Company registration number:
03327321
Fracht UK Limited
Filleted financial statements
31 December 2023
Fracht UK Limited
Contents
Statement of financial position
Notes to the financial statements
Fracht UK Limited
Statement of financial position
31 December 2023
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
5 |
22,604 |
|
|
|
31,354 |
|
|
Investments |
|
6 |
- |
|
|
|
812,525 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
22,604 |
|
|
|
843,879 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Debtors |
|
7 |
1,888,248 |
|
|
|
2,365,165 |
|
|
Cash at bank and in hand |
|
|
3,096,357 |
|
|
|
2,508,755 |
|
|
|
|
|
_________ |
|
|
|
_________ |
|
|
|
|
|
4,984,605 |
|
|
|
4,873,920 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
8 |
(
1,550,880) |
|
|
|
(
2,970,194) |
|
|
|
|
|
_________ |
|
|
|
_________ |
|
|
Net current assets |
|
|
|
|
3,433,725 |
|
|
|
1,903,726 |
|
|
|
|
|
_________ |
|
|
|
_________ |
Total assets less current liabilities |
|
|
|
|
3,456,329 |
|
|
|
2,747,605 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_________ |
|
|
|
_________ |
Net assets |
|
|
|
|
3,456,329 |
|
|
|
2,747,605 |
|
|
|
|
|
_________ |
|
|
|
_________ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
9 |
|
|
100,000 |
|
|
|
100,000 |
Profit and loss account |
|
|
|
|
3,356,329 |
|
|
|
2,647,605 |
|
|
|
|
|
_________ |
|
|
|
_________ |
Shareholders funds |
|
|
|
|
3,456,329 |
|
|
|
2,747,605 |
|
|
|
|
|
_________ |
|
|
|
_________ |
|
|
|
|
|
|
|
|
|
|
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.
These financial statements were approved by the
board of directors
and authorised for issue on
17 September 2024
, and are signed on behalf of the board by:
C P Rasmussen
Director
Company registration number:
03327321
Fracht UK 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 17a Maybrook Road, Minworth, Sutton Coldfield, West Midlands, B76 1AL.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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
In applying the Companys accounting policies, the directors are requred to make judgements, estimates and assumptions in determing the carry amounts of assets and liabilities. The director's judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.
The directors do not believe that there have been judgements (apart from those involving estimates) made in the process of applying the below accounting policies that have had a significant effect on amounts recognised in the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and 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:
|
|
|
|
|
|
Motor vehicles |
- |
25% % |
reducing balance |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
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. 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. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
29
(2022:
25
).
5.
Tangible assets
|
|
Motor vehicles |
Total |
|
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 January 2023 and 31 December 2023 |
35,000 |
35,000 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 January 2023 |
3,646 |
3,646 |
|
|
|
|
|
|
Charge for the year |
8,750 |
8,750 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 31 December 2023 |
12,396 |
12,396 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 December 2023 |
22,604 |
22,604 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 31 December 2022 |
31,354 |
31,354 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.
Investments
|
|
Shares in group undertakings and participating interests |
Total |
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 January 2023 and 31 December 2023 |
812,525 |
812,525 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Impairment |
|
|
|
|
|
|
|
Impairment loss |
812,525 |
812,525 |
|
|
|
|
|
At 1 January 2023 and 31 December 2023 |
812,525 |
812,525 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 31 December 2023 |
- |
- |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 31 December 2022 |
812,525 |
812,525 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
7.
Debtors
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade debtors |
|
1,668,069 |
2,182,965 |
|
Prepayments and accrued income |
|
42,019 |
32,018 |
|
Other debtors |
|
178,160 |
150,182 |
|
|
|
_________ |
_________ |
|
|
|
1,888,248 |
2,365,165 |
|
|
|
_________ |
_________ |
|
|
|
|
|
8.
Creditors: amounts falling due within one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade creditors |
|
1,200,361 |
2,252,151 |
|
Accruals and deferred income |
|
18,519 |
195,099 |
|
Corporation tax |
|
232,841 |
233,352 |
|
Social security and other taxes |
|
83,161 |
25,825 |
|
Other creditors |
|
15,998 |
263,767 |
|
|
|
_________ |
_________ |
|
|
|
1,550,880 |
2,970,194 |
|
|
|
_________ |
_________ |
|
|
|
|
|
9.
Called up share capital
Issued, called up and fully paid
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
No |
|
£ |
|
No |
|
£ |
|
Ordinary shares of £
1.00 each |
|
100,000 |
|
100,000 |
|
100,000 |
|
100,000 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
10.
Summary audit opinion
The auditor's report for the year dated
17 September 2024
was unqualified.
The senior statutory auditor was
R H D Gold
for and on behalf of
Barnett Ravenscroft LImited
11.
Controlling party
Due to the nature of the shareholdings in the company there is no ultimate controlling party.