised as a credit to costs.

1.4
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:

Land and buildings Leasehold
Straight line over the life of the lease
Plant and machinery
Straight line over 3 to 14 years
Fixtures, fittings & equipment
Straight line over 3 to 5 years
Motor vehicles
25% Reducing balance

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.

1.5
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.

JAS ROAD FREIGHT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.6
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.

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
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.

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.

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 receipts 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.

JAS ROAD FREIGHT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
Other financial liabilities

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 though 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.

Derecognition of financial liabilities

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

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
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

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
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
JAS ROAD FREIGHT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
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.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

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 lease s 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 directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. These include judgements relating to the amount of the dilapidation provision. 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.

3
Operating profit/(loss)
2024
2023
Operating profit/(loss) for the year is stated after charging/(crediting):
£
£
Exchange gains
(12,978)
(2,303)
Fees payable to the company's auditor for the audit of the company's financial statements
23,140
14,040
Depreciation of owned tangible fixed assets
46,053
43,716
Depreciation of tangible fixed assets held under finance leases
45,194
74,448
Profit on disposal of tangible fixed assets
(3,500)
(19,956)
Operating lease charges
1,437,093
1,606,854
JAS ROAD FREIGHT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
4
Employees

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

2024
2023
Number
Number
Direct
21
28
Office and administrative
29
36
Total
50
64

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,820,324
2,149,216
Social security costs
168,896
191,701
Pension costs
96,389
123,469
2,085,609
2,464,386
5
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
63,662
89,628
Company pension contributions to defined contribution scheme and healthcare insurance
41,239
60,535
104,901
150,163

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).

6
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest receivable from group companies
896
15,334
Other income from investments
Dividends received
50,000
60,000
Total income
50,896
75,334
JAS ROAD FREIGHT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Interest receivable and similar income
(Continued)
- 17 -
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
896
15,334
7
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Interest on finance leases and hire purchase contracts
10,512
15,699
Other interest
20,149
11,761
30,661
27,460
8
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
59,044
(179,791)

The actual charge/(credit) 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
255,805
(630,913)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
63,951
(157,728)
Tax effect of expenses that are not deductible in determining taxable profit
13,292
(8,348)
Depreciation on assets not qualifying for tax allowances
4,071
3,949
Dividend income
(12,500)
(15,000)
Underprovided deferred tax
(9,770)
-
0
Capital allowances at enhanced rate
-
0
(2,664)
Taxation charge/(credit) for the year
59,044
(179,791)
9
Discontinued operations

As part of the group's strategy to concentrate on more profitable locations, several locations were closed during 2023. The closed sites had generated an overall loss before tax of £733,346.

JAS ROAD FREIGHT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
10
Tangible fixed assets
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
597,582
59,549
87,022
257,887
1,002,040
Additions
8,774
-
0
-
0
-
0
8,774
Disposals
(36,369)
(13,791)
(22,652)
-
0
(72,812)
At 31 December 2024
569,987
45,758
64,370
257,887
938,002
Depreciation and impairment
At 1 January 2024
137,156
47,671
55,375
69,347
309,549
Depreciation charged in the year
30,190
2,858
13,005
45,194
91,247
Eliminated in respect of disposals
(36,369)
(13,791)
(22,652)
-
0
(72,812)
At 31 December 2024
130,977
36,738
45,728
114,541
327,984
Carrying amount
At 31 December 2024
439,010
9,020
18,642
143,346
610,018
At 31 December 2023
460,426
11,878
31,647
188,540
692,491

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2024
2023
£
£
Motor vehicles
143,346
188,540
11
Fixed asset investments
2024
2023
£
£
Unlisted investments
500
500

The investment has been valued at cost on the basis that a reliable market value is not readily ascertainable.

JAS ROAD FREIGHT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
11
Fixed asset investments
(Continued)
- 19 -
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 January 2024 & 31 December 2024
500
Carrying amount
At 31 December 2024
500
At 31 December 2023
500
12
Stocks
2024
2023
£
£
Raw materials and consumables
25,289
36,799
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,345,012
1,311,673
Amounts owed by group undertakings
238,507
194,274
Other debtors
125,530
221,389
Prepayments and accrued income
293,361
487,141
2,002,410
2,214,477
14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
16
19,502
60,322
Obligations under finance leases
17
46,518
43,911
Trade creditors
818,837
753,200
Amounts owed to group undertakings
15,539
149,840
Taxation and social security
39,986
41,865
Other creditors
34,965
41,872
Accruals and deferred income
82,511
482,192
1,057,858
1,573,202

Net obligations under finance leases and hire purchase contracts of £46,518 (2023: £43,911) are secured by fixed charges on the assets concerned.

JAS ROAD FREIGHT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
15
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
17
104,178
150,696

Net obligations under finance leases and hire purchase contracts of £104,178 (2023: £150,696) are secured by fixed charges on the assets concerned.

16
Loans and overdrafts
2024
2023
£
£
Bank overdrafts
19,502
60,322
Payable within one year
19,502
60,322

The bank overdraft is secured by the parent company JAS Worldwide Baltic & Nordic Holding A.B. under a group cashpool arrangement.

17
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
46,518
43,911
In two to five years
104,178
150,696
150,696
194,607
18
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
44,317
62,448
Tax losses
(112,548)
(189,723)
(68,231)
(127,275)
JAS ROAD FREIGHT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
18
Deferred taxation
(Continued)
- 21 -
2024
Movements in the year:
£
Asset at 1 January 2024
(127,275)
Charge to profit or loss
59,044
Asset at 31 December 2024
(68,231)

The deferred tax liability set out above that is expected to reverse within 12 months is £16,069 and relates to accelerated capital allowances that are expected to mature within the same period.

19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
96,389
123,469

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.

20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2,500
2,500
2,500
2,500
21
Financial commitments, guarantees and contingent liabilities

The bank has given a guarantee of £240,000 in favour of HM Revenue and Customs and £500 to Lloyds TSB Bank.

The company vacated its Ipswich site in 2023 and commenced subletting in 2024. The company subsequently commissioned an independent report into their dilapidations obligations under the lease which ceases in July 2027, which estimated their liability at £26k. This is significantly lower than an assessment issued by the landlords. There is considerable uncertainty at this time on the actual value of the dilapidations and the landlords report is contested by the company's advisors. At the 31st December 2024 the directors consider the valuation provided by their advisors to be a reasonable account of the provision required at that date. The directors will continue to monitor the dilapidations requirements in the periods up to the termination of the lease.

JAS ROAD FREIGHT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
22
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
1,279,432
510,187
Between two and five years
2,517,975
1,502,513
In over five years
466,304
141,401
4,263,711
2,154,101

At the reporting end date the total future minimum sublease payments expected to be received under non-cancellable subleases was £444,671.

In addition to the above the company has commitments over 5 years relating to a ground lease entered into in November 2023. At the balance sheet date, the remaining term of the lease is 93 years and 11 months, and rent of £18,650 is payable per annum (subject to review). The rent review will be carried out on the 10 th anniversary of the term and every 10 years thereafter.

23
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
104,901
150,163
Other information

Transactions with group companies wholly owned within the group

The company has taken advantage of the exemption in FRS102 from the requirement to disclose transactions with group companies where any party is 100% owned within the group.

24
Ultimate controlling party

The immediate parent company of JAS Road Freight (UK) Limited is JAS Worldwide Baltic & Nordic Holding A.B, a company incorporated in Sweden. The ultimate parent company is JAS Worldwide, Inc., incorporated in the USA. Consolidated accounts are available from Torgny Segerstedsgatan 80, SE-405 22 Gothenburg.

JAS ROAD FREIGHT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
25
Cash generated from operations
2024
2023
£
£
Profit/(loss) after taxation
196,761
(451,122)
Adjustments for:
Taxation charged/(credited)
59,044
(179,791)
Finance costs
30,661
27,460
Investment income
(50,896)
(75,334)
Gain on disposal of tangible fixed assets
(3,500)
(19,956)
Depreciation and impairment of tangible fixed assets
91,247
118,164
Movements in working capital:
Decrease in stocks
11,510
33,269
Decrease in debtors
212,067
878,354
Decrease in creditors
(477,131)
(329,255)
Cash generated from operations
69,763
1,789
26
Analysis of changes in net debt
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
7
(7)
-
Bank overdrafts
(60,322)
40,820
(19,502)
(60,315)
40,813
(19,502)
Obligations under finance leases
(194,607)
43,911
(150,696)
(254,922)
84,724
(170,198)
2024-12-31 2024-01-01 false false false CCH Software CCH Accounts Production 2025.200 T. Fumo M. Rebuffi M. Rebuffi C. Hunt 01488473 2024-01-01 2024-12-31 01488473 bus:CompanySecretaryDirector1 2024-01-01 2024-12-31 01488473 bus:Director1 2024-01-01 2024-12-31 01488473 bus:Director2 2024-01-01 2024-12-31 01488473 bus:CompanySecretary1 2024-01-01 2024-12-31 01488473 bus:Director3 2024-01-01 2024-12-31 01488473 bus:RegisteredOffice 2024-01-01 2024-12-31 01488473 2024-12-31 01488473 core:ContinuingOperations 2024-01-01 2024-12-31 01488473 core:DiscontinuedOperations 2024-01-01 2024-12-31 01488473 core:ContinuingOperations 2023-01-01 2023-12-31 01488473 core:DiscontinuedOperations 2023-01-01 2023-12-31 01488473 2023-01-01 2023-12-31 01488473 2023-12-31 01488473 core:LandBuildings core:LeasedAssetsHeldAsLessee 2024-12-31 01488473 core:PlantMachinery 2024-12-31 01488473 core:FurnitureFittings 2024-12-31 01488473 core:MotorVehicles 2024-12-31 01488473 core:LandBuildings core:LeasedAssetsHeldAsLessee 2023-12-31 01488473 core:PlantMachinery 2023-12-31 01488473 core:FurnitureFittings 2023-12-31 01488473 core:MotorVehicles 2023-12-31 01488473 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 01488473 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 01488473 core:CurrentFinancialInstruments 2024-12-31 01488473 core:CurrentFinancialInstruments 2023-12-31 01488473 core:Non-currentFinancialInstruments 2024-12-31 01488473 core:Non-currentFinancialInstruments 2023-12-31 01488473 core:ShareCapital 2024-12-31 01488473 core:ShareCapital 2023-12-31 01488473 core:CapitalRedemptionReserve 2024-12-31 01488473 core:CapitalRedemptionReserve 2023-12-31 01488473 core:RetainedEarningsAccumulatedLosses 2024-12-31 01488473 core:RetainedEarningsAccumulatedLosses 2023-12-31 01488473 core:ShareCapitalOrdinaryShareClass1 2024-12-31 01488473 core:ShareCapitalOrdinaryShareClass1 2023-12-31 01488473 2023-12-31 01488473 2022-12-31 01488473 core:WithinOneYear 2024-12-31 01488473 core:WithinOneYear 2023-12-31 01488473 core:LandBuildings core:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 01488473 core:PlantMachinery 2024-01-01 2024-12-31 01488473 core:FurnitureFittings 2024-01-01 2024-12-31 01488473 core:MotorVehicles 2024-01-01 2024-12-31 01488473 dpl:Item1 2024-01-01 2024-12-31 01488473 dpl:Item1 2023-01-01 2023-12-31 01488473 dpl:Item2 2024-01-01 2024-12-31 01488473 dpl:Item2 2023-01-01 2023-12-31 01488473 1 2024-01-01 2024-12-31 01488473 1 2023-01-01 2023-12-31 01488473 core:UKTax 2024-01-01 2024-12-31 01488473 core:UKTax 2023-01-01 2023-12-31 01488473 2 2024-01-01 2024-12-31 01488473 2 2023-01-01 2023-12-31 01488473 3 2024-01-01 2024-12-31 01488473 3 2023-01-01 2023-12-31 01488473 core:LandBuildings core:LeasedAssetsHeldAsLessee 2023-12-31 01488473 core:PlantMachinery 2023-12-31 01488473 core:FurnitureFittings 2023-12-31 01488473 core:MotorVehicles 2023-12-31 01488473 core:Non-currentFinancialInstruments core:UnlistedNon-exchangeTraded 2024-12-31 01488473 core:Non-currentFinancialInstruments core:UnlistedNon-exchangeTraded 2023-12-31 01488473 core:BetweenTwoFiveYears 2024-12-31 01488473 core:BetweenTwoFiveYears 2023-12-31 01488473 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 01488473 bus:OrdinaryShareClass1 2024-12-31 01488473 bus:OrdinaryShareClass1 2023-12-31 01488473 core:MoreThanFiveYears 2024-12-31 01488473 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 01488473 bus:FRS102 2024-01-01 2024-12-31 01488473 bus:Audited 2024-01-01 2024-12-31 01488473 bus:FullAccounts 2024-01-01 2024-12-31 xbrli:pure xbrli:shares iso4217:GBP