REGISTERED NUMBER: 07466317 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

INTEGRATED THIRD PARTY LOGISTICS LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Income Statement

7

Other Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

DIRECTORS:

J Bladen

D B Ellis

Miss A Ellis

S K Russell

SECRETARY:

S K Russell

REGISTERED OFFICE:

Kenmore Road

Wakefield 41 Industrial Estate

Wakefield

WF2 0XE

REGISTERED NUMBER:

07466317 (England and Wales)

AUDITORS:

Beaumonts (Statutory Auditors)

8 Navigation Court

Calder Park

Wakefield

WF2 7BJ

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

BUSINESS OVERVIEW 2024

Integrated Third Party Logistics operates a bulk storage and repacking operation for clients in the FMCG sector. The company has experienced considerable organic growth since its establishment in 2011 and now operates across 2 sites in West and South Yorkshire providing in excess of 400,000 square feet of storage space able to deliver in excess of 40,000 pallets spaces to our clients.

We are under a number of long term contracts which provides reliable visibility for future trading. This allows the business to confidently invest in future growth and infrastructure with the stability that these longer term contracts provide. The company's financial position is highlighted on page 9 of this report.

2024 was another successful year for the company albeit with certain challenges around fluctuating markets for our clients which impacted ITP trading. We had alterations in the nature of our dispatching logistics which necessitated deployment of additional human resource and also further costs against plant and machinery. Both of these elements had a negative impact on margin as the business went through a period of learning . We have new systems embedded in the operation to assist with efficiencies going forward. The current period of higher interest rates also impacted our margin as the costs of borrowing continue to be higher.

CARBON REDUCTION AND ENVIRONMENTAL COMMITMENTS

We invested heavily in carbon reduction measures over the last number of years and this is starting to have a positive impact on both our environmental standard and establishment costs. The solar panel project at our West Yorkshire warehouse is now fully operational with considerable payback in terms of direct costs and grid payback.

RISKS

Health and Safety

The company is subject to health and safety risks inherent within the works undertaken. The board and the company ensure best practice in health and safety is adhered to at all times and the importance is embedded throughout the workforce from the leadership level and cascaded down. The company employs a full time internal Health and Safety Manager which ensures compliance with all legislation and sector developments. Where necessary 3rd Party advisors are employed to protect the health and wellbeing of all employees across the business.

Financial Risk Management

In line with other business in our sector the company minimises financial risk through the careful planning of budgets alongside cashflow position and forecasting. The forecasts are reviewed and actual figures are produced to allow comparison to the forecasted position. Liquidity is ensured through careful cashflow management and through the excellent working relationship with our banking and finance partners. The current period of higher interest rates is having a negative impact on margin but we continue to look for efficiencies to attempt to mitigate in this area and the downward trend which began in 2024 appears to be continuing.

The company's main financial instruments include:

Bank Balances, bank loans, HP and asset finance , trade and subcontractor creditors and trade debtors.

ON BEHALF OF THE BOARD:

S K Russell - Director

24 December 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of operation of warehousing and storage facilities.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2024 will be £550,000.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

J Bladen

D B Ellis

Miss A Ellis

S K Russell

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Beaumonts (Statutory Auditors), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

S K Russell - Director

24 December 2025

Opinion

We have audited the financial statements of Integrated Third Party Logistics Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other matters

The financial statements of the prior period were audited by a predecessor auditor without modification on 25 November 2024.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

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

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

Matters on which we are required to report by exception

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

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

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Based on our understanding of the company and its activities, we identified that the principal risks of non-compliance with laws and regulations related to breaches in health and safety law, environmental law, employment law, applicable Generally Accepted Accounting Practices, the Companies Act 2006, taxation legislation and the UK Bribery Act, and we considered the extent to which non-compliance might have a material effect on the financial statements. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks were related to the posting of inappropriate journal entries and management bias in accounting estimates. Our audit procedures included:

Discussions with the directors;

Consideration of unusual costs;

Challenging assumptions and judgements made by management in determining significant accounting estimates;

Identifying and testing journal entries.

We communicated identified laws and regulations throughout our Team and remained alert to any indications of non-compliance throughout the audit.

Owing to the inherent limitations of an audit there is unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Philip Samuel (Senior Statutory Auditor)

for and on behalf of Beaumonts (Statutory Auditors)

8 Navigation Court

Calder Park

Wakefield

WF2 7BJ

24 December 2025

TURNOVER

10,852,025

11,271,659

Cost of sales

5,055,736

5,416,626

GROSS PROFIT

5,796,289

5,855,033

Administrative expenses

5,344,669

5,208,650

OPERATING PROFIT

4

451,620

646,383

Interest receivable and similar income

-

3,286

451,620

649,669

Interest payable and similar expenses

5

48,775

25,614

PROFIT BEFORE TAXATION

402,845

624,055

Tax on profit

6

4,334

(68,102

)

PROFIT FOR THE FINANCIAL YEAR

398,511

692,157

PROFIT FOR THE YEAR

398,511

692,157

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

398,511

692,157

Note

Prior year adjustment

8

(179,294

)

TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT

219,217

FIXED ASSETS

Tangible assets

9

1,022,712

1,439,288

CURRENT ASSETS

Debtors

10

2,606,616

2,240,564

Cash at bank and in hand

246,309

482,010

2,852,925

2,722,574

CREDITORS

Amounts falling due within one year

11

1,671,806

1,491,283

NET CURRENT ASSETS

1,181,119

1,231,291

TOTAL ASSETS LESS CURRENT LIABILITIES

2,203,831

2,670,579

CREDITORS

Amounts falling due after more than one year

12

(497,766

)

(747,920

)

PROVISIONS FOR LIABILITIES

16

(210,746

)

(275,851

)

NET ASSETS

1,495,319

1,646,808

CAPITAL AND RESERVES

Called up share capital

17

100

100

Retained earnings

18

1,495,219

1,646,708

SHAREHOLDERS' FUNDS

1,495,319

1,646,808

The financial statements were approved by the Board of Directors and authorised for issue on 24 December 2025 and were signed on its behalf by:

S K Russell - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

100

1,704,551

1,704,651

Changes in equity

Dividends

-

(750,000

)

(750,000

)

Total comprehensive income

-

871,451

871,451

Balance at 31 December 2023

100

1,826,002

1,826,102

Prior year adjustment

-

(179,294

)

(179,294

)

As restated

100

1,646,708

1,646,808

Changes in equity

Dividends

-

(550,000

)

(550,000

)

Total comprehensive income

-

398,511

398,511

Balance at 31 December 2024

100

1,495,219

1,495,319

Cash flows from operating activities

Cash generated from operations

1

826,588

757,128

Interest paid

(584

)

(6,322

)

Interest element of hire purchase payments paid

(48,191

)

(19,292

)

Tax paid

(40,806

)

(24,659

)

Net cash from operating activities

737,007

706,855

Cash flows from investing activities

Purchase of tangible fixed assets

(207,080

)

(1,127,177

)

Sale of tangible fixed assets

68,000

101,720

Interest received

-

3,286

Net cash from investing activities

(139,080

)

(1,022,171

)

Cash flows from financing activities

Loan repayments in year

(14,681

)

(113,163

)

Capital repayments in year

(268,947

)

852,175

Equity dividends paid

(550,000

)

(750,000

)

Net cash from financing activities

(833,628

)

(10,988

)

Decrease in cash and cash equivalents

(235,701

)

(326,304

)

Cash and cash equivalents at beginning of year

2

482,010

808,314

Cash and cash equivalents at end of year

2

246,309

482,010

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.12.24

31.12.23

as restated

£

£

Profit before taxation

402,845

624,055

Depreciation charges

545,708

364,842

Loss/(profit) on disposal of fixed assets

9,948

(40,549

)

Finance costs

48,775

25,614

Finance income

-

(3,286

)

1,007,276

970,676

Increase in trade and other debtors

(208,238

)

(151,198

)

Increase/(decrease) in trade and other creditors

27,550

(62,350

)

Cash generated from operations

826,588

757,128

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

246,309

482,010

Year ended 31 December 2023

31.12.23

1.1.23

as restated

£

£

Cash and cash equivalents

482,010

808,314

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

482,010

(235,701

)

246,309

482,010

(235,701

)

246,309

Debt

Finance leases

(934,717

)

268,947

(665,770

)

Debts falling due within 1 year

(14,542

)

4,280

(10,262

)

Debts falling due after 1 year

(14,951

)

10,401

(4,550

)

(964,210

)

283,628

(680,582

)

Total

(482,200

)

47,927

(434,273

)

1.	STATUTORY INFORMATION

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover represents amounts invoiced in respect of warehousing and storage relating to the year excluding value added tax.

Tangible fixed assets

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

Leasehold

-

33% on cost and 20% on cost

Plant and machinery

-

20% on cost

Fixtures and fittings

-

33% on cost

Motor vehicles

-

33% on cost

Computer equipment

-

33% on cost

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

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

3.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

as restated

£

£

Wages and salaries

3,686,488

2,905,486

Social security costs

414,101

412,482

Other pension costs

69,721

72,973

4,170,310

3,390,941

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

31.12.24

31.12.23

as restated

79

78

31.12.24

31.12.23

as restated

£

£

Directors' remuneration

475,250

391,264

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

Money purchase schemes

4

4

Information regarding the highest paid director is as follows:

31.12.24

31.12.23

as restated

£

£

Emoluments etc

213,350

184,566

4.	OPERATING PROFIT

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

31.12.24

31.12.23

as restated

£

£

Forklift truck running costs

468,628

407,617

Other operating leases

2,288,666

2,315,093

Depreciation - owned assets

545,708

366,215

Loss/(profit) on disposal of fixed assets

9,948

(40,549

)

Auditors' remuneration

10,000

7,000

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.24

31.12.23

as restated

£

£

Bank loan interest

584

6,322

Hire purchase

48,191

19,292

48,775

25,614

6.

TAXATION

Analysis of the tax charge/(credit)

The tax charge/(credit) on the profit for the year was as follows:

31.12.24

31.12.23

as restated

£

£

Current tax:

UK corporation tax

69,439

-

Prior year tax

-

(279,004

)

Total current tax

69,439

(279,004

)

Deferred tax

(65,105

)

210,902

Tax on profit

4,334

(68,102

)

7.

DIVIDENDS

31.12.24

31.12.23

as restated

£

£

Ordinary shares of 10p each

Final

550,000

750,000

8.	PRIOR YEAR ADJUSTMENT

The year end 2023 financial statements have been restated to include a rent accrual of £220,100 that was previously not included.

As a result of this the Corporation Tax creditor of £40,806 has been removed.

9.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Leasehold

machinery

fittings

£

£

£

COST

At 1 January 2024

552,621

335,807

1,775,027

Additions

-

178,358

1,709

Disposals

-

(9,071

)

-

At 31 December 2024

552,621

505,094

1,776,736

DEPRECIATION

At 1 January 2024

341,845

167,321

855,977

Charge for year

81,202

71,189

341,738

Eliminated on disposal

-

(9,071

)

-

At 31 December 2024

423,047

229,439

1,197,715

NET BOOK VALUE

At 31 December 2024

129,574

275,655

579,021

At 31 December 2023

210,776

168,486

919,050

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2024

135,916

575,423

3,374,794

Additions

-

27,013

207,080

Disposals

(116,916

)

(16,910

)

(142,897

)

At 31 December 2024

19,000

585,526

3,438,977

DEPRECIATION

At 1 January 2024

32,066

538,297

1,935,506

Charge for year

23,788

27,791

545,708

Eliminated on disposal

(38,968

)

(16,910

)

(64,949

)

At 31 December 2024

16,886

549,178

2,416,265

NET BOOK VALUE

At 31 December 2024

2,114

36,348

1,022,712

At 31 December 2023

103,850

37,126

1,439,288