Registered number
09331967
FREIGHT SOLUTIONS CONSULTING LIMITED
Filleted Accounts
31 December 2022
FREIGHT SOLUTIONS CONSULTING LIMITED
Registered number: 09331967
Balance Sheet
as at 31 December 2022
Restated
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 18,432 12,538
Current assets
Debtors 4 387,027 336,020
Cash at bank and in hand 18,661 7,495
405,688 343,515
Creditors: amounts falling due within one year 5 (612,776) (577,254)
Net current liabilities (207,088) (233,739)
Net liabilities (188,656) (221,201)
Capital and reserves
Called up share capital 1 1
Profit and loss account (188,657) (221,202)
Shareholder's funds (188,656) (221,201)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
C Headford
Director
Approved by the board on 29 September 2023
FREIGHT SOLUTIONS CONSULTING LIMITED
Notes to the Accounts
for the year ended 31 December 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computer & office equipment 15% straight line
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 21 14
3 Tangible fixed assets
Computer & Office equipment
£
Cost
At 1 January 2022 16,073
Additions 9,770
At 31 December 2022 25,843
Depreciation
At 1 January 2022 3,535
Charge for the year 3,876
At 31 December 2022 7,411
Net book value
At 31 December 2022 18,432
At 31 December 2021 12,538
4 Debtors 2022 2021
£ £
Trade debtors 34,599 49,785
Amounts owed by group undertakings and undertakings in which the company has a participating interest 39,823 1,120
Directors' loan account 273,133 278,780
Deferred tax asset 26,029 -
Other debtors 13,443 6,335
387,027 336,020
5 Creditors: amounts falling due within one year 2022 2021
£ £
Trade creditors 18,636 5,558
Amounts owed to group undertakings and undertakings in which the company has a participating interest 380,756 327,230
Taxation and social security costs 199,087 217,484
Other creditors 14,297 26,982
612,776 577,254
6 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
C Headford
Directors' loan account - This loan is interest free, and is repayable on demand. 278,780 - (5,647) 273,133
278,780 - (5,647) 273,133
7 Other information
FREIGHT SOLUTIONS CONSULTING LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
1st Floor, Unit 8
Apex Court
Bristol
BS32 4JT
8 Going concern
The financial statements have been prepared on a going concern basis, the applicability of which is dependant upon the continued support of the company's creditors and financiers.
At the balance sheet date, the company's liabilities exceeded its' assets by £188,655.
In the opinion of the Director, the company has the support of its' creditors and financiers for the foreseeable future and it is therefore appropriate to adopt the going concern policy.
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