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REGISTERED NUMBER: 01465323 (England and Wales)















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: N T A Fox
D L Wells
P E Young
G R Young
C R Young
B M Cox





SECRETARY: N T A Fox





REGISTERED OFFICE: Building 120 Stovolds Hill
Cranleigh
Surrey
GU6 8TB





REGISTERED NUMBER: 01465323 (England and Wales)





ACCOUNTANTS: Crowe U.K. LLP
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 1,235,158 960,501

CURRENT ASSETS
Stocks 3,110 3,270
Debtors 5 1,028,651 951,298
Cash at bank and in hand 333,856 335,672
1,365,617 1,290,240
CREDITORS
Amounts falling due within one year 6 629,282 797,892
NET CURRENT ASSETS 736,335 492,348
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,971,493

1,452,849

CREDITORS
Amounts falling due after more than one
year

7

(678,781

)

(1,075,137

)

PROVISIONS FOR LIABILITIES 10 (21,985 ) -
NET ASSETS 1,270,727 377,712

CAPITAL AND RESERVES
Called up share capital 11 88,500 1,000
Retained earnings 12 1,182,227 376,712
SHAREHOLDERS' FUNDS 1,270,727 377,712

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

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


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 13 September 2022 and were signed on its behalf by:




N T A Fox - Director



G R Young - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Long leasehold - over the life of the lease
Plant and machinery - 20% straight line
Motor vehicles - 20% straight line
Computer equipment - 20% straight line

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 36 (2020 - 63 ) .

4. TANGIBLE FIXED ASSETS
Long Plant and Motor Computer
leasehold machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2021 23,969 284,536 2,537,575 258,981 3,105,061
Additions - 5,074 725,926 - 731,000
Disposals - - (797,133 ) - (797,133 )
At 31 December 2021 23,969 289,610 2,466,368 258,981 3,038,928
DEPRECIATION
At 1 January 2021 1,576 281,227 1,626,503 235,254 2,144,560
Charge for year 4,798 951 300,722 6,927 313,398
Eliminated on disposal - - (654,188 ) - (654,188 )
At 31 December 2021 6,374 282,178 1,273,037 242,181 1,803,770
NET BOOK VALUE
At 31 December 2021 17,595 7,432 1,193,331 16,800 1,235,158
At 31 December 2020 22,393 3,309 911,072 23,727 960,501


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 655,755 599,097
Other debtors 203,330 63,240
Directors' loan accounts 13,846 -
Deferred tax asset - 174,905
Prepayments and accrued income 155,720 114,056
1,028,651 951,298

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Bank loans and overdrafts (see note 8) 9,617 5,574
Hire purchase contracts (see note 9) 319,633 216,568
Trade creditors 143,112 182,161
Social security and other taxes 41,950 37,492
VAT 633 169,389
Other creditors 8,437 100,294
Accruals and deferred income 105,900 86,414
629,282 797,892

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2021 2020
£    £   
Bank loans (see note 8) 35,670 44,676
Hire purchase contracts (see note 9) 643,111 535,461
Other creditors - 495,000
678,781 1,075,137

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 - 250
Bank loans 9,617 5,324
9,617 5,574

Amounts falling due between two and five years:
Bank loans - 2-5 years 35,670 44,676

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 319,633 216,568
Between one and five years 643,111 535,461
962,744 752,029

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 (174,905 )
Provided during year 196,890
Balance at 31 December 2021 21,985

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: £    £   
1,000 Ordinary £1 1,000 1,000
87,500 Redeemable Preference £1 87,500 -
88,500 1,000

87,500 Redeemable Preference shares of £1 each were allotted and fully paid for cash at par during the year.

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 376,712
Profit for the year 805,515
At 31 December 2021 1,182,227

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.