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REGISTERED NUMBER: 07363074 (England and Wales)





















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28TH SEPTEMBER 2023

FOR

FREIGHT 44 LIMITED

FREIGHT 44 LIMITED (REGISTERED NUMBER: 07363074)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28TH SEPTEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


FREIGHT 44 LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28TH SEPTEMBER 2023







DIRECTORS: R T P Chappell
P C G Owen





SECRETARY: Mrs N K Chappell





REGISTERED OFFICE: Unit G2 Lympne Distribution Park
Lympne
Hythe
Kent
CT21 4LR





REGISTERED NUMBER: 07363074 (England and Wales)





ACCOUNTANTS: McCabe Ford Williams
Chartered Accountants
2 The Links
HERNE BAY
Kent
CT6 7GQ

FREIGHT 44 LIMITED (REGISTERED NUMBER: 07363074)

BALANCE SHEET
28TH SEPTEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 433,489 248,926

CURRENT ASSETS
Stocks 9,634 -
Debtors 6 820,364 1,402,275
Cash at bank 460,057 335,724
1,290,055 1,737,999
CREDITORS
Amounts falling due within one year 7 761,955 1,124,101
NET CURRENT ASSETS 528,100 613,898
TOTAL ASSETS LESS CURRENT
LIABILITIES

961,589

862,824

CREDITORS
Amounts falling due after more than one
year

8

(272,131

)

(289,439

)

PROVISIONS FOR LIABILITIES (108,373 ) (47,296 )
NET ASSETS 581,085 526,089

CAPITAL AND RESERVES
Called up share capital 10 150 150
Retained earnings 580,935 525,939
SHAREHOLDERS' FUNDS 581,085 526,089

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28th September 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Board of Directors and authorised for issue on 20th February 2024 and were signed on its behalf by:





R T P Chappell - Director


FREIGHT 44 LIMITED (REGISTERED NUMBER: 07363074)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28TH SEPTEMBER 2023

1. STATUTORY INFORMATION

Freight 44 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Long leasehold - straight line over 10 years
Plant and machinery - 25% on a straight line basis
Fixtures and fittings - 25% on a straight line basis
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on a straight line basis

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

FREIGHT 44 LIMITED (REGISTERED NUMBER: 07363074)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH SEPTEMBER 2023

3. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Going concern
Given the recent trading performance of the company and future contracts in place, the Director's believe the company has sufficient resources to meet obligations as they fall due and therefore, the accounts are prepared on the going concern basis.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2022 - 18 ) .

5. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and
leasehold machinery fittings
£    £    £   
COST
At 29th September 2022 14,294 35,857 19,533
Additions 26,974 10,491 -
Disposals - - -
At 28th September 2023 41,268 46,348 19,533
DEPRECIATION
At 29th September 2022 2,859 22,699 19,129
Charge for year 3,509 8,511 404
Eliminated on disposal - - -
At 28th September 2023 6,368 31,210 19,533
NET BOOK VALUE
At 28th September 2023 34,900 15,138 -
At 28th September 2022 11,435 13,158 404

FREIGHT 44 LIMITED (REGISTERED NUMBER: 07363074)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH SEPTEMBER 2023

5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 29th September 2022 340,644 22,401 432,729
Additions 269,076 6,390 312,931
Disposals (37,500 ) - (37,500 )
At 28th September 2023 572,220 28,791 708,160
DEPRECIATION
At 29th September 2022 129,262 9,854 183,803
Charge for year 86,681 8,601 107,706
Eliminated on disposal (16,838 ) - (16,838 )
At 28th September 2023 199,105 18,455 274,671
NET BOOK VALUE
At 28th September 2023 373,115 10,336 433,489
At 28th September 2022 211,382 12,547 248,926

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 29th September 2022 118,100
Additions 136,005
Transfer to ownership (23,000 )
At 28th September 2023 231,105
DEPRECIATION
At 29th September 2022 29,525
Charge for year 36,970
Transfer to ownership (5,750 )
At 28th September 2023 60,745
NET BOOK VALUE
At 28th September 2023 170,360
At 28th September 2022 88,575

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 481,026 1,229,527
Other debtors 339,338 172,748
820,364 1,402,275

FREIGHT 44 LIMITED (REGISTERED NUMBER: 07363074)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH SEPTEMBER 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 32,208 18,259
Hire purchase contracts 51,620 34,379
Trade creditors 232,543 540,060
Taxation and social security 97,285 127,666
Other creditors 348,299 403,737
761,955 1,124,101

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 162,913 222,582
Hire purchase contracts 109,218 66,857
272,131 289,439

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 31,582
Hire purchase 22,519 -
22,519 31,582

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
HSBC Invoice Finance 294,747 304,270

Other creditors includes £304,270 owed to HSBC Invoice Finance (UK) Ltd, which is secured by way of a fixed and floating charge dated 1st June 2017 over all the property or undertakings of the company.

.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
51 Ordinary A £1 51 51
49 Ordinary B £1 49 49
20 Ordinary C £1 20 20
15 Ordinary D £1 15 15
15 Ordinary E £1 15 15
150 150

FREIGHT 44 LIMITED (REGISTERED NUMBER: 07363074)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH SEPTEMBER 2023

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 28th September 2023 and 28th September 2022:

2023 2022
£    £   
R T P Chappell
Balance outstanding at start of year (286 ) (652 )
Amounts advanced 178,640 74,366
Amounts repaid (78,500 ) (74,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 99,854 (286 )

12. RELATED PARTY DISCLOSURES

Within other creditors is an amount of £12,181 owed to Mrs C Chappell, the mother of director Mr R Chappell.