IRIS Accounts Production v23.3.0.418 08723486 Board of Directors 1.4.22 31.3.23 31.3.23 true false true true false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure087234862022-03-31087234862023-03-31087234862022-04-012023-03-31087234862021-03-31087234862021-04-012022-03-31087234862022-03-3108723486ns16:EnglandWales2022-04-012023-03-3108723486ns15:PoundSterling2022-04-012023-03-3108723486ns11:Director12022-04-012023-03-3108723486ns11:PrivateLimitedCompanyLtd2022-04-012023-03-3108723486ns11:FRS1022022-04-012023-03-3108723486ns11:Audited2022-04-012023-03-3108723486ns11:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-04-012023-03-3108723486ns11:LargeMedium-sizedCompaniesRegimeForAccounts2022-04-012023-03-3108723486ns11:FullAccounts2022-04-012023-03-310872348612022-04-012023-03-3108723486ns11:OrdinaryShareClass12022-04-012023-03-3108723486ns11:Director22022-04-012023-03-3108723486ns11:Director42022-04-012023-03-3108723486ns11:Director62022-04-012023-03-3108723486ns11:RegisteredOffice2022-04-012023-03-3108723486ns11:Director32022-04-012023-03-3108723486ns11:Director52022-04-012023-03-3108723486ns6:CurrentFinancialInstruments2023-03-3108723486ns6:CurrentFinancialInstruments2022-03-3108723486ns6:Non-currentFinancialInstruments2023-03-3108723486ns6:Non-currentFinancialInstruments2022-03-3108723486ns6:ShareCapital2023-03-3108723486ns6:ShareCapital2022-03-3108723486ns6:RetainedEarningsAccumulatedLosses2023-03-3108723486ns6:RetainedEarningsAccumulatedLosses2022-03-3108723486ns6:ShareCapital2021-03-3108723486ns6:RetainedEarningsAccumulatedLosses2021-03-3108723486ns6:RetainedEarningsAccumulatedLosses2021-04-012022-03-3108723486ns6:RetainedEarningsAccumulatedLosses2022-04-012023-03-3108723486ns6:NetGoodwill2022-04-012023-03-3108723486ns6:IntangibleAssetsOtherThanGoodwill2022-04-012023-03-3108723486ns6:PlantMachinery2022-04-012023-03-3108723486ns6:FurnitureFittings2022-04-012023-03-3108723486ns6:MotorVehicles2022-04-012023-03-3108723486ns6:ComputerEquipment2022-04-012023-03-3108723486ns6:ReportableOperatingSegment12022-04-012023-03-3108723486ns6:ReportableOperatingSegment12021-04-012022-03-3108723486ns6:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount2022-04-012023-03-3108723486ns6:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount2021-04-012022-03-3108723486ns11:HighestPaidDirector2022-04-012023-03-3108723486ns11:HighestPaidDirector2021-04-012022-03-3108723486ns6:OwnedAssets2022-04-012023-03-3108723486ns6:OwnedAssets2021-04-012022-03-3108723486ns6:LeasedAssets2022-04-012023-03-3108723486ns6:LeasedAssets2021-04-012022-03-3108723486ns6:NetGoodwill2021-04-012022-03-3108723486ns6:HirePurchaseContracts2022-04-012023-03-3108723486ns6:HirePurchaseContracts2021-04-012022-03-3108723486ns11:OrdinaryShareClass12021-04-012022-03-3108723486ns6:NetGoodwill2022-03-3108723486ns6:NetGoodwill2023-03-3108723486ns6:NetGoodwill2022-03-3108723486ns6:LandBuildings2022-03-3108723486ns6:PlantMachinery2022-03-3108723486ns6:FurnitureFittings2022-03-3108723486ns6:LandBuildings2022-04-012023-03-3108723486ns6:LandBuildings2023-03-3108723486ns6:PlantMachinery2023-03-3108723486ns6:FurnitureFittings2023-03-3108723486ns6:LandBuildings2022-03-3108723486ns6:PlantMachinery2022-03-3108723486ns6:FurnitureFittings2022-03-3108723486ns6:MotorVehicles2022-03-3108723486ns6:ComputerEquipment2022-03-3108723486ns6:MotorVehicles2023-03-3108723486ns6:ComputerEquipment2023-03-3108723486ns6:MotorVehicles2022-03-3108723486ns6:ComputerEquipment2022-03-3108723486ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2022-03-3108723486ns6:MotorVehiclesns6:LeasedAssetsHeldAsLessee2022-03-3108723486ns6:LeasedAssetsHeldAsLessee2022-03-3108723486ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2022-04-012023-03-3108723486ns6:MotorVehiclesns6:LeasedAssetsHeldAsLessee2022-04-012023-03-3108723486ns6:LeasedAssetsHeldAsLessee2022-04-012023-03-3108723486ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2023-03-3108723486ns6:MotorVehiclesns6:LeasedAssetsHeldAsLessee2023-03-3108723486ns6:LeasedAssetsHeldAsLessee2023-03-3108723486ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2022-03-3108723486ns6:MotorVehiclesns6:LeasedAssetsHeldAsLessee2022-03-3108723486ns6:LeasedAssetsHeldAsLessee2022-03-3108723486ns6:WithinOneYearns6:CurrentFinancialInstruments2023-03-3108723486ns6:WithinOneYearns6:CurrentFinancialInstruments2022-03-3108723486ns6:BetweenOneTwoYearsns6:Non-currentFinancialInstruments2023-03-3108723486ns6:BetweenOneTwoYearsns6:Non-currentFinancialInstruments2022-03-3108723486ns6:BetweenTwoFiveYearsns6:Non-currentFinancialInstruments2023-03-3108723486ns6:BetweenTwoFiveYearsns6:Non-currentFinancialInstruments2022-03-3108723486ns6:WithinOneYearns6:CurrentFinancialInstrumentsns6:HirePurchaseContracts2023-03-3108723486ns6:WithinOneYearns6:CurrentFinancialInstrumentsns6:HirePurchaseContracts2022-03-3108723486ns6:BetweenOneFiveYearsns6:HirePurchaseContracts2023-03-3108723486ns6:BetweenOneFiveYearsns6:HirePurchaseContracts2022-03-3108723486ns6:HirePurchaseContracts2023-03-3108723486ns6:HirePurchaseContracts2022-03-3108723486ns6:WithinOneYear2023-03-3108723486ns6:WithinOneYear2022-03-3108723486ns6:BetweenOneFiveYears2023-03-3108723486ns6:BetweenOneFiveYears2022-03-3108723486ns6:MoreThanFiveYears2023-03-3108723486ns6:MoreThanFiveYears2022-03-3108723486ns6:AllPeriods2023-03-3108723486ns6:AllPeriods2022-03-3108723486ns6:DeferredTaxation2022-03-3108723486ns6:DeferredTaxation2022-04-012023-03-3108723486ns6:DeferredTaxation2023-03-3108723486ns11:OrdinaryShareClass12023-03-3108723486ns6:RetainedEarningsAccumulatedLosses2022-03-31
REGISTERED NUMBER: 08723486 (England and Wales)









Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 March 2023

for

Trilogy Freight Limited

Trilogy Freight Limited (Registered number: 08723486)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


Trilogy Freight Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: Mr C E Mills
Mr J Heavyside
Ms V Swindell
Ms K Williams





REGISTERED OFFICE: Westminster House
10 Westminster Road
Macclesfield
Cheshire
SK10 1BX





REGISTERED NUMBER: 08723486 (England and Wales)





AUDITORS: Harts Limited
Chartered Accountants and Statutory Auditors
Westminster House
10 Westminster Road
Macclesfield
Cheshire
SK10 1BX

Trilogy Freight Limited (Registered number: 08723486)

Strategic Report
for the Year Ended 31 March 2023

The directors present their strategic report for the year ended 31 March 2023.

REVIEW OF BUSINESS
The company is well-established in the industry and continues in its operations of freight transport by road.

Turnover for the year ended 31 March 2023 has decreased by 6% and the gross profit margin has fallen by 38%. During the year under review, the UK and global market has experienced multiple challenging factors including, but not limited to, the invasion of Ukraine which caused a spike in inflation and increasing interest rates. The company has mitigated a portion of these increasing costs by introducing relevant surcharges, however the freight market remains competitive which has limited the ability to fully offset the surging costs.

The groups key financial and other performance indicators during the year were as follows:


Unit 2023 2022
Turnover £'000 11,456 12,226
Gross Profit % 17.8 28.8
Net Profit % -1.9 8.1
Receivables days 49 72

PRINCIPAL RISKS AND UNCERTAINTIES
The prevailing economic conditions are marked by uncertainty, as challenges emerge from interest rate increases, inflation, energy price surges, and other various global factors. The directors continue to initiate cost saving measures and reposition resources to minimise the ongoing effects of these.

However, in any event, despite the threats outlined above, the company is in a favourable position with a robust customer base, and the directors are confident that the company can successfully tackle the upcoming challenges.

CREDIT RISK
The directors carefully monitor credit risk and evaluate the creditworthiness of all customers, ensuring they enter into agreements with the company based on agreed payment terms and credit limits. The economic challenges posed by interest rates and inflation affect both customers and suppliers alike, prompting the company to invest in various credit-risk management systems. This proactive approach has helped maintain business risk at an appropriate level, as evidenced by the reduction in debtors' days down to 49 (2022: 72).

ON BEHALF OF THE BOARD:





Mr C E Mills - Director


20 October 2023

Trilogy Freight Limited (Registered number: 08723486)

Report of the Directors
for the Year Ended 31 March 2023

The directors present their report with the financial statements of the company for the year ended 31 March 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of freight transport by road.

DIVIDENDS
No dividends will be distributed for the year ended 31 March 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report.

Mr C E Mills
Mr J Heavyside
Ms V Swindell

Other changes in directors holding office are as follows:

Mr C Hayes - resigned 4 August 2022
Mr R Southern - resigned 30 November 2022

Ms K Williams was appointed as a director after 31 March 2023 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Trilogy Freight Limited (Registered number: 08723486)

Report of the Directors
for the Year Ended 31 March 2023


AUDITORS
The auditors, Harts Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



Mr C E Mills - Director


20 October 2023

Report of the Independent Auditors to the Members of
Trilogy Freight Limited

Opinion
We have audited the financial statements of Trilogy Freight Limited (the 'company') for the year ended 31 March 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Trilogy Freight Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

Our approach was as follows:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (UK GAAP and the Companies Act 2006) and employment law. In addition the Company has to comply with laws and regulations relating to its operations and health and safety.

We understood how Trilogy Freight Limited is complying with those frameworks by making inquiries of management and the head of technical, and confirmation to identify any non-compliance with laws and regulations.

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by discussion with directors to understand where it's considered there was a susceptibility to fraud. We considered the controls that the Company has established to address risks identified, or that otherwise prevent, deter and detect fraud.

To evaluate the risk of fraud through management bias and override of controls, analytical procedures have been performed to identify any unusual or unexpected relationships; investigated the rationale behind significant or unusual transactions; and tested journal entries to identify unusual transactions. Controls have also been considered, that the company has established to address risks identified, or that otherwise prevent, defer and detect fraud. No susceptibilities identified in these controls.

Report of the Independent Auditors to the Members of
Trilogy Freight Limited


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations that could materially impact the financial statements. Taking into accounts our understanding of the Company, our procedures involved enquires of management and focussed testing as appropriate with consideration to risk assessment.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




David Taylor BFP FCA (Senior Statutory Auditor)
for and on behalf of Harts Limited
Chartered Accountants and Statutory Auditors
Westminster House
10 Westminster Road
Macclesfield
Cheshire
SK10 1BX

20 October 2023

Trilogy Freight Limited (Registered number: 08723486)

Income Statement
for the Year Ended 31 March 2023

31.3.23 31.3.22
Notes £    £   

TURNOVER 3 11,456,741 12,226,865

Cost of sales (9,414,148 ) (8,709,880 )
GROSS PROFIT 2,042,593 3,516,985

Administrative expenses (2,672,189 ) (2,898,723 )
(629,596 ) 618,262

Other operating income 464,411 461,548
OPERATING (LOSS)/PROFIT 5 (165,185 ) 1,079,810


Interest payable and similar expenses 7 (118,961 ) (95,527 )
(LOSS)/PROFIT BEFORE TAXATION (284,146 ) 984,283

Tax on (loss)/profit 8 (55,932 ) (163,629 )
(LOSS)/PROFIT FOR THE FINANCIAL YEAR (340,078 ) 820,654

Trilogy Freight Limited (Registered number: 08723486)

Other Comprehensive Income
for the Year Ended 31 March 2023

31.3.23 31.3.22
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (340,078 ) 820,654


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

(340,078

)

820,654

Trilogy Freight Limited (Registered number: 08723486)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £   
FIXED ASSETS
Intangible assets 11 742,470 871,545
Tangible assets 12 2,538,096 1,961,906
3,280,566 2,833,451

CURRENT ASSETS
Debtors: amounts falling due within one year 13 2,694,897 3,282,911
Cash at bank 324,835 293,023
3,019,732 3,575,934
CREDITORS
Amounts falling due within one year 14 (2,856,792 ) (2,627,894 )
NET CURRENT ASSETS 162,940 948,040
TOTAL ASSETS LESS CURRENT LIABILITIES 3,443,506 3,781,491

CREDITORS
Amounts falling due after more than one
year

15

(1,278,387

)

(1,564,224

)

PROVISIONS FOR LIABILITIES 19 (501,384 ) (213,454 )
NET ASSETS 1,663,735 2,003,813

CAPITAL AND RESERVES
Called up share capital 20 100 100
Retained earnings 21 1,663,635 2,003,713
SHAREHOLDERS' FUNDS 1,663,735 2,003,813

The financial statements were approved by the Board of Directors and authorised for issue on 20 October 2023 and were signed on its behalf by:





Mr C E Mills - Director


Trilogy Freight Limited (Registered number: 08723486)

Statement of Changes in Equity
for the Year Ended 31 March 2023

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 April 2021 100 1,683,059 1,683,159

Changes in equity
Dividends - (500,000 ) (500,000 )
Total comprehensive income - 820,654 820,654
Balance at 31 March 2022 100 2,003,713 2,003,813

Changes in equity
Total comprehensive income - (340,078 ) (340,078 )
Balance at 31 March 2023 100 1,663,635 1,663,735

Trilogy Freight Limited (Registered number: 08723486)

Cash Flow Statement
for the Year Ended 31 March 2023

31.3.23 31.3.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,176,020 727,283
Interest paid (37,495 ) (22,224 )
Interest element of hire purchase payments
paid

(81,466

)

(73,303

)
Tax paid (249,977 ) (121,113 )
Net cash from operating activities 1,807,082 510,643

Cash flows from investing activities
Purchase of tangible fixed assets (1,550,282 ) (399,188 )
Sale of tangible fixed assets 58,500 25,500
Net cash from investing activities (1,491,782 ) (373,688 )

Cash flows from financing activities
Loan repayments in year (200,000 ) (166,667 )
Capital repayments in year (83,488 ) (350,360 )
Equity dividends paid - (500,000 )
Net cash from financing activities (283,488 ) (1,017,027 )

Increase/(decrease) in cash and cash equivalents 31,812 (880,072 )
Cash and cash equivalents at beginning of
year

2

293,023

1,173,095

Cash and cash equivalents at end of year 2 324,835 293,023

Trilogy Freight Limited (Registered number: 08723486)

Notes to the Cash Flow Statement
for the Year Ended 31 March 2023

1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
31.3.23 31.3.22
£    £   
(Loss)/profit before taxation (284,146 ) 984,283
Depreciation charges 1,024,650 908,454
Loss/(profit) on disposal of fixed assets 20,016 (5,817 )
Finance costs 118,961 95,527
879,481 1,982,447
Decrease/(increase) in trade and other debtors 820,013 (884,307 )
Increase/(decrease) in trade and other creditors 476,526 (370,857 )
Cash generated from operations 2,176,020 727,283

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 324,835 293,023
Year ended 31 March 2022
31.3.22 1.4.21
£    £   
Cash and cash equivalents 293,023 1,173,095


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.4.22 Cash flow At 31.3.23
£    £    £   
Net cash
Cash at bank 293,023 31,812 324,835
293,023 31,812 324,835
Debt
Finance leases (1,465,067 ) 83,488 (1,381,579 )
Debts falling due within 1 year (200,000 ) - (200,000 )
Debts falling due after 1 year (633,333 ) 200,000 (433,333 )
(2,298,400 ) 283,488 (2,014,912 )
Total (2,005,377 ) 315,300 (1,690,077 )

Trilogy Freight Limited (Registered number: 08723486)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Trilogy Freight 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Revenue from the services, provided in the normal course of business, is recognised when the outcome of a transaction can be estimated reliably and turnover from services is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to finalisation of work completed. Turnover is recognised, exclusive of VAT and trade discounts, when the company has the right to consideration which occurs on successful completion of deliveries/collections.

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 20% on cost
Office equipment - 20% on 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.

Trilogy Freight Limited (Registered number: 08723486)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

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.

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.

3. TURNOVER

The turnover and loss (2022 - profit) before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

31.3.23 31.3.22
£    £   
Services 11,456,741 12,226,865
11,456,741 12,226,865

4. EMPLOYEES AND DIRECTORS
31.3.23 31.3.22
£    £   
Wages and salaries 4,851,894 4,422,099
Social security costs 502,486 458,551
Other pension costs 95,452 96,114
5,449,832 4,976,764

The average number of employees during the year was as follows:
31.3.23 31.3.22

Directors 3 5
Drivers 78 73
Warehouse 39 36
Operations 23 27
Finance 1 1
144 142

31.3.23 31.3.22
£    £   
Directors' remuneration 253,109 352,962
Directors' pension contributions to money purchase schemes 2,658 4,073

Trilogy Freight Limited (Registered number: 08723486)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director is as follows:
31.3.23 31.3.22
£    £   
Emoluments etc 88,692 108,692

5. OPERATING (LOSS)/PROFIT

The operating loss (2022 - operating profit) is stated after charging/(crediting):

31.3.23 31.3.22
£    £   
Depreciation - owned assets 297,502 391,941
Depreciation - assets on hire purchase contracts 598,074 451,978
Loss/(profit) on disposal of fixed assets 20,016 (5,817 )
Goodwill amortisation 129,075 64,537

6. AUDITORS' REMUNERATION
31.3.23 31.3.22
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

6,000

6,000

7. INTEREST PAYABLE AND SIMILAR EXPENSES
31.3.23 31.3.22
£    £   
Loan 37,495 22,224
Hire purchase interest 81,466 73,303
118,961 95,527

8. TAXATION

Analysis of the tax charge
The tax charge on the loss for the year was as follows:
31.3.23 31.3.22
£    £   
Current tax:
UK corporation tax - 249,977
(Over) Under reserve in prior year (231,998 ) (19,157 )
Total current tax (231,998 ) 230,820

Deferred tax 287,930 (67,191 )
Tax on (loss)/profit 55,932 163,629

Trilogy Freight Limited (Registered number: 08723486)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

8. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.3.23 31.3.22
£    £   
(Loss)/profit before tax (284,146 ) 984,283
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
0% (2022 - 19%)

-

187,014

Effects of:
Expenses not deductible for tax purposes - 182,669
Income not taxable for tax purposes - (1,105 )
Capital allowances in excess of depreciation - (115,745 )
Adjustments to tax charge in respect of previous periods (231,998 ) (19,157 )
Deferred Tax 287,930 (67,191 )
Pension creditor b/f - (2,856 )
Total tax charge 55,932 163,629

9. DIVIDENDS
31.3.23 31.3.22
£    £   
Ordinary shares of 1 each
Interim - 500,000

10. PENSION COMMITMENTS

The amount recognised in profit or loss as an expense for defined contribution plans was £92,041.

11. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 1,290,743
AMORTISATION
At 1 April 2022 419,198
Amortisation for year 129,075
At 31 March 2023 548,273
NET BOOK VALUE
At 31 March 2023 742,470
At 31 March 2022 871,545

Trilogy Freight Limited (Registered number: 08723486)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

12. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 April 2022 559,443 740,904 83,826
Additions 49,607 102,808 71,978
Disposals - - -
Reclassification/transfer - - (2,145 )
At 31 March 2023 609,050 843,712 153,659
DEPRECIATION
At 1 April 2022 465,848 412,022 58,236
Charge for year 49,061 148,008 18,079
Eliminated on disposal - - -
At 31 March 2023 514,909 560,030 76,315
NET BOOK VALUE
At 31 March 2023 94,141 283,682 77,344
At 31 March 2022 93,595 328,882 25,590

Motor Office
vehicles equipment Totals
£    £    £   
COST
At 1 April 2022 3,022,840 145,170 4,552,183
Additions 1,314,381 11,508 1,550,282
Disposals (370,475 ) - (370,475 )
Reclassification/transfer - 2,145 -
At 31 March 2023 3,966,746 158,823 5,731,990
DEPRECIATION
At 1 April 2022 1,546,580 107,591 2,590,277
Charge for year 657,173 23,255 895,576
Eliminated on disposal (291,959 ) - (291,959 )
At 31 March 2023 1,911,794 130,846 3,193,894
NET BOOK VALUE
At 31 March 2023 2,054,952 27,977 2,538,096
At 31 March 2022 1,476,260 37,579 1,961,906

Trilogy Freight Limited (Registered number: 08723486)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

12. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2022 282,496 2,399,260 2,681,756
Additions 99,786 462,225 562,011
Disposals - (227,480 ) (227,480 )
At 31 March 2023 382,282 2,634,005 3,016,287
DEPRECIATION
At 1 April 2022 122,415 1,188,356 1,310,771
Charge for year 76,457 521,617 598,074
Eliminated on disposal - (164,489 ) (164,489 )
At 31 March 2023 198,872 1,545,484 1,744,356
NET BOOK VALUE
At 31 March 2023 183,410 1,088,521 1,271,931
At 31 March 2022 160,081 1,210,904 1,370,985

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 1,537,186 2,420,208
Amounts owed by group undertakings 151,962 81,661
Other debtors 2,500 -
Taxation 231,998 -
Prepayments 771,251 781,042
2,694,897 3,282,911

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts (see note 16) 200,000 200,000
Hire purchase contracts (see note 17) 536,525 534,176
Trade creditors 773,295 768,752
Corporation tax - 249,977
Social security and other taxes 108,869 134,984
VAT 142,331 152,745
Other creditors 785,550 44,536
VAM Loan 272,929 498,461
Accrued expenses 37,293 44,263
2,856,792 2,627,894

Trilogy Freight Limited (Registered number: 08723486)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans (see note 16) 433,333 633,333
Hire purchase contracts (see note 17) 845,054 930,891
1,278,387 1,564,224

16. LOANS

An analysis of the maturity of loans is given below:

31.3.23 31.3.22
£    £   
Amounts falling due within one year or on demand:
Bank loans 200,000 200,000

Amounts falling due between one and two years:
Bank loans - 1-2 years 200,000 200,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 233,333 433,333

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.3.23 31.3.22
£    £   
Net obligations repayable:
Within one year 536,525 534,176
Between one and five years 845,054 930,891
1,381,579 1,465,067

Non-cancellable operating leases
31.3.23 31.3.22
£    £   
Within one year 722,423 732,772
Between one and five years 2,247,959 2,580,213
In more than five years 579,624 915,496
3,550,006 4,228,481

Operating lease payments recognised as an expense during the year accumulated to £1,293,924 (2022: £1,099,287)

The hire purchase creditor represents vehicles, plant and machinery acquired under finance lease arrangements. Interest is payable as part of the monthly repayments at various rates between 2% and 4%. The Company also has the option to acquire these assets at the end of the respective lease terms and intends to exercise the option.

Trilogy Freight Limited (Registered number: 08723486)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

18. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Hire purchase contracts 1,381,579 1,465,067

Hire purchase creditors are secured on the assets to which they relate.

19. PROVISIONS FOR LIABILITIES
31.3.23 31.3.22
£    £   
Deferred tax 501,384 213,454

Deferred
tax
£   
Balance at 1 April 2022 213,454
Charge to Income Statement during year 287,930
Balance at 31 March 2023 501,384

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
100 Ordinary 1 100 100

There are no restrictions on these shares.

21. RESERVES
Retained
earnings
£   

At 1 April 2022 2,003,713
Deficit for the year (340,078 )
At 31 March 2023 1,663,635

Trilogy Freight Limited (Registered number: 08723486)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

22. ULTIMATE PARENT COMPANY

The company is controlled by Friars 697 Limited, which is the ultimate parent company. The registered office address of the parent company is Westminster House, 10 Westminster Road, Macclesfield, Cheshire, SK10 1BX.

The parent company will be preparing consolidated accounts. The consolidated financial statements are available upon request from the registered office of the company:

Westminster House
10 Westminster Road
Macclesfield
Cheshire
United Kingdom
SK10 1BX