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AFS Logistics Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

 

AFS Logistics Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

AFS Logistics Ltd

Company Information

Directors

S A Goudie

J H Winchester

Registered office

Unit 1 3 Dunnswood Road
Wardpark South
Cumbernauld
G67 3EN

 

AFS Logistics Ltd

(Registration number: SC520184)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

3,055,811

4,489,525

Current assets

 

Stocks

6

20,974

25,654

Debtors

7

1,525,703

1,910,876

Cash at bank and in hand

 

456,444

418,210

 

2,003,121

2,354,740

Creditors: Amounts falling due within one year

8

(2,565,015)

(3,544,505)

Net current liabilities

 

(561,894)

(1,189,765)

Total assets less current liabilities

 

2,493,917

3,299,760

Creditors: Amounts falling due after more than one year

8

(1,011,487)

(1,886,263)

Provisions for liabilities

(402,279)

(240,289)

Net assets

 

1,080,151

1,173,208

Capital and reserves

 

Called up share capital

9

2

2

Retained earnings

1,080,149

1,173,206

Shareholders' funds

 

1,080,151

1,173,208

For the financial year ending 30 November 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 20 September 2024 and signed on its behalf by:
 

 

AFS Logistics Ltd

(Registration number: SC520184)
Balance Sheet as at 30 November 2023

.........................................
S A Goudie
Director

.........................................
J H Winchester
Director

 

AFS Logistics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Unit 1 3 Dunnswood Road
Wardpark South
Cumbernauld
G67 3EN

These financial statements were authorised for issue by the Board on 20 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

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

 

AFS Logistics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and building

2% straight line

Plant and machinery

10% straight line

Motor vehicles

25% straight line

Fixtures and fittings

10% straight line

Computer equipment

33% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

AFS Logistics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

2

Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

AFS Logistics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

2

Accounting policies (continued)

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 24 (2022 - 32).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

1,134,449

947,294

Impairment loss

235,983

-

 

AFS Logistics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 December 2022

506,183

162,966

215,599

52,564

Additions

33,515

-

-

-

Disposals

-

-

-

-

At 30 November 2023

539,698

162,966

215,599

52,564

Depreciation

At 1 December 2022

20,789

59,611

37,764

45,000

Charge for the year

10,794

40,742

21,559

7,564

Eliminated on disposal

-

-

-

-

Impairment

30,921

-

-

-

At 30 November 2023

62,504

100,353

59,323

52,564

Carrying amount

At 30 November 2023

477,194

62,613

156,276

-

At 30 November 2022

485,394

103,355

177,835

7,565

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

4,817,270

5,754,582

Additions

373,708

407,223

Disposals

(1,048,898)

(1,048,898)

At 30 November 2023

4,142,080

5,112,907

Depreciation

At 1 December 2022

1,101,893

1,265,057

Charge for the year

1,053,789

1,134,448

Eliminated on disposal

(578,392)

(578,392)

Impairment

205,062

235,983

At 30 November 2023

1,782,352

2,057,096

Carrying amount

At 30 November 2023

2,359,728

3,055,811

At 30 November 2022

3,715,376

4,489,525

 

AFS Logistics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

5

Tangible assets (continued)

Included within the net book value of land and buildings above is £477,194 (2022 - £485,394) in respect of freehold land and buildings.
 

Impairment

Land and Buildings
The stock room was found not to adhere to building control regulations The amount of impairment loss included in profit or loss is £30,921 (2022 - £Nil). The amount of impairment loss included in other comprehensive income is £Nil (2022 - £Nil). The impairment loss is included in Depreciation costs. The amount of reversal of impairment recognised in profit or loss is £Nil (2022 - £Nil). The amount of reversal of impairment recognised in other comprehensive income is £Nil (2022 - £Nil).

Motor vehicles
The market value for used vans is showing that prices have fallen giving rise to the carrying value being excessive. The amount of impairment loss included in profit or loss is £205,062 (2022 - £Nil). The amount of impairment loss included in other comprehensive income is £Nil (2022 - £Nil). The impairment loss is included in Depreciation costs. The amount of reversal of impairment recognised in profit or loss is £Nil (2022 - £Nil). The amount of reversal of impairment recognised in other comprehensive income is £Nil (2022 - £Nil).

6

Stocks

2023
£

2022
£

Work in progress

20,974

25,654

7

Debtors

Current

2023
£

2022
£

Trade debtors

876,185

1,031,477

Prepayments

137,839

422,750

Other debtors

511,679

456,649

 

1,525,703

1,910,876

 

AFS Logistics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

1,145,058

2,034,197

Trade creditors

 

268,581

310,226

Taxation and social security

 

466,416

429,416

Accruals and deferred income

 

682,568

762,738

Other creditors

 

2,392

7,928

 

2,565,015

3,544,505

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £978,038 (2022 £714,407).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

1,011,487

1,886,263

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £781,340 (2022 £1,811,297).

Creditors include bank loans repayable by instalments of £132,862 (2022 £143,907) due after more than five years.

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

       
 

AFS Logistics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

195,375

215,920

Hire purchase contracts

781,340

1,525,421

Other borrowings

34,772

144,922

1,011,487

1,886,263

Current loans and borrowings

2023
£

2022
£

Bank borrowings

63,766

366,063

Hire purchase contracts

978,037

1,493,081

Other borrowings

103,255

175,053

1,145,058

2,034,197

11

Related party transactions

As at 30 November 2023 there were amounts totalling £12,533 owed to the company by the directors (2022 £37,837 owed by the directors), The amounts provided are unsecured, interest free and repayable on demand.

At 30 November 2023 Techqore Limited owed the company £101,943 (2022 £51,943) and additionally has outstanding trade debtor balances of £220,627. Both these amounts are considered to be irrecoverable and have been written off to bad debts. J H Winchester and S A Goudie are directors and shareholders of Techqore Limited.

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

57,000

59,000