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AFS Logistics Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2021

 

AFS Logistics Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

AFS Logistics Ltd

Company Information

Directors

S A Goudie

J H Winchester

Registered office

Unit 1 3 Dunnswood Road
Wardpark South
Cumbernauld
G67 3EN

 

AFS Logistics Ltd

(Registration number: SC520184)
Balance Sheet as at 30 November 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

3,133,504

3,036,786

Current assets

 

Stocks

5

34,084

-

Debtors

6

1,764,006

1,737,579

Cash at bank and in hand

 

107,616

59,504

 

1,905,706

1,797,083

Creditors: Amounts falling due within one year

7

(2,283,585)

(3,025,495)

Net current liabilities

 

(377,879)

(1,228,412)

Total assets less current liabilities

 

2,755,625

1,808,374

Creditors: Amounts falling due after more than one year

7

(1,595,377)

(914,054)

Net assets

 

1,160,248

894,320

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

1,160,246

894,318

Shareholders' funds

 

1,160,248

894,320

For the financial year ending 30 November 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 4 August 2022 and signed on its behalf by:
 

 

AFS Logistics Ltd

(Registration number: SC520184)
Balance Sheet as at 30 November 2021

.........................................
S A Goudie
Director

.........................................
J H Winchester
Director

 

AFS Logistics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Unit 1 3 Dunnswood Road
Wardpark South
Cumbernauld
G67 3EN

These financial statements were authorised for issue by the Board on 4 August 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

AFS Logistics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and building

2% straight line

Plant and machinery

10% straight line

Motor vehicles

25% straight line

Fixtures and fittings

10% straight line

Computer equipment

33% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

AFS Logistics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

2

Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

AFS Logistics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

2

Accounting policies (continued)

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 37 (2020 - 13).

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 December 2020

465,846

16,145

8,669

39,123

Additions

40,337

123,218

206,930

13,441

Disposals

-

-

-

-

At 30 November 2021

506,183

139,363

215,599

52,564

Depreciation

At 1 December 2020

-

4,645

1,389

11,919

Charge for the year

10,665

14,225

14,815

15,561

Eliminated on disposal

-

-

-

-

At 30 November 2021

10,665

18,870

16,204

27,480

Carrying amount

At 30 November 2021

495,518

120,493

199,395

25,084

At 30 November 2020

465,846

11,500

7,280

27,204

 

AFS Logistics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

4

Tangible assets (continued)

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2020

3,134,256

3,664,039

Additions

1,613,869

1,997,795

Disposals

(1,873,573)

(1,873,573)

At 30 November 2021

2,874,552

3,788,261

Depreciation

At 1 December 2020

609,299

627,252

Charge for the year

647,152

702,418

Eliminated on disposal

(674,913)

(674,913)

At 30 November 2021

581,538

654,757

Carrying amount

At 30 November 2021

2,293,014

3,133,504

At 30 November 2020

2,524,956

3,036,786

Included within the net book value of land and buildings above is £495,517 (2020 - £465,846) in respect of freehold land and buildings.
 

5

Stocks

2021
£

2020
£

Finished goods and goods for resale

34,084

-

6

Debtors

Current

2021
£

2020
£

Trade debtors

1,345,700

1,265,316

Prepayments

237,784

205,162

Other debtors

180,522

267,101

 

1,764,006

1,737,579

 

AFS Logistics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

7

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Loans and borrowings

9

959,632

1,119,436

Trade creditors

 

258,936

46,141

Taxation and social security

 

410,302

747,667

Accruals and deferred income

 

647,480

1,105,865

Other creditors

 

7,235

6,386

 

2,283,585

3,025,495

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £810,836 (2020 £1,119,436)

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

9

1,595,377

914,054

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £1,282,273 (2020 - £914,054).

Creditors include bank loans repayable by instalments of £161,940 (2020 - £179,934) due after more than five years.

8

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         
 

AFS Logistics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

9

Loans and borrowings

2021
£

2020
£

Non-current loans and borrowings

Bank borrowings

233,913

251,907

Hire purchase contracts

1,048,817

662,147

Other borrowings

312,647

-

1,595,377

914,054

2021
£

2020
£

Current loans and borrowings

Bank borrowings

17,993

17,993

Bank overdrafts

96,429

268,164

Hire purchase contracts

696,413

833,279

Other borrowings

148,797

-

959,632

1,119,436

10

Related party transactions

As at 30 November 2021 there were amounts totalling £2,471 (2020 : £2,747) owed to the directors. The amounts provided are unsecured, interest free and repayable on demand.

Directors' remuneration

The directors' remuneration for the year was as follows:

2021
£

2020
£

Remuneration

48,000

48,000