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COMPANY REGISTRATION NUMBER: 01224403
Sheffield International Freight Terminal Limited
Filleted Unaudited Financial Statements
31 December 2023
Sheffield International Freight Terminal Limited
Financial Statements
Year ended 31 December 2023
Contents
Pages
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 7
Sheffield International Freight Terminal Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Sheffield International Freight Terminal Limited
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sheffield International Freight Terminal Limited for the year ended 31 December 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Sheffield International Freight Terminal Limited, as a body, in accordance with the terms of our engagement letter dated 6 September 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Sheffield International Freight Terminal Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sheffield International Freight Terminal Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Sheffield International Freight Terminal Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Sheffield International Freight Terminal Limited. You consider that Sheffield International Freight Terminal Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Sheffield International Freight Terminal Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
HEBBLETHWAITES Chartered Accountants
2 Westbrook Court Sharrow Vale Road Sheffield S11 8YZ
16 September 2024
Sheffield International Freight Terminal Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
7,120
Investments
6
33
-------
----
7,153
Current assets
Debtors
7
414,006
395,334
Cash at bank and in hand
182,471
154,070
---------
---------
596,477
549,404
Creditors: amounts falling due within one year
8
83,716
88,456
---------
---------
Net current assets
512,761
460,948
---------
---------
Total assets less current liabilities
519,914
460,948
Creditors: amounts falling due after more than one year
9
14,951
24,167
Provisions
Taxation including deferred tax
1,780
---------
---------
Net assets
503,183
436,781
---------
---------
Sheffield International Freight Terminal Limited
Statement of Financial Position (continued)
31 December 2023
2023
2022
Note
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
503,083
436,681
---------
---------
Shareholders funds
503,183
436,781
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 13 September 2024 , and are signed on behalf of the board by:
Mr T J Atkinson
Director
Company registration number: 01224403
Sheffield International Freight Terminal Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is c/o Hebblethwaites, 2 Westbrook Court, Sharrow Vale Road, Sheffield, S11 8YZ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the opinion of management, there are no areas of judgement or key sources of estimation uncertainty that have a significant effect on the financial statements, other than those highlighted below.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings
-
33% straight line
Plant & Machinery
-
33% straight line
Office Equipment
-
33% straight line
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Fixtures and fittings
Plant & Machinery
Equipment
Total
£
£
£
£
Cost
At 1 January 2023
32,483
14,830
3,621
50,934
Additions
9,155
9,155
--------
--------
-------
--------
At 31 December 2023
41,638
14,830
3,621
60,089
--------
--------
-------
--------
Depreciation
At 1 January 2023
32,483
14,830
3,621
50,934
Charge for the year
2,035
2,035
--------
--------
-------
--------
At 31 December 2023
34,518
14,830
3,621
52,969
--------
--------
-------
--------
Carrying amount
At 31 December 2023
7,120
7,120
--------
--------
-------
--------
At 31 December 2022
--------
--------
-------
--------
6. Investments
Shares in participating interests
£
Cost
At 1 January 2023
Additions
33
----
At 31 December 2023
33
----
Impairment
At 1 January 2023 and 31 December 2023
----
Carrying amount
At 31 December 2023
33
----
At 31 December 2022
----
Fixed asset investments are held at cost.
7. Debtors
2023
2022
£
£
Trade debtors
35,077
45,179
Other debtors
378,929
350,155
---------
---------
414,006
395,334
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
10,835
25,047
Corporation tax
15,779
4,864
Social security and other taxes
152
1,627
Other creditors
46,950
46,918
--------
--------
83,716
88,456
--------
--------
The above bounce back loan is a government backed scheme, the loan is unsecured, accruing interest at 2.5%.
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
14,951
24,167
--------
--------
The above bounce back loan is a government backed scheme, the loan is unsecured, accruing interest at 2.5%.