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Registration number: 09689535


LGTS Haulage UK Limited

Directors' Report and Unaudited Financial Statements

for the Year Ended 31 December 2022

 

LGTS Haulage UK Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

LGTS Haulage UK Limited

Company Information

Directors

Mrs C D Radu

Mr Ion Radu

Registered office

C/O Howsons
Winton House
Stoke Road
Stoke on Trent
Staffordshire
ST4 2RW

Accountants

Howsons
Chartered Accountants
Winton House
Stoke Road
Stoke on Trent
Staffordshire
ST4 2RW

 

LGTS Haulage UK Limited

(Registration number: 09689535)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

45,881

78,730

Current assets

 

Debtors

5

315,783

390,192

Cash at bank and in hand

 

2,017

36,279

 

317,800

426,471

Creditors: Amounts falling due within one year

6

(484,776)

(463,670)

Net current liabilities

 

(166,976)

(37,199)

Total assets less current liabilities

 

(121,095)

41,531

Creditors: Amounts falling due after more than one year

6

(29,570)

(41,397)

Net (liabilities)/assets

 

(150,665)

134

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(150,765)

34

Shareholders' (deficit)/funds

 

(150,665)

134

For the financial year ending 31 December 2022 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 and in accordance with the provisions of Financial Reporting Standard 102 (FRS 102) Section 1A - small entities.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 September 2023 and signed on its behalf by:
 

 

LGTS Haulage UK Limited

(Registration number: 09689535)
Balance Sheet as at 31 December 2022

.........................................
Mrs C D Radu
Director

   
     
 

LGTS Haulage UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
C/O Howsons
Winton House
Stoke Road
Stoke on Trent
Staffordshire
ST4 2RW

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The company's presentational currency is pound sterling (£). The accounts are rounded to the nearest whole pound.

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.

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.

 

LGTS Haulage UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

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

Motor vehicles

20% straight line

Office equipment

33% straight line

Plant and machinery

10% straight line

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.

Financial instruments

Classification
Basic financial assets, including trade and other debtors, cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
Basic financial liabilities, including trade and other trade creditors, bank and other loans, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

 Recognition and measurement
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit and loss.

 Impairment
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised in the profit or loss.

Financial assets are derecognised when a) the contractual rights to the cash flows from the asset expire or are settled, or b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

 

LGTS Haulage UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2021 - 13).

4

Tangible assets

Motor vehicles
 £

Other property, plant and equipment
 £

Office equipment
£

Total
£

Cost or valuation

At 1 January 2022

152,717

35,600

6,831

195,148

At 31 December 2022

152,717

35,600

6,831

195,148

Depreciation

At 1 January 2022

113,875

596

1,946

116,417

Charge for the period

27,344

3,560

1,946

32,850

At 31 December 2022

141,219

4,156

3,892

149,267

Carrying amount

At 31 December 2022

11,498

31,444

2,939

45,881

At 31 December 2021

38,842

35,004

4,884

78,730

5

Debtors

2022
£

2021
£

Trade debtors

217,025

176,351

Prepayments

-

30,276

Other debtors

98,758

183,565

 

315,783

390,192

 

LGTS Haulage UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

6

Creditors

Note

2022
£

2021
£

Due within one year

 

Finance lease liabilities

7

22,459

23,632

Trade creditors

 

141,175

69,215

Taxation and social security

 

258,752

291,233

Other creditors

 

27,523

69,963

Directors' loan account

 

25,019

-

Other borrowings

7

9,848

9,627

 

484,776

463,670

Due after one year

 

HP and finance lease liabilities

7

2,874

5,748

Other borrowings

7

26,696

35,649

 

29,570

41,397

7

Loans and borrowings

The finance lease liabilities are secured on the assets to which the finance relates.

Other borrowings relate to a Coronavirus Bounce Back Loan. This is repayable over 6 years at 2.5% interest, with a government funded interest free period for the first 12 months.

 

LGTS Haulage UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

8

Related party transactions

Loans to related parties

2022

Key management
£

Total
£

At start of period

67,088

67,088

Advanced

119,324

119,324

Repaid

(211,431)

(211,431)

At end of period

(25,019)

(25,019)

2021

Key management
£

Total
£

At start of period

35,138

35,138

Advanced

96,277

96,277

Repaid

(65,477)

(65,477)

Interest transactions

1,150

1,150

At end of period

67,088

67,088

9

Going Concern

The accounts have been prepared on a going concern basis. In recent years, the company has been impacted by Brexit and the Covid19 pandemic. Although the company made a loss in 2022, they are confident about the future. The company has secured more contracts with their main customer and the work load is constantly growing, The directors are finally seeing some consistency and stability after a few hard years. They are continuing to support the company.