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H & J Logistics Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

Registration number: 08055221

 

H & J Logistics Limited

Contents

Statement of financial position

1

Notes to the Unaudited Financial Statements

2 to 6

 

H & J Logistics Limited

(Registration number: 08055221)
Statement of financial position as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

102,369

74,319

Current assets

 

Debtors

6

493,666

486,686

Cash at bank and in hand

 

108,211

207,572

 

601,877

694,258

Creditors: Amounts falling due within one year

7

(391,096)

(476,494)

Net current assets

 

210,781

217,764

Total assets less current liabilities

 

313,150

292,083

Creditors: Amounts falling due after more than one year

7

(63,190)

(54,928)

Provisions for liabilities

(22,089)

(14,120)

Net assets

 

227,871

223,035

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

227,771

222,935

Shareholders' funds

 

227,871

223,035

For the financial year ending 31 October 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 Income statement.

Approved and authorised by the Board on 4 April 2024 and signed on its behalf by:
 

.........................................
Mr M I Berry
Director

 

H & J Logistics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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:
The Old Forge
13 High Street
Stanwell
Middlesex
TW19 7JR

These financial statements were authorised for issue by the Board on 4 April 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 except that as disclosed in the accounting policies certain items are shown at fair value.

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 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 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.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

 

H & J Logistics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Tangible assets

Tangible assets are stated in the statement of financial position 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:

Asset class

Depreciation method and rate

Furniture and fixtures

20% Straight line

Office equipment

25% Straight line

Motor vehicles

25% Straight line

Computer equipment

33% Straight line

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.

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 income statement 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.

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 profit or loss 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 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 statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the income statement 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.

 

H & J Logistics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

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 directors) during the year, was 28 (2022 - 28).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

30,697

21,179

5

Tangible assets

Office equipment
£

Fixture and fittings
£

Computer equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

4,859

9,521

33,115

89,379

136,874

Additions

-

4,544

3,632

50,571

58,747

At 31 October 2023

4,859

14,065

36,747

139,950

195,621

Depreciation

At 1 November 2022

4,859

9,464

28,020

20,212

62,555

Charge for the year

-

594

3,449

26,654

30,697

At 31 October 2023

4,859

10,058

31,469

46,866

93,252

Carrying amount

At 31 October 2023

-

4,007

5,278

93,084

102,369

At 31 October 2022

-

57

5,095

69,167

74,319

 

H & J Logistics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

315,229

350,373

Amounts owed by related parties

142,387

104,547

Prepayments

 

29,008

31,102

Other debtors

 

7,042

664

   

493,666

486,686

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

108,497

131,071

trade creditors

 

185,353

237,645

Taxation and social security

 

87,594

79,471

Accruals and deferred income

 

6,591

9,517

Other creditors

 

3,061

18,790

 

391,096

476,494

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

63,190

54,928

 

H & J Logistics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £0.10 each

1,000

100

1,000

100

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

63,190

54,928

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

22,080

17,198

Other borrowings

86,417

113,873

108,497

131,071

10

Parent and ultimate parent undertaking

H & J Logistics Ltd is a wholly owned subsidiary of Olympex Holdings Ltd, a company under common control of Mr M Berry.

 The company's immediate parent is Olympex Holdings Ltd, incorporated in England.

 The ultimate controlling party is Mr M Berry.