Company registration number 14211563 (England and Wales)
TAPFREIGHT HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
TAPFREIGHT HOLDINGS LIMITED
COMPANY INFORMATION
Director
Mr R W Milton
Company number
14211563
Registered office
Old Linen Court
83-85 Shambles Street
Barnsley
South Yorkshire
S70 2SB
Auditor
GBAC Limited
Old Linen Court
83-85 Shambles Street
Barnsley
South Yorkshire
S70 2SB
Business address
1-3 Industry Road
Carlton Industrial Estate
Barnsley
South Yorkshire
S71 3PQ
TAPFREIGHT HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3
Director's responsibilities statement
4
Independent auditor's report
5 - 7
Income statement
8
Group statement of comprehensive income
9
Group statement of financial position
10
Company statement of financial position
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 30
TAPFREIGHT HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

The director presents the strategic report for the year ended 30 April 2024.

Review of the business

The year was marked by reduced demand for transport services coupled with continuing inflationary cost pressures leading to pressure on turnover and margins.

Wage pressures were once again a significant factor resulting from a further 11% increase in the national minimum wage which brought the NMW increase since March 23 to over 20% and had an above inflation impact across all levels of wage costs.

Given the reduction in consumer demand there was strong evidence of destocking in the UK which negatively affected warehouse capacity in the second half and there was inevitably a noticeable downturn in UK transport as a result. Supply chain pressures in the far east led to a significant downturn in EU transport requirements with uncertainties going forward.

The downturn was largely predicted and the resultant reduction in turnover of 3.1% to £10,270,739 was rather better than expected. Coupled however with above inflation cost pressures this led to a somewhat disappointing profit on ordinary activities before taxation of £ 167,215.

 

On the plus side a fully blown UK recession was averted and there were signs of increasing demand towards the year end and the directors are confident of an improvement in the coming year

Principal risks and uncertainties

The company's financial instruments comprise bank balances, trade creditors, trade debtors and HP finance. The main purpose of these instruments is to raise funds and finance the company operations. The company keeps it's exposure risk to a minimum by negotiating HP finance facilities on a regular basis. In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through use of the debtors factor account.

 

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

 

The directors remain confident the Companies’ strong base of established international clients will overcome what they believe was a relatively short term reduction in demand as UK inflationary pressures ease and interest rates are predicted to fall.

 

The Company continues to benefit from effective strategies to manage the impact of fuel costs, Euro currency fluctuations and the ongoing shortage of HGV drivers in the UK.

Key performance indicators

The key financial highlights are as follows:

 

    2024         2023      2022      2021

 

Turnover     10,270,739     10,597,583     9,596,845    8,740,031

Turnover growth (percent)     (3.1)         10.4     9.8        (7.1)

Gross profit margin (percent) 14.0          15.5     15.8     14.1

Operating profit     333,301        598,871     517,647     309,489

Profit/(Loss) before tax     167,215         470,298      442,938     223,071

TAPFREIGHT HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -

On behalf of the board

Mr R W Milton
Director
28 August 2024
TAPFREIGHT HOLDINGS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -

The director presents his annual report and financial statements for the year ended 30 April 2024.

Principal activities

The principal activity of the company is that of a holding company.

 

The principal activity of the group is that of haulage and storage contractors.

 

The company was incorporated on 4 July 2022.

Results and dividends

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

 

The profit for the year after taxation was £112,551.

No ordinary dividends were paid. The director does not recommend payment of a further dividend.

Director

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

Mr R W Milton
Fixed assets

In the opinion of the directors, the value of the company's freehold land and buildings is not materially in excess of that shown in the financial statements when considered in relation to its use in the company's trade.

Future developments

The directors are confident that the company will continue to maintain turnover and profitability in the future period.

Auditor

The auditor, GBAC 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 auditor of the company 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 auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr R W Milton
Director
28 August 2024
TAPFREIGHT HOLDINGS LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -

The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

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

 

 

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

TAPFREIGHT HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TAPFREIGHT HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of Tapfreight Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the group income statement, the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows 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 group and parent 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 director's 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 group's and parent 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 director 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 director is 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:

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

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's 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 director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is responsible for assessing the parent 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 director either intends to liquidate the parent company or to cease operations, or has 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 auditors' 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, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We obtained an understanding of the company and the sector in which it operates to identify laws and regulations that could reasonably be expected to have a direct effect on the financial statements. We obtained our understanding in this regard through discussions with management, application of cumulative audit knowledge and experience of the sector.

We determined the principal laws and regulations relevant to the company in this regard to be those arising from the Companies Act 2006, Local tax laws and regulations, Anti Money Laundering Legislation, Bribery Act 2010, Road Vehicles (Authorised Weight) Regulations 1998 and Road Traffic Act 1988.

We designed our audit procedures to ensure the audit team considered whether there were any indications of non-compliance by the company with those laws and regulations. These procedures included, but were not limited to; a review of general ledger transactions and discussions with management.

 

We also identified the risks of material misstatement of the financial statements due to fraud. We considered, in addition to the non-rebuttable presumption of a risk of fraud arising from management override of controls, including the potential for management bias identified in relation to the provisions and estimates and and we addressed this by challenging the assumptions and judgements made by management when auditing that significant accounting estimate.

TAPFREIGHT HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TAPFREIGHT HOLDINGS LIMITED
- 7 -

As in all of our audits, we addressed the risk of fraud arising from management override of controls by performing audit procedures which included, but were not limited to: the testing of journals; reviewing accounting estimates for evidence of bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://​www.frc.org.uk/​auditors/​audit-assurance-ethics/​auditors-responsibilities-for-the-audit. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, 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 members those matters we are required to state to them in an auditors' 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 members as a body, for our audit work, for this report, or for the opinions we have formed.

Emma Dawson (Senior Statutory Auditor)
For and on behalf of GBAC Limited
28 August 2024
Statutory Auditor
Old Linen Court
83-85 Shambles Street
Barnsley
South Yorkshire
S70 2SB
TAPFREIGHT HOLDINGS LIMITED
GROUP INCOME STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
2024
2023
Notes
£
£
Revenue
3
10,270,739
10,597,583
Cost of sales
(8,834,635)
(8,949,944)
Gross profit
1,436,104
1,647,639
Administrative expenses
(1,102,803)
(1,053,768)
Operating profit
4
333,301
593,871
Finance costs
6
(166,086)
(123,573)
Profit before taxation
167,215
470,298
Tax on profit
7
(54,664)
(175,050)
Profit for the financial year
112,551
295,248
Profit for the financial year is all attributable to the owner of the parent company.
TAPFREIGHT HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
2024
2023
£
£
Profit for the year
112,551
295,248
Other comprehensive income
-
-
Total comprehensive income for the year
112,551
295,248
Total comprehensive income for the year is all attributable to the owners of the parent company.
TAPFREIGHT HOLDINGS LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024
30 April 2024
- 10 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
9
5,023,028
5,407,761
Current assets
Inventories
13
64,728
46,087
Trade and other receivables
14
1,692,030
1,847,309
Cash and cash equivalents
157,261
543,054
1,914,019
2,436,450
Current liabilities
15
(2,187,799)
(2,614,718)
Net current liabilities
(273,780)
(178,268)
Total assets less current liabilities
4,749,248
5,229,493
Non-current liabilities
16
(1,591,295)
(2,238,755)
Provisions for liabilities
Deferred tax liability
19
654,207
599,543
(654,207)
(599,543)
Net assets
2,503,746
2,391,195
Equity
Called up share capital
21
5,000
5,000
Retained earnings
2,498,746
2,386,195
Total equity
2,503,746
2,391,195

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved and signed by the director and authorised for issue on 28 August 2024
28 August 2024
Mr R W Milton
Director
Company registration number 14211563 (England and Wales)
TAPFREIGHT HOLDINGS LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024
30 April 2024
- 11 -
2024
2023
Notes
£
£
£
£
Non-current assets
Investments
10
5,000,000
5,000,000
Current assets
Cash and cash equivalents
1
1
Current liabilities
15
(8,096)
(3,500)
Net current liabilities
(8,095)
(3,499)
Net assets
4,991,905
4,996,501
Equity
Called up share capital
21
5,000
5,000
Other reserves
4,995,001
4,995,001
Retained earnings
(8,096)
(3,500)
Total equity
4,991,905
4,996,501

As permitted by s408 Companies Act 2006, the company has not presented its own income statement and related notes. The company’s loss for the year was £4,596 (2023 - £3,500 loss).

These financial statements have been prepared 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 28 August 2024
28 August 2024
Mr R W Milton
Director
Company registration number 14211563 (England and Wales)
TAPFREIGHT HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
Share capital
Retained earnings
Total
£
£
£
Balance at 1 May 2022
5,000
2,090,947
2,095,947
Year ended 30 April 2023:
Profit and total comprehensive income
-
295,248
295,248
Balance at 30 April 2023
5,000
2,386,195
2,391,195
Year ended 30 April 2024:
Profit and total comprehensive income
-
112,551
112,551
Balance at 30 April 2024
5,000
2,498,746
2,503,746
TAPFREIGHT HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 13 -
Share capital
Merger reserve
Retained earnings
Total
Notes
£
£
£
£
Balance at 1 May 2022
-
0
-
-
0
-
Year ended 30 April 2023:
Loss and total comprehensive income for the year
-
-
(3,500)
(3,500)
Issue of share capital
21
5,000
-
-
5,000
Transfers
-
4,995,001
-
4,995,001
Balance at 30 April 2023
5,000
4,995,001
(3,500)
4,996,501
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
(4,596)
(4,596)
Balance at 30 April 2024
5,000
4,995,001
(8,096)
4,991,905
TAPFREIGHT HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
1,547,849
1,290,751
Interest paid
(166,086)
(123,573)
Income taxes refunded/(paid)
11,419
(11,418)
Net cash inflow from operating activities
1,393,182
1,155,760
Investing activities
Purchase of property, plant and equipment
(574,329)
(315,530)
Proceeds from disposal of property, plant and equipment
76,550
75,850
Net cash used in investing activities
(497,779)
(239,680)
Financing activities
Increase in borrowings
16,000
8,940
Repayment of bank loans
-
(310,724)
Payment of finance leases obligations
(681,084)
(523,408)
Net cash used in financing activities
(665,084)
(825,192)
Net increase in cash and cash equivalents
230,319
90,888
Cash and cash equivalents at beginning of year
(116,105)
(206,993)
Cash and cash equivalents at end of year
114,214
(116,105)
Relating to:
Cash at bank and in hand
157,261
543,054
Bank overdrafts included in creditors payable within one year
(43,047)
(659,159)
TAPFREIGHT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 15 -
1
Accounting policies
Company information

Tapfreight Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Old Linen Court, 83-85 Shambles Street, Barnsley, South Yorkshire, S70 2SB.

 

The group consists of Tapfreight Holdings Limited and all of its subsidiaries.

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.

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
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is adjusted against merger reserves. Investments in subsidiaries are accounted for at cost less impairment.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Tapfreight Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 April 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

TAPFREIGHT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 16 -

Investments in joint ventures and associates are carried in the group statement of financial position at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Revenue

Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Where goods are delivered in the UK, the turnover is recognised on the day of delivery. Where goods are delivered abroad/collected from abroad, they are recognised on the day of collection.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Intangible fixed assets - goodwill

Acquired goodwill is written off in equal instalments over its estimated useful economic life.

1.7
Property, plant and equipment

Property, plant and equipment 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 land and buildings
10 - 50 years straight line
Plant and equipment
2 - 10 years straight line
Fixtures and fittings
2 - 15 years straight line
Computers
1 - 10 years straight line
Motor vehicles
10% - 25% reducing balance and 2 - 10 years 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 recognised in the income statement.

1.8
Non-current investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

TAPFREIGHT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 17 -

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

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of non-current assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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.

TAPFREIGHT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 18 -
1.10
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

 

Inventories held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories 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.

1.11
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.

1.12
Financial instruments

The group 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 group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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 trade and other receivables 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.

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 publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

TAPFREIGHT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 19 -
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 group 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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, 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 payables 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 payables 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.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

TAPFREIGHT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 20 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group 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 group.

1.14
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 income statement 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 group’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. 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 income statement, 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 if, and only if, there is 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.

1.15
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 non-current 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.

1.16
Retirement benefits

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

TAPFREIGHT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 21 -
1.17
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 statement of financial position 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.

1.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is 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.

3
Revenue
2024
2023
£
£
Revenue analysed by class of business
Revenue from rendering of services
10,270,739
10,597,583
2024
2023
£
£
Revenue analysed by geographical market
UK
7,582,853
7,773,645
EC
2,687,886
2,823,938
10,270,739
10,597,583
TAPFREIGHT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 22 -
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(18,493)
(12,376)
Fees payable to the group's auditor for the audit of the group's financial statements
3,000
3,500
Depreciation of owned property, plant and equipment
353,895
(221,612)
Depreciation of property, plant and equipment held under finance leases
521,599
959,542
Loss/(profit) on disposal of property, plant and equipment
7,018
(19,143)
5
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Office and management
25
25
1
1
Direct
67
70
-
-
Total
92
95
1
1

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,942,651
2,890,862
-
0
-
0
Social security costs
281,690
288,552
-
-
Pension costs
81,627
84,857
-
0
-
0
3,305,968
3,264,271
-
0
-
0
6
Finance costs
2024
2023
£
£
Interest on bank overdrafts and loans
-
549
Interest on invoice finance arrangements
22,839
21,939
Interest on finance leases and hire purchase contracts
125,590
83,085
Other interest
17,657
18,000
Total finance costs
166,086
123,573
TAPFREIGHT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 23 -
7
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
(11,419)
Adjustments in respect of prior periods
-
0
(1)
Total current tax
-
0
(11,420)
Deferred tax
Origination and reversal of timing differences
54,664
186,470
Total tax charge
54,664
175,050

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

2024
2023
£
£
Profit before taxation
167,215
470,298
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
41,804
117,575
Tax effect of expenses that are not deductible in determining taxable profit
4,334
1,588
Tax effect of income not taxable in determining taxable profit
-
0
(4,786)
Tax effect of utilisation of tax losses not previously recognised
(110,531)
-
0
Unutilised tax losses carried forward
1,149
314,086
Adjustments in respect of prior years
-
0
(1)
Effect of change in corporation tax rate
-
3,606
Permanent capital allowances in excess of depreciation
63,244
(443,488)
Other non-reversing timing differences
54,664
186,470
Taxation charge
54,664
175,050
8
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
1,271,860
Amortisation and impairment
At 1 May 2023 and 30 April 2024
1,271,860
TAPFREIGHT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
8
Intangible fixed assets
(Continued)
- 24 -
Carrying amount
At 30 April 2024
-
0
At 30 April 2023
-
0
The company had no intangible fixed assets at 30 April 2024 or 30 April 2023.
9
Property, plant and equipment
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 May 2023
2,198,775
365,663
454,006
389,118
6,000,747
9,408,309
Additions
-
0
9,442
10,390
28,203
526,294
574,329
Disposals
-
0
-
0
-
0
-
0
(733,702)
(733,702)
At 30 April 2024
2,198,775
375,105
464,396
417,321
5,793,339
9,248,936
Depreciation and impairment
At 1 May 2023
472,970
201,151
345,588
370,911
2,609,928
4,000,548
Depreciation charged in the year
36,527
36,565
17,390
8,489
776,523
875,494
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(650,134)
(650,134)
At 30 April 2024
509,497
237,716
362,978
379,400
2,736,317
4,225,908
Carrying amount
At 30 April 2024
1,689,278
137,389
101,418
37,921
3,057,022
5,023,028
At 30 April 2023
1,725,805
164,512
108,418
18,207
3,390,819
5,407,761
The company had no property, plant and equipment at 30 April 2024 or 30 April 2023.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
44,788
51,768
-
0
-
0
Motor vehicles
2,060,685
2,831,009
-
0
-
0
2,105,473
2,882,777
-
-
TAPFREIGHT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 25 -
10
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
11
-
0
-
0
5,000,000
5,000,000
Movements in non-current investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 May 2023 and 30 April 2024
5,000,000
Carrying amount
At 30 April 2024
5,000,000
At 30 April 2023
5,000,000
11
Subsidiaries

Details of the company's subsidiaries at 30 April 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Tapfreight Limited
England
Haulage and storage contractors
Ordinary
100.00

On 4 July 2022 the group was created on completion of a share for share exchange in a subsidiary company. The acquisition is accounted for under the merger method of accounting.

12
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
1,571,857
1,746,328
n/a
n/a
Carrying amount of financial liabilities
Measured at amortised cost
3,563,497
4,742,865
n/a
n/a
13
Inventories
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
64,728
46,087
-
0
-
0
TAPFREIGHT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 26 -
14
Trade and other receivables
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade receivables
1,571,857
1,739,212
-
0
-
0
Corporation tax recoverable
-
0
11,419
-
0
-
0
Other receivables
-
7,116
-
0
-
0
Prepayments and accrued income
120,173
89,562
-
0
-
0
1,692,030
1,847,309
-
-
15
Current liabilities
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
17
43,047
659,159
-
0
-
0
Obligations under finance leases
18
642,426
660,050
-
0
-
0
Trade payables
985,857
824,190
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
4,596
-
0
Other taxation and social security
215,597
110,608
-
-
Other payables
37,447
36,799
-
0
-
0
Accruals and deferred income
263,425
323,912
3,500
3,500
2,187,799
2,614,718
8,096
3,500
16
Non-current liabilities
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
18
1,205,320
1,868,780
-
0
-
0
Other borrowings
17
385,975
369,975
-
0
-
0
1,591,295
2,238,755
-
-
TAPFREIGHT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 27 -
17
Borrowings
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank overdrafts
43,047
659,159
-
0
-
0
Other loans
385,975
369,975
-
0
-
0
429,022
1,029,134
-
-
Payable within one year
43,047
659,159
-
0
-
0
Payable after one year
385,975
369,975
-
0
-
0

The factor loan account is secured by a charge over the trade debtors of the company.

The other loan relates to the loan due to the director. Interest is charged on the loan at £18,000 per annum.

18
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
642,426
660,050
-
0
-
0
In two to five years
1,205,320
1,868,780
-
0
-
0
1,847,746
2,528,830
-
-

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

19
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
856,887
912,754
Tax losses
(202,680)
(313,211)
654,207
599,543
The company has no deferred tax assets or liabilities.
TAPFREIGHT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
19
Deferred taxation
(Continued)
- 28 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 May 2023
599,543
-
Charge to profit or loss
54,664
-
Liability at 30 April 2024
654,207
-

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
81,627
84,857

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

Amounts included within accruals for defined contribution liabilities totalled £33,000 (2023: £28,000).

21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
5,000
5,000
5,000
5,000

The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. All ordinary shares rank equally with regard to the Company's residual assets.

 

Called-up share capital represents the nominal value of shares that have been issued.

On incorporation of the company, 1 new ordinary share of £1 was issued in order to form the capital base of the company.

 

During the comparative reporting period, a further 4,999 ordinary shares of £1 each were issued in exchange for shares in subsidiary companies, at a total value of £5,000,000.

TAPFREIGHT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 29 -
22
Operating lease commitments

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
188,073
197,033
-
-
Between two and five years
72,145
256,371
-
-
260,218
453,404
-
-
23
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2024
2023
2024
2023
£
£
£
£
Acquisition of property, plant and equipment
-
36,000
-
-
24
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
112,551
295,248
Adjustments for:
Taxation charged
54,664
175,050
Finance costs
166,086
123,573
Loss/(gain) on disposal of property, plant and equipment
7,018
(19,143)
Depreciation and impairment of property, plant and equipment
875,494
737,930
Movements in working capital:
(Increase)/decrease in inventories
(18,641)
16,016
Decrease/(increase) in trade and other receivables
143,860
(182,273)
Increase in trade and other payables
206,817
144,350
Cash generated from operations
1,547,849
1,290,751
TAPFREIGHT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 30 -
25
Analysis of changes in net debt - group
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
543,054
(385,793)
157,261
Bank overdrafts
(659,159)
616,112
(43,047)
(116,105)
230,319
114,214
Borrowings excluding overdrafts
(369,975)
(16,000)
(385,975)
Obligations under finance leases
(2,528,830)
681,084
(1,847,746)
(3,014,910)
895,403
(2,119,507)
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