Company registration number 00332953 (England and Wales)
TRANSLIFT FREIGHT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
TRANSLIFT FREIGHT LIMITED
COMPANY INFORMATION
Directors
Mr J A Slater
Mr N Marwood
Mr J R Marshall
Mr M Howley
(Appointed 25 May 2023)
Secretary
Mr N Marwood
Company number
00332953
Registered office
PO Box 44
Womersley Road
Knottingley
WF11 0DN
Auditor
Azets Audit Services Limited
12 King Street
Leeds
LS1 2HL
TRANSLIFT FREIGHT LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 21
TRANSLIFT FREIGHT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2023
- 1 -

The directors present the strategic report for the year ended 31 August 2023.

Review of the business

Inflationary pressures and the resulting monetary policy actions to curb them dictated the terms of the year’s trading. Expectations of improving volumes abated quickly as household incomes were squeezed, few sectors of the construction industry were unaffected. As a service provider to the group’s core block and paving operations, Translift’s activities are inextricably linked to the wider, underlying trading conditions.

 

Against the backdrop of economic turmoil and uncertainty, the improved final results positively demonstrate the business’ resilience. Rapid decision making and action, reflective of the Plasmor Group’s flexibility, paid enormous dividends and operations were rescaled to better reflect the cost pressures of the challenging market.

Principal risks and uncertainties

These do not alter much from year to year. They are:

 

1) The impact of general economic trends upon the construction industry in general and the housing market in particular.

 

2) The direct and indirect impact of climate change (reflected in energy and transport costs, building

regulations and changes in building methods).

 

3) The effect of consolidation within the supply chain, including suppliers, customers and competitors.

 

4) The burden of regulation and red tape, which is felt badly by businesses of our size.

 

We manage these risks by having a well-diversified base of business partners (both suppliers and

customers), by having a proportion of our material supply in our ownership, by active product development and certification programmes, and by having a management structure, including active "hands-on" directors, capable of a rapid response to changing conditions. All this is backed up by a disciplined approach to the market and by high standards of product quality and customer service.

Key performance indicators

In managing our business, we have a number of key indicators that we use, in addition to the management accounts, to measure and manage the performance of the business. These include vehicle utilisation, fuel consumption and labour cost. These measures are monitored on a weekly and monthly basis and communicated to the relevant managers in the business to take remedial action where required.

 

Taking our Corporate and Social Responsibility very seriously we also monitor performance in other key areas including Sustainability, Environmental Impact, H&S, Staff Wellbeing and Equality.

Other performance indicators

The company does not actively use financial instruments as part of its financial risk management. It is

exposed to the usual credit risk and cash flow associated with selling on credit and manages this through credit control procedures. The nature of its financial instruments means that they are not subject to a price risk or liquidity risk.

Other information and explanations

Challenges will remain throughout 2024. Although inflationary pressures have eased, residual high-cost bases and interest rates will continue to impact housing and wider construction. Increasing selling prices will be a challenge. Translift Freight will remain flexible and focussed on efficiency in order to take advantage of opportunities as they arise.

TRANSLIFT FREIGHT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 2 -

On behalf of the board

Mr N Marwood
Director
19 December 2023
TRANSLIFT FREIGHT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2023
- 3 -

The directors present their annual report and financial statements for the year ended 31 August 2023.

Principal activities

The principal activity of the company continues to be that of haulage contractors.

Results and dividends

The results for the year are set out on page 8.

The directors do not recommend payment of a dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr J A Slater
Mr N Marwood
Mr J R Marshall
Mr M Howley
(Appointed 25 May 2023)
Mr J Swain
(Resigned 31 March 2023)
Auditor

The auditor, Azets Audit Services Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr N Marwood
Director
19 December 2023
TRANSLIFT FREIGHT LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2023
- 4 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are 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 them 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.

TRANSLIFT FREIGHT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF TRANSLIFT FREIGHT LIMITED
- 5 -
Opinion

We have audited the financial statements of Translift Freight Limited (the 'company') for the year ended 31 August 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

TRANSLIFT FREIGHT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF TRANSLIFT FREIGHT LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

TRANSLIFT FREIGHT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF TRANSLIFT FREIGHT LIMITED
- 7 -

Extent to which the audit was capable of identifying irregularities, including fraud

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member, for our audit work, for this report, or for the opinions we have formed.

Chris Butt (Senior Statutory Auditor)
For and on behalf of Azets Audit Services Limited
19 December 2023
2023-12-19
Chartered Accountants
Statutory Auditor
12 King Street
Leeds
LS1 2HL
TRANSLIFT FREIGHT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
14,872,499
17,182,937
Cost of sales
(12,942,743)
(14,421,473)
Gross profit
1,929,756
2,761,464
Administrative expenses
(2,408,295)
(2,347,902)
Operating (loss)/profit
4
(478,539)
413,562
Interest receivable and similar income
6
1,650
1,650
(Loss)/profit before taxation
(476,889)
415,212
Tax on (loss)/profit
7
(307,000)
(143,000)
(Loss)/profit for the financial year
(783,889)
272,212

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

TRANSLIFT FREIGHT LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
8
4,764,238
4,655,194
Current assets
Stocks
9
241,245
235,689
Debtors
10
2,102,036
3,197,439
Cash at bank and in hand
750,000
750,000
3,093,281
4,183,128
Creditors: amounts falling due within one year
12
(1,292,518)
(1,520,432)
Net current assets
1,800,763
2,662,696
Total assets less current liabilities
6,565,001
7,317,890
Provisions for liabilities
Deferred tax liability
13
31,000
-
0
(31,000)
-
Net assets
6,534,001
7,317,890
Capital and reserves
Called up share capital
15
10,000
10,000
Share premium account
1,500
1,500
Profit and loss reserves
6,522,501
7,306,390
Total equity
6,534,001
7,317,890
The financial statements were approved by the board of directors and authorised for issue on 19 December 2023 and are signed on its behalf by:
Mr J A Slater
Director
Company Registration No. 00332953
TRANSLIFT FREIGHT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023
- 10 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 September 2021
10,000
1,500
7,034,178
7,045,678
Year ended 31 August 2022:
Profit and total comprehensive income for the year
-
-
272,212
272,212
Balance at 31 August 2022
10,000
1,500
7,306,390
7,317,890
Year ended 31 August 2023:
Loss and total comprehensive income for the year
-
-
(783,889)
(783,889)
Balance at 31 August 2023
10,000
1,500
6,522,501
6,534,001
TRANSLIFT FREIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 11 -
1
Accounting policies
Company information

Translift Freight Limited is a private company limited by shares incorporated in England and Wales. the registered office is POBox 44, Womersley Road, Knottingley, West Yorkshire, WF11 0DN.

1.1
Accounting convention

These financial statements have been prepared in accordance with The Financial Reporting Standard applicable in the UK and Republic of Ireland (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

The ultimate parent company is Plasmor (Holdings) Limited, which is the smallest and largest group into which these financial statements are consolidated. The registered office of Plasmor (Holdings) Limited is PO Box 44, Womersley Road, Knottingley, WF11 0DN.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
10-20% straight line
Motor vehicles
14% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

TRANSLIFT FREIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 12 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stock is valued at the lower of cost and net realisable value.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

TRANSLIFT FREIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 13 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.

 

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

 

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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.

TRANSLIFT FREIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 14 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

TRANSLIFT FREIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 15 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

The company operates a defined contribution scheme. Contributions payable are charged to the profit and loss account in the year they are payable.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

TRANSLIFT FREIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 16 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following estimates have had the most significant effect on amounts recognised in the financial statements.

Depreciation

The depreciation policy has been set according to management's experience of the useful lives of a typical asset in each category, something which is reviewed annually. It is not considered practical to use a per unit basis to allocate depreciation without undue cost and therefore amounts are charged annually. The depreciation charged during the year was £1,646,915 (2022 - £1,663,650) which the directors feel is a fair reflection of the benefits derived from the consumption of the tangible fixed assets in use during the period.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2023
2022
£
£
Turnover analysed by class of business
Sales - Haulage
14,331,691
16,664,801
Sales - Garage
540,808
518,136
14,872,499
17,182,937
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
14,872,499
17,182,937
2023
2022
£
£
Other revenue
Interest income
1,650
1,650
TRANSLIFT FREIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 17 -
4
Operating (loss)/profit
2023
2022
Operating (loss)/profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
8,960
6,350
Depreciation of owned tangible fixed assets
1,646,915
1,663,650
Profit on disposal of tangible fixed assets
(118,750)
(84,646)
Operating lease charges
41,966
39,189
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Distribution
113
121
Directors
4
4
Total
117
125

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
4,955,712
4,926,102
Social security costs
514,512
523,096
Pension costs
216,862
205,965
5,687,086
5,655,163
6
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
1,650
1,650
7
Taxation
2023
2022
£
£
Deferred tax
Origination and reversal of timing differences
307,000
143,000
TRANSLIFT FREIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
7
Taxation
(Continued)
- 18 -

The actual charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
(Loss)/profit before taxation
(476,889)
415,212
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 21.50% (2022: 19.00%)
(102,531)
78,890
Tax effect of expenses that are not deductible in determining taxable profit
235
207
Group relief
429,630
32,618
Depreciation on assets not qualifying for tax allowances
995
-
0
Other tax adjustments
(21,329)
31,285
Taxation charge for the year
307,000
143,000
8
Tangible fixed assets
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 September 2022
369,123
15,847,407
16,216,530
Additions
49,745
1,706,214
1,755,959
Disposals
-
0
(717,226)
(717,226)
At 31 August 2023
418,868
16,836,395
17,255,263
Depreciation and impairment
At 1 September 2022
298,438
11,262,898
11,561,336
Depreciation charged in the year
26,265
1,620,650
1,646,915
Eliminated in respect of disposals
-
0
(717,226)
(717,226)
At 31 August 2023
324,703
12,166,322
12,491,025
Carrying amount
At 31 August 2023
94,165
4,670,073
4,764,238
At 31 August 2022
70,685
4,584,509
4,655,194
9
Stocks
2023
2022
£
£
Finished goods and goods for resale
241,245
235,689
TRANSLIFT FREIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 19 -
10
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
13,546
1,259
Amounts owed by group undertakings
2,047,241
2,881,890
Prepayments and accrued income
41,249
38,290
2,102,036
2,921,439
Deferred tax asset (note 13)
-
0
276,000
2,102,036
3,197,439

Amounts owed by group undertakings are repayable on demand.

 

11
Loans and overdrafts
2023
2022
£
£
Bank overdrafts
82,731
30,010
Payable within one year
82,731
30,010

The bank overdraft is secured by a multilateral guarentee across group companies as disclosed within note 16.

12
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans and overdrafts
11
82,731
30,010
Trade creditors
1,042,920
1,325,154
Accruals and deferred income
166,867
165,268
1,292,518
1,520,432

 

TRANSLIFT FREIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 20 -
13
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Balances:
£
£
£
£
Accelerated capital allowances
31,000
-
-
276,000
2023
Movements in the year:
£
Asset at 1 September 2022
(276,000)
Charge to profit or loss
307,000
Liability at 31 August 2023
31,000
14
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
216,862
205,965

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

15
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,000
10,000
10,000
10,000
16
Financial commitments, guarantees and contingent liabilities

There is a multilateral guarantee given by the company, its fellow subsidiary trading companies and its parent company under which each party guarantees the bank overdraft facilities of up to £1,000,000 of the other parties. The maximum contingent liability under this guarantee as at 31 August 2023 is £82,731 (2022 - £30,010).

 

TRANSLIFT FREIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 21 -
17
Operating lease commitments
Lessee

Operating lease payments represent rentals payable by the company for certain of its properties and assets. Leases are negotiated for an average term of 3 years and rentals are fixed.

 

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
26,239
39,330
Between two and five years
1,238
27,477
27,477
66,807
18
Capital commitments

Amounts contracted for but not provided in the financial statements:

2023
2022
£
£
Acquisition of tangible fixed assets
807,650
488,558
19
Ultimate controlling party

Plasmor Limited is the immediate parent undertaking and Plasmor (Holdings) Limited is the ultimate parent undertaking.

 

The financial statements of the company are consolidated in the financial statements of Plasmor (Holdings) Limited. Copies of the financial statements are available from Plasmor (Holdings) Limited with registered office PO Box 44, Womersley Road, Knottingley, WF11 0DN. Plasmor (Holdings) Limited is the smallest and largest group into which Translift Freight Limited is consolidated.

 

2023-08-312022-09-01falseCCH SoftwareCCH Accounts Production 2023.300Mr J A SlaterMr J R MarshallMr M HowleyMr J SwainMr J SwainMr N Marwoodfalse003329532022-09-012023-08-3100332953bus:Director12022-09-012023-08-3100332953bus:CompanySecretaryDirector12022-09-012023-08-3100332953bus:Director22022-09-012023-08-3100332953bus:Director32022-09-012023-08-3100332953bus:CompanySecretary12022-09-012023-08-3100332953bus:Director42022-09-012023-08-3100332953bus:Director52022-09-012023-08-3100332953bus:RegisteredOffice2022-09-012023-08-31003329532023-08-31003329532021-09-012022-08-3100332953core:RetainedEarningsAccumulatedLosses2021-09-012022-08-3100332953core:RetainedEarningsAccumulatedLosses2022-09-012023-08-31003329532022-08-3100332953core:PlantMachinery2023-08-3100332953core:MotorVehicles2023-08-3100332953core:PlantMachinery2022-08-3100332953core:MotorVehicles2022-08-3100332953core:CurrentFinancialInstrumentscore:WithinOneYear2023-08-3100332953core:CurrentFinancialInstrumentscore:WithinOneYear2022-08-3100332953core:CurrentFinancialInstruments2023-08-3100332953core:CurrentFinancialInstruments2022-08-3100332953core:ShareCapital2023-08-3100332953core:ShareCapital2022-08-3100332953core:SharePremium2023-08-3100332953core:SharePremium2022-08-3100332953core:RetainedEarningsAccumulatedLosses2023-08-3100332953core:RetainedEarningsAccumulatedLosses2022-08-3100332953core:ShareCapital2021-08-3100332953core:SharePremium2021-08-3100332953core:RetainedEarningsAccumulatedLosses2021-08-3100332953core:PlantMachinery2022-09-012023-08-3100332953core:MotorVehicles2022-09-012023-08-3100332953core:UKTax2022-09-012023-08-3100332953core:UKTax2021-09-012022-08-310033295312022-09-012023-08-310033295312021-09-012022-08-310033295322022-09-012023-08-310033295322021-09-012022-08-3100332953core:PlantMachinery2022-08-3100332953core:MotorVehicles2022-08-31003329532022-08-3100332953core:WithinOneYear2023-08-3100332953core:WithinOneYear2022-08-3100332953core:BetweenTwoFiveYears2023-08-3100332953core:BetweenTwoFiveYears2022-08-3100332953bus:PrivateLimitedCompanyLtd2022-09-012023-08-3100332953bus:FRS1022022-09-012023-08-3100332953bus:Audited2022-09-012023-08-3100332953bus:FullAccounts2022-09-012023-08-31xbrli:purexbrli:sharesiso4217:GBP