Freight International Limited 12941421 false 2022-11-01 2023-10-31 2023-10-31 The principal activity of the company is freight transportation. Digita Accounts Production Advanced 6.30.9574.0 true 12941421 2022-11-01 2023-10-31 12941421 2023-10-31 12941421 bus:Director1 1 2023-10-31 12941421 core:RetainedEarningsAccumulatedLosses 2023-10-31 12941421 core:ShareCapital 2023-10-31 12941421 core:SharePremium 2023-10-31 12941421 core:CurrentFinancialInstruments 2023-10-31 12941421 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 12941421 core:FurnitureFittingsToolsEquipment 2023-10-31 12941421 core:MotorVehicles 2023-10-31 12941421 bus:SmallEntities 2022-11-01 2023-10-31 12941421 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 12941421 bus:FullAccounts 2022-11-01 2023-10-31 12941421 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 12941421 bus:RegisteredOffice 2022-11-01 2023-10-31 12941421 bus:Director1 2022-11-01 2023-10-31 12941421 bus:Director1 1 2022-11-01 2023-10-31 12941421 bus:Director2 2022-11-01 2023-10-31 12941421 bus:Director3 2022-11-01 2023-10-31 12941421 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 12941421 core:ComputerEquipment 2022-11-01 2023-10-31 12941421 core:FurnitureFittings 2022-11-01 2023-10-31 12941421 core:FurnitureFittingsToolsEquipment 2022-11-01 2023-10-31 12941421 core:MotorVehicles 2022-11-01 2023-10-31 12941421 core:Vehicles 2022-11-01 2023-10-31 12941421 countries:EnglandWales 2022-11-01 2023-10-31 12941421 2022-10-31 12941421 bus:Director1 1 2022-10-31 12941421 core:FurnitureFittingsToolsEquipment 2022-10-31 12941421 core:MotorVehicles 2022-10-31 12941421 2021-11-01 2022-10-31 12941421 2022-10-31 12941421 bus:Director1 1 2022-10-31 12941421 core:RetainedEarningsAccumulatedLosses 2022-10-31 12941421 core:ShareCapital 2022-10-31 12941421 core:SharePremium 2022-10-31 12941421 core:CurrentFinancialInstruments 2022-10-31 12941421 core:CurrentFinancialInstruments core:WithinOneYear 2022-10-31 12941421 core:FurnitureFittingsToolsEquipment 2022-10-31 12941421 core:MotorVehicles 2022-10-31 12941421 bus:Director1 1 2021-11-01 2022-10-31 12941421 bus:Director1 1 2021-10-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 12941421

Freight International Limited

Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Freight International Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Freight International Limited

Company Information

Directors

Mr P Smallwood

Mr C A Singleton

Mrs A A Smallwood

Registered office

34 Boulevard
Weston-super-Mare
Somerset
BS23 1NF

Accountants

Four Fifty Partnership
Chartered Accountants
34 Boulevard
Weston-super-Mare
Somerset
BS23 1NF

 

Freight International Limited

(Registration number: 12941421)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

18,978

25,189

Current assets

 

Debtors

5

572,303

644,714

Cash at bank and in hand

 

775,322

431,735

 

1,347,625

1,076,449

Creditors: Amounts falling due within one year

6

(475,826)

(723,902)

Net current assets

 

871,799

352,547

Total assets less current liabilities

 

890,777

377,736

Provisions for liabilities

(3,606)

(4,786)

Net assets

 

887,171

372,950

Capital and reserves

 

Called up share capital

7

100

100

Share premium reserve

3,237

3,237

Retained earnings

883,834

369,613

Shareholders' funds

 

887,171

372,950

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.

 

Freight International Limited

(Registration number: 12941421)
Balance Sheet as at 31 October 2023

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 8 April 2024 and signed on its behalf by:
 

.........................................
Mr P Smallwood
Director

 

Freight International 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:
34 Boulevard
Weston-super-Mare
Somerset
BS23 1NF
United Kingdom

The principal place of business is:
Pure Offices
Pastures Avenue
St Georges
Weston-super-Mare
Somerset
BS22 7SB

These financial statements were authorised for issue by the Board on 8 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.

The presentation currency of the financial statements is Pound Sterling (£).

 

Freight International Limited

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

2

Accounting policies (continued)

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 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.

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

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.

 

Freight International Limited

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

2

Accounting policies (continued)

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.

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:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance

Computer equipment

25% straight line

Fixtures and fittings

25% reducing balance

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.

 

Freight International Limited

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

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for 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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2022 - 6).

 

Freight International Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

22,155

11,500

33,655

Additions

5,094

-

5,094

Disposals

(7,470)

-

(7,470)

At 31 October 2023

19,779

11,500

31,279

Depreciation

At 1 November 2022

3,435

5,031

8,466

Charge for the year

4,504

1,617

6,121

Eliminated on disposal

(2,286)

-

(2,286)

At 31 October 2023

5,653

6,648

12,301

Carrying amount

At 31 October 2023

14,126

4,852

18,978

At 31 October 2022

18,720

6,469

25,189

 

Freight International Limited

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

5

Debtors

Current

2023
£

2022
£

Trade debtors

434,782

582,976

Prepayments

32,237

42,193

Other debtors

105,284

19,545

 

572,303

644,714

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

134,226

293,046

Taxation and social security

185,625

85,654

Accruals and deferred income

62,622

112,301

Other creditors

93,353

232,901

475,826

723,902

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A shares of £1 each

60

60

60

60

Ordinary B shares of £1 each

40

40

40

40

 

100

100

100

100

 

Freight International Limited

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

8

Related party transactions

Transactions with directors

2023

At 1 November 2022
£

Advances to director
£

Repayments by director
£

At 31 October 2023
£

Mr P Smallwood

(228,139)

205,000

(64,868)

(88,007)

         
       

 

2022

At 1 November 2021
£

Advances to director
£

Repayments by director
£

At 31 October 2022
£

Mr P Smallwood

(264,421)

82,822

(46,540)

(228,139)

         
       

 

The director's loan is considered repayable on demand, interest is charged at 7% above the Bank of England base rate. Transactions are made on an arms length basis.