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Registrar

Registration number: 07392134

Blackwater Freight Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

Blackwater Freight Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

4 to 8

 

Blackwater Freight Limited

Company Information

Directors

M Inkpin

R M Inkpin

M L Inkpin

S M Inkpin

Registered office

3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

Bankers

Barclays Bank Plc
59 Newland Street
Witham
Essex
CM8 2AJ

Accountants

Lambert Chapman LLP
Chartered Accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Blackwater Freight Limited
for the Year Ended 30 September 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Blackwater Freight Limited for the year ended 30 September 2023 as set out on pages 3 to 8 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 Blackwater Freight Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Blackwater Freight Limited and state those matters that we have agreed to state to the Board of Directors of Blackwater 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 Blackwater Freight Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Blackwater 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 Blackwater Freight Limited. You consider that Blackwater 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 Blackwater 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.






Lambert Chapman LLP
Chartered Accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

7 March 2024

 

Blackwater Freight Limited

(Registration number: 07392134)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

59,681

47,655

Current assets

 

Debtors

5

468,238

448,085

Cash at bank and in hand

 

220,947

231,944

 

689,185

680,029

Creditors: Amounts falling due within one year

6

(522,408)

(496,791)

Net current assets

 

166,777

183,238

Total assets less current liabilities

 

226,458

230,893

Provisions for liabilities

(9,894)

(5,899)

Net assets

 

216,564

224,994

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

216,464

224,894

Shareholders' funds

 

216,564

224,994

For the financial year ended 30 September 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 Profit and Loss Account.

Approved and authorised by the Board on 7 March 2024 and signed on its behalf by:
 

M Inkpin
Director

 

Blackwater Freight Limited

Notes to the Financial Statements for the Year Ended 30 September 2023

1

General information

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

The address of its registered office is: 3 Warners Mill, Silks Way, Braintree, Essex, CM7 3GB.

The principal place of business is: Elmbeck Logistics Centre, Crittall Road, Witham, Essex, CM8 3DT.

These financial statements were authorised for issue by the Board on 7 March 2024.

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.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Going concern

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of freight transport services. Turnover is shown net of value added tax, returns, rebates and discounts.

Government grants

Government grants have been recognised within the profit and loss account for the accounting period they relate to.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

Current Tax is recognised in the profit and loss account, 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.

 

Blackwater Freight Limited

Notes to the Financial Statements for the Year Ended 30 September 2023

Deferred tax is recognised on material temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

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

Plant and machinery

20% reducing balance basis

Office equipment

33% straight line basis

Motor vehicles

25% reducing balance basis

Improvements to property

10% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

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

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 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.

Leases

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

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 their fair value at inception of the lease. These assets are depreciated in accordance with the depreciation policy. 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.

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.

 

Blackwater Freight Limited

Notes to the Financial Statements for the Year Ended 30 September 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.

Long term employee benefits

The holiday year for Blackwater Freight Limited ends at 31 December 2023.

Any unused holiday can only be carried forward at the discretion of the directors. The cost of any unused entitlement is recognised in the period in which the employee's services are received.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2022 - 7).

 

Blackwater Freight Limited

Notes to the Financial Statements for the Year Ended 30 September 2023

4

Tangible assets

Improvements to property
£

Office equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 October 2022

16,581

19,251

38,550

12,704

87,086

Additions

2,852

779

21,390

-

25,021

At 30 September 2023

19,433

20,030

59,940

12,704

112,107

Depreciation

At 1 October 2022

1,119

14,999

14,485

8,828

39,431

Charge for the year

1,877

2,989

7,353

776

12,995

At 30 September 2023

2,996

17,988

21,838

9,604

52,426

Carrying amount

At 30 September 2023

16,437

2,042

38,102

3,100

59,681

At 30 September 2022

15,462

4,252

24,065

3,876

47,655

5

Debtors

2023
£

2022
£

Trade debtors

449,467

410,793

Directors loan account

-

8,000

Other debtors

13,663

22,057

Prepayments and accrued income

5,108

7,235

468,238

448,085

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

431,757

443,101

Taxation and social security

35,535

28,149

Other creditors

3,261

875

Directors loan

3,000

-

Accruals and deferred income

48,855

24,666

522,408

496,791

 

Blackwater Freight Limited

Notes to the Financial Statements for the Year Ended 30 September 2023

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A shares of £1 each

70

70

100

100

Ordinary B shares of £1 each

10

10

-

-

Ordinary C shares of £1 each

10

10

-

-

Ordinary D shares of £1 each

10

10

-

-

 

100

100

100

100

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 £46,129 (2022 - £6,000).

9

Related party transactions

Transactions with directors

2023

At 1 October 2022
£

Advances to director
£

At 30 September 2023
£

Director's loan account

8,000

(11,000)

(3,000)

       
     

 

2022

At 1 October 2021
£

Advances to director
£

At 30 September 2022
£

Director's loan account

-

8,000

8,000