Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-31No description of principal activitytruefalse2023-06-013232trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 04427901 2023-06-01 2024-05-31 04427901 2022-06-01 2023-05-31 04427901 2024-05-31 04427901 2023-05-31 04427901 c:Director1 2023-06-01 2024-05-31 04427901 c:Director2 2023-06-01 2024-05-31 04427901 d:Buildings 2023-06-01 2024-05-31 04427901 d:Buildings 2024-05-31 04427901 d:Buildings 2023-05-31 04427901 d:Buildings d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 04427901 d:Buildings d:LeasedAssetsHeldAsLessee 2023-06-01 2024-05-31 04427901 d:MotorVehicles 2023-06-01 2024-05-31 04427901 d:MotorVehicles 2024-05-31 04427901 d:MotorVehicles 2023-05-31 04427901 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 04427901 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-06-01 2024-05-31 04427901 d:FurnitureFittings 2023-06-01 2024-05-31 04427901 d:FurnitureFittings 2024-05-31 04427901 d:FurnitureFittings 2023-05-31 04427901 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 04427901 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-06-01 2024-05-31 04427901 d:OfficeEquipment 2023-06-01 2024-05-31 04427901 d:OfficeEquipment 2024-05-31 04427901 d:OfficeEquipment 2023-05-31 04427901 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 04427901 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2023-06-01 2024-05-31 04427901 d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 04427901 d:LeasedAssetsHeldAsLessee 2023-06-01 2024-05-31 04427901 d:Goodwill 2024-05-31 04427901 d:Goodwill 2023-05-31 04427901 d:CurrentFinancialInstruments 2024-05-31 04427901 d:CurrentFinancialInstruments 2023-05-31 04427901 d:Non-currentFinancialInstruments 2024-05-31 04427901 d:Non-currentFinancialInstruments 2023-05-31 04427901 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 04427901 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 04427901 d:Non-currentFinancialInstruments d:AfterOneYear 2024-05-31 04427901 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 04427901 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-05-31 04427901 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-05-31 04427901 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-05-31 04427901 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-05-31 04427901 d:ShareCapital 2024-05-31 04427901 d:ShareCapital 2023-05-31 04427901 d:RetainedEarningsAccumulatedLosses 2024-05-31 04427901 d:RetainedEarningsAccumulatedLosses 2023-05-31 04427901 c:FRS102 2023-06-01 2024-05-31 04427901 c:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 04427901 c:FullAccounts 2023-06-01 2024-05-31 04427901 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 04427901 d:HirePurchaseContracts d:WithinOneYear 2024-05-31 04427901 d:HirePurchaseContracts d:WithinOneYear 2023-05-31 04427901 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-05-31 04427901 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-05-31 04427901 d:AcceleratedTaxDepreciationDeferredTax 2024-05-31 04427901 d:AcceleratedTaxDepreciationDeferredTax 2023-05-31 04427901 d:TaxLossesCarry-forwardsDeferredTax 2024-05-31 04427901 d:TaxLossesCarry-forwardsDeferredTax 2023-05-31 04427901 2 2023-06-01 2024-05-31 04427901 e:PoundSterling 2023-06-01 2024-05-31 iso4217:GBP xbrli:pure

Registered number: 04427901









SHARP FREIGHT INTERNATIONAL LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2024

 
SHARP FREIGHT INTERNATIONAL LIMITED
REGISTERED NUMBER: 04427901

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
2,099,746
2,262,771

  
2,099,746
2,262,771

Current assets
  

Stocks
  
7,378
15,327

Debtors: amounts falling due within one year
 6 
787,548
525,584

Cash at bank and in hand
 7 
391,893
825,229

  
1,186,819
1,366,140

Creditors: amounts falling due within one year
 8 
(268,465)
(293,301)

Net current assets
  
 
 
918,354
 
 
1,072,839

Total assets less current liabilities
  
3,018,100
3,335,610

Creditors: amounts falling due after more than one year
 9 
(1,500,305)
(1,795,150)

Provisions for liabilities
  

Deferred tax
 12 
(398,952)
(415,427)

  
 
 
(398,952)
 
 
(415,427)

Net assets
  
1,118,843
1,125,033


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
1,118,841
1,125,031

  
1,118,843
1,125,033


Page 1

 
SHARP FREIGHT INTERNATIONAL LIMITED
REGISTERED NUMBER: 04427901
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
A. J. Sharp
................................................
J. A. Sharp
Director
Director


Date: 27 August 2024

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
SHARP FREIGHT INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Sharp Freight International Limited is a private company limited by shares, registered in the United Kingdom number 04427901. Its registered office is Manor House, 35 St. Thomas’s Road, Chorley, Lancashire, PR7 1HP.
During the year, the principal activity of the company continued to be that of general road haulage.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
SHARP FREIGHT INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 4

 
SHARP FREIGHT INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the applicable method outlined below.

Depreciation is provided on the following basis:

Freehold land and buildings
-
2%
Straight line
Motor vehicles
-
20%
Reducing balance
Fixtures and fittings
-
20%
Reducing balance
Office equipment
-
33%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
SHARP FREIGHT INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.13

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 insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 32 (2023 - 32).

Page 6

 
SHARP FREIGHT INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.


Intangible assets




Goodwill

£



Cost


At 1 June 2023
100,000



At 31 May 2024

100,000



Amortisation


At 1 June 2023
100,000



At 31 May 2024

100,000



Net book value



At 31 May 2024
-



At 31 May 2023
-



Page 7

 
SHARP FREIGHT INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

5.


TANGIBLE FIXED ASSETS





Freehold property
Motor vehicles
Fixtures & fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 June 2023
141,201
3,876,086
142,415
25,323
4,185,025


Additions
-
319,600
4,900
-
324,500


Disposals
-
(261,000)
-
-
(261,000)



At 31 May 2024

141,201
3,934,686
147,315
25,323
4,248,525



Depreciation


At 1 June 2023
14,870
1,768,940
120,122
18,324
1,922,256


Charge for the year on owned assets
2,824
30,940
4,623
3,808
42,195


Charge for the year on financed assets
-
383,563
-
-
383,563


Disposals
-
(199,235)
-
-
(199,235)



At 31 May 2024

17,694
1,984,208
124,745
22,132
2,148,779



Net book value



At 31 May 2024
123,507
1,950,478
22,570
3,191
2,099,746



At 31 May 2023
126,331
2,107,147
22,293
7,000
2,262,771

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:






6.


Debtors

2024
2023
£
£


Trade debtors
481,397
456,705

Other debtors
176,917
19,499

Prepayments and accrued income
129,234
49,380

787,548
525,584


Page 8

 
SHARP FREIGHT INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
391,893
825,229

391,893
825,229



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
9,924
9,548

Trade creditors
96,159
146,439

Other taxation and social security
66,873
15,498

Other creditors
9,854
97,086

Accruals and deferred income
85,655
24,730

268,465
293,301



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
11,537
21,853

Net obligations under finance leases and hire purchase contracts
1,488,768
1,773,297

1,500,305
1,795,150


The following liabilities were secured:

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts


hire purchase contracts
1,494,427
-

1,494,427
-

Details of security provided:

The hire purchase contracts are secured on the assets to which they relate.

Page 9

 
SHARP FREIGHT INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
9,924
9,548


9,924
9,548

Amounts falling due 1-2 years

Bank loans
9,924
9,548


9,924
9,548

Amounts falling due 2-5 years

Bank loans
1,613
12,304


1,613
12,304


21,461
31,400



11.


Hire purchase and finance leases


2024
2023
£
£


Within one year
438,865
395,912

Between 1-5 years
1,055,563
932,131

1,494,428
1,328,043


12.


Deferred taxation

Page 10

 
SHARP FREIGHT INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
 
12.Deferred taxation (continued)




2024


£






At beginning of year
(415,426)


Charged to profit or loss
16,474



At end of year
(398,952)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(398,952)
(306,907)

Tax losses carried forward
-
(108,519)

(398,952)
(415,426)

 
Page 11