Company registration number 01158646 (England and Wales)
J W SUCKLING TRANSPORT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
J W SUCKLING TRANSPORT LIMITED
COMPANY INFORMATION
Directors
Miss Barbara Bertani
Mr Alan Dodson
Mr Marco Magnani
Mr Filippo Redaelli
Company number
01158646
Registered office
12 Argent Court
Sylvan Way
Southfields Business Park
Laindon
Essex
SS15 6TH
Auditor
Rowland Hall
44-54 Orsett Road
Grays
Essex
RM17 5ED
Business address
12 Argent Court
Sylvan Way
Southfields Business Park
Laindon
Essex
SS15 6TH
J W SUCKLING TRANSPORT LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 6
Independent auditor's report
7 - 9
Statement of income and retained earnings
10
Balance sheet
11
Notes to the financial statements
12 - 24
J W SUCKLING TRANSPORT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

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

Fair review of the business

The 2024 trading picture saw further growth year on year in terms of overall volumes delivered and revenues. Although at a lower rate than prior year, the year-on-year increases were in line with budgeted and forecasted expectations.

Business levels with key long-term customers remained strong, and we continued to further develop new customer relationships formed in the past few years. Continuing to adapt and enhance our IT systems and technological solutions remains a key area of focus to ensure we continued to evolve and meet the needs of our customers. Continued further investment into the aviation fuels sector further enhanced overall trading figures. Additional operating centres were added during the year to strengthen our geographical offering and capabilities.

Driver levels remained consistent, with both recruitment and retention of the driver workforce proving to be less challenging than recent years. Driver cost increases continued to be above inflationary levels.

Staff numbers remained consistent year on year with continued investment in training where required.

Administrative and operating expenditure was managed effectively during the year with focus on internal efficiencies to enable effective reaction to any fluctuations in business levels.

Fleet investment continued with further additions to the Truck and Trailer fleets, meeting the latest safety, environmental and technological specifications. Asset lead times continued to improve against previous years. All fleet investments during the 2024 financial period were funded by the cash generated by the business limiting the need for external financial funding exposure, and demonstrating the commitment of the Company to continue investing in the business.

The fuels market in which we operate continues to be challenging particularly in relation to changing supply points, but we continued to demonstrate our adaptability to changes in the market and adapting to customer requirements at short notice. We continue to be vigilant to the susceptibility of the market to both local and global factors that can effect market supply.

The 2025 trading outlook appears to be positive but increasingly competitive, and we recognise the importance of being flexible, adaptable and innovative to continue to meet the needs and expectations of our customers and the market.

J W SUCKLING TRANSPORT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Principal risks and uncertainties

With both long-term contracts in place, and a broad white fleet service client base, the principle risk of business reduction is mitigated to a sufficient level. The Directors are confident that the business has the necessary contingencies to ensure stability and face the challenges of the market.

The ongoing conflicts in the Middle East and Ukraine continue to present a wider more macro level of risk and uncertainty, along with political changes and uncertainty at a local and global level.

The high levels of inflationary pressures, and rising interest rates experienced in recent years are still being monitored closely to mitigate the impact on the business. The reduced exposure to external funding has limited the impact of fluctuating interest rates. The inflationary pressures continue to have an impact on key cost areas, particularly wages and salary costs, and the company strives to maintain the balance between remaining competitive and meeting the needs of its employees.

Our target market sector continues to be competitive with pressure on margins and the need for cost efficiencies, increased flexibility, continuous improvements and a high standard of safety, and service performance. Strong performance and commitment to the environment and sustainability are key expectations of our customer base. The increased focus on the ‘oil sector’ by campaign groups presents some operational risks which the company mitigates by increased safety awareness and additional security measures.

We continue to monitor the demand patterns for road fuels through the energy transition and are confident of sufficient levels of volumes in the medium term.

With the continued support available from our parent company and the wider group we remain well positioned to face the challenges of the contract driven sector in which we operate.

Ensuring we maintain and further develop our systems and processes to enable us to respond and adapt to changes in the marketplace promptly and effectively.

The development and implementation of innovative IT solutions, continued capital investment in our fleet, and safety driven technology remain a priority.

Close monitoring of overhead expenditure, credit control, and cash flow management help to minimise our exposure to financial risk.

As our day-to-day operations become increasingly digitised, we acknowledge the importance of mitigating the threats posed by cybersecurity, such as data breaches, ransomware, and phishing. We continue to invest in real-time threat monitoring, and have rolled out employee awareness training to increase awareness of potential risks.

J W SUCKLING TRANSPORT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Energy and emissions reporting

This section includes our voluntary reporting of energy and greenhouse gas emissions for the period 1st January 2024 to 31st December 2024. While we are not required to report our emissions, this has been prepared in line with the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, implementing the government’s Streamlined Energy and Carbon Reporting (SECR) policy.

Our methodology to calculate our greenhouse gas emissions is based on the 'Environmental Reporting Guidelines: Including streamlined energy and carbon reporting guidance (March 2019)’, using DESNZ's 2024 conversion factors. In some cases, consumption has been extrapolated from available data or direct comparison made to a comparable period.

We report using a financial control approach to define our organisational boundary. We have reported all material emission sources required by the regulations for which we deem ourselves to be responsible and have maintained records of all source data and calculations.

During the reporting period we have invested £32,500 in a new solar panel PV installation at our Grangemouth regional depot.

The table below includes total energy consumption (reported as kWh) and greenhouse gas emissions for the sources required by the regulations, along with our intensity ratio.

| 01/01/2024 – 31/12/2024 | 01/01/2023 – 31/12/2023
Total Energy Consumption – Used for Emissions Calculation (kWh) | 46,189,874 | 46,812,709
Gas Combustion Emissions, Scope 1 (tCO 2 e) | 0 | 0
Purchased Electricity Emissions, Scope 2 (tCO 2 e) | 41 | 37
Vehicle Fuel Combustion Emissions, Scope 1 (tCO 2 e) | 10,992 | 11,147
Vehicle Fuel Combustion Emissions, Scope 3 (tCO 2 e) | 0 | 0
Total Gross Reported Emissions (tCO 2 e) | 11,033 | 11,183
Turnover (£m) | 34.66 | 32.75
Intensity Ratio: Turnover (tCO 2 e / £m) | 318.3 | 341.4

J W SUCKLING TRANSPORT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
Key performance indicators

31st December 2024 31st December 2023

Turnover £34,662,728 £32,753,112

Gross Profit % 18.68 17.22

Net Profit % 9.74 8.41

Overheads % 9.15 8.89

Current Ratio % 1.67 1.51

Statement by the Directors relating to their Stautory Duties under Section 172(1) of the Companies Act 2006

The Directors of the company act in good faith to promote the short, medium and long-term success of the company for the benefit of its employees, key internal and external stakeholders, the wider community and the environment.

Strategic decisions are made to preserve the long term security of the business. Decision making by the Directors is performed with a collaborative and hands-on business approach, supported by the ultimate parent company. Close and regular monitoring of Key Performance Indicators along with stringent and sustainable cash flow management enable the Directors to make strategic decisions based on sound and accurate information.

Sustainability and the environment are fundamental pillars to the industry in which the company operates. The Directors give full consideration to the environmental impact when investing in both vehicles and equipment, taking advantage of the most up to date technologies available in order to minimise our carbon footprint and promote sustainability.

The Directors recognise that the sector in which the company operates demands the highest standards in relation to the safety of its employees, customers, service providers and the wider community. The Directors take a hands-on role in ensuring the companies QHSE policies and procedures are implemented, respected and regularly monitored and amended to ensure they remain robust and fit for purpose.

The Board of Directors value the importance of all business relationships with suppliers, customers, industry organisations and the wider community. Promoting integrity, transparency and honesty in order to maximise, sustain and enhance all important business relationships. The Directors recognise that the company is a service company and therefore high importance is placed on promoting the highest levels of customer service whilst ensuring business ethics and integrity are maintained at all times.

The Directors ensure that the company continues to explore and develop new technology and IT solutions in order to enhance customer service, reduce our carbon footprint, and enhance our methods of communication to employees and other stakeholders.

Our employees are a fundamental asset to the success of our business. We aim to be a responsible employer considering health, safety and wellbeing of our employees a priority. The Company supports inclusion and diversity and is committed to providing equal opportunities to all employees, maintaining high employee engagement.

On behalf of the board

Mr Alan Dodson
Director
9 June 2025
J W SUCKLING TRANSPORT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -

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 road haulage contracting.

Results and dividends

The results for the year are set out on page 10.

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

Directors

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

Miss Barbara Bertani
Mr Alan Dodson
Mr Marco Magnani
Mr Filippo Redaelli
Auditor

The auditors, Rowland Hall, will be proposed for re-appointment in accordance with Section 485 of the Companies Act 2006.

Statement of directors' responsibilities

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;

- 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.

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.

J W SUCKLING TRANSPORT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
On behalf of the board
Mr Alan Dodson
Director
9 June 2025
J W SUCKLING TRANSPORT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF J W SUCKLING TRANSPORT LIMITED
- 7 -
Opinion

We have audited the financial statements of J W Suckling Transport Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of income and retained earnings, the balance sheet 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.

J W SUCKLING TRANSPORT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF J W SUCKLING TRANSPORT LIMITED (CONTINUED)
- 8 -
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 specific procedures for this engagement and the extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

- Obtaining an understanding of the legal and regulatory frameworks applicable to the entity including, but not limited to, the Companies Act 2006, The Financial Reporting Standard 102, UK Tax Legislation and Health and Safety legislation and considering the culture and control environment of the organisation.

- Enquiry of management, those charged with governance and the entity’s solicitors around actual and potential litigation and claims.

- Review of legal costs to ascertain the nature of the costs and possible related non- compliance.

- Reviewing minutes of meetings of those charged with governance..

- Performing audit work over the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

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

A further description of our responsibilities 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.

J W SUCKLING TRANSPORT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF J W SUCKLING TRANSPORT LIMITED (CONTINUED)
- 9 -

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.

Dean Matthew Flood FCCA
Senior Statutory Auditor
For and on behalf of Rowland Hall
17 September 2025
Chartered Certified Accountants
Statutory Auditor
44-54 Orsett Road
Grays
Essex
RM17 5ED
J W SUCKLING TRANSPORT LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
34,662,728
32,753,112
Cost of sales
(28,187,663)
(27,111,749)
Gross profit
6,475,065
5,641,363
Administrative expenses
(3,172,426)
(2,911,416)
Operating profit
4
3,302,639
2,729,947
Interest receivable and similar income
7
107,220
54,789
Interest payable and similar expenses
8
(32,697)
(31,541)
Profit before taxation
3,377,162
2,753,195
Tax on profit
9
(847,620)
(657,817)
Profit for the financial year
2,529,542
2,095,378
Retained earnings brought forward
9,282,658
8,687,280
Dividends
10
-
0
(1,500,000)
Retained earnings carried forward
11,812,200
9,282,658

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

J W SUCKLING TRANSPORT LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
11,156,369
8,629,494
Current assets
Stocks
12
50,931
9,560
Debtors
13
6,453,745
6,157,035
Cash at bank and in hand
3,583,771
3,402,137
10,088,447
9,568,732
Creditors: amounts falling due within one year
14
(6,074,956)
(6,327,361)
Net current assets
4,013,491
3,241,371
Total assets less current liabilities
15,169,860
11,870,865
Creditors: amounts falling due after more than one year
15
(224,878)
(321,254)
Provisions for liabilities
Deferred tax liability
18
2,132,782
1,266,953
(2,132,782)
(1,266,953)
Net assets
12,812,200
10,282,658
Capital and reserves
Called up share capital
20
1,000,000
1,000,000
Profit and loss reserves
21
11,812,200
9,282,658
Total equity
12,812,200
10,282,658

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 9 June 2025 and are signed on its behalf by:
Mr Alan Dodson
Mr Marco Magnani
Director
Director
Company registration number 01158646 (England and Wales)
J W SUCKLING TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
1
Accounting policies
Company information

J W Suckling Transport Limited is a private company limited by shares incorporated in England and Wales. The registered office is 12 Argent Court, Sylvan Way, Southfields Business Park, Laindon, Essex, SS15 6TH.

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 on the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares;

- Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash f low and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of SBG Holding S.P.A. These consolidated financial statements are available from its registered office, in Italy.

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 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 is the amount derived from the provision of goods and services falling within the company's ordinary activities after deduction of trade discounts and value added tax.

Revenue from contracts for the provision of haulage services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual h ourly driver rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

J W SUCKLING TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
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 Freehold
5% straight line on buildings only
Plant and machinery
33 1/3%, 20% and 10% on straight line
Trailers and motor vehicles
20% and 10% on straight line

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

In accordance with company policy, expenditure is only classified as capital items where individual item costs exceed £500.

1.5
Impairment of fixed assets

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

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

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

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.

J W SUCKLING TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.8
Financial instruments

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

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

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.

J W SUCKLING TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -

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 paymen ts 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. A m ounts 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 s ubsequently 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 th r ough 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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

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.

J W SUCKLING TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
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.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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 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.

J W SUCKLING TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
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. 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
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Road haulage contracting
34,662,728
32,753,112
2024
2023
£
£
Other revenue
Interest income
107,220
54,789
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
1,272
2,271
Fees payable to the company's auditor for the audit of the company's financial statements
13,500
14,275
Depreciation of owned tangible fixed assets
2,061,038
1,669,566
Depreciation of tangible fixed assets held under finance leases
107,085
80,314
Profit on disposal of tangible fixed assets
(442,955)
(49,917)
Operating lease charges
144,662
186,147
5
Employees

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

2024
2023
Number
Number
Drivers and engineers
205
207
Management
4
4
Administration
35
35
Total
244
246
J W SUCKLING TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
5
Employees
(Continued)
- 18 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
15,867,138
14,950,930
Social security costs
1,752,255
1,600,585
Pension costs
745,398
645,456
18,364,791
17,196,971
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
339,284
335,454
Company pension contributions to defined contribution schemes
28,640
11,484
367,924
346,938

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
173,000
172,956
Company pension contributions to defined contribution schemes
18,240
5,998
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
87,249
54,037
Other interest income
19,971
752
Total income
107,220
54,789
J W SUCKLING TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
8
Interest payable and similar expenses
2024
2023
£
£
Interest payable to group undertakings
14,707
13,360
Interest on finance leases and hire purchase contracts
17,990
11,994
Other interest
-
0
6,187
32,697
31,541
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
66,670
Adjustments in respect of prior periods
-
0
62,378
Group tax relief
(18,209)
-
0
Total current tax
(18,209)
129,048
Deferred tax
Origination and reversal of timing differences
865,829
497,477
Changes in tax rates
-
0
31,292
Total deferred tax
865,829
528,769
Total tax charge
847,620
657,817

Then main rate of UK corporation tax rate increased from 19% to 25% effective 1st April 2023.

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

2024
2023
£
£
Profit before taxation
3,377,162
2,753,195
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
844,291
647,565
Tax effect of expenses that are not deductible in determining taxable profit
79
-
0
Tax effect of utilisation of tax losses not previously recognised
-
0
(83,120)
Adjustments in respect of prior years
-
0
62,378
Effect of change in corporation tax rate
-
0
31,292
Depreciation on assets not qualifying for tax allowances
3,250
3,059
Effect of CT superdeduction
-
0
(3,357)
Taxation charge for the year
847,620
657,817
J W SUCKLING TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
10
Dividends
2024
2023
£
£
Final paid
-
0
1,500,000
11
Tangible fixed assets
Land and buildings Freehold
Plant and machinery
Trailers and motor vehicles
Total
£
£
£
£
Cost
At 1 January 2024
1,634,318
572,788
18,874,639
21,081,745
Additions
-
0
99,392
4,736,472
4,835,864
Disposals
-
0
(52,554)
(3,340,127)
(3,392,681)
At 31 December 2024
1,634,318
619,626
20,270,984
22,524,928
Depreciation and impairment
At 1 January 2024
72,583
519,484
11,860,184
12,452,251
Depreciation charged in the year
13,000
38,730
2,116,393
2,168,123
Eliminated in respect of disposals
-
0
(52,554)
(3,199,261)
(3,251,815)
At 31 December 2024
85,583
505,660
10,777,316
11,368,559
Carrying amount
At 31 December 2024
1,548,735
113,966
9,493,668
11,156,369
At 31 December 2023
1,561,735
53,304
7,014,455
8,629,494

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
£
£
Trailers and motor vehicles
348,026
455,111
12
Stocks
2024
2023
£
£
Raw materials and consumables
50,931
9,560
J W SUCKLING TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
5,889,523
5,418,505
Corporation tax recoverable
125,000
79,082
Amounts owed by group undertakings
18,209
-
0
Prepayments and accrued income
421,013
659,448
6,453,745
6,157,035
14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
17
96,377
96,376
Other borrowings
16
800,000
800,000
Trade creditors
1,155,164
2,140,907
Taxation and social security
1,040,811
996,311
Other creditors
2,065,311
1,648,601
Accruals and deferred income
917,293
645,166
6,074,956
6,327,361
15
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
17
224,878
321,254
16
Loans and overdrafts
2024
2023
£
£
Loans from group undertakings
800,000
800,000
Payable within one year
800,000
800,000

The group loan has been extended in the year for a further six months to 31 May 2025. Interest is payable on the unpaid principal in three monthly instalments at rates of interest deemed to be market rates at inception of loan, The capital is repayable in full at the end of the loan term.

J W SUCKLING TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
17
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
96,377
96,376
In two to five years
224,878
321,254
321,255
417,630

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.

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
2,132,782
1,266,953
2024
Movements in the year:
£
Liability at 1 January 2024
1,266,953
Charge to profit or loss
865,829
Liability at 31 December 2024
2,132,782

The deferred tax liability set out above is expected to reverse within future periods 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
745,398
645,456

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.

J W SUCKLING TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1,000,000
1,000,000
1,000,000
1,000,000
21
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
9,282,658
8,687,280
Profit for the year
2,529,542
2,095,378
Dividends declared and paid in the year
-
(1,500,000)
At the end of the year
11,812,200
9,282,658
22
Operating lease commitments
Lessee

Operating lease payments represent rentals payable by the company for certain of its properties and equipment.

Leases for properties are for a period of either 5 or 7 years and rentals are fixed for that period.

Other leases are mainly in respect of land for parking operational vehicles, office equipment and company cars for periods between 2 and 5 years.

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
131,822
117,422
Between two and five years
304,259
292,500
In over five years
-
0
24,333
436,081
434,255
23
Capital commitments

Amounts contracted for but not provided in the financial statements:

2024
2023
£
£
Acquisition of tangible fixed assets
1,803,400
5,241,891
J W SUCKLING TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
24
Ultimate controlling party

The company is a wholly owned subsidiary of SBG Holding International Limited, a company registered in England.

The ultimate holding company is SBG Holding SPA, a company registered in Italy. That company is controlled by Mr Silvio Bertani by virtue of his majority shareholding.

Copies of the consolidated accounts of SBG Holding SPA which include J W Suckling Transport Limited can be obtained from that company's registered office in Italy.

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