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REGISTERED NUMBER: 05056816 (England and Wales)















Financial Statements for the Year Ended 31 July 2023

for

Freight Products (U.K.) Limited

Freight Products (U.K.) Limited (Registered number: 05056816)






Contents of the Financial Statements
for the Year Ended 31 July 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Freight Products (U.K.) Limited

Company Information
for the Year Ended 31 July 2023







DIRECTOR: Mr T M Sanders





SECRETARY: Mrs J A Sanders





REGISTERED OFFICE: Unit 2 106 Hawley Lane
Farnborough
Hampshire
GU14 8JE





REGISTERED NUMBER: 05056816 (England and Wales)





AUDITORS: WP Audit Limited
Statutory Auditors
TOR
Saint-Cloud Way
Maidenhead
Berkshire
SL6 8BN

Freight Products (U.K.) Limited (Registered number: 05056816)

Balance Sheet
31 July 2023

31.7.23 31.7.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 458,778 407,371
Investments 5 5,001 5,001
463,779 412,372

CURRENT ASSETS
Stocks 601,646 656,396
Debtors 6 774,657 730,656
Cash at bank 1,520,173 1,201,637
2,896,476 2,588,689
CREDITORS
Amounts falling due within one year 7 (648,173 ) (452,646 )
NET CURRENT ASSETS 2,248,303 2,136,043
TOTAL ASSETS LESS CURRENT LIABILITIES 2,712,082 2,548,415

PROVISIONS FOR LIABILITIES (107,900 ) (75,475 )
NET ASSETS 2,604,182 2,472,940

CAPITAL AND RESERVES
Called up share capital 5,000 5,000
Retained earnings 2,599,182 2,467,940
2,604,182 2,472,940

The 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.

The financial statements were approved by the director and authorised for issue on 12 April 2024 and were signed by:





Mr T M Sanders - Director


Freight Products (U.K.) Limited (Registered number: 05056816)

Notes to the Financial Statements
for the Year Ended 31 July 2023

1. STATUTORY INFORMATION

Freight Products (U.K.) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
In the application of the company's accounting policies the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The company does not make significant estimates and assumptions concerning the future.

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Freight Products (U.K.) Limited (Registered number: 05056816)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both the reducing balance and straight line method.

Depreciation is provided on the following basis:

Leasehold property - Straight line over the term of the lease
Plant and machinery - 25% reducing balance, 10% straight line and 20% straight line
Motor vehicles - Straight line over 3 years
Fixtures and fittings - 10% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less accumulated impairment.

Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Financial instruments
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Freight Products (U.K.) Limited (Registered number: 05056816)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 36 (2022 - 31 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 August 2022 142,973 1,197,234 1,340,207
Additions - 167,647 167,647
Disposals - (127,379 ) (127,379 )
At 31 July 2023 142,973 1,237,502 1,380,475
DEPRECIATION
At 1 August 2022 142,973 789,863 932,836
Charge for year - 96,239 96,239
Eliminated on disposal - (107,378 ) (107,378 )
At 31 July 2023 142,973 778,724 921,697
NET BOOK VALUE
At 31 July 2023 - 458,778 458,778
At 31 July 2022 - 407,371 407,371

Freight Products (U.K.) Limited (Registered number: 05056816)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

5. FIXED ASSET INVESTMENTS
Shares in
group
undertaking
£   
COST
At 1 August 2022
and 31 July 2023 5,001
NET BOOK VALUE
At 31 July 2023 5,001
At 31 July 2022 5,001

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Onus Technologies Limited
Registered office: Unit 9 Springlakes Estate, Deadbrook Lane, Aldershot, Hampshire, England, GU12 4UH
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
31.7.23 31.7.22
£    £   
Aggregate capital and reserves 5,000 5,000

FPL Signs Limited
Registered office: Unit 9 Springlakes Estate, Deadbrook Lane, Aldershot, Hampshire, United Kingdom, GU12 4UH
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
31.7.23 31.7.22
£    £   
Aggregate capital and reserves 1 1

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Trade debtors 655,134 680,267
Amounts owed by group undertakings 62,300 1,768
Other debtors 57,223 48,621
774,657 730,656

Freight Products (U.K.) Limited (Registered number: 05056816)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Trade creditors 385,003 224,957
Amounts owed to group undertakings 9,293 21,369
Taxation and social security 160,550 107,059
Other creditors 93,327 99,261
648,173 452,646

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Philippa Duckworth BSc FCCA (Senior Statutory Auditor)
for and on behalf of WP Audit Limited

9. RELATED PARTY DISCLOSURES

The company has taken advantage of the exemptions within FRS 102 not to report related party transactions with group companies on the grounds that consolidated financial statements are prepared by the parent company and are publicly available.

The parent of both the largest and smallest group for which group accounts, including Freight Products (UK) Limited, are drawn are up is Sandhurst Autoprint Limited. Copies of these accounts may be obtained from Companies House, Crown way, Cardiff, CF14 3UZ.

Hambridge Limited is owned by close family members of T M Sanders. During the year the company invoiced £2,519 (2022: £179) to Hambridge Limited on normal commercial terms.

10. ULTIMATE CONTROLLING PARTY

The controlling party is Sandhurst Autoprint Limited.

The company was under the control of T M Sanders throughout the current and previous year. T M Sanders is the sole director and majority shareholder of Sandhurst Autoprint Limited, the parent company.