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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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STUART DELIVERY LTD
COMPANY INFORMATION
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STUART DELIVERY LTD
CONTENTS
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STUART DELIVERY LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present the strategic report for the company for the year ended 31 December 2024. The principal activity of the company during the year continued to be the provision of an online platform enabling couriers and customers to connect. Turnover for 2024 decreased compared with the prior year, reflecting the termination of the Company’s main commercial contract with Just Eat UK in July 2024, together with continued pricing pressure across the market. Although new clients were onboarded towards the end of the year, these did not fully offset the loss of volumes and revenue from the Just Eat contract within the period. Despite these challenges, Stuart Delivery Ltd closed the year ended 31 December 2024 profitably, with a profit before tax of £4.6m. Management’s focus during the year was on ensuring an orderly transition following the end of the Just Eat partnership, maintaining service levels for existing clients, onboarding new customers and continuing to tightly manage the cost base and liquidity position. The Company continued to benefit from the support of its parent company, SRT Group, and ended the year with a healthy cash position. During 2024, the strategic focus progressively shifted from growth to consolidation, with increased emphasis on diversification of the client portfolio, operational efficiency and cost discipline, while continuing to develop the instant delivery proposition primarily within the groceries and food verticals. The principal risks and uncertainties faced by the business remain strong competition, continued pricing pressure, dependency on major clients and the risk of major security breaches. The loss of a major customer during the year has reinforced the importance of diversification of the customer base and maintaining operational flexibility. The Company continues to mitigate these risks through a focus on service quality, disciplined commercial negotiations, ongoing platform development, rigorous attention to cash flow and the enforcement of strong credit control procedures. The success of our strategy is measured by the key performance indicators ("KPIs"), as defined below. The selection and definition of KPIs remain consistent with prior years. Key performance statistics of Stuart Delivery Ltd: 2024 2023 2022 Turnover £43.4m £100.4m £121.7m Gross profit % 51.1 62.1 49.6 Our business relies on other key performance indicators as follows: Debtor days 2024 – 75 2023 - 99 2022 – 79
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STUART DELIVERY LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors confirm that, for the year ended 31 December 2024, they have acted in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its shareholders as a whole, while having regard to the matters set out in Section 172(1) of the Companies Act 2006.The likely consequences of any decision in the long term. The interests of the company's employees The Directors recognize that the success of the business depends on attracting, retaining and motivating employees. The Company remains committed to being a responsible employer, with continued focus on fair pay and benefits, health and safety and the working environment. Throughout the year, management engaged with employees through regular internal communications, leadership meetings, operational site visits and employee feedback initiatives. As the business environment evolved during 2024, particular emphasis was placed on clear communication, organizational stability and supporting teams through operational and structural changes. The need to foster the company's business relations with suppliers, customers and others The Company continues to prioritize the development of strong and constructive long-term relationships with customers, suppliers and couriers. During 2024, significant management focus was placed on supporting existing clients, onboarding new customers and maintaining service continuity following the end of the Just Eat contract. The impact of the company's operations on the community and environment Across a 12-month period, the Company continues to work with a large network of independent couriers, whose ongoing engagement remains fundamental to the success of the business. Couriers are supported through regular communications, structured operational support channels and feedback mechanisms to encourage continuous improvement. The Company complies with the Energy and Carbon Regulations 2018 where Stuart Delivery Ltd is required to disclose annual UK energy consumption and greenhouse gas emissions. The Company continues to monitor its environmental impact and remains focused on initiatives aimed at reducing emissions and improving environmental performance through operational efficiencies and cooperation with couriers. The desirability of the company maintaining a reputation for high standards of business conduct Maintaining a reputation for high standards of business conduct remains a core priority for the Company. Ethical business practices support strong relationships with customers, suppliers, employees and shareholders, mitigate legal and regulatory risks and contribute to the long-term sustainability of the business.
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STUART DELIVERY LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The need to act fairly as between members of the company
The directors consider that the decisions taken during the year were made on the basis of full and appropriate information and with the objective of acting fairly between members of the Company while promoting the long-term success of the business.
This report was approved by the board and signed on its behalf.
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STUART DELIVERY LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Directors indemnities Qualifying indemnity provisions for the benefits of the directors of the company are made through the parent entity. These provisions were in place in the year and remain in force at the date of this report.
The profit for the year, after taxation, amounted to £2,620,355 (2023 - £18,478,387).
No dividends were paid in the year (2023 - £5,061,682)
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STUART DELIVERY LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors who served during the year were:
SRT Group
Alexis Fabre Ringborg was appointed as a director of the company on 15 September 2025 and resigned on 28 May 2026.
During 2024, the Company successfully completed its commercial transition following a change in its client portfolio, onboarding several new clients towards the end of the year. Stuart Delivery Ltd closed the financial year ended 31 December 2024 with a profit before tax of £4.6m.
Trading and overall macroeconomic conditions in the first half of 2025 have reflected the broader competitive environment in the last-mile delivery sector, including pricing dynamics across the client base. Management has proactively implemented a series of operational efficiency measures to align the cost base with current business stage, including office relocation and workforce cost discipline. These measures are designed to preserve margins and ensure the Company operates sustainably.
The Company continues to serve a strong client base across the UK and management remains focused on sustainable performance going forward.
Greenhouse gas emissions, energy consumption and energy efficiency action
The Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 requires Stuart Delivery Limited to disclose annual UK energy consumption and Greenhouse Gas (GHG) emissions from SECR regulated sources.
Reported energy and GHG emissions data is compliant with SECR requirements and has been calculated in accordance with the GHG Protocol and SECR guidelines. Energy and GHG emissions are reported from buildings where operational control is held - this includes electricity, heat, water and recycling.
The table below details the regulated SECR energy and GHG emission sources for the current reporting period 1 January 2024 to 31 December 2024.
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STUART DELIVERY LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
One main development occurring post year end is the churn of a significant client during the first half of 2025. This has increased pressure on the Company’s revenue outlook and profitability forecasts. In response, management has initiated a number of structural measures to align the cost base with the current level of activity, including the relocation to lower-cost office premises, a freeze on promotions and a policy of not backfilling attrition.
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STUART DELIVERY LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.
MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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STUART DELIVERY LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STUART DELIVERY LTD
We have audited the financial statements of STUART DELIVERY LTD (the 'Company') for the year ended 31 December 2024, 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).
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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STUART DELIVERY LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STUART DELIVERY LTD (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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STUART DELIVERY LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STUART DELIVERY 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 Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
- Enquiry of management around actual and potential litigation and claims; - Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and review of accounting estimates for bias; - Reviewing financial statement disclosures and testing supporting documentation to assess compliance with applicable laws and regulations; - Discussing among the engagement team regarding how and where fraud might occur. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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STUART DELIVERY LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STUART DELIVERY LTD (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants & Statutory Auditors
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).
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STUART DELIVERY LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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STUART DELIVERY LTD
REGISTERED NUMBER: 09790251
BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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