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REGISTERED NUMBER: 01465323 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

CRANLEIGH FREIGHT SERVICES LIMITED

CRANLEIGH FREIGHT SERVICES LIMITED (REGISTERED NUMBER: 01465323)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


CRANLEIGH FREIGHT SERVICES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: B M Cox
D L Wells
P E Young
G R Young
C R Young





REGISTERED OFFICE: Building 120 Stovolds Hill
Cranleigh
Surrey
GU6 8TB





REGISTERED NUMBER: 01465323 (England and Wales)





ACCOUNTANTS: Crowe U.K. LLP
Riverside House
40-46 High Street
Maidstone
Kent
ME14 1JH

CRANLEIGH FREIGHT SERVICES LIMITED (REGISTERED NUMBER: 01465323)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,948,504 2,134,032

CURRENT ASSETS
Stocks 3,521 3,144
Debtors 5 1,243,213 1,190,183
Cash at bank and in hand 327,214 441,810
1,573,948 1,635,137
CREDITORS
Amounts falling due within one year 6 1,003,491 995,474
NET CURRENT ASSETS 570,457 639,663
TOTAL ASSETS LESS CURRENT LIABILITIES 2,518,961 2,773,695

CREDITORS
Amounts falling due after more than one year 7 (888,556 ) (1,157,994 )

PROVISIONS FOR LIABILITIES 10 (208,340 ) (138,435 )
NET ASSETS 1,422,065 1,477,266

CAPITAL AND RESERVES
Called up share capital 11 1,000 1,000
Capital redemption reserve 12 - (87,500 )
Retained earnings 12 1,421,065 1,563,766
1,422,065 1,477,266

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 August 2024 and were signed on its behalf by:





D L Wells - Director


CRANLEIGH FREIGHT SERVICES LIMITED (REGISTERED NUMBER: 01465323)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Cranleigh Freight Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The positive trading position continued in 2023 thus allowing the company to continue to offer its professional, well presented, and reliable services to the motorsport, events, automotive and airfreight industries.

The company continues to utilise an invoice discounting facility provided by RBS, which is presented within bank overdrafts. The Directors see no reason to believe that this facility would be terminated during the 12 months following the date of approval of these financial statements, and considers the facility to be adequate for its requirements.

There are no material uncertainties and coupled with the consistent trading, the Directors consider that the company will be a going concern for a period of at least 12 months from the date of approval of these financial statements, and have therefore prepared the financial statement on a going concern basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised when services are delivered.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Long leasehold - over the life of the lease
Plant and machinery - 20% on cost
Motor vehicles - 20% on cost
Office equipment - 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets, other than investments and derivatives, are initially measured at transaction price (including transaction costs) and subsequently held at cost, less any impairment.

Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than the financial instrument's legal form. Financial liabilities, excluding convertible debt and derivatives, are initially measured at transaction price (including transaction costs) and subsequently held at amortised cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


CRANLEIGH FREIGHT SERVICES LIMITED (REGISTERED NUMBER: 01465323)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Foreign currency translations are translated into sterling at the rates ruling when they occurred. Foreign currency monetary assets and liabilities are translated at the rates ruling at the reporting dates. Any differences are taken to the statement of comprehensive income.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-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.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Creditors

Short term creditors are measured at the transaction price.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with no significant risk of change in value.

Financial reporting standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
- the requirements of Section 7 Statement of Cash Flows;
- the requirements of Section 3 Financial Statement Presentation paragraph 3.17 (d);
- the requirements of Section 11 Financial Instruments paragraphs 11.39 to 11.48A;
- the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.29;
- the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
- the requirements of Section 33 Related Party Disclosures paragraph 33.7.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 36 (2022 - 36 ) .

CRANLEIGH FREIGHT SERVICES LIMITED (REGISTERED NUMBER: 01465323)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. TANGIBLE FIXED ASSETS
Long Plant and Motor Office
leasehold machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 23,969 292,906 3,615,739 259,942 4,192,556
Additions - 4,620 392,534 1,495 398,649
Disposals - - (227,383 ) - (227,383 )
At 31 December 2023 23,969 297,526 3,780,890 261,437 4,363,822
DEPRECIATION
At 1 January 2023 11,173 284,416 1,515,328 247,607 2,058,524
Charge for year 4,798 3,047 537,978 5,021 550,844
Eliminated on disposal - - (194,050 ) - (194,050 )
At 31 December 2023 15,971 287,463 1,859,256 252,628 2,415,318
NET BOOK VALUE
At 31 December 2023 7,998 10,063 1,921,634 8,809 1,948,504
At 31 December 2022 12,796 8,490 2,100,411 12,335 2,134,032


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 835,848 742,947
Other debtors 180,026 168,792
VAT 80,197 118,743
Prepayments and accrued income 147,142 159,701
1,243,213 1,190,183

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 8) 10,128 9,872
Hire purchase contracts (see note 9) 402,177 441,406
Trade creditors 379,148 335,381
Social security and other taxes 43,890 41,100
Other creditors 16,368 7,634
Directors' loan accounts 81,958 80,748
Accruals and deferred income 69,822 79,333
1,003,491 995,474

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans (see note 8) 15,670 25,798
Hire purchase contracts (see note 9) 872,886 1,132,196
888,556 1,157,994

The company has an existing £25,797 Bounce Back Loan as part of the Covid-19 government support to businesses during the pandemic. Interest is payable on the loan at 2.5% per annum over 6 years. The interest payable for the first 12 months is paid by the government. The loan is due to be repaid in 60 monthly instalments commencing 12 months from drawdown date. The loan is secured by a government backed guarantee.

CRANLEIGH FREIGHT SERVICES LIMITED (REGISTERED NUMBER: 01465323)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 10,128 9,872

Amounts falling due between one and two years:
Bank loans - 1-2 years 10,383 10,128

Amounts falling due between two and five years:
Bank loans - 2-5 years 5,287 15,670

9. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 402,177 441,406
Between one and five years 872,886 1,132,196
1,275,063 1,573,602

The company had future minimum lease payments under non-cancellable leases as set out below:

2023 2022
£ £

Land and buildings

In one year or less 214,522 214,522
In more than one year, but not more than five years 125,138 339,660
339,660 554,182

Other

In one year or less 1,668 20,020
In more than one year, but not more than five years - -
1,668 20,020

Liabilities in relation to lease agreements are secured against the underlying assets.

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 208,340 138,435

CRANLEIGH FREIGHT SERVICES LIMITED (REGISTERED NUMBER: 01465323)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


10. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2023 138,435
Charge to Income Statement during year 69,905
Balance at 31 December 2023 208,340

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
800 Ordinary A £1 800 800
200 Ordinary B £1 200 200
1,000 1,000

Ordinary A Shares: The shares have attached to them full voting rights, dividend and capital distribution (including on winding up) rights.

Ordinary B Shares: The shares have attached to them full voting rights, dividend and capital distribution (including on winding up) rights.

12. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 January 2023 1,563,766 (87,500 ) 1,476,266
Profit for the year 198,709 198,709
Dividends (253,910 ) (253,910 )
Purchase of own shares (87,500 ) 87,500 -
At 31 December 2023 1,421,065 - 1,421,065

13. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling £5,781 (2022: £nil) were payable to the fund at the reporting date and are included in creditors.

14. RELATED PARTY DISCLOSURES

At the balance sheet date, the company owed its directors £81,958 (2022: £80,748) which is included in creditors due within one year. No interest is charged on the amount, and there are no repayment terms attached.

15. ULTIMATE CONTROLLING PARTY

The ultimate controlling party during the year was the director G Young, by virtue of his majority ownership of the voting share capital.

16. CHARGES

The company has existing charges held against it registered at Companies House. These include fixed and floating charges held against property owned by the company.