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COMPANY REGISTRATION NUMBER: 01928164
Malco Freight Limited
Unaudited financial statements
29 February 2024
Malco Freight Limited
Statement of financial position
29 February 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
607,790
786,543
Current assets
Debtors
6
957,489
890,037
Cash at bank and in hand
97,718
72,107
-----------
---------
1,055,207
962,144
Creditors: Amounts falling due within one year
7
( 663,231)
( 607,682)
-----------
---------
Net current assets
391,976
354,462
---------
-----------
Total assets less current liabilities
999,766
1,141,005
Creditors: Amounts falling due after more than one year
8
( 312,345)
( 508,651)
Provisions
Taxation including deferred tax
( 150,997)
( 111,613)
---------
-----------
Net assets
536,424
520,741
---------
-----------
Capital and reserves
Called up share capital
100
100
Profit and loss account
536,324
520,641
---------
---------
Shareholders funds
536,424
520,741
---------
---------
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 statement of income and retained earnings has not been delivered.
For the year ending 29 February 2024 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 .
Malco Freight Limited
Statement of financial position (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 30 April 2024 , and are signed on behalf of the board by:
A Jeffrey
Director
Company registration number: 01928164
Malco Freight Limited
Notes to the financial statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is First Floor Suite, 2 Hillside Business Park, Bury St Edmunds, Suffolk, IP32 7EA. The trading address during the year was Unit 56A, Lancaster Way Business Park, Ely, Cambridgeshire, CB6 3NW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Fixtures and fittings
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance & 33% straight line
Hire purchase contracts
Assets held under hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of employees during the year was 28 (2023: 30 ).
5. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 March 2023
27,499
1,132,455
24,009
1,183,963
Additions
48,245
3,181
51,426
Disposals
( 81,995)
( 81,995)
-------
-----------
-------
-----------
At 29 February 2024
27,499
1,098,705
27,190
1,153,394
-------
-----------
-------
-----------
Depreciation
At 1 March 2023
11,950
369,207
16,263
397,420
Charge for the year
3,110
189,473
4,805
197,388
Disposals
( 49,204)
( 49,204)
-------
-----------
-------
-----------
At 29 February 2024
15,060
509,476
21,068
545,604
-------
-----------
-------
-----------
Carrying amount
At 29 February 2024
12,439
589,229
6,122
607,790
-------
-----------
-------
-----------
At 28 February 2023
15,549
763,248
7,746
786,543
-------
-----------
-------
-----------
6. Debtors
2024
2023
£
£
Trade debtors
576,809
575,597
Amounts owed by group undertakings and undertakings in which the company has a participating interest
313,359
231,599
Other debtors
67,321
82,841
---------
---------
957,489
890,037
---------
---------
7. Creditors: Amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
23,993
23,083
Trade creditors
193,970
206,754
Social security and other taxes
65,598
17,482
Other creditors
379,670
360,363
---------
---------
663,231
607,682
---------
---------
The following liabilities disclosed under creditors falling due within one year are secured by the company: Bank loans - £23,993 (2023 - £23,083). Hire purchase agreements - £146,725 (2023 - £144,186). M J Coe has given a personal guarantee on the bank loan. Included in other creditors is an amount due to RBS Invoice Finance Limited of £195,003 (2023 - £201,459), this is secured over certain trade debtors.
8. Creditors: Amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
17,212
42,340
Other creditors
295,133
466,311
---------
---------
312,345
508,651
---------
---------
The following liabilities disclosed under creditors falling due after one year are secured by the company: Bank loans - £17,212 (2023 - £42,340). Hire purchase agreements - £295,133 (2023 - £466,311). M J Coe has given a personal guarantee on the bank loan.
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
128,353
31,078
Later than 1 year and not later than 5 years
360,749
453,542
---------
---------
489,102
484,620
---------
---------
10. Controlling party
The ultimate parent company is Malco Group Limited.