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Company registration number: 01048184

Locker Freight Limited

Filleted Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Locker Freight Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 9

 

Locker Freight Limited

Company Information

Directors

Mr S Quinn

Mr C Goodfellow

Registered office

Haleview Road
Huyton
Liverpool
Merseyside
L36 6DD

Accountants

Abrams Ashton Ltd
Chartered Accountants
7 Waterside Court
St. Helens
Merseyside
WA9 1UA

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Locker Freight Limited
for the Year Ended 28 February 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Locker Freight Limited for the year ended 28 February 2023 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Locker Freight Limited, as a body, in accordance with the terms of our engagement letter dated 24 March 2017. Our work has been undertaken solely to prepare for your approval the accounts of Locker Freight Limited and state those matters that we have agreed to state to the Board of Directors of Locker Freight Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Locker Freight Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Locker Freight Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Locker Freight Limited. You consider that Locker Freight Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Locker Freight Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Abrams Ashton Ltd
Chartered Accountants
7 Waterside Court
St. Helens
Merseyside
WA9 1UA

27 November 2023

 

Locker Freight Limited

(Registration number: 01048184)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,423,065

1,447,042

Current assets

 

Debtors

5

1,548,939

3,422,762

Cash at bank and in hand

 

154,061

234,765

 

1,703,000

3,657,527

Creditors: Amounts falling due within one year

6

(1,573,648)

(3,615,749)

Net current assets

 

129,352

41,778

Total assets less current liabilities

 

1,552,417

1,488,820

Creditors: Amounts falling due after more than one year

6

(285,550)

(303,916)

Provisions for liabilities
Deferred tax

(49,215)

(48,959)

Net assets

 

1,217,652

1,135,945

Capital and reserves

 

Called up share capital

2,000

2,000

Revaluation reserve

617,958

617,958

Profit and loss account

597,694

515,987

Total equity

 

1,217,652

1,135,945

For the financial year ending 28 February 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.

 

Locker Freight Limited

(Registration number: 01048184)
Balance Sheet as at 28 February 2023

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 Profit and Loss Account.

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

.........................................
Mr C Goodfellow
Director

 

Locker Freight Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 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:
Haleview Road
Huyton
Liverpool
Merseyside
L36 6DD

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 except that as disclosed in the accounting policies certain items are shown at fair value. The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

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

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.

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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

 

Locker Freight Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in the profit and loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2% straight line

Fixtures, fittings and equipment

15% and 25% reducing balance

Motor vehicles

25% reducing balance

Leases

Assets held under finance leases, which are leases were substantially all the risks and rewards of ownership of he asset have passed to the company, and hire purchase contracts, are capitalised in the balance sheet and are depreciated over their useful lives. The capital of future obligations under the leases and hire purchase contracts are included as liabilities in the balance sheet.

The interest elements of the rental obligations are charged in the profit and loss account over the periods of the leases and hire purchase contracts and represent a constant proportion of the balance of capital repayments outstanding.

Rentals payable under operating leases are charged in the profit and loss account over the lease term.

Defined contribution pension obligation

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 32 (2022 - 30).

 

Locker Freight Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

Freehold property
£

Fixtures, fittings & equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2022

1,250,000

649,171

249,717

2,148,888

Additions

-

54,313

-

54,313

Disposals

-

-

(15,700)

(15,700)

At 28 February 2023

1,250,000

703,484

234,017

2,187,501

Depreciation

At 1 March 2022

-

583,587

118,259

701,846

Charge for the year

25,000

17,631

31,933

74,564

Eliminated on disposal

-

-

(11,974)

(11,974)

At 28 February 2023

25,000

601,218

138,218

764,436

Carrying amount

At 28 February 2023

1,225,000

102,266

95,799

1,423,065

At 28 February 2022

1,250,000

65,584

131,458

1,447,042

Revaluation

The fair value of the company's Freehold property was revalued on 18 July 2022 by an independent valuer . The name and qualification of the independent valuer are R A Backhouse MRICS
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £600,542 (2022 - £615,042).

 

Locker Freight Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

5

Debtors

2023
£

2022
£

Trade debtors

1,468,350

3,225,630

Other debtors

80,589

197,132

1,548,939

3,422,762

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Bank loans

45,969

43,947

Trade creditors

793,931

2,104,762

Hire purchase agreements

14,022

-

Other creditors

719,726

1,467,040

1,573,648

3,615,749

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £696,260 (2022 - £1,282,863). The liabilities are secured by a fixed and floating charge over the all of the company's assets, the company's trade debtors and motor vehicles.

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Bank loans

257,947

303,916

Other creditors

27,603

-

285,550

303,916

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £285,550 (2022 - £303,916). The liabilities are secured by a fixed and floating charge over all of the company's assets and motor vehicles.

The company's bank loan is repayable on a monthly basis over a term of fifteen years at an interest rate of 5.8%.

Creditors include bank loans repayable by instalments of £133,469 (2022 - £179,438) due after more than five years.

 

Locker Freight Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

7

Financial commitments, guarantees and contingencies

Operating lease commitments

The total amount of financial commitments not included in the balance sheet is £1,337,500 (2022 - £1,487,500). This represents the total future minimum lease payments under non-cancellable operating leases.

8

Related party transactions

Transactions with directors

2023

At 1 March 2022
£

Advances to director
£

Repayments by director
£

At 28 February 2023
£

Loans

35,981

11,325

(35,981)

11,325

         
       

 

2022

At 1 March 2021
£

Advances to director
£

At 28 February 2022
£

Loans

-

35,981

35,981

       
     

 

9

Parent and ultimate parent undertaking

The company's immediate parent is Locker Freight (Holdings) Limited, incorporated in England and Wales.

 The ultimate parent is G & Q (Holdings) Limited, incorporated in England and Wales.