Espack Eurologistica Ltd Company accounts

COMPANY REGISTRATION NUMBER: 08696330

Espack Eurologistica Ltd

Financial Statements

For the year ended

31 December 2024

Espack Eurologistica Ltd

Financial Statements

Year ended 31 December 2024

Contents	Page

Officers and professional advisers	1

Strategic report	2

Directors' report	4

Independent auditor's report to the members	7

Statement of comprehensive income	11

Statement of financial position	12

Statement of changes in equity	13

Statement of cash flows	14

Notes to the financial statements	15

Espack Eurologistica Ltd

Officers and Professional Advisers

The board of directors	Mr J Escalada
	Mrs L Escalada Hernando
	Mr J A Escalada De La Riva

Registered office	2 Oldfield Road
	Bocam Park
	Bridgend
	Bridgend County Borough
	Wales
	CF35 5LJ

Auditor	Xeinadin Audit Limited
	(Statutory Auditor)
	Suite 2D, Building 1
	Eastern Business Park
	St. Mellons
	Cardiff
	CF3 5EA

Bankers	Barclays Bank Plc
	36 Dunraven Place
	Bridgend
	CF31 1YB

Espack Eurologistica Ltd

Strategic Report

Year ended 31 December 2024

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

Espack Eurlogistica Limited operates its core function of s logistical services to the automotive industry.

The Company's turnover for the year was £7,327,680 (2023: £6,937,316), representing an increase of £390,364 (5.629%). The increase in turnover has been driven by a new contract won in the year with a new customer and increased work from existing customers. This will continue moving forward generating sustained growth for the company. The Company generated profits before tax of £338,716 (2023: £1,621,493) for the year ended 31 December 2024. Despite the increase in turnover, the profit before tax margin for 2024 of 4.62% was a reduction on the prior year of 23.37%. This reduction has mainly been driven by increased wages, property rent and management charges due to increased activity and the commencement of a new contract in the year.

Principle risks and uncertainties The Company benefits from the close commercial relationships with a number of key customers and suppliers. The loss of any of these key customers or suppliers, or significant worsening in commercial terms, could have a material impact on the trading results. The Company devotes significant resources to supporting these relationships to ensure that they continue to operate as well in the future.

The Company's key performance indicators are turnover, utilisation of staff and their safety, and accumulation of shareholders funds. These are reviewed by the directors regularly throughout the year and measured against budgets. Turnover and staff numbers for the company were as follows:

	2024	2023
	£	£
Turnover	7,327,680	6,937,316
Average number of employees	107	93

This report was approved by the board of directors on 23 December 2025 and signed on behalf of the board by:

Mrs L Escalada Hernando

Director

Registered office:

2 Oldfield Road

Bocam Park

Bridgend

Bridgend County Borough

Wales

CF35 5LJ

Espack Eurologistica Ltd

Directors' Report

Year ended 31 December 2024

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

Principal activities

The principal activity of the company during the year was logistical services to the automotive industry.

Directors

The directors who served the company during the year were as follows:

Mr J Escalada
Mrs L Escalada Hernando
Mr J A Escalada De La Riva

Dividends

The directors do not recommend the payment of a dividend.

Future developments

Post year end trading results are consistent and in line with the Directors expectations.

Building business resilience is central to our strategy by looking after the health and wellbeing of our colleagues, working closely with our clients and suppliers all underpinned by diligent cash management. Key business metrics are kept under ongoing review and risk registers are updated regularly.

The Directors' and leadership team's focus remains on creating long-term stakeholder value by continued product development and service differentiation, supported by professional development of our people, systems and processes to build a responsible, sustainable, efficient and flexible organisation.

Financial instruments

Price risk

The Company operates in a highly competitive market. Significant product innovations, technical advances or the intensification of price competition could adversely affect the results of the Company.

Credit risk

The Company has well established policies and procedures that require appropriate credit checks on potential customers before contracts and services are provided. The amount of exposure to any individual customer is subject to a limit which is reassessed by the company on a regular basis.

Liquidity risk

The Company has accumulated cash reserves over the years and therefore does not need to rely on any overdraft facilities and has sufficient liquidity to settle all liabilities as they fall due.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, directors' report 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 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 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 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. Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board of directors on 23 December 2025 and signed on behalf of the board by:

Mrs L Escalada Hernando

Director

Registered office:

2 Oldfield Road

Bocam Park

Bridgend

Bridgend County Borough

Wales

CF35 5LJ

Espack Eurologistica Ltd

Independent Auditor's Report to the Members of Espack Eurologistica Ltd

Year ended 31 December 2024

Opinion

We have audited the financial statements of Espack Eurologistica Ltd (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, 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 FRS 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; - 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 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 information

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. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

The results for the year ended 31 December 2023 were not audited. We have nothing additional to report on this matter outside of what is disclosed in our basis of qualified opinion and other information section.

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 directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 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 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.

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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including UK Companies Act, employment law and tax legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. - We understood how the Company is complying with those legal and regulatory frameworks by, making inquiries to management, those responsible for legal and compliance procedures and the company secretary. - The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area. - We assessed the susceptibility of the Company financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included: - Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud; - Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; - Challenging assumptions and judgments made by management in its significant accounting estimates; and - Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations. 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. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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.

Catherine Ingram FCCA

(Senior Statutory Auditor)

For and on behalf of

Xeinadin Audit Limited

(Statutory Auditor)

Suite 2D, Building 1

Eastern Business Park

St. Mellons

Cardiff

CF3 5EA

23 December 2025

Espack Eurologistica Ltd

Statement of Comprehensive Income

Year ended 31 December 2024

		2024	2023
			(restated)
Note		£	£
Turnover	4	7,327,680	6,937,316

	------------	------------
Gross profit	7,327,680	6,937,316

Administrative expenses		6,989,689	5,327,997
Other operating income	5	29,416	34,589
		------------	------------
Operating profit	6	367,407	1,643,908

Other interest receivable and similar income	9	39,493	20,152
Interest payable and similar expenses	10	68,184	42,567
		------------	------------
Profit before taxation		338,716	1,621,493

Tax on profit	11	268,822	236,675
		---------	------------
Profit for the financial year and total comprehensive income		69,894	1,384,818
		---------	------------

All the activities of the company are from continuing operations.

Espack Eurologistica Ltd

Statement of Financial Position

31 December 2024

	2024		2023
			(restated)
Note	£	£	£

Fixed assets

Intangible assets	12	31,938	35,588
Tangible assets	13	2,251,834	2,189,652
		------------	------------
		2,283,772	2,225,240

Current assets

Debtors	14	6,400,643	2,511,931
Cash at bank and in hand		80,907	1,281,726
		------------	------------
		6,481,550	3,793,657

Creditors: amounts falling due within one year	15	2,648,536		1,389,897
		------------		------------
Net current assets			3,833,014	2,403,760
			------------	------------
Total assets less current liabilities			6,116,786	4,629,000

Creditors: amounts falling due after more than one year	16		2,544,641	1,215,745

Provisions

Taxation including deferred tax	17	83,200		65,724
Other provisions	17	214,519		143,000
		---------		---------
			297,719	208,724
			------------	------------
Net assets			3,274,426	3,204,531
			------------	------------

Capital and reserves

Called up share capital	21	100	100
Profit and loss account	22	3,274,326	3,204,431
		------------	------------
Shareholders funds		3,274,426	3,204,531
		------------	------------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.

These financial statements were approved by the board of directors and authorised for issue on 23 December 2025 , and are signed on behalf of the board by:

Mrs L Escalada Hernando

Director

Company registration number: 08696330

Espack Eurologistica Ltd

Statement of Changes in Equity

Year ended 31 December 2024

		Called up share capital	Profit and loss account	Total
Note		£	£	£
At 1 January 2023		100	1,819,613	1,819,713

Profit for the year			1,384,818	1,384,818
		----	------------	------------
Total comprehensive income for the year		–	1,384,818	1,384,818

At 31 December 2023 (as previously reported)		100	2,523,256	2,523,356
Prior period adjustments	20	–	681,176	681,176
		----	------------	------------
At 31 December 2023 (restated)		100	3,204,432	3,204,532
		----	------------	------------

Profit for the year			69,894	69,894
		----	------------	------------
Total comprehensive income for the year		–	69,894	69,894

		----	------------	------------
At 31 December 2024		100	3,274,326	3,274,426
		----	------------	------------

Espack Eurologistica Ltd

Statement of Cash Flows

Year ended 31 December 2024

	2024	2023
		(restated)
	£	£

Cash flows from operating activities

Profit for the financial year	69,894	1,384,818

Adjustments for:
Depreciation of tangible assets	175,980	104,021
Amortisation of intangible assets	3,650	912
Other interest receivable and similar income	( 39,493)	( 20,152)
Interest payable and similar expenses	68,184	42,567
Gains on disposal of tangible assets	( 200)	–
Tax on profit	268,822	236,675
Accrued expenses/(income)	136,042	( 136,042)

Changes in:
Trade and other debtors	( 3,877,231)	( 1,195,418)
Trade and other creditors	910,345	165,022
	------------	------------
Cash generated from operations	( 2,284,007)	582,403

Interest received	28,012	31,633
Tax paid	( 372,411)	( 150,747)
	------------	---------
Net cash (used in)/from operating activities	( 2,628,406)	463,289
	------------	---------

Cash flows from investing activities

Purchase of tangible assets	( 238,162)	( 237,193)
Proceeds from sale of tangible assets	200	–
Purchase of intangible assets	–	( 36,500)
	------------	---------
Net cash used in investing activities	( 237,962)	( 273,693)
	------------	---------

Cash flows from financing activities

Proceeds from borrowings	2,200,284	–
Repayments of borrowings	( 534,735)	( 274,952)
	------------	---------
Net cash from/(used in) financing activities	1,665,549	( 274,952)
	------------	---------

Net decrease in cash and cash equivalents	( 1,200,819)	( 85,356)
Cash and cash equivalents at beginning of year	1,281,726	1,367,082
	------------	------------
Cash and cash equivalents at end of year	80,907	1,281,726
	------------	------------

Espack Eurologistica Ltd

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Oldfield Road, Bocam Park, Bridgend, Bridgend County Borough, CF35 5LJ, Wales.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements 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. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. (a) Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: (i) Useful economic lives of tangible fixed assets The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See notes to the accounts for the directors assessment of useful economic lives and the carrying values of tangible fixed assets. (ii) Impairment of debtors The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

Revenue recongition

Turnover is measured at the fair value of the consideration received for storage and and logistical services in the automotive industry, stated net of discounts and of Value Added Tax. Storage income is recognised on a straight line basis over the period in which the product is stored. Product handling income is recognised when the performance obligation of the service has been completed. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Licences	-	10 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Land and buildings	-	2% straight line
Plant and machinery	-	25% straight line
Motor vehicles	-	25% straight line
Equipment	-	25 % straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Turnover

Turnover arises from:

	2024	2023
		(restated)
	£	£
Rendering of services	7,327,680	6,937,316
	------------	------------

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

5. Other operating income

	2024	2023
		(restated)
	£	£
Management charges receivable	27,500	30,000
Other operating income	1,916	4,589
	--------	--------
	29,416	34,589
	--------	--------

6. Operating profit

Operating profit or loss is stated after charging/crediting:

	2024	2023
		(restated)
	£	£
Amortisation of intangible assets	3,650	912
Depreciation of tangible assets	175,980	104,021
Gains on disposal of tangible assets	( 200)	–
Foreign exchange differences	( 10,722)	2,837
	---------	---------

7. Auditor's remuneration

	2024	2023
		(restated)
	£	£
Fees payable for the audit of the financial statements	10,000	–
	--------	----

8. Staff costs

The average number of persons employed by the company during the year amounted to 107 (2023: 93 ).

The aggregate payroll costs incurred during the year, relating to the above, were:

	2024	2023
		(restated)
	£	£
Wages and salaries	3,439,087	2,739,180
Social security costs	292,274	247,020
Other pension costs	62,083	52,313
	------------	------------
	3,793,444	3,038,513
	------------	------------

9. Other interest receivable and similar income

	2024	2023
		(restated)
	£	£
Interest on loans and receivables	21,435	18,957
Interest on bank deposits	18,058	1,091
HMRC interest	–	104
	--------	--------
	39,493	20,152
	--------	--------

10. Interest payable and similar expenses

	2024	2023
		(restated)
	£	£
Interest on banks loans and overdrafts	68,184	41,617
Interest on obligations under finance leases and hire purchase contracts	–	950
	--------	--------
	68,184	42,567
	--------	--------

11. Tax on profit

Major components of tax expense

	2024	2023
		(restated)
	£	£

Current tax:

UK current tax expense	82,556	196,830
Adjustments in respect of prior periods	167,549	–
	---------	---------
Total current tax	250,105	196,830
	---------	---------

Deferred tax:

Origination and reversal of timing differences	18,717	39,845
	---------	---------
Tax on profit	268,822	236,675
	---------	---------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 25 %).

	2024	2023
		(restated)
	£	£
Profit on ordinary activities before taxation	338,716	1,621,493
	---------	------------
Profit on ordinary activities by rate of tax	81,809	235,079
Adjustment to tax charge in respect of prior periods	167,549	–
Effect of expenses not deductible for tax purposes	9,237	1,518
Effect of capital allowances and depreciation	( 7,249)	( 25,978)
Deferred taxation movement	18,717	39,845
Pension obligations	(1,241)	(1,408)
Effect of changes in UK tax rates	–	(12,381)
	---------	------------
Tax on profit	268,822	236,675
	---------	------------

12. Intangible assets

	Software licences
	£
Cost
At 1 January 2024 (as restated) and 31 December 2024	36,500
	--------
Amortisation
At 1 January 2024	912
Charge for the year	3,650
	--------
At 31 December 2024	4,562
	--------
Carrying amount
At 31 December 2024	31,938
	--------
At 31 December 2023	35,588
	--------

13. Tangible assets

	Land and buildings	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 January 2024 (as restated)	2,045,440	409,265	75,355	168,791	2,698,851
Additions	–	222,229	–	15,933	238,162
	------------	---------	--------	---------	------------
At 31 December 2024	2,045,440	631,494	75,355	184,724	2,937,013
	------------	---------	--------	---------	------------
Depreciation
At 1 January 2024	131,752	188,762	63,196	125,489	509,199
Charge for the year	40,909	97,301	10,583	27,187	175,980
	------------	---------	--------	---------	------------
At 31 December 2024	172,661	286,063	73,779	152,676	685,179
	------------	---------	--------	---------	------------
Carrying amount
At 31 December 2024	1,872,779	345,431	1,576	32,048	2,251,834
	------------	---------	--------	---------	------------
At 31 December 2023	1,913,688	220,503	12,159	43,302	2,189,652
	------------	---------	--------	---------	------------

14. Debtors

	2024	2023
		(restated)
	£	£
Trade debtors	2,451,094	1,020,000
Amounts owed by group undertakings - current	913,625	–
Deferred tax asset	–	1,241
Called up share capital not paid	100	100
Prepayments and accrued income	349,730	788,671
Other debtors	2,686,094	701,919
	------------	------------
	6,400,643	2,511,931
	------------	------------

The debtors above include the following amounts falling due after more than one year:

	2024	2023
		(restated)
	£	£
Other debtors	2,514,064	–
	------------	----

15. Creditors: amounts falling due within one year

	2024	2023
		(restated)
	£	£
Bank loans and overdrafts	641,317	236,481
Trade creditors	371,574	538,743
Accruals and deferred income	14,664	4,104
Social security and other taxes	521,319	471,439
Related party creditors	1,092,311	106,979
Other creditors	7,351	32,151
	------------	------------
	2,648,536	1,389,897
	------------	------------

16. Creditors: amounts falling due after more than one year

	2024	2023
		(restated)
	£	£
Bank loans and overdrafts	2,544,641	1,215,745
	------------	------------

Included within creditors: amounts falling due after more than one year is an amount of £352,339 (2023: £495,863) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

17. Provisions

	Warranties	Deferred tax (note 18)	Total
	£	£	£
At 1 January 2024 (as restated)	143,000	65,724	208,724
Additions	71,519	17,476	88,995
	---------	--------	---------
At 31 December 2024	214,519	83,200	297,719
	---------	--------	---------

The warranty provision represents coverage for damages to stock that occur during the course of logistics operations, including transportation, handling, and storage. The provisions were increased to £143,000 at the reporting period with a cost of £1,000 reported in the profit and loss.

18. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2024	2023
		(restated)
	£	£
Included in debtors (note 14)	–	1,241
Included in provisions (note 17)	( 83,200)	( 65,724)
	--------	--------
	( 83,200)	( 64,483)
	--------	--------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2024	2023
		(restated)
	£	£
Accelerated capital allowances	83,200	65,724
Pension plan obligations	–	( 1,241)
	--------	--------
	83,200	64,483
	--------	--------

19. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 62,083 (2023: £ 52,313 ).

As at the year end, the company owed £nil (2024: £2,783) in relation to pension contributions.

20. Prior period errors

The prior year statements have been restated to reflect the reclassification of money received previously accounted for as turnover to accrued income and for the reclassification of an accrual to repairs. Turnover in year ended 31 December 2023 has increased by £545,135 debtors in year ended 31 December 2023 has increased by £545,135, accruals have reduced by £136,041 and repairs and renewals have reduced by £136,041. This has resulted in increase in reserves brought forward of £681,176.

21. Called up share capital

Issued, called up and fully paid

	2024		2023
			(restated)
	No.	£	No.	£
Ordinary shares of £ 0.10 each	1,000	100	1,000	100
	-------	----	-------	----

22. Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses.

23. Securities

The company has the following securities held over their borrowings:

A fixed and floating charge covering all the property or undertaking of the company along with a negative pledge with National Westminster Bank PLC dated 13 October 2017.

The registration of the legal debenture against all the assets of the company containing a fixed and floating charge covering all the property or undertaking of the company and a negative pledge with Barclays Bank PLC dated 28 August 2020.

Leasehold land at Unit 5B, Boulevard Industry Park and a negative pledge with Barclays Bank PLC dated 28 August 2020.

A fixed and floating charge covering all the property or undertaking of the company along with a negative pledge with Barclays Bank PLC dated 28 August 2020.

24. Analysis of changes in net debt

	At 1 Jan 2024	Cash flows	At 31 Dec 2024
	£	£	£
Cash at bank and in hand	1,281,726	(1,200,819)	80,907
Debt due within one year	(236,481)	(404,836)	(641,317)
Debt due after one year	(1,215,745)	(1,328,896)	(2,544,641)
	------------	------------	------------
	( 170,500)	( 2,934,551)	( 3,105,051)
	------------	------------	------------

25. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2024	2023
		(restated)
	£	£
Not later than 1 year	659,288	621,067
Later than 1 year and not later than 5 years	464,199	723,181
	------------	------------
	1,123,487	1,344,248
	------------	------------

Espack Eurologistica Ltd

Notes to the Financial Statements (continued)

Year ended 31 December 2024

26. Related party transactions

Espack Eurologistica SL During the year the company made sales of £27,500 (2023:£30,000) to the above entity. At the reporting period, the company was owed £nil (2023:£3,000) in connection with these costs. During the year the company incurred purchases of £189,555 (2023: £125,175) from the above entity. At the reporting period, the company owed £172,755 (2023: £69,110) in connection with these costs. Also at the year end the company owed £637,755 (2023: £nil) to the above entity in loans. Espack Eurologistica SL is related through common control. Espack GmbH During the year the company incurred purchases of £13,957 (2023: £18,399) in connection with the above entity. At the reporting period, the company owed £nil (2023:£4,302) in connection with these costs. During the year ended December 2023 the company also provided Espack GmbH with a loan of of 100,000 Euros. Interest is accrued at a rate of 4.5% per annum resulting in total interest receivable of £2,127 (2023: £nil) in the year ended 31 December 2024. The total carrying value of this financial asset at the reporting period, after foreign currency translation, was £43,586 (2023: £86,905). Espack GmbH is related through common control. Alpha Euro Management SL During the year the company paid rent of £200,100 (2023:£200,100) and incurred purchases of £213,078 (2023:£162,807) in connection with the above entity. At the reporting period the company owed Alpha Euro Management SL £110,309 (2023: £33,568) in connection with these costs. During the year ended December 2023 the company also provided Alpha Euro Management SL with two loans of £225,000 and 425,000 Euros respectively. Interest is accrued at a rate of 4.5% per annum resulting in total interest receivable of £19,308 (2023: £18,957) in the year ended 31 December 2024. The total carrying value of financial assets, after foreign currency translation, was £128,330 (2023: £611,899) at the reporting period. Alpha Euro Management SL is related through common control. Alpha Investment Liverpool Limited During the year the company paid rent of £142,910 (2023:£nil) in connection with the above entity. At the reporting period the company owed Alpha Investment Liverpool Limited £171,492 (2023:£nil) in connection with these costs. During the year the company also provided Alpha Investment Liverpool Limited with a loan of £3,427,689 which was still outstanding at the end of the reporting period. Alpha Investment Liverpool Limited is related through common control. Espack Eurologistica Sro During the year the company incurred purchases of £763 (2023:£nil) in connection with the above entity. Espack Eurologistica Sro is related through common control.

27. Ultimate controlling party

The ultimate controlling party is Mr J Escalada who owns 65% of the issued share capital of Espack Eurologistica Ltd .