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Registered number: 04745312 AZTEK LOGISTICS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
AZTEK LOGISTICS LIMITED COMPANY INFORMATION
Director | S W Charter
Registered number | 04745312
Registered office | Works Road
| Letchworth
| Garden City
| Herts
| SG6 1JZ
Independent auditor | Hillier Hopkins LLP
| Chartered Accountants & Statutory Auditor
| Radius House
| 51 Clarendon Road
| Watford
| Herts
| WD17 1HP
AZTEK LOGISTICS LIMITED CONTENTS
| Page
Strategic report | 1
Director's report | 2 - 3
Independent auditor's report | 4 - 7
Statement of income and retained earnings | 8
Balance sheet | 9 - 10
Statement of cash flows | 11 - 12
Analysis of net debt | 12
Notes to the financial statements | 13 - 28
AZTEK LOGISTICS LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 MARCH 2025
Introduction
The director presents the financial statements of the Company for the year ending 31 March 2025.
Business review
The Company saw margins reduced due to inflationary pressures in both transport and warehousing however it managed to maintain a strong presence in both areas of the business.Whilst gross profit margins improved due to more efficiencies in transport planning the net profit margin reduced slightly, mainly due to the increases in rent and rates.
Principal risks and uncertainties
The principal risks facing the Company are maintaining the levels of storage and transport demand in this ever - changing economic climate.
Financial key performance indicators
The director continues to seek business opportunities within a manageable radius of Letchworth on a freehold or virtual freehold basis, hence the reason for the cash reserves. This is still the case.
Other key performance indicators
The Company's strategy is the development of high quality warehousing and increasing the dedicated transport area where possible. This report was approved by the board and signed on its behalf.
................................................ S W Charter Director
Date: 23 October 2025
Page 1
AZTEK LOGISTICS LIMITED DIRECTOR'S REPORT FOR THE YEAR ENDED 31 MARCH 2025 The director presents his report and the financial statements for the year ended 31 March 2025.
Director's responsibilities statement
The director is responsible for preparing the Strategic report, the Director's report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently; ∙make judgments 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 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 to 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.
Results and dividends
The profit for the year, after taxation, amounted to £739,859 (2024 - £821,560). During the year company paid dividends of £500,000 (2024: £500,000)
Director
The director who served during the year was:
S W Charter
Disclosure of information to auditor
The director at the time when this Director's report is approved has confirmed that: ∙so far as is aware, there is no relevant audit information of which the Company's auditor is unaware, and ∙ has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information. Page 2
AZTEK LOGISTICS LIMITED DIRECTOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Post balance sheet events
There have been no significant events affecting the Company since the year end.
Auditor
The auditor, Hillier Hopkins LLP, 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.
................................................ S W Charter Director
Date: 23 October 2025
Page 3
AZTEK LOGISTICS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AZTEK LOGISTICS LIMITED
Opinion
We have audited the financial statements of Aztek Logistics Limited (the 'Company') for the year ended 31 March 2025, which comprise the Statement of income and retained earnings, the Balance sheet, the Statement of cash flows 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). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 March 2025 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 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.
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. Page 4
AZTEK LOGISTICS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AZTEK LOGISTICS LIMITED (CONTINUED)
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 director is 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.
Opinion 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 Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic report and the Director's report 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 Director's 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 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 directors
As explained more fully in the Director's responsibilities statement set out on page 2, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 5
AZTEK LOGISTICS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AZTEK LOGISTICS LIMITED (CONTINUED)
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 undertaken and the extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: ∙We have assessed the nature of the industry and sector, control environment and business performance including the remuneration incentives and pressures of key management; ∙The primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. We consider the results of our enquiries of management about their own identification and assessment of the risks of irregularities; ∙Any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to: °identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; °detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; °the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; ∙The matters discussed among the audit team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. We also obtained an understanding of the legal and regulatory framwerks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and relevant tax legislation. 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 Auditor's report. Page 6
AZTEK LOGISTICS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AZTEK LOGISTICS LIMITED (CONTINUED)
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. Samuel Hodson ACA BSc (Senior statutory auditor) for and on behalf of Hillier Hopkins LLP Chartered Accountants Statutory Auditor Radius House 51 Clarendon Road Watford Herts WD17 1HP 27 October 2025 Page 7
AZTEK LOGISTICS LIMITED STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED 31 MARCH 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 12,755,644 | 12,414,056
Cost of sales |  | (8,851,008) | (8,727,694)
Gross profit |  | 3,904,636 | 3,686,362
Administrative expenses |  | (3,036,858) | (2,846,686)
Gain from changes in fair value of investment property |  | (102,051) | 99,402
Operating profit |  | 765,727 | 939,078
Income from fixed assets investments |  | 55,844 | 58,804
Amounts written off investments |  | 29,644 | (10,817)
Interest receivable and similar income | 9 | 77,712 | 52,424
Interest payable and similar expenses | 10 | (15,472) | (11,300)
Profit before tax |  | 913,455 | 1,028,189
Tax on profit | 11 | (173,596) | (206,629)
Profit after tax |  | 739,859 | 821,560
Retained earnings at the beginning of the year |  | 6,429,051 | 6,107,491
|  | 6,429,051 | 6,107,491
Profit for the year |  | 739,859 | 821,560
Dividends declared and paid |  | (500,000) | (500,000)
Retained earnings at the end of the year |  | 6,668,910 | 6,429,051
The notes on pages 13 to 28 form part of these financial statements.
Page 8
AZTEK LOGISTICS LIMITED REGISTERED NUMBER: 04745312 BALANCE SHEET AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 13 |  | 1,971,344 |  | 2,132,327
Investments | 14 |  | 2,001,745 |  | 1,841,608
|  |  | 3,973,089 |  | 3,973,935
Current assets |  |  |  |  |
Stocks | 15 | 17,811 |  | 19,016 |
Debtors: amounts falling due within one year | 16 | 2,382,140 |  | 2,473,462 |
Cash at bank and in hand | 17 | 2,268,291 |  | 1,985,314 |
|  | 4,668,242 |  | 4,477,792 |
Creditors: amounts falling due within one year | 18 | (1,273,059) |  | (1,354,629) |
Net current assets |  |  | 3,395,183 |  | 3,123,163
Total assets less current liabilities |  |  | 7,368,272 |  | 7,097,098
Creditors: amounts falling due after more than one year | 19 |  | (237,503) |  | (174,019)
Provisions for liabilities |  |  |  |  |
Deferred tax | 21 | (461,759) |  | (493,928) |
|  |  | (461,759) |  | (493,928)
Net assets |  |  | 6,669,010 |  | 6,429,151
Capital and reserves |  |  |  |  |
Called up share capital | 22 |  | 100 |  | 100
Profit and loss account |  |  | 6,668,910 |  | 6,429,051
|  |  | 6,669,010 |  | 6,429,151
Page 9
AZTEK LOGISTICS LIMITED REGISTERED NUMBER: 04745312 BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025 The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ S W Charter
Director
Date: 23 October 2025
The notes on pages 13 to 28 form part of these financial statements. Page 10
AZTEK LOGISTICS LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 739,859 | 821,560
Adjustments for: |  |
Depreciation of tangible assets | 569,209 | 506,687
Loss on disposal of tangible assets | 920 | 10,162
Interest paid | 15,472 | 11,300
Interest received | (133,556) | (111,228)
Taxation charge | 173,596 | 206,629
Decrease in stocks | 1,205 | 13,821
Decrease/(increase) in debtors | 91,322 | (183,524)
(Decrease) in creditors | (98,117) | (21,361)
Net fair value losses/(gains) recognised in P&L | 102,052 | (99,402)
Corporation tax (paid) | (98,366) | (205,833)
Net cash generated from operating activities | 1,363,596 | 948,811
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (430,147) | (962,172)
Sale of tangible fixed assets | 21,001 | 17,200
Purchase of listed investments | (1,121,803) | (515,577)
Sale of listed investments | 889,259 | 427,597
Interest received | 77,712 | 52,424
HP interest paid | (15,472) | (11,300)
Dividends received | 55,844 | 58,804
P/L on disp of investment | - | 10,817
Net cash from investing activities | (523,606) | (922,207)
Cash flows from financing activities |  |
Repayment of/new finance leases | (57,013) | 64,939
Dividends paid | (500,000) | (500,000)
Net cash used in financing activities | (557,013) | (435,061)
Net increase/(decrease) in cash and cash equivalents | 282,977 | (408,457)
Cash and cash equivalents at beginning of year | 1,985,314 | 2,393,771
Cash and cash equivalents at the end of year | 2,268,291 | 1,985,314
Cash and cash equivalents at the end of year comprise: |  |
Page 11
AZTEK LOGISTICS LIMITED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
|  | 2025 | 2024
|  | £ | £
Cash at bank and in hand | 2,268,291 | 1,985,314
| 2,268,291 | 1,985,314
ANALYSIS OF NET DEBT FOR THE YEAR ENDED 31 MARCH 2025
|  | At 1 April 2024 | Cash flows | New finance leases | At 31 March 2025
|  | £ | £ | £ | £
Cash at bank and in hand | 1,985,314 | 282,977 | - | 2,268,291
Debt due within 1 year | (13,662) | 2,139 | - | (11,523)
Finance leases | (391,330) | - | 26,970 | (364,360)
| 1,580,322 | 285,116 | 26,970 | 1,892,408
The notes on pages 13 to 28 form part of these financial statements.
Page 12
AZTEK LOGISTICS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
Aztek Logistics Limited is a private company, limited by shares registered in England and Wales. The company's registered office is Works Road, Letchworth Garden City, Hertfordshire, SG6 1JZ. The company's principal activity is that of a distribution firm. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
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:
| 2.2 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably. Page 13
AZTEK LOGISTICS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.2 | Revenue (continued)
| 2.3 | Government grants
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.
| 2.4 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.5 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.6 | Pensions
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 accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds. Page 14
AZTEK LOGISTICS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.7 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.8 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 25% | on reducing balance
|  |  |  | Motor vehicles | - | 25% | on reducing balance
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. Page 15
AZTEK LOGISTICS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.9 | Valuation of investments
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
| 2.10 | Job Retention Scheme
The nature and amount from the Government under the Furlough scheme is recognised in the financial statements. There are no unfulfilled conditions or other contingencies attaching to grants that have been recognised in income, and the company received the subsidy for the Furlough scheme purpose only.
| 2.11 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.12 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.13 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
| 2.14 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Page 16
AZTEK LOGISTICS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.15 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.16 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102. 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. 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 Page 17
AZTEK LOGISTICS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.16 | Financial instruments (continued)
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. Derecognition of financial instruments Derecognition of financial assets Page 18
AZTEK LOGISTICS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.16 | Financial instruments (continued)
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.
| 2.17 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Sales | 12,755,644 | 12,414,056
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 12,755,644 | 12,414,056
Page 19
AZTEK LOGISTICS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
5. | Auditor's remuneration
| During the year, the Company obtained the following services from the Company's auditor:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditor for the audit of the Company's financial statements | 14,975 | 14,250
6. | Employees
| Staff costs, including director's remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 2,926,733 | 2,873,007
| Social security costs | 277,364 | 270,908
| Cost of defined contribution scheme | 106,507 | 105,109
|  | 3,310,604 | 3,249,024
| The average monthly number of employees, including the director, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Staff | 89 | 85
7. | Director's remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Director's emoluments | 12,480 | 20,699
| Company contributions to defined contribution pension schemes | 50,000 | 48,000
|  | 62,480 | 68,699
| During the year retirement benefits were accruing to 1 director (2024 - 1) in respect of defined contribution pension schemes.
Page 20
AZTEK LOGISTICS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
8. | Income from investments
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends received from unlisted investments | 55,844 | 58,804
9. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 77,712 | 52,424
10. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Finance leases and hire purchase contracts | 15,472 | 11,300
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 205,765 | 98,766
| Adjustments in respect of previous periods | - | (7,220)
|  | 205,765 | 91,546
| Total current tax | 205,765 | 91,546
| Deferred tax |  |
| Origination and reversal of timing differences | (32,169) | 115,083
| Total deferred tax | (32,169) | 115,083
| Taxation on profit on ordinary activities | 173,596 | 206,629
Page 21
AZTEK LOGISTICS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 11.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 913,455 | 1,028,189
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 228,364 | 257,047
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 28,679 | 6,686
| Capital allowances for year in excess of depreciation | (62,771) | (164,968)
| Deferred tax | (32,169) | 115,083
| Non-taxable income less expenses not deductible for tax purposes, other than goodwill and impairment | (7,411) | -
| Capital gains | 4,705 | -
| Other differences leading to an increase (decrease) in the tax charge | 14,199 | (7,219)
| Total tax charge for the year | 173,596 | 206,629
12. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends paid | 500,000 | 500,000
| Dividends paid | 500,000 | 500,000
Page 22
AZTEK LOGISTICS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
13. | Tangible fixed assets
|  | Plant and machinery | Motor vehicles | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 April 2024 | 1,254,907 | 3,959,546 | 5,214,453
| Additions | 100,717 | 329,430 | 430,147
| Disposals | - | (188,982) | (188,982)
| At 31 March 2025 | 1,355,624 | 4,099,994 | 5,455,618
| Depreciation |  |  |
| At 1 April 2024 | 752,651 | 2,329,475 | 3,082,126
| Charge for the year on owned assets | 128,253 | 189,871 | 318,124
| Charge for the year on financed assets | - | 251,085 | 251,085
| Disposals | - | (167,061) | (167,061)
| At 31 March 2025 | 880,904 | 2,603,370 | 3,484,274
| Net book value |  |  |
| At 31 March 2025 | 474,720 | 1,496,624 | 1,971,344
| At 31 March 2024 | 502,256 | 1,630,071 | 2,132,327
Page 23
AZTEK LOGISTICS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 13.Tangible fixed assets (continued)
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Motor vehicles | 753,244 | 743,629
|  | 753,244 | 743,629
14. | Fixed asset investments
|  | Listed investments | Unlisted investments | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 April 2024 | 1,835,358 | 6,250 | 1,841,608
| Additions | 1,121,803 | - | 1,121,803
| Disposals | (859,615) | - | (859,615)
| Revaluations | (102,051) | - | (102,051)
| At 31 March 2025 | 1,995,495 | 6,250 | 2,001,745
15. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fuel Stock | 17,811 | 19,016
16. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 2,376,120 | 2,470,939
| Other debtors | - | 400
| Prepayments and accrued income | 6,020 | 2,123
|  | 2,382,140 | 2,473,462
Page 24
AZTEK LOGISTICS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16.Debtors (continued) Page 25
AZTEK LOGISTICS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
17. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 2,268,291 | 1,985,314
18. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 567,255 | 665,354
| Corporation tax | 205,765 | 98,766
| Other taxation and social security | 302,863 | 303,809
| Obligations under finance lease and hire purchase contracts | 126,857 | 217,311
| Other creditors | 53,069 | 52,489
| Accruals and deferred income | 17,250 | 16,900
|  | 1,273,059 | 1,354,629
| The hire purchase contracts are secured over the assets to which they relate.
19. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Net obligations under finance leases and hire purchase contracts | 237,503 | 174,019
20. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Within one year | 126,855 | 217,311
| Between 1-5 years | 237,503 | 174,019
|  | 364,358 | 391,330
Page 26
AZTEK LOGISTICS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
21. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (493,928)
| Charged to profit or loss | 32,169
| At end of year | (461,759)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (463,422) | (491,886)
| Other short term timing differences | 1,663 | (2,042)
|  | (461,759) | (493,928)
22. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100 (2024 - 100) Ordinary shares shares of £1.00 each | 100 | 100
23. | Pension commitments
The Company operates a defined contributions 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 £106,507 (2024 - £105,109) . Contributions totalling £11,523 (2024 - £13,662) were payable to the fund at the balance sheet date and are included in creditors.
24. | Related party transactions
| Charter UK Properties Limited, a company controlled by Mr S W Charter, owns the property from which Aztek Logistics Limited operates. In June 2009, the company entered into a cross guarantee and debenture with Charter UK Properties Limited in respect of finance provided by Barclays Bank Plc to Charter UK Properties Limited for the purchase of the property from which the company operates.
Page 27
AZTEK LOGISTICS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
25. | Controlling party
The company is controlled by Mr S W Charter by virtue of his shareholding.
Page 28