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Company registration number: NI029307
Quality Freight Limited
Filleted financial statements
31 October 2023
Quality Freight Limited
Contents
Directors and other information
Directors' report
Balance sheet
Notes to the financial statements
Quality Freight Limited
Directors and other information
Directors Trevor Dumbleton
Colin Dumbleton
Roger Barham
Secretary Anneka Kelly
Company number NI029307
Registered office Unit E & F
Muir Building
427 Holywood Road
Belfast
BT4 2LT
Business address Unit E & F
Muir Building
427 Holywood Road
Belfast
BT4 2LT
Auditor Jones Peters
Chartered Accountants
6 Church Street
Co Down
BT32 4AA
Bankers Danske Bank Limited
Donegall Square West
Belfast
BT1 6JS
Quality Freight Limited
Directors' report
Year ended 31 October 2023
The directors present their report and the financial statements of the company for the year ended 31 October 2023.
Directors
The directors who served the company during the year were as follows:
Trevor Dumbleton
Colin Dumbleton
Roger Barham
Directors responsibilities statement
The directors are responsible for preparing the directors' 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 the profit or loss of the company for that period.
In preparing these financial statements, the directors are 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 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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 19 July 2024 and signed on behalf of the board by:
Trevor Dumbleton
Director
Quality Freight Limited
Balance sheet
31 October 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 6 7,003 9,289
_______ _______
7,003 9,289
Current assets
Debtors 7 579,260 931,099
Cash at bank and in hand 682,661 655,828
_______ _______
1,261,921 1,586,927
Creditors: amounts falling due
within one year 8 ( 1,198,200) ( 1,196,231)
_______ _______
Net current assets 63,721 390,696
_______ _______
Total assets less current liabilities 70,724 399,985
_______ _______
Net assets 70,724 399,985
_______ _______
Capital and reserves
Called up share capital 9 101 101
Profit and loss account 70,623 399,884
_______ _______
Shareholders funds 70,724 399,985
_______ _______
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 and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 19 July 2024 , and are signed on behalf of the board by:
Roger Barham Trevor Dumbleton
Director Director
Company registration number: NI029307
Quality Freight Limited
Notes to the financial statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Unit E & F, Muir Building, 427 Holywood Road, Belfast, BT4 2LT.
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:
Fixtures and fittings - 15 % straight line
Plant and machinery - 20 % straight line
Leased assets - 25 % straight line
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.
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.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 are 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.
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 in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2022: 6 ).
5. Tax on profit
Major components of tax expense
2023 2022
£ £
Current tax:
UK current tax expense 80,893 54,694
Adjustments in respect of previous periods 161 -
_______ _______
Tax on profit 81,054 54,694
_______ _______
Reconciliation of tax expense
2023 2022
£ £
Profit before taxation 358,043 285,931
_______ _______
Profit multiplied by rate of tax 80,623 54,327
Adjustments in respect of prior periods 161 -
Effect of capital allowances and depreciation 270 367
_______ _______
Tax on profit 81,054 54,694
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Plant and Machinery Leased assets Total
£ £ £ £
Cost
At 1 November 2022 45,711 33,163 15,000 93,874
Additions 650 - - 650
Disposals ( 27,570) ( 12,018) - ( 39,588)
_______ _______ _______ _______
At 31 October 2023 18,791 21,145 15,000 54,936
_______ _______ _______ _______
Depreciation
At 1 November 2022 36,453 33,132 15,000 84,585
Charge for the year 2,905 31 - 2,936
Disposals ( 27,570) ( 12,018) - ( 39,588)
_______ _______ _______ _______
At 31 October 2023 11,788 21,145 15,000 47,933
_______ _______ _______ _______
Carrying amount
At 31 October 2023 7,003 - - 7,003
_______ _______ _______ _______
At 31 October 2022 9,258 31 - 9,289
_______ _______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 503,610 860,423
Prepayments 4,128 3,326
Other debtors 4,172 -
Amounts owed by group undertakings 67,350 67,350
_______ _______
579,260 931,099
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 493,015 704,879
Accruals and deferred income 170,324 302,986
Corporation tax 80,893 54,694
Social security and other taxes 3,968 44,914
Director's loan account 147,030 29,000
Amounts owed to group undertakings 302,970 59,758
_______ _______
1,198,200 1,196,231
_______ _______
9. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 101 101 101 101
_______ _______ _______ _______
10. Summary audit opinion
The auditor's report for the year dated 19 July 2024 was unqualified.
The senior statutory auditor was Paul Cummings for and on behalf of Jones Peters
11. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Director ( 29,000) 93,347 ( 211,377) ( 147,030)
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Director ( 92,554) 105,398 ( 41,844) ( 29,000)
_______ _______ _______ _______
12. Related party transactions
Intercompany balance due to Quality Freight Limited (ROI) as at 31 October 2023: £302,970 (2022: £59,758).
Amount owed from group company as at 31 October 2023: £67,350 (2022: £67,350).
13. Controlling party
The ultimate controlling party by virtue of his shareholdings in the group is Trevor Dumbleton .