Company Registration No. 03031833 (England and Wales)
H. Freund UK Limited
Financial statements
for the year ended 30 June 2023
Pages for filing with the registrar
H. Freund UK Limited
Contents
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 9
H. Freund UK Limited
Statement of financial position
As at 30 June 2023
1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,575,211
3,140,043
Current assets
Debtors
5
914,636
1,245,164
Cash at bank and in hand
265,170
467,550
1,179,806
1,712,714
Creditors: amounts falling due within one year
6
(1,190,712)
(1,587,550)
Net current (liabilities)/assets
(10,906)
125,164
Total assets less current liabilities
2,564,305
3,265,207
Creditors: amounts falling due after more than one year
7
(1,543,829)
(2,159,495)
Net assets
1,020,476
1,105,712
Capital and reserves
Called up share capital
1,150,000
1,150,000
Other reserves
1,802,411
1,802,411
Profit and loss reserves
9
(1,931,935)
(1,846,699)
Total equity
1,020,476
1,105,712

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 31 January 2024 and are signed on its behalf by:
Stephan Freund
Director
Company Registration No. 03031833
H. Freund UK Limited
Statement of changes in equity
For the year ended 30 June 2023
2
Share capital
Other reserves
Profit and loss reserves
Total
£
£
£
£
Balance at 1 July 2021
1,150,000
1,802,411
(1,801,260)
1,151,151
Year ended 30 June 2022:
Loss and total comprehensive income for the year
-
-
(45,439)
(45,439)
Balance at 30 June 2022
1,150,000
1,802,411
(1,846,699)
1,105,712
Year ended 30 June 2023:
Loss and total comprehensive income for the year
-
-
(85,236)
(85,236)
Balance at 30 June 2023
1,150,000
1,802,411
(1,931,935)
1,020,476
H. Freund UK Limited
Notes to the financial statements
For the year ended 30 June 2023
3
1
Accounting policies
Company information

H. Freund UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Site 7 Manor Park, 2 Industrial Estate, Warrington Road, Runcorn, Cheshire, WA7 1SB.

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 under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The company has recorded a loss in the prior year. The company’s parent undertaking, Spedition Rheinland Hilde Freund GmbH & Co KG, has confirmed that they will continue to provide financial support for the company for a period of at least 12 months from the date of approval of the financial statements.  For this reason the directors continue to adopt the going concern basis of accounting.

1.3
Turnover

Turnover represents amounts receivable for haulage services. Turnover is recognised once the delivery has been made to the customer, net of VAT and trade discounts.

1.4
Tangible fixed assets

Tangible fixed assets 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:

Freehold buildings / Office buildings
3-4% - straight line
Blumings / Retaining walls
5% - straight line
Road / Yard improvements
12.5% - straight line
Plant and machinery
10% - straight line
Trucks
16.67% - straight line
Trailers
12.5% - straight line
Vehicle parts / IT equipment
25% - straight line
Fixtures and fittings
20% - straight line
Lighting fittings / Container pad
6.67% - straight line

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.

H. Freund UK Limited
Notes to the financial statements (continued)
For the year ended 30 June 2023
1
Accounting policies (continued)
4
1.5
Impairment of fixed 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.

1.6
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.

1.7
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 debtors, 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.

Basic financial liabilities

Basic financial liabilities, including creditors, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

H. Freund UK Limited
Notes to the financial statements (continued)
For the year ended 30 June 2023
1
Accounting policies (continued)
5
1.8
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.

1.9
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 recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exception.

 

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

 

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reversed, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

1.10
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 fixed 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.

1.11
Retirement benefits

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

1.12
Foreign exchange

Monetary assets and liabilities denominated in foreign currencies are translated into Sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to the profit and loss account.

H. Freund UK Limited
Notes to the financial statements (continued)
For the year ended 30 June 2023
6
2
Critical accounting 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.

 

Management do not consider the company to have any critical accounting judgements or key sources of estimation uncertainty.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was 34 (2022 - 33).

2023
2022
Number
Number
Total
34
33
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2022
1,099,074
4,905,108
6,004,182
Additions
-
0
2,552
2,552
Disposals
-
0
(162,763)
(162,763)
At 30 June 2023
1,099,074
4,744,897
5,843,971
Depreciation and impairment
At 1 July 2022
571,379
2,292,760
2,864,139
Depreciation charged in the year
5,362
562,022
567,384
Eliminated in respect of disposals
-
0
(162,763)
(162,763)
At 30 June 2023
576,741
2,692,019
3,268,760
Carrying amount
At 30 June 2023
522,333
2,052,878
2,575,211
At 30 June 2022
527,695
2,612,348
3,140,043
H. Freund UK Limited
Notes to the financial statements (continued)
For the year ended 30 June 2023
7
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
873,170
1,234,781
Amounts owed by group undertakings
26,401
-
0
Other debtors
15,065
10,383
914,636
1,245,164
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
389,705
630,986
Amounts owed to group undertakings
581,690
666,427
Taxation and social security
125,615
188,496
Other creditors
93,702
101,641
1,190,712
1,587,550

The amounts owed to the parent company are secured by a fixed and floating charge, dated 29 November 1995, over the vehicles and land owned by the company.

7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Amounts owed to group undertakings
1,543,829
2,159,495

The amounts owed to the parent company are secured by a fixed and floating charge, dated 29 November 1995, over the vehicles and land owned by the company.

8
Other reserves

Other reserves represents a capital contribution from the parent company.

9
Profit and loss reserves

Profit and loss reserves represents accumulated profit and losses for the year and periods, less any dividends paid.

H. Freund UK Limited
Notes to the financial statements (continued)
For the year ended 30 June 2023
8
10
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.

Material uncertainty related to going concern

We draw attention to note 1.2 in the financial statements which indicates that the company incurred losses in the current and prior years. These events and conditions indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Senior Statutory Auditor:
Diane Petit-Laurent FCA
Statutory Auditors:
Saffery LLP
11
Operating lease commitments

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

2023
2022
£
£
29,592
155,358
12
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Interest payable on loans
2023
2022
£
£
Entities with control, joint control or significant influence over the company
51,187
59,132

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
2,290,185
3,073,756
H. Freund UK Limited
Notes to the financial statements (continued)
For the year ended 30 June 2023
12
Related party transactions (continued)
9

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
13,083
-
13
Parent company

Spedition Rheinland Hilde Freund GmbH & Co KG , a company incorporated in Germany, is the immediate parent company of H. Freund (UK) Limited.

2023-06-302022-07-01false31 January 2024CCH SoftwareCCH Accounts Production 2023.100No description of principal activityThis audit opinion is unqualifiedStephan FreundPhilip MooreSusanna Wellmann030318332022-07-012023-06-30030318332023-06-30030318332022-06-3003031833core:LandBuildings2023-06-3003031833core:OtherPropertyPlantEquipment2023-06-3003031833core:LandBuildings2022-06-3003031833core:OtherPropertyPlantEquipment2022-06-3003031833core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-3003031833core:CurrentFinancialInstrumentscore:WithinOneYear2022-06-3003031833core:Non-currentFinancialInstrumentscore:AfterOneYear2023-06-3003031833core:Non-currentFinancialInstrumentscore:AfterOneYear2022-06-3003031833core:CurrentFinancialInstruments2023-06-3003031833core:CurrentFinancialInstruments2022-06-3003031833core:ShareCapital2023-06-3003031833core:ShareCapital2022-06-3003031833core:OtherMiscellaneousReserve2023-06-3003031833core:OtherMiscellaneousReserve2022-06-3003031833core:RetainedEarningsAccumulatedLosses2023-06-3003031833core:RetainedEarningsAccumulatedLosses2022-06-3003031833core:ShareCapital2021-06-3003031833core:RetainedEarningsAccumulatedLosses2021-06-3003031833bus:Director12022-07-012023-06-3003031833core:RetainedEarningsAccumulatedLosses2021-07-012022-06-30030318332021-07-012022-06-3003031833core:RetainedEarningsAccumulatedLosses2022-07-012023-06-3003031833core:LandBuildingscore:OwnedOrFreeholdAssets2022-07-012023-06-3003031833core:LandBuildingscore:LongLeaseholdAssets2022-07-012023-06-3003031833core:LeaseholdImprovements2022-07-012023-06-3003031833core:PlantMachinery2022-07-012023-06-3003031833core:ComputerEquipment2022-07-012023-06-3003031833core:MotorVehicles2022-07-012023-06-3003031833core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-07-012023-06-3003031833core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2022-07-012023-06-3003031833core:Non-standardPPEClass3ComponentTotalPropertyPlantEquipment2022-07-012023-06-3003031833core:LandBuildings2022-06-3003031833core:OtherPropertyPlantEquipment2022-06-30030318332022-06-3003031833core:LandBuildings2022-07-012023-06-3003031833core:OtherPropertyPlantEquipment2022-07-012023-06-3003031833core:WithinOneYear2023-06-3003031833core:WithinOneYear2022-06-3003031833core:Non-currentFinancialInstruments2023-06-3003031833core:Non-currentFinancialInstruments2022-06-3003031833core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2023-06-3003031833bus:PrivateLimitedCompanyLtd2022-07-012023-06-3003031833bus:SmallCompaniesRegimeForAccounts2022-07-012023-06-3003031833bus:FRS1022022-07-012023-06-3003031833bus:Audited2022-07-012023-06-3003031833bus:Director22022-07-012023-06-3003031833bus:CompanySecretary12022-07-012023-06-3003031833bus:FullAccounts2022-07-012023-06-30xbrli:purexbrli:sharesiso4217:GBP