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Company registration number: 01783305
TRAILER FREIGHT (INTERNATIONAL) LIMITED
FILLETED FINANCIAL STATEMENTS
31 October 2023
TRAILER FREIGHT (INTERNATIONAL) LIMITED
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023
_________________________________________________________________________________________
Contents
Directors and other information
Director's responsibilities statement
Balance sheet
Notes to the financial statements
TRAILER FREIGHT (INTERNATIONAL) LIMITED
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023
_________________________________________________________________________________________
Director Mr David Neill
Company number 01783305
Registered office A4 & A5 Walsall Enterprise Park
Regal Drive
Walsall
West Midlands
WS2 9HQ
Auditor Kelly & O'Neill Ltd
15E Molesworth Street
Cookstown
Co Tyrone
BT80 8NX
Bankers National Westminster Bank PLC
8a Victoria Street
Liverpool
Merseyside
L69 2AG
Solicitors Hawkins Hatton LLP
3 Castle Court
Castlegate Way
Dudley
West Midlands
DY1 4RD
TRAILER FREIGHT (INTERNATIONAL) LIMITED
DIRECTOR'S RESPONSIBILITIES
YEAR ENDED 31 OCTOBER 2023
_________________________________________________________________________________________
The director is responsible for preparing the director's report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the director is required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
TRAILER FREIGHT (INTERNATIONAL) LIMITED
BALANCE SHEET (CONTINUED)
31 OCTOBER 2023
_________________________________________________________________________________________
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 1,322,686 1,333,969
Investments 6 10,620 10,620
_______ _______
1,333,306 1,344,589
Current assets
Debtors 7 819,826 722,255
Cash at bank and in hand 259,177 277,569
_______ _______
1,079,003 999,824
Creditors: amounts falling due
within one year 8 ( 575,518) ( 547,234)
_______ _______
Net current assets 503,485 452,590
_______ _______
Total assets less current liabilities 1,836,791 1,797,179
Creditors: amounts falling due
after more than one year 9 ( 788,677) ( 820,559)
_______ _______
Net assets 1,048,114 976,620
_______ _______
Capital and reserves
Called up share capital 2,777 2,777
Capital redemption reserve 2,777 2,777
Profit and loss account 1,042,560 971,066
_______ _______
Shareholders funds 1,048,114 976,620
_______ _______
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 01 March 2024 , and are signed on behalf of the board by:
Mr David Neill
Director
Company registration number: 01783305
TRAILER FREIGHT (INTERNATIONAL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
_________________________________________________________________________________________
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is A4 & A5 Walsall Enterprise Park, Regal Drive, Walsall, West Midlands, WS2 9HQ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - Property is not depreciated
Plant and machinery - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 21 (2022: 20 ).
5. Tangible assets
Freehold property Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 November 2022 and 31 October 2023 1,286,528 50,470 71,125 1,408,123
_______ _______ _______ _______
Depreciation
At 1 November 2022 - 24,006 50,148 74,154
Charge for the year - 6,617 4,666 11,283
_______ _______ _______ _______
At 31 October 2023 - 30,623 54,814 85,437
_______ _______ _______ _______
Carrying amount
At 31 October 2023 1,286,528 19,847 16,311 1,322,686
_______ _______ _______ _______
At 31 October 2022 1,286,528 26,464 20,977 1,333,969
_______ _______ _______ _______
6. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 November 2022 and 31 October 2023 10,620 10,620
_______ _______
Impairment
At 1 November 2022 and 31 October 2023 - -
_______ _______
Carrying amount
At 31 October 2023 10,620 10,620
_______ _______
At 31 October 2022 10,620 10,620
_______ _______
7. Debtors
2023 2022
£ £
Trade debtors 773,742 685,077
Other debtors 46,084 37,178
_______ _______
819,826 722,255
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 35,068 35,068
Trade creditors 328,327 302,852
Amounts owed to group undertakings and undertakings in which the company has a participating interest 5,875 5,875
Corporation tax 69,608 61,056
Social security and other taxes 120,894 117,892
Other creditors 15,746 24,491
_______ _______
575,518 547,234
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other creditors 788,677 820,559
_______ _______
10. Summary audit opinion
The auditor's report for the year dated 01 March 2024 was unqualified.
The senior statutory auditor was Cathal O'Neill for and on behalf of Kelly & O'Neill Ltd
11. Related party transactions
The company is exempt under the terms of FRS 8 "Related Party Disclosures" from disclosing related party transactions with entities that are part of the group.
12. Controlling party
The parent company is Express Distribution Services Limited .