1 June 2022 v2024.12.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP125959272022-06-012023-05-31125959272023-05-31125959272022-05-3112595927core:WithinOneYear2023-05-3112595927core:WithinOneYear2022-05-3112595927core:ShareCapital2023-05-3112595927core:ShareCapital2022-05-3112595927core:RetainedEarningsAccumulatedLosses2023-05-3112595927core:RetainedEarningsAccumulatedLosses2022-05-3112595927bus:Director12022-06-012023-05-3112595927bus:RegisteredOffice2022-06-012023-05-3112595927core:MotorVehicles2022-06-012023-05-3112595927core:OfficeEquipment2022-06-012023-05-3112595927core:FurnitureFittings2022-06-012023-05-31125959272021-06-012022-05-3112595927core:PlantMachinery2022-06-0112595927core:PlantMachinery2022-06-012023-05-3112595927core:PlantMachinery2023-05-3112595927core:PlantMachinery2022-05-311259592712022-06-012023-05-3112595927countries:EnglandWales2022-06-012023-05-3112595927bus:AuditExemptWithAccountantsReport2022-06-012023-05-3112595927bus:PrivateLimitedCompanyLtd2022-06-012023-05-3112595927bus:SmallEntities2022-06-012023-05-3112595927bus:FullAccounts2022-06-012023-05-31
Company registration number:
12595927
PB Logistics (Solutions) Ltd
Unaudited Filleted Financial Statements for the year ended
31 May 2023
PB Logistics (Solutions) Ltd
Statement of Financial Position
31 May 2023
20232022
Note££
Fixed assets    
Tangible assets 4
186,413
 
38,917
 
Current assets    
Debtors 5
110,679
 
203,705
 
Cash at bank and in hand
3,079
 
949
 
113,758
 
204,654
 
Creditors: amounts falling due within one year 6
(497,467
)
(213,451
)
Net current liabilities
(383,709
)
(8,797
)
Total assets less current liabilities (197,296 ) 30,120  
Provisions for liabilities -  
(9,259
)
Net (liabilities)/assets
(197,296
)
20,861
 
Capital and reserves    
Called up share capital
10
 
10
 
Profit and loss account
(197,306
)
20,851
 
Shareholders (deficit)/funds
(197,296
)
20,861
 
For the year ending
31 May 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 financial statements for the year in question in accordance with section 476;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
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.
These
financial statements
were approved by the board of directors and authorised for issue on
15 April 2024
, and are signed on behalf of the board by:
M Porter
Director
Company registration number:
12595927
PB Logistics (Solutions) Ltd
Notes to the Financial Statements
Year ended
31 May 2023

1 General information

PB Logistics (Solutions) Ltd is a private company limited by shares and is registered in England and Wales within the United Kingdom. The address of the registered office is
Unit 1 The Way
,
Fowlmere
,
Royston
,
Cambridgeshire
,
SG8 7QS
. This company is not part of a group.

2 Accounting policies

Basis of preparation of financial statements

The have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.
The following principal accounting policies have been applied:

Revenue

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:
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.

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

Tangible 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 calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Motor vehicles
25% reducing balance
Office equipment
33% straight line
Fixtures and fittings
17% straight line

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.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

Current and deferred tax

The tax rebate for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current corporation tax rebate is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £8,480 (2022 - £2,631). Contributions totalling £9,866 (2022 - £4,388) were payable to the fund at the balance sheet date and are included in creditors.

3 Average number of employees

The average number of persons employed by the company during the year was
18
(2022:
10
).

4 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 June 2022
54,991
 
Additions
186,927
 
At
31 May 2023
241,918
 
Depreciation  
At
1 June 2022
16,074
 
Charge
39,431
 
At
31 May 2023
55,505
 
Carrying amount  
At
31 May 2023
186,413
 
At 31 May 2022
38,917
 

5 Debtors

20232022
££
Trade debtors
56,216
 
192,581
 
Other debtors
54,463
 
11,124
 
110,679
 
203,705
 

6 Creditors: amounts falling due within one year

20232022
££
Bank loans and overdrafts
11,352
 
20,737
 
Trade creditors
63,927
 
38,586
 
Taxation and social security
290,301
 
132,598
 
Other creditors
131,887
 
21,530
 
497,467
 
213,451
 
Included within creditors are secured debts amounting to £11,352 (2022 - £20,737) which are secured by way of personal guarantee from the directors.