|
Registered number:
FOR THE YEAR ENDED 30 DECEMBER 2024
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BUFFALOAD LOGISTICS LIMITED
COMPANY INFORMATION
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BUFFALOAD LOGISTICS LIMITED
CONTENTS
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BUFFALOAD LOGISTICS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 DECEMBER 2024
The Directors present their strategic report and business review, which includes a balanced and comprehensive review of the development and performance during the period and its position at the period end, including principal risks and uncertainties, and key performance indicators.
The principal activities of Buffaload Logistics Limited ("the Company") during the year was the provision of temperature controlled distribution services within the food supply chain, partnering with retailers, manufacturers, growers and importers.
The year ended 30 December 2024 was another challenging year for the distribution sector. The sector and business saw significant macro-economic cost inflationary pressures and a general decline in market volumes. The national shortage of drivers as reported in the Company’s previous report continued into 2024.
The business continuously reviewed and adapted to the changes necessary to maintain its strong service level provision to customers, whilst operating a safe and flexible workplace for colleagues and visitors. The business’s ability to deliver strong service level saw it pick up incremental business commencing in the year despite the continuing market challenges. Continuous investment in the fleet and in the sites has allowed the business to grow, strengthening the business financially. The business is adequately funded to meet the future economic challenges in 2025. Employee engagement and development are key initiatives to maintaining a strong and committed workforce, enabling the business to adapt and be flexible to the constant challenges the industry faces.
Financial review
Reported revenue increased from £51.0m to £55.6m delivering a gross margin increase of £1.8m from £13.9m to £15.7m. Revenue increase was driven by the impact of new business wins. Operationally, the business had a strong year, maintaining high standards of customer service and cost control. Gross Margin performance was in line with management's expectations. Inflationary pressures remained acute across key direct cost lines throughout the year. The business worked hard to mitigate these impacts through delivery of operational efficiency alongside the execution of customer rate increases on low margin activity. The companies continued investment in fleet reduced lease costs, strengthening Gross Margin and increasing depreciation charges year on year. Operating profit decreased in the year to £3.1m (Period ended 30 December 2023: £3.4m), 2023 was supported by a £0.4m receipt for a prior yr insurance claim which was received and recognised in 2023. Total net assets increased by £4.0m to £13.2m at 30 December 2024 (Period ended 30 December 2023: £9.2m). In the year, the company successfully refinanced its loans, providing a strong financial platform for future growth. In the year, Fixed asset additions of £7.5m were procured by the business, increasing the scale of the companies LNG gas truck fleet and enhancing facilities.
Page 1
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BUFFALOAD LOGISTICS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
The Directors have identified the following principal risks and uncertainties affecting the company:
The haulage industry is highly competitive and leaves little opportunity for organic growth however the close working relationship that we keep with all of our customers and unique asset base means we consider ourselves to be in a strong position for the forthcoming year. The Directors recognise the continuous requirement to control costs, increase efficiency and maintain margins but feel optimistic about the future prospects of the company and feel it is well placed to continue building key customer relationships to ensure its successful development into the future. The impact of Brexit and conflict in Ukraine, whilst undeniable is also uncertain, with a primary risk of employee shortages as well as the knock-on effect of changes or initial volatility in the wider food production industry'. The business has developed a wider range of resource providers and has the flexibility to adapt as required to mitigate any risks.
The Director believes the Company’s financial key performance indicators are those that demonstrate the financial and operational strength of the Company:-
Turnover increased by 9% from £51.0m in the year to 30 December 2023 to £55.6m in the year to 30 December 2024. Gross margin has increased from 27% for the prior year to 28% for the period ended 30 December 2024. PBT decreased by £0.5m to £2.1m (Period ended 30 December 2023 - £2.6m). 2023 was positively impacted by £0.4m one off insurance receipt.
Future developments
In the reported period, Invest 1 Co Limited sold its shares in Buffaload Logistics to BL Holdco, an entity wholly owned by Mr R Taylor, Buffaload Logistics founder. Mr Taylor now holds directly or indirectly 100% of the shares in the company. To support delivery of the company’s vision, a strengthened board of Directors was established in 2023. 2024 saw management capitalising on new logistics and warehouse opportunities through new business wins and via acquisitions. In the reported period management supported the Companies founder and ultimate owner Mr Ross Taylor in his acquisition of a majority shareholding in Arra Distribution Limited (May 2024). In 2025, The Company acquired the majority shareholding in Drury Holdings Limited the 100% owner of Temples Transport Limited. The establishment of a wider transport group provides the company the opportunity to drive enhanced operational efficiencies and increase the depth and breadth of services it offers its customers. In June 2025 the Company announced the further strengthening of its leadership team with the appointment of Mr John Kerrigan as CEO. John's highly relevant experience strengthens the Company’s ability to control costs and build strong commercial partnerships which will be key to managing inflationary head winds.
Page 2
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BUFFALOAD LOGISTICS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
The company is committed to delivering on its sustainability agenda. In August 2025 the Company announced the introduction of Bio LNG fuels to power its LNG truck fleet and the sale of Bio CO2. The inherent environmental benefits in Double Deck (high capacity) trailers and the introduction of Bio products provide a clear market differentiator for the Company.
Profitability of the group is expected to be maintained as continuous improvements, additional revenues and returns on investments are delivered in FY2025/26.
Page 3
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BUFFALOAD LOGISTICS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
The Directors confirm that during the period under review, it has acted fairly between members of the Company to promote the long term success of the Company for the benefit of all shareholders, whilst having regard to the matters set out in section 172(1)(a)-(f) of the Companies Act 2006 in the decisions taken during the period ended 30 December 2024, further detail of which is set out below.
Page 4
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BUFFALOAD LOGISTICS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
The Directors also review non-financial indicators to reflect the wider view of the business in particular service delivery to key customers including on time delivery. A number of operating KPl's relating to the vehicle operation are monitored within the business to ensure operational efficiency is maximised.
This report was approved by the board and signed on its behalf.
Page 5
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BUFFALOAD LOGISTICS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 DECEMBER 2024
The Directors present their report and the financial statements for the year ended 30 December 2024.
The Directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK 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 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 to 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.
The profit for the year, after taxation, amounted to £1,554,890 (2023 - £1,906,774).
No ordinary dividends were paid. The Directors do not recommend payment of a further dividend.
The Directors who served during the year were:
The existing business and future growth are funded from free cash flow and the continued financial support of its owner and he has committed to provide sufficient liquidity and capital expenditure where needed. The business continues to commit in investing in its core assets; its people, property and product, through excellence and innovation to ensure customers receive the very best experience delivered with quality and provenance.
Page 6
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BUFFALOAD LOGISTICS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
The company's policy is to consult and discuss with employees at meetings, matters likely to affect employee's interests.
Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.
The data below represents Buffaload Logistics Limited’s energy and associated greenhouse gas (GHG) emissions from electricity and fuel in the UK for the year ended 30 December 2024 and meets the requirements of the UK Government’s Streamlined Energy and Carbon Reporting (SECR) Policy. The data covers 3 sites (Crewe, Ellington and Skelmersdale) and applies to road going vehicles and the operation of chilled warehouses and associated offices within the UK.
Key environmental impacts are: • GHG emissions from the operation of road going vehicles. • Tyre degradation from the movement of vehicles and trailers. • GHG emissions from the operation of chilled refrigerant trailers and warehouses. Methodology: Measurements are collated by a combination of Operational, Financial and Compliance team members (ESG Team) on a daily, weekly, monthly and annual basis. In order to see and validate fuel usage for company vehicles, fuel purchase receipts, fuel tank and vehicle telematic data is captured and collated alongside vehicle milage data. The members of this ESG team ensure energy and gas bills are accurate and reflect the underlying energy usage. The data is compiled and a total for the year calculated. In the case of incomplete data sets, management estimates are used based using previous year consumption profile adjust for any known operational variances. These calculations were conducted using the GHG Reporting Protocol – Corporate Standard. The GHG emissions are calculated in accordance with the UK government’s reporting guidelines for company reporting and 2024 GHG conversion factors for company reporting were used. During the reported period the company made good progress in the • Introduction of behavioural / environmental change programmes • Introduction of Environmental / Energy Quality Management Systems (ISO 14001) to measure and drive continuous improvement - achieving full certification in 2025 • Development of infrastructure to reduce electrical and refrigeration related emissions • Continued adoption of LNG (liquid natural gas) fleet, with the addition of 20 new Volvo tractor units. Energy Consumption used to calculate emissions (kwh)
Page 7
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BUFFALOAD LOGISTICS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
Scope 1 and 2 total emissions in metric tonnes Co2e
Scope 1 emissions in metric tonnes CO2e Scope 2 emissions in metric tonnes CO2e Intensity Ratio Following the reported period, in August 2025 the Company announced the introduction of Bio LNG to power its expanded LNG fleet which will further reduce the companies carbon emissions.
On the 4th of April 2025 The Company acquitted a majority shareholding in Drury Holdings Limited. Drury Holdings Limited owns 100% of the share capital in Temples Transport Limited and Temples Resources Limited. The acquisition enhances service breadth and scale to both new and existing customers of the businesses.
Page 8
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BUFFALOAD LOGISTICS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.
MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
Page 9
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BUFFALOAD LOGISTICS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BUFFALOAD LOGISTICS LIMITED
We have audited the financial statements of Buffaload Logistics Limited (the 'Company') for the year ended 30 December 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, 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).
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 United Kingdom, including the Financial Reporting Council'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.
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.
Page 10
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BUFFALOAD LOGISTICS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BUFFALOAD LOGISTICS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report 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.
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 Directors' report.
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.
Page 11
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BUFFALOAD LOGISTICS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BUFFALOAD LOGISTICS LIMITED (CONTINUED)
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 Auditors' 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:
• Enquiry of management and those charged with governance around actual and potential litigation and claims; • Enquiry of entity staff to identify any instances of non-compliance with laws and regulations; • Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, and reviewing accounting estimates for bias; • Reviewing minutes of meetings of those charged with governance; • Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
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 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 Auditors' report.
Page 12
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BUFFALOAD LOGISTICS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BUFFALOAD LOGISTICS LIMITED (CONTINUED)
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 Auditors' 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.
for and on behalf of MHA, Statutory Auditors
Date:
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542)
Page 13
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BUFFALOAD LOGISTICS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 DECEMBER 2024
Page 14
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BUFFALOAD LOGISTICS LIMITED
REGISTERED NUMBER: 05382156
BALANCE SHEET
AS AT 30 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 34 form part of these financial statements.
Page 15
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BUFFALOAD LOGISTICS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 DECEMBER 2024
Page 16
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BUFFALOAD LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2024
Buffaload Logistics Limited ("the company") is a private company limited by shares and is registered and incorporated in England and Wales. The registered office is Grove Parc, Grove Lane, Ellington, Huntingdon, PE28 0DA.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of BL Holdco Limited as at 30 December 2024 and these financial statements may be obtained from Companies House.
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The Directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment.
Based on these assessments and having regards to the resources available to the entity, the Directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts.
Page 17
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BUFFALOAD LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2024
2.Accounting policies (continued)
Page 18
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BUFFALOAD LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2024
2.Accounting policies (continued)
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in other creditors as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
Page 19
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BUFFALOAD LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Page 20
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BUFFALOAD LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Page 21
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BUFFALOAD LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2024
2.Accounting policies (continued)
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Page 22
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BUFFALOAD LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2024
2.Accounting policies (continued)
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
In preparing these financial statements, the Directors have had to make the following judgements: Determine whether there are any indicators of impairment of the group's tangible fixed assets. Factors take into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit. Other key sources of estimation uncertainity: Tangible fixed assets and depreciation Tangible fixed assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, all relevant known factors are taken into account but there is inherent uncertainty present in making this assessment (refer to note 13). Trade debtors and related party debtors provisions Provisions for impairment are recognised when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of receivable. The amount of the provision is the difference between the net carrying amount and the present value of the future expected cash flows associated with the impaired receivable (refer to note 15).
The whole of the turnover is attributable to the principal activity of the company.
All turnover arose within the United Kingdom.
Page 23
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BUFFALOAD LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2024
Page 24
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BUFFALOAD LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2024
Page 25
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BUFFALOAD LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2024
Page 26
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BUFFALOAD LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2024
12.Taxation (continued)
Deferred taxes at the balance sheet date have been measured using these enacted tax rates and reflected in these financial statements.
Page 27
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BUFFALOAD LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2024
Page 28
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BUFFALOAD LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2024
13.Tangible fixed assets (continued)
Page 29
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BUFFALOAD LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2024
Page 30
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BUFFALOAD LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2024
Revaluation reserve
Profit and loss account
Page 31
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BUFFALOAD LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2024
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £266,281 (2023: £243,399).
Contributions totalling £47,485 (2023: £80,331) were payable to the fund at the balance sheet date.
Page 32
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BUFFALOAD LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2024
During the year transactions took place with
During the year transactions took place with A Barwell & Sons (UK) Limited, a company which is controlled by TFP Ventures Limited, a company in which Mr R Taylor is a shareholder. Sales were made totalling £Nil (2023: £12,064). Purchases were made totalling £32,400 (2023: £33,559). Within trade creditors, there is a total balance owed of £2,880 (2023: £Nil). During the year transactions took place with Big Sky Venue Limited, a company with common directorship of Mr R Taylor. Sales were made totalling £800 (2023: £40,000). There have been no purchases. Within trade creditors, there is a total balance owed of £Nil (2023: £800). During the year transactions took place with Jaxdene Partners Limited, a company which is under the control of family members of Buffaload Logistics Limited's Directors. There have been no sales. Purchases were made totalling £9,832 (2023: £64,862). Within trade creditors, there is a total balance owed of £Nil (2023: £15,130). During the year transactions took place with RJ Taylor Farms Limited, a company which is under the control of Mr R Taylor. Sales were made totalling £Nil (2023: £732). Purchases were made totalling £280,524 (2023: £130,454). Within trade debtors, there is a total balance due of £Nil (2023: £2,845). Within trade creditors, there is a total balance owed of £36,000 (2023: £41,529). During the year transactions took place with WMS Services (Cambridge) Limited, a company which is under the control of a family member of Mr R Taylor. Purchases were made totalling £625,673 (2023: £278,325). Within trade creditors, there is a total balance owed of £Nil (2023: £56,803). During the year transactions took place with Arra Distribution Limited, a company which is under the control of Ross Taylor who owns 100% of the shares in BL Holdco, the Company's parent company. Within trade debtors, there is a total balance due of £22,756 (2023: £Nil).
Page 33
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BUFFALOAD LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2024
The Company's immediate and ultimate parent is BL Holdco Limited, a company incorporated in England and Wales. BL Holdco Limited own all of the issued shares in the Company. The registered office of BL Holdco Limited is Westmoor House, 68 Main Street, Pymor, Cambridgeshire, CB6 2DY.
Page 34
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||