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Registration number: NI039229

Kelly European Freight Services Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Kelly European Freight Services Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Kelly European Freight Services Limited

Company Information

Directors

Mr Patrick Daniel Kelly

Mr Adrian Kelly

Registered office

25 Ferguson Drive
Knockmore Hill Ind Park
LISBURN
BT28 2EX

Solicitors

Cleaver Fulton Rankin
50 Bedford Street
Belfast
BT2 7FW

Accountants

McKeague Morgan & Company
Chartered Accountants
27 College Gardens
Belfast
BT9 6BS

 

Kelly European Freight Services Limited

(Registration number: NI039229)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,885,848

1,584,126

Current assets

 

Debtors

5

1,731,636

1,683,799

Cash at bank and in hand

 

1,386,318

1,358,328

 

3,117,954

3,042,127

Creditors: Amounts falling due within one year

6

(900,868)

(1,128,709)

Net current assets

 

2,217,086

1,913,418

Total assets less current liabilities

 

4,102,934

3,497,544

Provisions for liabilities

(313,667)

(184,933)

Net assets

 

3,789,267

3,312,611

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

3,789,265

3,312,609

Total equity

 

3,789,267

3,312,611

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.

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 11 April 2024 and signed on its behalf by:
 

.........................................

Mr Adrian Kelly

Director

 

Kelly European Freight Services 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 the United Kingdom.

The address of its registered office is:
25 Ferguson Drive
Knockmore Hill Ind Park
LISBURN
BT28 2EX

These financial statements were authorised for issue by the Board on 11 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 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 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.

 

Kelly European Freight Services Limited

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

20% straight line

Plant & Machinery

20% 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.

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.

 

Kelly European Freight Services Limited

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

2

Accounting policies (continued)

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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 52 (2022 - 47).

 

Kelly European Freight Services Limited

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

4

Tangible assets

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 July 2022

5,684,737

187,812

5,872,549

Additions

921,190

40,540

961,730

Disposals

(158,500)

-

(158,500)

At 30 June 2023

6,447,427

228,352

6,675,779

Depreciation

At 1 July 2022

4,109,806

178,617

4,288,423

Charge for the year

650,996

9,012

660,008

Eliminated on disposal

(158,500)

-

(158,500)

At 30 June 2023

4,602,302

187,629

4,789,931

Carrying amount

At 30 June 2023

1,845,125

40,723

1,885,848

At 30 June 2022

1,574,931

9,195

1,584,126

5

Debtors

Note

2023
£

2022
£

Trade debtors

 

1,388,895

1,301,817

Amounts owed by related companies

34,883

70,909

Prepayments

 

84,962

107,882

Other debtors

 

222,896

203,191

 

1,731,636

1,683,799

 

Kelly European Freight Services Limited

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

6

Creditors

Note

2023
£

2022
£

Due within one year

 

HP and finance lease liabilities

 

-

38,000

Trade creditors

 

547,865

823,946

Corporation tax liability

 

39,624

72,696

Amounts owed to related companies

-

1,560

Taxation and social security

 

57,185

48,832

Other creditors

 

24,015

24,472

Loans from directors

 

56,815

33,815

Accruals and deferred income

 

175,364

85,388

 

900,868

1,128,709

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

2

2

2

2