Company registration number 07586992 (England and Wales)
PULLEYN TRANSPORT LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
FILLETED ACCOUNTS
Tavistock House South
Tavistock Square
Rayner Essex LLP
London
Chartered Accountants
WC1H 9LG
PULLEYN TRANSPORT LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 9
PULLEYN TRANSPORT LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
31 December 2022
- 1 -
2022
2022
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
5
2,277,078
2,657,582
Current assets
Inventories
55,297
73,774
Trade and other receivables
6
2,346,493
1,903,290
Cash and cash equivalents
2,996,957
2,012,284
5,398,747
3,989,348
Current liabilities
7
(2,018,524)
(1,027,151)
Net current assets
3,380,223
2,962,197
Total assets less current liabilities
5,657,301
5,619,779
Non-current liabilities
8
(396,125)
(595,163)
Provisions for liabilities
9
(435,606)
(424,102)
Net assets
4,825,570
4,600,514
Equity
Called up share capital
10
45,000
45,000
Capital redemption reserve
1,000,000
1,000,000
Retained earnings
3,780,570
3,555,514
Total equity
4,825,570
4,600,514

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 1 November 2023 and are signed on its behalf by:
R J Pulleyn
Mr F Van Helden
Director
Director
Company Registration No. 07586992
PULLEYN TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information

Pulleyn Transport Limited is a private company limited by shares incorporated in England and Wales. The registered office is Tavistock House South, Tavistock Square, London, WC1H 9LG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention, and in accordance with applicable accounting standards. The principal accounting policies adopted are set out below.

1.2
Reporting period

The reporting period is for 7 months ended 31 December 2022 to bring the year end date in line with Group that acquired the company during the period.

1.3
Revenue

Turnover represents the value of transportation and storage services provided to the extent that there is a right to consideration. Turnover is recorded net of VAT.

 

Transportation revenue is recognised when the service is provided. Storage revenue is recognised by reference to the duration of the storage facilities used.

1.4
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Leasehold
Over the life of the lease
Dilapidations
5% straight line
Commercial vehicles
30% reducing balance
Fixtures, fittings & equipment
35% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of non-current assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

PULLEYN TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Inventories

Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis. The major part of stock relates to fuel held for the company's consumption.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

PULLEYN TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

1.11
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

PULLEYN TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
1.14
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

 

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:
Depreciation and impairment review of plant and machinery

The company adjusts the depreciation on plant and machinery in anticipation of the residual value of vehicles and trailers at disposal, with the intention that disposal will occur at the optimum point in usage vs residual value.

Fuel

The company holds fuel held in vehicles and trailers at the year end as a prepaid cost. This is estimated by calculating fuel consumption since the vehicles and trailers were last filled.

Dilapidation provision

The company entered into a commercial property lease during the year with a dilapidation clause. The directors' have used their commercial experience to estimate the cost of restoring the property to its initial state on the conclusion of the lease. There is a degree of estimation uncertainty in this calculation.

PULLEYN TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 6 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the Period was:

2022
2022
Number
Number
Total
40
46
4
Taxation
2022
2022
£
£
Current tax
UK corporation tax on profits for the current period
122,237
18,433
Deferred tax
Origination and reversal of timing differences
11,504
101,239
Total tax charge
133,741
119,672

 

5
Property, plant and equipment
Land and buildings Leasehold
Dilapidations provision
Commercial vehicles
Fixtures, fittings & equipment
Total
£
£
£
£
£
Cost
At 1 June 2022
1,517,757
150,000
4,216,996
1,655,411
7,540,164
Additions
8,099
-
0
-
0
12,447
20,546
Disposals
-
0
-
0
(68,000)
-
0
(68,000)
At 31 December 2022
1,525,856
150,000
4,148,996
1,667,858
7,492,710
Depreciation and impairment
At 1 June 2022
1,011,262
2,702
2,332,595
1,536,023
4,882,582
Depreciation charged in the Period
19,880
9,459
328,822
21,998
380,159
Eliminated in respect of disposals
-
0
-
0
(47,109)
-
0
(47,109)
At 31 December 2022
1,031,142
12,161
2,614,308
1,558,021
5,215,632
Carrying amount
At 31 December 2022
494,714
137,839
1,534,688
109,837
2,277,078
At 31 May 2022
506,495
147,298
1,884,401
119,388
2,657,582
PULLEYN TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 7 -
6
Trade and other receivables
2022
2022
Amounts falling due within one year:
£
£
Trade receivables
1,702,678
1,479,866
Other receivables
643,815
423,424
2,346,493
1,903,290
7
Current liabilities
2022
2022
£
£
Trade payables
385,764
423,837
Amounts owed to group undertakings
527,689
-
0
Corporation tax
140,671
18,433
Other taxation and social security
268,910
68,079
Other payables
695,490
516,802
2,018,524
1,027,151

Included in other creditors is £319,092 (May 2022: £333,933) in respect of assets under hire purchase.

8
Non-current liabilities
2022
2022
£
£
Other payables
396,125
595,163

The Other creditors balance above relates solely to assets under hire purchase.

9
Provisions for liabilities
2022
2022
£
£
Dilapidations provision
150,000
150,000
Deferred tax liabilities
285,606
274,102
435,606
424,102
Dilapidations provisions relate to the dilapidations on the rented premises at the year-end. This is based on the expected costs to return the properties in the original state at the end of the lease. This provision is expected to be settled at the end of the lease terms of the relevant lease.
PULLEYN TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 8 -
10
Called up share capital
2022
2022
£
£
Ordinary share capital
Issued and fully paid
45,000 Ordinary shares of £1 each
45,000
45,000
45,000
45,000

 

11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Simon Essex FCA
Statutory Auditor:
Rayner Essex LLP
12
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2022
2022
£
£
3,413,574
3,775,663
The operating lease commitment relates to a property lease expiring in 10  years.
13
Financial commitments, guarantees and contingent liabilities

The company has provided its bankers with a mortgage debenture over the assets of the company.

 

At the balance sheet date, the company's bankers held guarantees totalling £105,500 (May 2022: £105,500).

14
Related party transactions

During the period the company paid rent amounting to £363,417 (May 2022: £420,000), at arms length to Pulleyn Properties Limited, a fellow subsidiary company. At the period end, the company owed £313,171 (May 2022: owed from £50,246) to Pulleyn Properties Ltd. This balance is both interest-free and repayable on demand.

 

At period end there is £21,955 (May 2022: £Nil) owing to the company for one of the directors' loan accounts. £385 (May 2022: £Nil) is owed to another director at period end.

PULLEYN TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 9 -
15
Parent company

Pulleyn Transport Limited is a wholly owned subsidiary of Cube Cold Europe Bido Limited and the results are included in the consolidated financial statements of Cube Cold Europe TopCo Limited, which are available from 1 Bartholomew Lane, London, EC2N 2AX.

2022-12-312022-06-01false01 November 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityThis audit opinion is unqualifiedA J PulleynR J PulleynS J PulleynMr T G WakefieldMr F Van HeldenMr G PaauweIntertrust (UK) Limited075869922022-06-012022-12-31075869922022-12-31075869922022-05-3107586992core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-12-3107586992core:LeaseholdImprovements2022-12-3107586992core:PlantMachinery2022-12-3107586992core:FurnitureFittings2022-12-3107586992core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-05-3107586992core:LeaseholdImprovements2022-05-3107586992core:PlantMachinery2022-05-3107586992core:FurnitureFittings2022-05-3107586992core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3107586992core:CurrentFinancialInstrumentscore:WithinOneYear2022-05-3107586992core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3107586992core:Non-currentFinancialInstrumentscore:AfterOneYear2022-05-3107586992core:CurrentFinancialInstruments2022-12-3107586992core:CurrentFinancialInstruments2022-05-3107586992core:ShareCapital2022-12-3107586992core:ShareCapital2022-05-3107586992core:CapitalRedemptionReserve2022-12-3107586992core:CapitalRedemptionReserve2022-05-3107586992core:RetainedEarningsAccumulatedLosses2022-12-3107586992core:RetainedEarningsAccumulatedLosses2022-05-3107586992core:ShareCapitalOrdinaryShares2022-12-3107586992core:ShareCapitalOrdinaryShares2022-05-3107586992bus:Director22022-06-012022-12-3107586992bus:Director52022-06-012022-12-3107586992core:LandBuildingscore:LongLeaseholdAssets2022-06-012022-12-3107586992core:LeaseholdImprovements2022-06-012022-12-3107586992core:PlantMachinery2022-06-012022-12-3107586992core:FurnitureFittings2022-06-012022-12-31075869922021-06-012022-05-3107586992core:UKTax2022-06-012022-12-3107586992core:UKTax2021-06-012022-05-3107586992core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-05-3107586992core:LeaseholdImprovements2022-05-3107586992core:PlantMachinery2022-05-3107586992core:FurnitureFittings2022-05-31075869922022-05-3107586992core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-06-012022-12-3107586992core:WithinOneYear2022-12-3107586992core:WithinOneYear2022-05-3107586992core:Non-currentFinancialInstruments2022-12-3107586992core:Non-currentFinancialInstruments2022-05-3107586992bus:OrdinaryShareClass12022-06-012022-12-3107586992bus:OrdinaryShareClass12022-12-3107586992bus:PrivateLimitedCompanyLtd2022-06-012022-12-3107586992bus:SmallCompaniesRegimeForAccounts2022-06-012022-12-3107586992bus:FRS1022022-06-012022-12-3107586992bus:Audited2022-06-012022-12-3107586992bus:Director12022-06-012022-12-3107586992bus:Director32022-06-012022-12-3107586992bus:Director42022-06-012022-12-3107586992bus:Director62022-06-012022-12-3107586992bus:CompanySecretary12022-06-012022-12-3107586992bus:FullAccounts2022-06-012022-12-31xbrli:purexbrli:sharesiso4217:GBP