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Registration number: 07823501

Acclaim Logistics Limited

Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Acclaim Logistics Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Acclaim Logistics Limited

Company Information

Chairman

Mr Thomas Christopher Flood

Directors

Miss Elizabeth Helen Collyer

Mr Christopher Richard Aldridge

Mr Christopher Mark Hall

Mrs Sarah Louise Hooper

Registered office

Units A-C Griffin Industrial Park
Totton
Southampton
Hampshire
SO40 3SH

Accountants

R A Jones & Co
Chartered Accountants
38 Rumbridge Street
Totton
Southampton
Hampshire
SO40 9DS

 

Acclaim Logistics Limited

(Registration number: 07823501)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,484,086

405,628

Other financial assets

5

42,580

42,580

 

1,526,666

448,208

Current assets

 

Stocks

1,445

300

Debtors

6

1,746,375

1,767,953

Cash at bank and in hand

 

511,874

129,572

 

2,259,694

1,897,825

Creditors: Amounts falling due within one year

7

(990,339)

(1,059,641)

Net current assets

 

1,269,355

838,184

Total assets less current liabilities

 

2,796,021

1,286,392

Creditors: Amounts falling due after more than one year

7

(554,654)

(126,944)

Provisions for liabilities

(364,290)

(67,920)

Net assets

 

1,877,077

1,091,528

Capital and reserves

 

Called up share capital

100

100

Retained earnings

1,876,977

1,091,428

Shareholders' funds

 

1,877,077

1,091,528

For the financial year ending 31 March 2023 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.

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 Directors' Report and Profit and Loss Account.

 

Acclaim Logistics Limited

(Registration number: 07823501)
Balance Sheet as at 31 March 2023

Approved and authorised by the Board on 27 October 2023 and signed on its behalf by:
 

Mr Thomas Christopher Flood

Chairman

 

Acclaim Logistics Limited

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

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:
Units A-C Griffin Industrial Park
Totton
Southampton
Hampshire
SO40 3SH

These financial statements were authorised for issue by the Board on 27 October 2023.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of services supplied to customers.

Revenue is recognised to the extent that the company obtains the right to consideration for its' performance.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss.

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

The financial statements include provision for tax losses arising from accelerated capital allowances to be carried back against the prior year’s profits. If, however, these losses are carried forward then, assuming the standard rate of corporation tax remains at 25%, an additional repayment of £26,900 will be due.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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.

 

Acclaim Logistics Limited

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

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.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

Straight line over period of lease

Plant and machinery

15.00-20.00% straight line basis

Motor vehicles

25.00% reducing balance basis

Office equipment

15.00-33.33% reducing balance basis

Investments

Investment in unquoted shares is stated at cost.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price but where there is a contra agreement in place the totals shown in the accounts have been adjusted for the effective offset due at the end of the financial period.

Stocks

Stocks comprise consumables which are stated at cost.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Trade creditors are recognised initially at the transaction price but where there is a contra agreement in place the totals shown in the accounts have been adjusted for the effective offset due at the end of the financial period.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the lease term.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. Assets held under finance leases are capitalised in the balance sheet as tangible fixed assets and are depreciated over their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease.

Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over their useful lives. The capital element of future finance payments is included within creditors and finance charges are allocated to accounting periods over the length of the contract.

 

Acclaim Logistics Limited

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

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 55 (2022 - 54).

 

Acclaim Logistics Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

71,096

117,109

800,889

82,171

1,071,265

Additions

-

2,326

1,201,840

171,230

1,375,396

Disposals

-

-

-

(18,492)

(18,492)

At 31 March 2023

71,096

119,435

2,002,729

234,909

2,428,169

Depreciation

At 1 April 2022

49,038

92,757

469,800

54,042

665,637

Charge for the year

8,904

7,442

260,536

20,056

296,938

Eliminated on disposal

-

-

-

(18,492)

(18,492)

At 31 March 2023

57,942

100,199

730,336

55,606

944,083

Carrying amount

At 31 March 2023

13,154

19,236

1,272,393

179,303

1,484,086

At 31 March 2022

22,058

24,352

331,089

28,129

405,628

Included within the net book value of land and buildings above is £13,154 (2022 - £22,058) in respect of short leasehold land and buildings.
 

 

Acclaim Logistics Limited

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

5

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2022

42,580

42,580

At 31 March 2023

42,580

42,580

Carrying amount

At 31 March 2023

42,580

42,580

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

1,130,585

1,138,156

Amounts owed by related parties

9

367,869

451,692

Prepayments

 

162,418

127,785

Other debtors

 

85,503

50,320

   

1,746,375

1,767,953

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Net obligations under finance leases and hire purchase

324,647

74,264

Trade creditors

384,786

432,024

Taxation and social security

149,846

362,933

Accruals and deferred income

127,586

184,677

Other creditors

3,474

5,743

990,339

1,059,641

The lease and hire purchase contracts are secured on the assets concerned.

Creditors: amounts falling due after more than one year

2023
£

2022
£

Net obligations under finance leases and hire purchase

554,654

126,944

The lease and hire purchase contracts are secured on the assets concerned.

 

Acclaim Logistics Limited

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

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £1,872,100 (2022 - £2,550,650). The foregoing amounts include £1,718,455 (2022 - £1,961,597) in respect of leasehold property over the remaining life of the leases, £133,557 (2022 - £235,908) in respect of contract hire and maintenance of vehicles over the remaining period of the contracts, £20,088 (2022 - £47,430) in respect of equipment and software rentals and capital commitments of £Nil (2022 - £305,715).

The total amount of guarantees not included in the balance sheet is £150,000 (2022 - £150,000). The company has guaranteed the indebtedness of its' fellow subsidiary, Acclaim Parcel Express (Southampton) Limited to the company's bankers and the foregoing amounts represent the maximum payable under the guarantee.

Amounts disclosed in the balance sheet

Included in the balance sheet are pensions of £2,698 (2022 - £5,443).

9

Related party transactions

Summary of transactions with entities with joint control or significant interest

Isle of Wight Distribution Limited and World Logistx Limited are companies under common control and there are inter-company sales and purchases with those companies. Payment terms have exceeded those observed by unconnected customers and suppliers.
 

Income and receivables from related parties

2023

Entities with joint control or significant influence
£

Receipt of services

39,790

Amounts receivable from related party

45,165

Expenditure with and payables to related parties

2023

Entities with joint control or significant influence
£

Rendering of services

12,280

Amounts payable to related party

11,107

 

Acclaim Logistics Limited

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

Loans to related parties

2023

Entities with joint control or significant influence
£

Total
£

At start of period

451,692

451,692

Advanced

1,191,515

1,191,515

Repaid

(1,275,338)

(1,275,338)

At end of period

367,869

367,869

2022

Entities with joint control or significant influence
£

Total
£

At start of period

199,999

199,999

Advanced

2,113,428

2,113,428

Repaid

(1,861,735)

(1,861,735)

At end of period

451,692

451,692

Terms of loans to related parties

The inter-company account with Acclaim Parcel Express (Southampton) Limited, a fellow subsidiary, was unsecured, interest free and repayable upon demand.
 

10

Parent and ultimate parent undertaking

The company's immediate parent is Acclaim Holdings Limited, incorporated in England and Wales.

 The ultimate parent is Acclaim Group Holdings Limited, incorporated in England and Wales.

 

11

Non adjusting events after the financial period

The company entered into lease purchase agreements shortly after the end of the financial year to the value of £392,410 in respect of assets purchased for £470,646 shortly before the end of the financial year.