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ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 5 APRIL 2025
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COMPANY INFORMATION
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CONTENTS
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STRATEGIC REPORT
FOR THE PERIOD ENDED 5 APRIL 2025
The principal activity of the Company continues to be the provision of professional haulage and logistics services across the UK.
The financial year ended 5/4/25 remained challenging for the haulage and logistics sector, with ongoing cost pressures, driver shortages and fluctuations in port activity affecting margins.
Turnover has increased by 14.5% to £14,015k (2024 - £12,236k). Administrative expenses have also increased by 13.9% to £3,265k (2024 - £2,867k) and therefore overall, the Company has made a profit before tax of £384k (2024 - £143k loss). Revenue and profit has increased, and the business has a strong balance sheet, with net assets of £3,319k (2024 - £3,050k). The directors consider the Company’s financial position to be satisfactory and sufficient to support its continued operations and future growth. The business continues to hold a strong reputation in its market, with longstanding customer relationships, a modern and efficient fleet, and a focus on service reliability. Management remains confident that 3PL is well-positioned to maintain profitable growth as market conditions stabilise. Business Model The Company’s business model is centred on the delivery of high-quality, reliable and flexible container haulage services. The focus remains on customer satisfaction, safety, and efficiency, supported by continued investment in vehicles, technology, and people. Strong customer service and responsiveness to client needs remain key competitive advantages. 3PL’s reputation, operational expertise, and driver professionalism are central to retaining and expanding its client base. Strategy The Company’s strategic priorities for the forthcoming year include: • Continuing to strengthen relationships with existing clients and develop new long-term partnerships; • Investing in fleet efficiency, telematics and sustainability initiatives to reduce operating costs and environmental impact; • Enhancing employee training and retention to support service quality; • Improving operational systems and analytics to better manage margins and utilisation; and • Maintaining a disciplined approach to cost control and capital expenditure.
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STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 5 APRIL 2025
The principal risks and uncertainties facing the business remain consistent with prior years and include:
• Economic and market uncertainty: ongoing fluctuations in demand linked to consumer spending and global trade patterns; • Cost pressures: fuel, insurance, compliance, and maintenance costs; • Competition: pricing pressure from existing and new entrants; • Technology change: the need to maintain compatibility with customer systems and invest in digital efficiency; and • Regulatory environment: emission standards, driver hours, and safety compliance. The Board reviews these risks regularly and takes appropriate measures to mitigate their potential impact. The Company's principal financial instruments are trade debtors and trade creditors arising directly from operations. The directors regularly review and manage the financial risk management objectives and policies associated with the Company's activities. Liquidity and cash flow risks The Company actively manages cash resources to ensure sufficient liquidity to meet operating needs and obligations as they fall due. Cash flow is reviewed regularly, and working capital is managed prudently. Credit risk Credit limits and terms are assessed for new customers. Receivables are monitored weekly, and collection procedures are in place to limit potential bad debt exposure. Interest rate risk The Company has no significant exposure to interest rate risk. New entrants to the market Through ongoing investment in equipment, technology, and compliance standards, 3PL maintains a strong and competitive position within the logistics sector. The directors monitor these risks closely and adjust operational plans as required.
Management monitors key indicators, including:
• Turnover and gross margin trends; • Fleet utilisation and cost per movement; • Profit before tax; and • Working capital ratios. With a return to profitability in 2024/25, the Company continues to maintain a stable financial base and operational capability. The directors remain confident in the underlying strength and long-term prospects of the business.
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STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 5 APRIL 2025
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE PERIOD ENDED 5 APRIL 2025
The directors present their report and the financial statements for the Period ended 5 April 2025.
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;
∙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 Period, after taxation, amounted to £268,533 (2024 - loss £134,624).
The particulars of dividends can be found in note 13.
The directors who served during the Period were:
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3RD PARTY LOGISTICS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 5 APRIL 2025
The directors are encouraged by operational improvements and cost control measures implemented during the period, which have mitigated the impact of reduced trading volumes.
The Company remains focused on: • Maintaining its strong market presence within UK port logistics and container haulage; • Improving operational efficiency through technology and data integration; • Investing in its fleet to improve fuel economy and environmental performance; and • Continuing to prioritise customer service and safety. Looking forward, the directors expect a continuing modest recovery in activity levels in 2025/26 as port throughput and freight demand normalise. The directors have reviewed the Company's strategic plans, and they are confident that the Company is on track to achieve its goals.
Details of the Company's principal risks and uncertainties, including its use of financial instruments and the key risks to which it is exposed, are included in the Strategic Report.
There have been no significant events affecting the Company since the period end.
The auditor, Sumer Auditco Limited, 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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF 3RD PARTY LOGISTICS LTD
We have audited the financial statements of 3rd Party Logistics Ltd (the 'Company') for the Period ended 5 April 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, 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 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.
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.
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3RD PARTY LOGISTICS LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF 3RD PARTY LOGISTICS LTD (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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 Period 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.
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3RD PARTY LOGISTICS LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF 3RD PARTY LOGISTICS LTD (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 Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience and through discussions and enquiries of Directors and management. During the engagement team briefing, the outcomes of these discussions were shared with the team, as well as consideration as to where and how fraud may occur in the Company. The potential effect of these laws and regulations on the financial statements varies considerably. Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation, distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Secondly, the Company is subject to many other laws and regulations where the consequences of noncompliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect; working time directive, operator licence regulations, health and safety, anti-bribery and corruption, human rights and employment law, GDPR. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the Company complies with such regulations; enquiries of management and those charged with governance concerning any actual or potential litigation or claims, inspection of relevant legal documentation, testing the appropriateness of journal entries and the performance of analytical review to identify any unexpected movements in account balances which may be indicative of fraud. There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
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.
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3RD PARTY LOGISTICS LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF 3RD PARTY LOGISTICS LTD (CONTINUED)
This report is made solely to the Company's directors, 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 directors 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 directors, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditor
Fitzroy House
Crown Street
Suffolk
IP1 3LG
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 5 APRIL 2025
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BALANCE SHEET
AS AT 5 APRIL 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 29 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 5 APRIL 2025
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STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 5 APRIL 2025
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ANALYSIS OF NET DEBT (CONTINUED)
FOR THE PERIOD ENDED 5 APRIL 2025
ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 5 APRIL 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 5 APRIL 2025
3rd Party Logistics Ltd (the "Company") is a private company limited by shares and incorporated in England and Wales under the Companies Act 2006. The Company's registered number and registered office address can be found on the Company Information page.
The principal activity of the Company continues to be the provision of professional haulage and logistics services across the UK. The Company's functional and presentational currency is Sterling (£).
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's cash position remains healthy and the Directors continue to ensure that the Company remains able to adapt to changes in the market place. Based on this, the Directors have concluded that they have a reasonable expectation that the Company will have adequate resources to continue in operational existence for the foreseeable future, being at least twelve months from the date of signing these financial statements. The Directors continue to adopt the going concern basis of accounting in preparing these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 5 APRIL 2025
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 5 APRIL 2025
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 5 APRIL 2025
2.Accounting policies (continued)
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:
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 5 APRIL 2025
2.Accounting policies (continued)
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.
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.
Basic 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
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 5 APRIL 2025
2.Accounting policies (continued)
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.
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.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in a period of revision and future periods where the revision affects both current and future periods. The significant areas of judgments are the useful economic lives of assets.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 5 APRIL 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 5 APRIL 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 5 APRIL 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 5 APRIL 2025
12.Taxation (continued)
At 31 March 2025, the Company had tax losses amounting to £1,619,967 (2024 - £883,162) which are available for offset against future taxable profits.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 5 APRIL 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 5 APRIL 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 5 APRIL 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 5 APRIL 2025
Profit and loss account
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 5 APRIL 2025
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 £22,401 (2024 - £23,989). Contributions amounting to £11,127 (2024 - £10,731) were payable to the scheme at the balance sheet date and are included in other creditors.
It is the opinion of the directors that the Company does not have an ultimate controlling party.
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