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Registration number: 11207206

Superior Freight Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Superior Freight Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Superior Freight Limited

Company Information

Director

Mr A Johns

Registered office

Unit 1 Two Shires Industrial Estate
Honeybourne
Evesham
WR11 7QF

Accountants

Ballards LLP
Chartered Accountants
Oakmoore Court
11c Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

Superior Freight Limited

(Registration number: 11207206)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

370,371

250,347

Current assets

 

Debtors

5

585,706

327,806

Cash at bank and in hand

 

19,967

108,296

 

605,673

436,102

Creditors: Amounts falling due within one year

6

(343,222)

(263,669)

Net current assets

 

262,451

172,433

Total assets less current liabilities

 

632,822

422,780

Creditors: Amounts falling due after more than one year

6

(173,148)

(93,529)

Provisions for liabilities

(78,466)

(44,690)

Net assets

 

381,208

284,561

Capital and reserves

 

Called up share capital

100

100

Retained earnings

381,108

284,461

Shareholders' funds

 

381,208

284,561

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 Profit and Loss Account.

Approved and authorised by the director on 29 January 2024
 

.........................................
Mr A Johns
Director

   
 

Superior Freight Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 1 Two Shires Industrial Estate
Honeybourne
Evesham
WR11 7QF
Great Britain

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.

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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current 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.

 

Superior Freight Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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, other than land and properties under construction over their estimated useful lives, as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Superior Freight Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Leases

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 recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 the director) during the year, was 19 (2022 - 19).

 

Superior Freight Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

107,847

34,449

184,195

326,491

Additions

7,807

11,095

146,248

165,150

Disposals

-

-

(7,000)

(7,000)

At 30 June 2023

115,654

45,544

323,443

484,641

Depreciation

At 1 July 2022

18,091

13,931

44,122

76,144

Charge for the year

11,333

5,665

24,421

41,419

Eliminated on disposal

-

-

(3,293)

(3,293)

At 30 June 2023

29,424

19,596

65,250

114,270

Carrying amount

At 30 June 2023

86,230

25,948

258,193

370,371

At 30 June 2022

89,757

20,517

140,073

250,347

Included within the net book value of land and buildings above is £86,230 (2022 - £89,757) in respect of leasehold land and buildings.
 

 

Superior Freight Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

5

Debtors

2023
£

2022
£

Trade debtors

275,564

301,310

Amounts owed by related parties

277,000

-

Other debtors

33,142

26,496

 

585,706

327,806

Superior Freight Limited has given security over a bank loan of £165,000 in the parent company ASJ Holdco Limited.

 

Superior Freight Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

6

Creditors

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

7

134,201

47,129

Trade creditors

 

105,913

116,747

Taxation and social security

 

68,403

89,503

Other creditors

 

34,705

10,290

 

343,222

263,669

Due after one year

 

Loans and borrowings

7

173,148

93,529

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

19,253

10,000

Factoring account

97,965

-

Hire purchase contracts

16,983

37,129

134,201

47,129

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

11,494

40,000

Hire purchase contracts

161,654

53,529

173,148

93,529