REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
FOR |
CRANLEIGH FREIGHT SERVICES LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
FOR |
CRANLEIGH FREIGHT SERVICES LIMITED |
CRANLEIGH FREIGHT SERVICES LIMITED (REGISTERED NUMBER: 01465323) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
CRANLEIGH FREIGHT SERVICES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Riverside House |
40-46 High Street |
Maidstone |
Kent |
ME14 1JH |
CRANLEIGH FREIGHT SERVICES LIMITED (REGISTERED NUMBER: 01465323) |
BALANCE SHEET |
31 DECEMBER 2021 |
2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings | 12 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
CRANLEIGH FREIGHT SERVICES LIMITED (REGISTERED NUMBER: 01465323) |
BALANCE SHEET - continued |
31 DECEMBER 2021 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
CRANLEIGH FREIGHT SERVICES LIMITED (REGISTERED NUMBER: 01465323) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
1. | STATUTORY INFORMATION |
Cranleigh Freight Services Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The arrival of COVID 19 in 2020 required the company to make changes in the structure and its service offerings. During 2021 those changes produced an increase in turnover for the remaining operation of the business, and has increased its profitability. |
The company continues to utilise an invoice discounting facility provided by RBS which is presented within bank overdrafts. The Directors see no reason to note that this facility would be terminated during the 12 months following the date of approval of these financial statements and consider the facility to be adequate for its requirements. |
The company traded well during 2021 following the 'BREXIT' changes from 1st January 2021. |
There are no material uncertainties and coupled with the consistent trading, the Directors consider that the company will be a going concern for a period of at least 12 months from the date of approval of these financial statements and have therefore prepared the financial statements on a going concern basis. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover is recognised when services are delivered. |
Tangible fixed assets |
Long leasehold | - |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
Government grants |
Grants of a revenue nature are recognised in 'other operating income' within the statement of comprehensive income in the same period as the related expenditure. This includes the Government Coronavirus Job Retention Scheme (Furlough). The company has not directly benefited from any other forms of government assistance. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
CRANLEIGH FREIGHT SERVICES LIMITED (REGISTERED NUMBER: 01465323) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
Financial assets, other than investments and derivatives, are initially measured at transaction price (including transaction costs) and subsequently held at cost, less any impairment. |
Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than the financial instrument's legal form. Financial liabilities, excluding convertible debt and derivatives, are initially measured at transaction price (including transaction costs) and subsequently held at amortised 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. |
Foreign currencies |
Foreign currency translations are translated into sterling at the rates ruling when they occurred. Foreign currency monetary assets and liabilities are translated at the rates ruling at the reporting dates. Any differences are taken to the statement of comprehensive income. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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. |
CRANLEIGH FREIGHT SERVICES LIMITED (REGISTERED NUMBER: 01465323) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
2. | ACCOUNTING POLICIES - continued |
Debtors |
Short term debtors are measured at transaction price, less any impairment. |
Creditors |
Short term creditors are measured at the transaction price. |
Cash and cash equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with no significant risk of change in value. |
Financial reporting standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
- the requirements of Section 7 Statement of Cash Flows; |
- the requirements of Section 3 Financial Statement Presentation paragraph 3.17 (d); |
- the requirements of Section 11 Financial Instruments paragraphs 11.39 to 11.48A; |
- the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.29; |
- the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23; |
- the requirements of Section 33 Related Party Disclosures paragraph 33.7. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Long | Plant and | Motor | Computer |
leasehold | machinery | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2021 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2021 |
DEPRECIATION |
At 1 January 2021 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
CRANLEIGH FREIGHT SERVICES LIMITED (REGISTERED NUMBER: 01465323) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
Other debtors |
Directors' loan accounts | 13,846 | - |
Deferred tax asset |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts (see note 8) |
Hire purchase contracts (see note 9) |
Trade creditors |
Social security and other taxes |
VAT | 633 | 169,389 |
Other creditors |
Accruals and deferred income |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans (see note 8) |
Hire purchase contracts (see note 9) |
Other creditors |
During the prior year, the company obtained a £50,000 Bounce Back Loan as part of the Covid-19 government support to businesses during the pandemic. Interest is payable on the loan at 2.5% per annum over 6 years. The interest payable for the first 12 months is paid by the government. The loan is due to be repaid in 60 monthly instalments commencing 12 months from drawdown date. The loan is secured by a government backed guarantee. |
8. | LOANS |
An analysis of the maturity of loans is given below: |
2021 | 2020 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Bank loans |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
CRANLEIGH FREIGHT SERVICES LIMITED (REGISTERED NUMBER: 01465323) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
9. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
Hire purchase contracts |
2021 | 2020 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
The company had future minimum lease payments under non-cancellable leases as set out below: |
2021 | 2020 |
£ | £ |
Land and buildings |
In one year or less | 214,522 | 207,776 |
In more than one year, but not more than five years | 554,182 | 768,704 |
768,704 | 976,480 |
Other |
In one year or less | 107,601 | 113,664 |
In more than one year, but not more than five years | 9,775 | 133,940 |
117,376 | 247,604 |
Liabilities in relation to lease agreements are secured against the underlying assets. |
10. | PROVISIONS FOR LIABILITIES |
2021 |
£ |
Deferred tax | 21,985 |
Deferred |
tax |
£ |
Balance at 1 January 2021 | ( |
) |
Provided during year |
Balance at 31 December 2021 |
CRANLEIGH FREIGHT SERVICES LIMITED (REGISTERED NUMBER: 01465323) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
Ordinary | £1 | 1,000 | 1,000 |
Redeemable Preference | £1 | 87,500 | - |
88,500 | 1,000 |
87,500 Redeemable Preference shares of £1 each were allotted and fully paid for |
After the year end, the 87,500 Redeemable Preference shares of £1 each were redeemed in full during February 2022. |
The Ordinary shares have full voting, dividend and capital distribution rights. |
The Redeemable shares have no voting or dividend rights. Capital distribution rights are subject to the company articles of association. |
12. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2021 |
Profit for the year |
At 31 December 2021 |
13. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme. The assets of the scheme are help separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £37,966 (2020: £52,681). Contributions totalling £nil (2020: £nil) were payable to the fund at the reporting date and are included in creditors. |
14. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
At the balance sheet date, the director G Young owed the company £13,847 (2020: £nil) which is included in other debtors. No interest is charged on the amount, and the balance was repaid in full in April 2022. |
15. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party during the year was the director G Young, by virtue of his 100% ownership of the ordinary share capital. |