Company registration number 07227767 (England and Wales)
ACCLAIM FREIGHT SERVICES LIMITED
(FORMERLY WORLD LOGISTIX LTD)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
ACCLAIM FREIGHT SERVICES LIMITED
(FORMERLY WORLD LOGISTIX LTD)
COMPANY INFORMATION
Directors
Mr C R Aldridge
Mr T C Flood
Secretary
Mr T C Flood
Company number
07227767
Registered office
F7 Fareham Heights
Standard Way
Fareham
Hampshire
United Kingdom
PO16 8XT
ACCLAIM FREIGHT SERVICES LIMITED
(FORMERLY WORLD LOGISTIX LTD)
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
ACCLAIM FREIGHT SERVICES LIMITED
(FORMERLY WORLD LOGISTIX LTD)
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
243,970
264,137
Current assets
Debtors
5
148,940
180,532
Cash at bank and in hand
233,947
241,048
382,887
421,580
Creditors: amounts falling due within one year
6
(153,362)
(182,128)
Net current assets
229,525
239,452
Total assets less current liabilities
473,495
503,589
Creditors: amounts falling due after more than one year
7
-
0
(25,222)
Provisions for liabilities
(11,074)
(15,190)
Net assets
462,421
463,177
Capital and reserves
Called up share capital
8
70
70
Capital redemption reserve
30
30
Profit and loss reserves
462,321
463,077
Total equity
462,421
463,177

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

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

The directors acknowledge their 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.

ACCLAIM FREIGHT SERVICES LIMITED
(FORMERLY WORLD LOGISTIX LTD)
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 22 August 2024 and are signed on its behalf by:
Mr T C Flood
Director
Company Registration No. 07227767
ACCLAIM FREIGHT SERVICES LIMITED
(FORMERLY WORLD LOGISTIX LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Acclaim Freight Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is F7 Fareham Heights, Standard Way, Fareham, Hampshire, United Kingdom, PO16 8XT.

 

The company changed its name on 7 February 2024 from World Logistix Ltd to Acclaim Freight Services Limited.

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

Atruet 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 the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents sales to external customers at invoiced amounts less value added tax or local taxes on sales. All income is recognised in the period in which goods are delivered or the service is provided.

1.4
Intangible fixed assets - goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, was amortised evenly over its estimated useful life of five years.

1.5
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 land and buildings
From 0% to 33.3% on cost
Fixtures and fittings
From 20% to 33.3% on cost
Motor vehicles
From 25% to 33.3% on cost

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.

ACCLAIM FREIGHT SERVICES LIMITED
(FORMERLY WORLD LOGISTIX LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets

At each reporting period end date, the company 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.

1.7
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.

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.

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.

ACCLAIM FREIGHT SERVICES LIMITED
(FORMERLY WORLD LOGISTIX LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
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. 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 profit and loss account, 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 when the company has 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.

1.11
Employee benefits

The company recognises an accrual for accumulated annual leave accrued by employees as a result of services rendered in the current period for which employees can carry forward and use within the next year. The accrual is measured at the salary cost of the respective employee in relation to the period of absence.

1.12
Retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

2
Employees

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

2023
2022
Number
Number
Total
8
8
ACCLAIM FREIGHT SERVICES LIMITED
(FORMERLY WORLD LOGISTIX LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
16,000
Amortisation and impairment
At 1 January 2023 and 31 December 2023
16,000
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
-
0
ACCLAIM FREIGHT SERVICES LIMITED
(FORMERLY WORLD LOGISTIX LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
4
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
218,477
17,652
60,554
296,683
Additions
-
0
2,816
-
0
2,816
At 31 December 2023
218,477
20,468
60,554
299,499
Depreciation and impairment
At 1 January 2023
16,305
11,738
4,503
32,546
Depreciation charged in the year
3,486
4,137
15,360
22,983
At 31 December 2023
19,791
15,875
19,863
55,529
Carrying amount
At 31 December 2023
198,686
4,593
40,691
243,970
At 31 December 2022
202,172
5,914
56,051
264,137

Included in cost of land and buildings is freehold land of £60,000 (2022 - £60,000) which is not depreciated.

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
131,227
172,228
Other debtors
17,713
8,304
148,940
180,532
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
-
0
11,459
Trade creditors
114,883
156,546
Taxation and social security
23,549
9,587
Other creditors
14,930
4,536
153,362
182,128
ACCLAIM FREIGHT SERVICES LIMITED
(FORMERLY WORLD LOGISTIX LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
-
0
25,222
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
70
70
70
70
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