Caseware UK (AP4) 2022.0.179 2022.0.179 2023-05-312023-05-31true2022-06-01falseNo description of principal activity3232trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04427901 2022-06-01 2023-05-31 04427901 2021-06-01 2022-05-31 04427901 2023-05-31 04427901 2022-05-31 04427901 c:Director1 2022-06-01 2023-05-31 04427901 c:Director2 2022-06-01 2023-05-31 04427901 d:Buildings 2022-06-01 2023-05-31 04427901 d:Buildings 2023-05-31 04427901 d:Buildings 2022-05-31 04427901 d:Buildings d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 04427901 d:Buildings d:LeasedAssetsHeldAsLessee 2022-06-01 2023-05-31 04427901 d:MotorVehicles 2022-06-01 2023-05-31 04427901 d:MotorVehicles 2023-05-31 04427901 d:MotorVehicles 2022-05-31 04427901 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 04427901 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-06-01 2023-05-31 04427901 d:FurnitureFittings 2022-06-01 2023-05-31 04427901 d:FurnitureFittings 2023-05-31 04427901 d:FurnitureFittings 2022-05-31 04427901 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 04427901 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2022-06-01 2023-05-31 04427901 d:OfficeEquipment 2022-06-01 2023-05-31 04427901 d:OfficeEquipment 2023-05-31 04427901 d:OfficeEquipment 2022-05-31 04427901 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 04427901 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2022-06-01 2023-05-31 04427901 d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 04427901 d:LeasedAssetsHeldAsLessee 2022-06-01 2023-05-31 04427901 d:Goodwill 2023-05-31 04427901 d:Goodwill 2022-05-31 04427901 d:CurrentFinancialInstruments 2023-05-31 04427901 d:CurrentFinancialInstruments 2022-05-31 04427901 d:Non-currentFinancialInstruments 2023-05-31 04427901 d:Non-currentFinancialInstruments 2022-05-31 04427901 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 04427901 d:CurrentFinancialInstruments d:WithinOneYear 2022-05-31 04427901 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 04427901 d:Non-currentFinancialInstruments d:AfterOneYear 2022-05-31 04427901 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-05-31 04427901 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-05-31 04427901 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-05-31 04427901 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-05-31 04427901 d:ShareCapital 2023-05-31 04427901 d:ShareCapital 2022-05-31 04427901 d:RetainedEarningsAccumulatedLosses 2023-05-31 04427901 d:RetainedEarningsAccumulatedLosses 2022-05-31 04427901 c:FRS102 2022-06-01 2023-05-31 04427901 c:AuditExempt-NoAccountantsReport 2022-06-01 2023-05-31 04427901 c:FullAccounts 2022-06-01 2023-05-31 04427901 c:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 04427901 d:HirePurchaseContracts d:WithinOneYear 2023-05-31 04427901 d:HirePurchaseContracts d:WithinOneYear 2022-05-31 04427901 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-05-31 04427901 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-05-31 04427901 d:AcceleratedTaxDepreciationDeferredTax 2023-05-31 04427901 d:AcceleratedTaxDepreciationDeferredTax 2022-05-31 04427901 d:TaxLossesCarry-forwardsDeferredTax 2023-05-31 04427901 d:TaxLossesCarry-forwardsDeferredTax 2022-05-31 04427901 2 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure

Registered number: 04427901









SHARP FREIGHT INTERNATIONAL LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2023

 
SHARP FREIGHT INTERNATIONAL LIMITED
REGISTERED NUMBER: 04427901

BALANCE SHEET
AS AT 31 MAY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
2,262,770
1,751,082

  
2,262,770
1,751,082

Current assets
  

Stocks
  
15,327
29,827

Debtors: amounts falling due within one year
 6 
525,584
564,980

Cash at bank and in hand
 7 
825,229
725,654

  
1,366,140
1,320,461

Creditors: amounts falling due within one year
 8 
(293,300)
(851,783)

Net current assets
  
 
 
1,072,840
 
 
468,678

Total assets less current liabilities
  
3,335,610
2,219,760

Creditors: amounts falling due after more than one year
 9 
(1,795,150)
(973,200)

Provisions for liabilities
  

Deferred tax
 12 
(415,427)
(306,906)

  
 
 
(415,427)
 
 
(306,906)

Net assets
  
1,125,033
939,654


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
1,125,031
939,652

  
1,125,033
939,654


Page 1

 
SHARP FREIGHT INTERNATIONAL LIMITED
REGISTERED NUMBER: 04427901
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
A. J. Sharp
................................................
J. A. Sharp
Director
Director


Date: 13 September 2023

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
SHARP FREIGHT INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1.


General information

Sharp Freight International Limited is a private company limited by shares, registered in the United Kingdom number 04427901. Its registered office is Manor House, 35 St. Thomas’s Road, Chorley, Lancashire, PR7 1HP.
During the year, the principal activity of the company continued to be that of general road haulage.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
SHARP FREIGHT INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 4

 
SHARP FREIGHT INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the applicable method outlined below.

Depreciation is provided on the following basis:

Freehold land and buildings
-
2%
Straight line
Motor vehicles
-
20%
Reducing balance
Fixtures and fittings
-
20%
Reducing balance
Office equipment
-
33%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

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 insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
SHARP FREIGHT INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.15

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 ordinary shares.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 32 (2022 - 32).

Page 6

 
SHARP FREIGHT INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

4.


Intangible assets




Goodwill

£



Cost


At 1 June 2022
100,000



At 31 May 2023

100,000



Amortisation


At 1 June 2022
100,000



At 31 May 2023

100,000



Net book value



At 31 May 2023
-



At 31 May 2022
-



Page 7

 
SHARP FREIGHT INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

5.


TANGIBLE FIXED ASSETS





Freehold property
Motor vehicles
Fixtures & fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 June 2022
122,899
3,240,845
142,415
15,863
3,522,022


Additions
18,302
972,401
-
9,460
1,000,163


Disposals
-
(337,160)
-
-
(337,160)



At 31 May 2023

141,201
3,876,086
142,415
25,323
4,185,025



Depreciation


At 1 June 2022
12,046
1,628,785
115,556
14,553
1,770,940


Charge for the year on owned assets
2,824
6,470
4,566
3,771
17,631


Charge for the year on financed assets
-
334,413
-
-
334,413


Disposals
-
(200,729)
-
-
(200,729)



At 31 May 2023

14,870
1,768,939
120,122
18,324
1,922,255



Net book value



At 31 May 2023
126,331
2,107,147
22,293
6,999
2,262,770



At 31 May 2022
110,853
1,612,060
26,859
1,310
1,751,082

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:






6.


Debtors

2023
2022
£
£


Trade debtors
456,705
514,019

Other debtors
19,499
-

Prepayments and accrued income
49,380
50,961

525,584
564,980


Page 8

 
SHARP FREIGHT INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
825,229
725,654

825,229
725,654



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
9,548
-

Trade creditors
146,439
234,556

Other taxation and social security
15,498
190,559

Obligations under finance lease and hire purchase contracts
-
395,912

Other creditors
97,085
3,269

Accruals and deferred income
24,730
27,487

293,300
851,783



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
21,853
41,064

Net obligations under finance leases and hire purchase contracts
1,773,297
932,132

1,795,150
973,196


Page 9

 
SHARP FREIGHT INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
9,548
-


9,548
-

Amounts falling due 1-2 years

Bank loans
9,548
9,548


9,548
9,548

Amounts falling due 2-5 years

Bank loans
12,304
31,516


12,304
31,516


31,400
41,064



11.


Hire purchase and finance leases


2023
2022
£
£


Within one year
395,912
399,586

Between 1-5 years
932,131
776,347

1,328,043
1,175,933


12.


Deferred taxation

Page 10

 
SHARP FREIGHT INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
 
12.Deferred taxation (continued)




2023


£






At beginning of year
(306,907)


Charged to profit or loss
(108,520)



At end of year
(415,427)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(306,907)
(274,950)

Tax losses carried forward
(108,519)
(31,957)

(415,426)
(306,907)

 
Page 11