REGISTERED NUMBER: 01146764 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

JAMES KEMBALL LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Director

5

Report of the Independent Auditors

7

Statement of Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13

DIRECTOR:

I R Liddell

SECRETARY:

N K Brooks

REGISTERED OFFICE:

Felixstowe Mega Distribution Centre

Clickett Hill Road

Felixstowe

Suffolk

IP11 4BA

REGISTERED NUMBER:

01146764 (England and Wales)

SENIOR STATUTORY AUDITOR:

A Green LLB FCA

AUDITORS:

THP Limited

Chartered Accountants

and Statutory Auditors

34-40 High Street

Wanstead

London

E11 2RJ

The director presents his strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

Driven by an expected fall in demand for container storage, turnover for the year decreased by 6% to £43,166,460 compared with the previous year's turnover of £45,970,325.

Global inflationary pressures have lead to a sharp increase in direct and operational costs, particularly in relation to fuel and vehicles as well as employment and staff. Coupled with a change in sales mix, this has lead to a fall in gross profit margin of 2.1% and a subsequent reduction in operating profits.

The net assets of the Company were £52 million (2023: £50 million) at the balance sheet date, reflecting the solid position of the Company from a solvency and liquidity point of view, and this strong balance sheet is the foundation on which the Company can continue to grow and prosper.

We are a standout British business, with a reputation of excellence, investment and delivering on our promise and when a job needs doing properly, our customers can rely on us.

Whilst, wars in Ukraine and the Middle East, escalating costs and economic downturn has affected most businesses across the world we have been able to continue trading successfully, as the Company is viewed as a safe and capable pair of hands.

BUSINESS MODEL AND STRATEGY

James Kemball Transport operates primarily in the container transport sector of the road haulage industry, mainly servicing the customers of the wider "Uniserve" group as well as a number of strategic 3rd party customers. The company also offers container storage facilities at the group owned Felixstowe Mega Distribution Centre (FMDC) and four other sites around the UK. These facilities enable the company to offer full and empty container storage for shipping lines, freight forwarding and retail clients.

Transport services are delivered via a mixture of group owned and subcontractor trucks, this mix enables the company to match the peaks and troughs of customer demand.

The strategy of the company is to continue to deliver an efficient and valued added service for its customers whilst seeking to open new revenue streams. The company is also actively seeking to reduce fuel usage and emissions through the use of more efficient vehicles.

FINANCIAL KEY PERFORMANCE INDICATORS

The Company's key performance indicators are as follows:

31 December 2024

31 December 2023

£

£

Turnover

43,166,460

45,970,325

Gross profit

10,960,746

12,622,583

Gross profit %

25.4%

27.5%

Operating profit

2,690,480

4,359,510

OTHER KEY PERFORMANCE INDICATORS

The Company’s other key performance indicators include customer satisfaction reviews, client retention, warehouse pick accuracy and on-time delivery statistics.

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and the nature of the company's strategy are subject to a number of risks.

The Director has set out below the principal risks facing the business.

The Director is of the opinion that a thorough risk management process is adopted which involves a formal review of all risks identified below. Where possible, processes are in place to mitigate such risks.

Credit Risk

As with most businesses the Company is exposed to the credit risk of customers and their ability to pay debts on a timely basis. The Director has continued to be prudent in status checks for new and existing customers, keeping debtor days as low as possible and limiting the dominance of any single customer in the overall turnover of the Company.

Regulatory Risk

Due to the nature of the Company's operations there are a number of operational risks it is exposed to, including non-compliance with Environmental and Health and Safety Legislation. The Director conducts regular appraisals of compliance in this area and are continually reviewing site procedures to ensure compliance.

Wage Cost Inflation

The Company is continually affected by wage cost inflation and pressures within the labour market. The Company monitors the market to ensure complete compliance with labour market regulations, and maintains employment policies, remuneration and benefits packages that are designed to be competitive with other companies and recognise the value and contribution provided by employees, as well as providing colleagues with fulfilling career opportunities which offer progression. The Company regularly reviews pay and benefits. As with most UK based employers there remain ongoing challenges in terms of recruiting and retaining sufficiently capable staff.

Commercial Risk

The Company has exposed to commercial risks. Recently these have included above inflationary cost increases in a number of areas including utility bills, fuel prices, wages and increased volatility in foreign exchange rates. These are managed and monitored on an ongoing basis and are passed on to clients where necessary.

Conflicts in Ukraine and the Middle East

Although the company does not trade with those countries directly involved in these conflicts, the impact overall on supply chains could have an impact on the company's business.The company monitors the situations with these countries to ensure it can manage and react accordingly should there be escalations in these conflicts.

SECTION 172(1) STATEMENT

Section 172 (1) of the Companies Act 2006 requires every director of a Company to act in a manner they consider, in good faith, that will be most likely to promote the success of the Company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:

a. The likely consequences of any decision in the long term

b. The interests of the Company's employees

c. The need to foster the Company's business relationships with supplier's customers and others

d. The impact of the Company's operations on the community and the environment

e. The desirability of the Company maintaining a reputation for high standards of business conduct, and

f. The need to act fairly as between members of the Company.

It is important for the business to engage with its various stakeholders in a manner that gives a better understanding of their interests and concerns in a manner that promotes strong sustainable successful business.

The Company recognises the importance of retention and development of talented employees to the ongoing success of the business. Employees are encouraged to develop their skills and we have regular training available to all levels of staff.

We consider our supplier relationships as critical to our overall success. We continue to build strong relationships with both existing and new suppliers allowing us to react quickly to the constantly changing market and to supply market leading solutions to our customers.

We aim to build long term relationships with our customers by providing them with solutions that ensure the smooth running of their supply chain, our scope of services (and those of our fellow group companies) across sea, air, road, rail, warehousing, distribution, customs, and technology offer a unique and comprehensive supply chain solution.

The directors and various senior management boards have acted to maximise profit and cash flow in order to create shareholder value.

The Company is committed to minimising its effect on the environment through the efficient use of resources,

the reduction of waste and carbon emissions, recycling and transport planning.

ON BEHALF OF THE BOARD:

I R Liddell - Director

29 September 2025

The director presents his report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of road haulage and container storage.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024 (2023: £nil).

FUTURE DEVELOPMENTS

The company's focus on providing unique solutions to its clients has enabled the Company to substantially improve its results. This focus will continue to yield positive results for the foreseeable future.

In January 2024 the company rolled out its new fleet of 33 lorries, this being a significant investment in the operational capacity of the business.

DIRECTORS

I R Liddell has held office during the whole of the period from 1 January 2024 to the date of this report.

Other changes in directors holding office are as follows:

K R Williams - resigned 15 January 2024

ENGAGEMENT WITH EMPLOYEES

Diversity and inclusion

The Company is fully committed to a policy of treating all existing employees and job applicants equally. Recruitment decisions and the progression of employees within the group are based on merit and not upon any consideration of race, colour, religion, disability, nationality, sex, sexual orientation, marital status or age.

The Company gives full and fair consideration to applications for employment by disabled persons. In the event of employees becoming disabled whilst in service of the company, every effort is made to continue their employment by transfer to alternative duties, if required and by provision of such retraining as is appropriate.

ENGAGEMENT WITH SUPPLIERS AND CUSTOMERS

Suppliers

Our suppliers and strategic brand partners are fundamental to our business success. We value all of our relationships and foster long term agreements that benefit both parties.

We expect all of our suppliers to comply with our standards, such as those relating to environmental responsibility, modern slavery, data protection, human rights and ethics.

Customers

Our customers are at the heart of everything we do as a Company and we try to ensure that we communicate with our customers on a regular basis using email, websites and social media channels.

STREAMLINED ENERGY AND CARBON REPORTING (SECR)

The company has taken exemption from reporting under the SECR regime as its obligations are already met through its ultimate parent's group level report.

DISCLOSURE IN THE STRATEGIC REPORT

The company has chosen to make disclosures in relation to financial risk management and other matters considered to be of strategic importance which would otherwise be in the Directors report within the Strategic Report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

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

-	select suitable accounting policies and then apply them consistently;

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

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, THP Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

I R Liddell - Director

29 September 2025

Opinion

We have audited the financial statements of James Kemball Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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 Auditors' 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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 the audit:

-	the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

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

-	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 director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on pages five and six, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the Company through discussions with the Director and other management, and from our commercial knowledge and experience of the sector in which the Company operates;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the Company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC and any other relevant regulators as required.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Director and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

A Green LLB FCA (Senior Statutory Auditor)

for and on behalf of THP Limited

Chartered Accountants

and Statutory Auditors

34-40 High Street

Wanstead

London

E11 2RJ

29 September 2025

TURNOVER

43,166,460

45,970,325

Cost of sales

32,205,714

33,347,742

GROSS PROFIT

10,960,746

12,622,583

Administrative expenses

8,270,266

8,263,073

OPERATING PROFIT

5

2,690,480

4,359,510

Interest receivable and similar income

532,955

-

3,223,435

4,359,510

Interest payable and similar expenses

6

12,671

500,517

PROFIT BEFORE TAXATION

3,210,764

3,858,993

Tax on profit

7

800,470

29,641

PROFIT FOR THE FINANCIAL YEAR

2,410,294

3,829,352

FIXED ASSETS

Tangible assets

8

5,682,607

2,529,358

CURRENT ASSETS

Stocks

9

137,582

153,782

Debtors

10

38,140,131

55,422,398

Cash at bank

20,584,746

14,546,619

58,862,459

70,122,799

CREDITORS

Amounts falling due within one year

11

10,123,327

21,441,182

NET CURRENT ASSETS

48,739,132

48,681,617

TOTAL ASSETS LESS CURRENT LIABILITIES

54,421,739

51,210,975

PROVISIONS FOR LIABILITIES

13

2,043,615

1,243,145

NET ASSETS

52,378,124

49,967,830

CAPITAL AND RESERVES

Called up share capital

14

10,000

10,000

Retained earnings

15

52,368,124

49,957,830

SHAREHOLDERS' FUNDS

52,378,124

49,967,830

The financial statements were approved by the director and authorised for issue on 29 September 2025 and were signed by:

I R Liddell - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

10,000

46,128,478

46,138,478

Changes in equity

Total comprehensive income

-

3,829,352

3,829,352

Balance at 31 December 2023

10,000

49,957,830

49,967,830

Changes in equity

Total comprehensive income

-

2,410,294

2,410,294

Balance at 31 December 2024

10,000

52,368,124

52,378,124

1.	STATUTORY INFORMATION

James Kemball Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d);

•

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;

•

the requirement of paragraph 33.7.

This information is included in the consolidated financial statements of GB Europe Holdings Limited and these financial statements may be obtained from Companies House.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

a) Critical judgements in applying the entity's accounting policies

There are no specific judgements, apart from those involving estimates as detailed below, that management has made in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements.

b) Critical accounting estimates and assumptions

(i) Legal cost provisions

With the assistance of internal and external experts, the company makes an estimate of the likely outcome and costs of ongoing legal disputes and claims.

(ii) Dilapidation provisions

With the assistance of internal experts, the company makes an estimate of the provision for dilapidation repairs required at the balance sheet date, in light of the lease or licence obligations, the degree of repairs required at the relevant site and the expected costs associated with the works involved.

(iii) Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

(iv) Deferred tax assets

Deferred tax assets in relation to provisions are recognised to the extent that they are expected to recovered in the short term and when the company expects to have the settle the amounts provided.

Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied and services rendered, net of returns, discounts and value added taxes.

Revenue from road haulage is earned when the goods are delivered to the final destination.

Revenue from container storage and warehousing is recognised over the period of time that the goods are onsite.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset, less a residual value, over its estimated useful life.

Long leasehold

-

Over the period of the lease

Plant and machinery (including trucks and trailers)

-

Rates between 16.67% and 33.33%

Office equipment

-

20% on cost

Motor vehicles

-

33% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to sell, after making due allowance for impairment of obsolete or slow moving items. Stocks are recognised as an expense in the period in which the related revenue is recognised.

Cost represents invoiced cost and is determined on a first-in, first-out basis.

Financial instruments

The Company has chosen to adopt Sections 11 and 12 of FRS102 in respect of financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently carried at this value less any provision for impairment.

Cash and cash equivalents

Cash and cash equivalents in the balance sheet represent cash at bank and in hand.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in profit or loss under operating expenses.

The carrying value of all short-term financial assets and liabilities are measured at amortised cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

The GB Europe Holdings Limited group offsets its corporation tax profits against the losses of other entities within the group via group relief as permitted by the UK tax legislation. Where such relief is claimed no payment is made between group entities.

The company is party to group transactions where transfer pricing regulations apply. A formal transfer pricing review is in progress which may impact the tax treatment of group transactions. Should adjustment for transfer pricing result, then any group entity with additional tax liability will be compensated by the group entity with reduced tax liability.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Operating lease commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

5,713,009

5,603,529

Social security costs

603,398

590,805

Other pension costs

136,646

147,788

6,453,053

6,342,122

The average number of employees during the year was as follows:

2024

2023

Drivers

69

71

Admin and container storage

60

50

129

121

2024

2023

£

£

Directors' remuneration

-

172,969

Directors' pension contributions to money purchase schemes

-

9,906

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

-

1

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024

2023

£

£

Container storage and hire

3,377,217

9,909,015

Depreciation - owned assets

925,440

391,028

Profit on disposal of fixed assets

(1,557

)

-

Auditors' remuneration

33,000

28,000

Foreign exchange differences

(1,747

)

74,699

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Bank interest

-

1,268

Interest on taxation

12,671

499,249

12,671

500,517

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2024

2023

£

£

Deferred tax

800,470

29,641

Tax on profit

800,470

29,641

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024

2023

£

£

Profit before tax

3,210,764

3,858,993

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.500%)

802,691

906,863

Effects of:

Expenses not deductible for tax purposes

538

(81,156

)

Other differences leading to an increase/(decrease) in tax charge

1,555

(4,807

)

Group relief

(4,314

)

(791,259

)

Total tax charge

800,470

29,641

8.	TANGIBLE FIXED ASSETS

Long

Plant and

Motor

leasehold

machinery

vehicles

Totals

£

£

£

£

COST

At 1 January 2024

673,237

3,965,682

17,153

4,656,072

Additions

13,300

4,070,833

-

4,084,133

Disposals

-

(15,183

)

-

(15,183

)

At 31 December 2024

686,537

8,021,332

17,153

8,725,022

DEPRECIATION

At 1 January 2024

659,600

1,449,961

17,153

2,126,714

Charge for year

3,934

921,506

-

925,440

Eliminated on disposal

-

(9,739

)

-

(9,739

)

At 31 December 2024

663,534

2,361,728

17,153

3,042,415

NET BOOK VALUE

At 31 December 2024

23,003

5,659,604

-

5,682,607

At 31 December 2023

13,637

2,515,721

-

2,529,358

9.

STOCKS

2024

2023

£

£

Stocks

137,582

153,782

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

1,816,683

934,391

Amounts owed by group undertakings

32,309,958

47,874,755

Other debtors

4,154

4,026

Corporation tax recoverable

106,403

-

VAT

1,926,478

1,683,002

Prepayments and accrued income

1,976,455

4,926,224

38,140,131

55,422,398

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

5,870,498

1,501,781

Amounts owed to group undertakings

2,115,745

12,725,040

Corporation tax

-

2,071,932

Social security and other taxes

166,471

155,214

Other creditors

59,969

14,155

Accrued expenses

1,910,644

4,973,060

10,123,327

21,441,182

12.	LEASING AGREEMENTS

The company does not have any commitments under non-cancellable operating leases in its own name. It does however utilise trucks and vehicles that are leased from third parties by other group companies.

Certain facilities from which the company operates are also occupied under annual licence agreements with other group companies.

13.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

Accelerated capital allowances

1,343,615

543,145

Other provisions

700,000

700,000

2,043,615

1,243,145

Deferred

Other

tax

provisions

£

£

Balance at 1 January 2024

543,145

2,953,626

Charge to Statement of Comprehensive Income during year

800,470

-

Balance at 31 December 2024

1,343,615

2,953,626

Dilapidations provisions

The company also makes provisions for dilapidations obligations under lease and licence arrangements.

14.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

10,000

Ordinary

£1

10,000

10,000