Company registration number 02434088 (England and Wales)
ESSEX LINE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
PO6 3TH
ESSEX LINE LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Statement of changes in equity
4
Notes to the financial statements
5 - 11
ESSEX LINE LIMITED
COMPANY INFORMATION
- 1 -
Director
Mr. J Martuccio
Secretary
Miss. T. L. Jahre
Company number
02434088
Registered office
Hampshire Freight Services
Cross Solent Freight Terminal
Goodwood Road
Eastleigh
Hampshire
United Kingdom
SO50 4NT
Accountants
TC Group
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
PO6 3TH
Business address
Hampshire Freight Services
Unit 43
Parham Drive
Eastleigh
Hampshire
United Kingdom
SO50 4NU
ESSEX LINE LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,627,494
2,591,240
Investments
4
250
250
2,627,744
2,591,490
Current assets
Stocks
1,305
6,393
Debtors
5
1,082,326
959,534
Cash at bank and in hand
206,519
284,476
1,290,150
1,250,403
Creditors: amounts falling due within one year
6
(1,397,969)
(1,202,771)
Net current (liabilities)/assets
(107,819)
47,632
Total assets less current liabilities
2,519,925
2,639,122
Creditors: amounts falling due after more than one year
7
(1,317,665)
(1,244,304)
Provisions for liabilities
8
(47,855)
(60,081)
Net assets
1,154,405
1,334,737
Capital and reserves
Called up share capital
60
60
Share premium account
2,250
2,250
Revaluation reserve
259,095
259,553
Profit and loss reserves
893,000
1,072,874
Total equity
1,154,405
1,334,737
ESSEX LINE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2023
31 October 2023
- 3 -

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 31 July 2024
Mr. J Martuccio
Director
Company Registration No. 02434088
The notes on pages 5 to 11 form part of these financial statements
ESSEX LINE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023
- 4 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 November 2021
60
2,250
260,011
1,025,628
1,287,949
Year ended 31 October 2022:
Profit and total comprehensive income for the year
-
-
-
112,188
112,188
Dividends
-
-
-
(65,400)
(65,400)
Transfers on realisation
-
-
(458)
458
-
Balance at 31 October 2022
60
2,250
259,553
1,072,874
1,334,737
Year ended 31 October 2023:
Loss and total comprehensive income for the year
-
-
-
(106,378)
(106,378)
Dividends
-
-
-
(73,954)
(73,954)
Transfers on realisation
-
-
(458)
458
-
Balance at 31 October 2023
60
2,250
259,095
893,000
1,154,405
The notes on pages 5 to 11 form part of these financial statements
ESSEX LINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
1
Accounting policies
Company information

Essex Line Limited is a private company limited by shares incorporated in England and Wales. The registered office is Hampshire Freight Services, Cross Solent Freight Terminal, Goodwood Road, Eastleigh, Hampshire, United Kingdom, SO50 4NT.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At 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 a period of at least twelve months from the date of approval of the financial statements. Therefore continue to adopt the going concern basis of accounting in the financial statements.

1.3
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

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:

Freehold property
2% straight line
Plant and machinery
25% straight line
Fixtures & fittings
25% straight line
Motor vehicles
25% reducing balance

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.

ESSEX LINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 6 -
1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Fixed asset investments are stated at cost less provision for diminution in value.

1.6
Stocks

Stocks are stated at the lower of cost and net realisable value.

1.7
Cash at bank and in hand

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.

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.

ESSEX LINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 7 -
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.

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.

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.

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

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

ESSEX LINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 8 -
1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

2
Employees

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

2023
2022
Number
Number
Total
52
48
ESSEX LINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 9 -
3
Tangible fixed assets
Freehold property
Plant and machinery
Fixtures & fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 November 2022
2,387,300
103,089
72,414
1,795,642
4,358,445
Additions
-
0
-
0
-
0
176,350
176,350
Disposals
-
0
-
0
-
0
(138,750)
(138,750)
At 31 October 2023
2,387,300
103,089
72,414
1,833,242
4,396,045
Depreciation and impairment
At 1 November 2022
107,782
100,222
69,675
1,489,526
1,767,205
Depreciation charged in the year
13,746
2,867
1,943
94,476
113,032
Impairment losses
-
0
1,175
-
0
20,528
21,703
Eliminated in respect of disposals
-
0
-
0
-
0
(133,389)
(133,389)
At 31 October 2023
121,528
104,264
71,618
1,471,141
1,768,551
Carrying amount
At 31 October 2023
2,265,772
(1,175)
796
362,101
2,627,494
At 31 October 2022
2,279,518
2,867
2,739
306,116
2,591,240

On transition to FRS 102, the company decided not to continue its policy of revaluation. The company elected to use the most recent revaluation for the freehold properties as deemed cost at the date of transition.

4
Fixed asset investments
2023
2022
£
£
Other investments other than loans
250
250
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
896,362
847,903
Other debtors
2,882
1,586
Prepayments and accrued income
183,082
110,045
1,082,326
959,534
ESSEX LINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 10 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
31,539
43,732
Obligations under hire purchase agreements and finance leases
71,740
10,978
Trade creditors
824,537
644,880
Corporation tax
40,764
56,190
Other taxation and social security
273,470
272,933
Other creditors
49,033
74,249
Accruals and deferred income
106,886
99,809
1,397,969
1,202,771

The bank loans are secured.

The hire purchase liabilities and finance leases are secured on the assets to which they relate.
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
1,238,135
1,244,304
Obligations under hire purchase agreements and finance leases
79,530
-
0
1,317,665
1,244,304

The bank loans are secured.

The hire purchase liabilities and finance leases are secured on the assets to which they relate.
ESSEX LINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 11 -
8
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
49,318
61,702
Provisions
(1,463)
(1,621)
47,855
60,081
9
Operating lease commitments
Lessee

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

2023
2022
£
£
Within one year
10,439
27,094
Between two and five years
-
0
7,126
In over five years
-
0
-
0
10,439
34,220
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