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REGISTERED NUMBER: 04593496 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

MASTERFREIGHT LIMITED

MASTERFREIGHT LIMITED (REGISTERED NUMBER: 04593496)

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










Page

Balance Sheet 1

Notes to the Financial Statements 3


MASTERFREIGHT LIMITED (REGISTERED NUMBER: 04593496)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 4,789,697 775,042
Investments 6 100,000 100,000
4,889,697 875,042

CURRENT ASSETS
Stocks 52,945 10,000
Debtors 7 692,694 4,517,200
Investments 8 20,250 20,250
Cash at bank 929,921 192,551
1,695,810 4,740,001
CREDITORS
Amounts falling due within one year 9 1,246,810 735,725
NET CURRENT ASSETS 449,000 4,004,276
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,338,697

4,879,318

CREDITORS
Amounts falling due after more than
one year

10

(2,577,029

)

(2,651,784

)

PROVISIONS FOR LIABILITIES (195,404 ) (191,611 )
NET ASSETS 2,566,264 2,035,923

CAPITAL AND RESERVES
Called up share capital 50 50
Capital redemption reserve 50 50
Retained earnings 2,566,164 2,035,823
2,566,264 2,035,923

MASTERFREIGHT LIMITED (REGISTERED NUMBER: 04593496)

BALANCE SHEET - continued
31 DECEMBER 2023


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 4 September 2024 and were signed on its behalf by:





K L Balu - Director


MASTERFREIGHT LIMITED (REGISTERED NUMBER: 04593496)

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


1. STATUTORY INFORMATION

Masterfreight Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 04593496

Registered office: A.M.K House
West Bromwich Street
Oldbury
West Midlands
B69 3AY

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.

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

Goodwill
Goodwill is amortised as to write off the cost of the asset, less its estimated residual value, over the useful life of that asset. The current rate of amorisation for goodwill is 20% straight line.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - Not depreciated
Motor vehicles - 25% on reducing balance
Office equipment - 20% on cost

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.

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, and loans to related parties.

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

Short term creditors are measured at the transaction price.

MASTERFREIGHT LIMITED (REGISTERED NUMBER: 04593496)

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


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2022 - 23 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 5,000
AMORTISATION
At 1 January 2023
and 31 December 2023 5,000
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 - 1,483,937 1,483,937
Additions 4,000,000 184,357 4,184,357
Disposals - (48,717 ) (48,717 )
At 31 December 2023 4,000,000 1,619,577 5,619,577
DEPRECIATION
At 1 January 2023 - 708,895 708,895
Charge for year - 136,970 136,970
Eliminated on disposal - (15,985 ) (15,985 )
At 31 December 2023 - 829,880 829,880
NET BOOK VALUE
At 31 December 2023 4,000,000 789,697 4,789,697
At 31 December 2022 - 775,042 775,042

The 2023 land and buildings valuations were made by the directors, on an open market value for existing use basis.

MASTERFREIGHT LIMITED (REGISTERED NUMBER: 04593496)

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


6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2023
and 31 December 2023 100,000
NET BOOK VALUE
At 31 December 2023 100,000
At 31 December 2022 100,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 502,231 395,310
Other debtors 190,463 4,121,890
692,694 4,517,200

8. CURRENT ASSET INVESTMENTS
2023 2022
£    £   
Collective memorabilia 20,250 20,250

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 77,100 133,158
Hire purchase contracts 50,077 63,139
Trade creditors 138,680 202,328
Taxation and social security 415,845 297,522
Other creditors 565,108 39,578
1,246,810 735,725

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Bank loans 2,563,239 2,589,188
Hire purchase contracts 13,790 62,596
2,577,029 2,651,784

MASTERFREIGHT LIMITED (REGISTERED NUMBER: 04593496)

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


10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2023 2022
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr 2,254,839 2,030,584

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 2,640,339 2,722,346
Hire purchase contracts 63,867 125,735
2,704,206 2,848,081

Hire purchase creditors are secured against the asset to which they relate.

The bank loans are secured via a fixed and floating charge over the undertakings and assets of the company.