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REGISTERED NUMBER: 13119609 (England and Wales)















Freight Minds Limited

Unaudited Financial Statements

for the Year Ended 31 January 2024






Freight Minds Limited (Registered number: 13119609)

Contents of the Financial Statements
for the year ended 31 January 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Freight Minds Limited

Company Information
for the year ended 31 January 2024







Directors: A L Durrant
M P Wright





Registered office: C/O Cooper Parry
New Derwent House
69-73 Theobalds Road
London
WC1X 8TA





Registered number: 13119609 (England and Wales)





Accountants: Cooper Parry Advisory Limited
250 Fowler Avenue
Farnborough
Hampshire
GU14 7JP

Freight Minds Limited (Registered number: 13119609)

Balance Sheet
31 January 2024

2024 2023
Notes £ £ £ £
Fixed assets
Tangible assets 4 316,273 150,723
Investments 5 100 -
316,373 150,723

Current assets
Debtors 6 2,185,803 1,394,580
Cash at bank and in hand 2,975,720 1,491,821
5,161,523 2,886,401
Creditors
Amounts falling due within one year 7 3,227,594 1,883,551
Net current assets 1,933,929 1,002,850
Total assets less current liabilities 2,250,302 1,153,573

Capital and reserves
Called up share capital 9 100 100
Retained earnings 2,250,202 1,153,473
Shareholders' funds 2,250,302 1,153,573

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 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 12 September 2024 and were signed on its behalf by:




M P Wright - Director



A L Durrant - Director


Freight Minds Limited (Registered number: 13119609)

Notes to the Financial Statements
for the year ended 31 January 2024


1. Statutory information

Freight Minds 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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

Turnover
Turnover represents amounts receivable for goods transported in the year and is stated net of VAT.

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:


Leasehold property20% on cost
Plant and machinery25% on cost
Fixtures, fittings & equipment25% on cost
Computer equipment25% on cost
Motor vehicles25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

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.

Freight Minds Limited (Registered number: 13119609)

Notes to the Financial Statements - continued
for the year ended 31 January 2024


2. Accounting policies - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price.

3. Employees and directors

The average number of employees during the year was 27 (2023 - 17 ) .

4. Tangible fixed assets
Plant and
Land and machinery
buildings etc Totals
£ £ £
Cost
At 1 February 2023 15,283 155,045 170,328
Additions 160,477 80,801 241,278
Disposals - (35,000 ) (35,000 )
At 31 January 2024 175,760 200,846 376,606
Depreciation
At 1 February 2023 255 19,350 19,605
Charge for year 7,491 35,421 42,912
Eliminated on disposal - (2,184 ) (2,184 )
At 31 January 2024 7,746 52,587 60,333
Net book value
At 31 January 2024 168,014 148,259 316,273
At 31 January 2023 15,028 135,695 150,723

Freight Minds Limited (Registered number: 13119609)

Notes to the Financial Statements - continued
for the year ended 31 January 2024


5. Fixed asset investments
Shares in
group
undertakings
£
Cost
Additions 100
At 31 January 2024 100
Net book value
At 31 January 2024 100

6. Debtors
2024 2023
£ £
Amounts falling due within one year:
Trade debtors 979,373 1,065,028
Amounts owed by group undertakings 279,753 205,377
Amounts owed by participating interests 4,763 -
Other debtors 764,936 124,175
2,028,825 1,394,580

Amounts falling due after more than one year:
Other debtors 156,978 -

Aggregate amounts 2,185,803 1,394,580

7. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 1,824,091 750,023
Taxation and social security 442,826 592,225
Other creditors 960,677 541,303
3,227,594 1,883,551

8. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£ £
Within one year 418,608 -
Between one and five years 1,674,432 -
In more than five years 1,953,504 -
4,046,544 -

9. Called up share capital

Allotted and issued:
Number: Class: Nominal 2024 2023
value: £ £
100 Ordinary 1 100 100

Freight Minds Limited (Registered number: 13119609)

Notes to the Financial Statements - continued
for the year ended 31 January 2024


10. Related party disclosures

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.

11. Ultimate controlling party

The controlling party is Freight Minds Holdings Ltd.