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REGISTERED NUMBER: 14086744 (England and Wales)















FINANCIAL STATEMENTS

FOR THE PERIOD

1ST JUNE 2023 TO 31ST DECEMBER 2023

FOR

L.I.T. LOGISTICS SOLUTIONS LTD

L.I.T. LOGISTICS SOLUTIONS LTD (REGISTERED NUMBER: 14086744)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1ST JUNE 2023 TO 31ST DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


L.I.T. LOGISTICS SOLUTIONS LTD

COMPANY INFORMATION
FOR THE PERIOD 1ST JUNE 2023 TO 31ST DECEMBER 2023







DIRECTOR: C Durach





REGISTERED OFFICE: 1&2 Mercia Business Village
Torwood Close
Westwood Business Park
Coventry
West Midlands
CV4 8HX





REGISTERED NUMBER: 14086744 (England and Wales)





INDEPENDENT AUDITORS: Armstrongs Accountancy Ltd
Chartered Accountants and Statutory Auditor
1 & 2 Mercia Village
Torwood Close
Westwood Business Park
Coventry
West Midlands
CV4 8HX

L.I.T. LOGISTICS SOLUTIONS LTD (REGISTERED NUMBER: 14086744)

BALANCE SHEET
31ST DECEMBER 2023

2023 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 144,229 152,642

CURRENT ASSETS
Debtors 5 858,615 681,637
Cash at bank 136,407 21,486
995,022 703,123
CREDITORS
Amounts falling due within one year 6 171,324 135,481
NET CURRENT ASSETS 823,698 567,642
TOTAL ASSETS LESS CURRENT
LIABILITIES

967,927

720,284

CREDITORS
Amounts falling due after more than one
year

7

1,902,061

887,281
NET LIABILITIES (934,134 ) (166,997 )

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 9 (934,135 ) (166,998 )
(934,134 ) (166,997 )

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 director and authorised for issue on 12th September 2024 and were signed by:





C Durach - Director


L.I.T. LOGISTICS SOLUTIONS LTD (REGISTERED NUMBER: 14086744)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1ST JUNE 2023 TO 31ST DECEMBER 2023

1. STATUTORY INFORMATION

L.I.T. Logistics Solutions Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Going concern
The directors have a reasonable expectation that L.I.T Lager & Logistik Holding GmbH has adequate resources to continue to support L.I.T Logistics Limited and, therefore, continues to adopt the going concern basis of accounting on preparing the annual audited financial statements.

In the course of the preparation of the audited financial statements, the directors have sought comfort from L.I.T Lager & Logistik Holding GmbH as to their continued financial support for a period of 12 months from the date of these financial statements. This support has been confirmed in writing.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Rendering of services

When the outcome of a transaction can be estimated reliably, turnover from logistics contracts is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - Over the period of the 8 year lease
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 20% on reducing balance
Computer equipment - 25% on cost


L.I.T. LOGISTICS SOLUTIONS LTD (REGISTERED NUMBER: 14086744)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1ST JUNE 2023 TO 31ST DECEMBER 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the period 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.

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 period 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.

Hire purchase and leasing commitments
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 2 (2023 - NIL ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Computer
leasehold machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1st June 2023 115,633 - 49,273 - 164,906
Additions 1,316 1,707 1,923 427 5,373
Disposals - - (176 ) - (176 )
At 31st December 2023 116,949 1,707 51,020 427 170,103
DEPRECIATION
At 1st June 2023 2,409 - 9,855 - 12,264
Charge for period 8,528 249 4,806 62 13,645
Eliminated on disposal - - (35 ) - (35 )
At 31st December 2023 10,937 249 14,626 62 25,874
NET BOOK VALUE
At 31st December 2023 106,012 1,458 36,394 365 144,229
At 31st May 2023 113,224 - 39,418 - 152,642

L.I.T. LOGISTICS SOLUTIONS LTD (REGISTERED NUMBER: 14086744)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1ST JUNE 2023 TO 31ST DECEMBER 2023

5. DEBTORS
2023 2023
£    £   
Amounts falling due within one year:
Trade debtors 53,673 -
Other debtors 312,233 188,928
365,906 188,928

Amounts falling due after more than one year:
Other debtors 492,709 492,709

Aggregate amounts 858,615 681,637

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2023
£    £   
Trade creditors 110,891 132,730
Taxation and social security 6,887 -
Other creditors 53,546 2,751
171,324 135,481

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2023
£    £   
Amounts owed to group undertakings 1,902,061 887,281

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2023
£    £   
Within one year 985,417 985,417
Between one and five years 903,299 1,888,716
1,888,716 2,874,133

9. RESERVES
Retained
earnings
£   

At 1st June 2023 (166,998 )
Deficit for the period (767,137 )
At 31st December 2023 (934,135 )

L.I.T. LOGISTICS SOLUTIONS LTD (REGISTERED NUMBER: 14086744)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1ST JUNE 2023 TO 31ST DECEMBER 2023

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Auditors' Report was unqualified.

Muhammed Shabbir FCA, FCCA (Senior Statutory Auditor)
for and on behalf of Armstrongs Accountancy Ltd

11. RELATED PARTY DISCLOSURES

During the period, the company paid a total of £86,333 (period to 31.05.23 - £67,325) for consultancy and travel costs to Logiworx Ltd, which is controlled by Ms S L Evans, who is also a director of the company as at the balance sheet date.

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is L.I.T. LAGER & LOGISTIK HOLDING GMBH, incorporated in Germany.

Registered office address: Otto-Hahn-Straße 18, 26919 Brake/Deutschland, a copy of the group accounts can be obtained at the registered office address.