Freight Direct Limited 03724589 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is freight forwarding Digita Accounts Production Advanced 6.30.9574.0 03724589 2023-04-01 2024-03-31 03724589 2024-03-31 03724589 bus:OrdinaryShareClass1 bus:CumulativeShares 2024-03-31 03724589 bus:OrdinaryShareClass2 bus:CumulativeShares 2024-03-31 03724589 bus:OrdinaryShareClass3 bus:CumulativeShares 2024-03-31 03724589 core:OtherReservesSubtotal 2024-03-31 03724589 core:RetainedEarningsAccumulatedLosses 2024-03-31 03724589 core:ShareCapital 2024-03-31 03724589 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss core:CurrentFinancialInstruments 2024-03-31 03724589 core:CurrentFinancialInstruments 2024-03-31 03724589 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 03724589 core:FurnitureFittingsToolsEquipment 2024-03-31 03724589 core:MotorVehicles 2024-03-31 03724589 bus:SmallEntities 2023-04-01 2024-03-31 03724589 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 03724589 bus:FullAccounts 2023-04-01 2024-03-31 03724589 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 03724589 bus:RegisteredOffice 2023-04-01 2024-03-31 03724589 bus:CompanySecretary1 2023-04-01 2024-03-31 03724589 bus:Director1 2023-04-01 2024-03-31 03724589 bus:Director3 2023-04-01 2024-03-31 03724589 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-04-01 2024-03-31 03724589 bus:OrdinaryShareClass2 bus:CumulativeShares 2023-04-01 2024-03-31 03724589 bus:OrdinaryShareClass3 bus:CumulativeShares 2023-04-01 2024-03-31 03724589 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 03724589 core:Goodwill 2023-04-01 2024-03-31 03724589 core:FurnitureFittings 2023-04-01 2024-03-31 03724589 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 03724589 core:MotorVehicles 2023-04-01 2024-03-31 03724589 core:PlantMachinery 2023-04-01 2024-03-31 03724589 core:Vehicles 2023-04-01 2024-03-31 03724589 countries:UnitedKingdom 2023-04-01 2024-03-31 03724589 2023-03-31 03724589 core:FurnitureFittingsToolsEquipment 2023-03-31 03724589 core:MotorVehicles 2023-03-31 03724589 2022-04-01 2023-03-31 03724589 2023-03-31 03724589 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-03-31 03724589 bus:OrdinaryShareClass2 bus:CumulativeShares 2023-03-31 03724589 bus:OrdinaryShareClass3 bus:CumulativeShares 2023-03-31 03724589 core:OtherReservesSubtotal 2023-03-31 03724589 core:RetainedEarningsAccumulatedLosses 2023-03-31 03724589 core:ShareCapital 2023-03-31 03724589 core:CurrentFinancialInstruments 2023-03-31 03724589 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 03724589 core:FurnitureFittingsToolsEquipment 2023-03-31 03724589 core:MotorVehicles 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 03724589

Freight Direct Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

(filleted for filing purposes)

 

Freight Direct Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

Freight Direct Limited

Company Information

Directors

Mr SR Pettifer

Mr GM Purchase

Company secretary

Mrs TJE Purchase

Registered office

Kumara
Sea View Road
St. Margarets Bay
Dover
Kent
CT15 6EE

 

Freight Direct Limited

(Registration number: 03724589)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

2,211

2,676

Investment property

6

145,566

131,858

 

147,777

134,534

Current assets

 

Debtors

8

162,839

201,143

Other financial assets

7

52

11,612

Cash at bank and in hand

 

743,409

733,593

 

906,300

946,348

Creditors: Amounts falling due within one year

9

(134,137)

(168,084)

Net current assets

 

772,163

778,264

Total assets less current liabilities

 

919,940

912,798

Provisions for liabilities

(553)

(509)

Net assets

 

919,387

912,289

Capital and reserves

 

Called up share capital

10

124

124

Profit and loss account - non distributable

8,020

(4,128)

Retained earnings

911,243

916,293

Shareholders' funds

 

919,387

912,289

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 August 2024 and signed on its behalf by:
 

 

Freight Direct Limited

(Registration number: 03724589)
Balance Sheet as at 31 March 2024

.........................................
Mr SR Pettifer
Director

.........................................
Mr GM Purchase
Director

 

Freight Direct Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Kumara
Sea View Road
St. Margarets Bay
Dover
Kent
CT15 6EE
England

These financial statements were authorised for issue by the Board on 27 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Revenue based grants are released to the Profit and Loss Account as and when the relevant expenditure has been incurred.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Freight Direct Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance

Fixtures and fittings

15% reducing balance

Motor vehicles

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Amortisation

Asset class

Amortisation method and rate

Goodwill

Straight Line over five years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

 

Freight Direct Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 2).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

465

571

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

4,087

2,000

6,087

At 31 March 2024

4,087

2,000

6,087

Depreciation

At 1 April 2023

2,044

1,367

3,411

Charge for the year

307

158

465

At 31 March 2024

2,351

1,525

3,876

Carrying amount

At 31 March 2024

1,736

475

2,211

At 31 March 2023

2,043

633

2,676

 

Freight Direct Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

6

Investment properties

2024
£

At 1 April

131,858

Fair value adjustments

13,708

At 31 March

145,566

There has been no valuation of investment property by an independent valuer.

7

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Current financial assets

Cost or valuation

At 1 April 2023

11,560

11,560

Additions

52

52

Disposals

(11,560)

(11,560)

At 31 March 2024

52

52

Impairment

Carrying amount

At 31 March 2024

52

52

8

Debtors

2024
£

2023
£

Trade debtors

55,951

62,424

Other debtors

106,888

138,719

Total current trade and other debtors

162,839

201,143

 

Freight Direct Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

9

Creditors

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

13,098

14,277

Directors' current accounts

4,333

4,207

Taxation and social security

 

74,537

95,254

Other creditors

 

42,169

54,346

 

134,137

168,084

10

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A shares of £1 each

100

100

100

100

Ordinary B shares of £1 each

20

20

20

20

Ordinary C shares of £1 each

4

4

4

4

 

124

124

124

124