1 July 2022 v2024.6.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP096592882022-07-012023-06-30096592882023-06-30096592882022-06-3009659288core:WithinOneYear2023-06-3009659288core:WithinOneYear2022-06-3009659288core:AfterOneYear2023-06-3009659288core:AfterOneYear2022-06-3009659288core:ShareCapital2023-06-3009659288core:ShareCapital2022-06-3009659288core:RetainedEarningsAccumulatedLosses2023-06-3009659288core:RetainedEarningsAccumulatedLosses2022-06-3009659288bus:Director12022-07-012023-06-3009659288bus:RegisteredOffice2022-07-012023-06-3009659288core:NetGoodwill2022-07-012023-06-3009659288core:LandBuildings2022-07-012023-06-3009659288core:PlantMachinery2022-07-012023-06-3009659288core:FurnitureFittingsToolsEquipment2022-07-012023-06-3009659288core:MotorVehicles2022-07-012023-06-30096592882021-07-012022-06-3009659288core:NetGoodwill2023-06-3009659288core:LandBuildings2022-07-0109659288core:PlantMachinery2022-07-01096592882022-07-0109659288core:LandBuildings2023-06-3009659288core:PlantMachinery2023-06-3009659288core:LandBuildings2022-06-3009659288core:PlantMachinery2022-06-300965928812022-07-012023-06-3009659288countries:EnglandWales2022-07-012023-06-3009659288bus:AuditExemptWithAccountantsReport2022-07-012023-06-3009659288bus:PrivateLimitedCompanyLtd2022-07-012023-06-3009659288bus:SmallEntities2022-07-012023-06-3009659288bus:FullAccounts2022-07-012023-06-30
Company registration number:
09659288
Edg Logistics Limited
Unaudited Filleted Financial Statements for the year ended
30 June 2023
Edg Logistics Limited
Report of the Accountant to the director of Edg Logistics Limited
Year ended
30 June 2023
These financial statements have been prepared in accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Acts that relate to preparing the financial statements of the company for the year ended
30 June 2023
.
We have prepared these financial statements based on the accounting records, information and explanations provided by you. We do not express any opinion on the financial statements.
On the statement of financial position you have acknowledged your duties under the prevailing Companies Acts to ensure that the company keeps adequate accounting records and prepares financial statements that give a "true and fair view".
You have determined that the company is exempt from the statutory requirement for an audit for this accounting year. Therefore, the financial statements are unaudited.
The financial statements are provided exclusively to the director for the limited purpose mentioned above, and may not be used or relied upon for any other purpose or by any other person, and we shall not be liable for any other usage or reliance.
Sherlock Hynes Ltd
11 Cedar Drive
Tamworth
Staffordshire
B79 8QL
United Kingdom
Edg Logistics Limited
Statement of Financial Position
30 June 2023
20232022
Note££
Fixed assets    
Tangible assets 6
213,767
 
245,520
 
Current assets    
Cash at bank and in hand
54,988
 
66,340
 
Creditors: amounts falling due within one year 7
(51,645
)
(55,092
)
Net current assets
3,343
 
11,248
 
Total assets less current liabilities 217,110   256,768  
Creditors: amounts falling due after more than one year 8
(39,107
)
(30,000
)
Net assets
178,003
 
226,768
 
Capital and reserves    
Called up share capital
100
 
100
 
Profit and loss account
177,903
 
226,668
 
Shareholders funds
178,003
 
226,768
 
For the 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 financial statements for the year in question in accordance with section 476;
  • The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
29 February 2024
, and are signed on behalf of the board by:
E Strakalas
Director
Company registration number:
09659288
Edg Logistics Limited
Notes to the Financial Statements
Year ended
30 June 2023

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
11 Larkspur
,
Dosthill
,
Tamworth
,
B77 1PR
, England.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Goodwill

Purchased goodwill arises on business acquisitions and represents the difference between the cost of acquisition and the fair values of the identifiable assets and liabilities acquired.
Goodwill is initially recorded at cost, and is subsequently stated at cost less any accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over the useful economic life of the asset. Where a reliable estimate of the useful life of goodwill cannot be made, the life is presumed not to exceed five years.

Intangible assets

Intangible assets are initially measured at cost and are subsequently measured at cost less any accumulated amortisation and accumulated impairment losses or at a revalued amount. However, Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Any intangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation 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 capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or 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 capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount 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 capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or 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 capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Land and buildings
Straight line over 80 years
Plant and machinery
25% diminishing balance
Fixtures, fittings and equipment
25% diminishing balance
Motor vehicles
25% diminishing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Finance leases and hire purchase contracts

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4 Average number of employees

The average number of persons employed by the company during the year was
1
(2022:
1.00
).

5 Intangible assets

Goodwill
£
Cost  
At
1 July 2022
and
30 June 2023
12,000
 
Amortisation  
At
1 July 2022
and
30 June 2023
12,000
 
Carrying amount  
At
30 June 2023
-  
At 30 June 2022 -  

6 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost      
At
1 July 2022
99,670
 
281,902
 
381,572
 
Additions -  
68,307
 
68,307
 
Disposals -  
(86,990
)
(86,990
)
At
30 June 2023
99,670
 
263,219
 
362,889
 
Depreciation      
At
1 July 2022
-  
136,052
 
136,052
 
Charge
1,246
 
38,446
 
39,692
 
Disposals -  
(26,622
)
(26,622
)
At
30 June 2023
1,246
 
147,876
 
149,122
 
Carrying amount      
At
30 June 2023
98,424
 
115,343
 
213,767
 
At 30 June 2022
99,670
 
145,850
 
245,520
 

7 Creditors: amounts falling due within one year

20232022
££
Bank loans and overdrafts
10,000
 
10,625
 
Trade creditors -  
3,304
 
Taxation and social security
30,449
 
38,214
 
Other creditors
11,196
 
2,949
 
51,645
 
55,092
 

8 Creditors: amounts falling due after more than one year

20232022
££
Bank loans and overdrafts
20,000
 
30,000
 
Other creditors
19,107
  -  
39,107
 
30,000