Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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FREIGHTFORCE DISTRIBUTION LTD
COMPANY INFORMATION
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FREIGHTFORCE DISTRIBUTION LTD
CONTENTS
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FREIGHTFORCE DISTRIBUTION LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present their strategic report for the year ended 31 December 2023.
The principal activity of the company continues to be the provision of transport, distribution and warehousing services.
The results are summarised as follows: Turnover for the year ended 31 December 2023 was £13,007,661 compared to £13,140,818, a decrease of 1% on the previous year ended 31 December 2022. The company continues to target domestic trade and endeavours to profitably grow this service provision. Gross Profit for the year was £2,354,412, a decrease of 5% when compared to £2,486,718 for the year ended 31 December 2022. Gross margin decreased slightly from 19% to 18%. Profit before tax decreased by 47% to £486,520, from £913,581 for the year ended 31 December 2023. During 2023, the company capitalised further costs of £168,127 in relation to the development of the Great Yarmouth warehousing site, in order to increase storage capacity for the company. The company has also elected to claim structures and buildings allowance tax relief on the eligible costs as part of the construction of the site. As this election was made in a previous period, a prior year adjustment has been included as explained in note 22 to reflect the impact on deferred tax of this additional election. The impact of this on the financial statements are a restatement of the 2022 comparative figures, which has led to an increase in the deferred tax liability in the Balance Sheet and corresponding increase in the tax charge within the Statement of Comprehensive Income. However, as this is a deferred tax adjustment only, this has not led to any additional amounts becoming payable by the company in respect of corporation tax. The total purchase and build cost as at 31 December 2023 is £2,671,098. On completion of the build, the site was valued by Savills in February 2023 and noted a market value as at this date of £3,275,000, which is a surplus of £603,902 against the costs incurred in the purchase and build. The directors are of the opinion that this valuation and surplus had further increased at the end of 2023.
The directors have assessed the main risks to the company as being the availability of qualified drivers and resources to meet future growth, and the price-sensitive nature of pallet network business. The volatility of fuel prices being influenced by external global factors is also a key risk, as this is a major cost to the business.
The directors believe that these risks are mitigated by the continued efforts to maintain a competitive advantage through high customer service levels, in-house driver training and policies to attract and retain high calibre staff. Potential fuel cost increase influence is mitigated and hedged by virtue of a fuel surcharge being incorporated in the Company’s customer pricing mechanism.
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FREIGHTFORCE DISTRIBUTION LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The company's financial KPl's focus on a number of critical areas. Gross margin remains the major factor in shaping the future success of the business and this is evidenced by the improving performance year on year. These are summarised as follows:
- Working capital analysis - Cashflow forecasting - Review of turnover: actual v forecast. - Analysis of overhead expenditure: actual v forecast.
Non-financial KPl's are numerous but centre on the following:
- Employee workforce management - Health & Safety
This report was approved by the board on 24 September 2024 and signed on its behalf.
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FREIGHTFORCE DISTRIBUTION LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present their report and the financial statements for the year ended 31 December 2023.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £374,214 (2022 - £578,930).
Dividends of £189,080 were paid in the year (2022 - £149,297).
The directors who served during the year were:
In 2021, the Company invested in the purchase of an additional site at Great Yarmouth. In 2022, the site and additional facilities continued to be developed. This development has continued into 2023. This has significantly increased the asset base of the Business and will increase the efficiency of the current warehouse operation and allow exploitation of significant storage revenue opportunities. The planning for further expansion of this site, is currently in-progress.
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FREIGHTFORCE DISTRIBUTION LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
There have been no significant events affecting the Company since the year end.
The auditors, Price Bailey LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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FREIGHTFORCE DISTRIBUTION LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FREIGHTFORCE DISTRIBUTION LTD
We have audited the financial statements of Freightforce Distribution Ltd (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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FREIGHTFORCE DISTRIBUTION LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FREIGHTFORCE DISTRIBUTION LTD (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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FREIGHTFORCE DISTRIBUTION LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FREIGHTFORCE DISTRIBUTION LTD (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
- We reviewed a sample of manual postings into the financial statements and obtained an understanding of their rationale; - We carried out a critical review of accounting estimates to identify any indications of management bias; - We made enquiries with those charged with governance to understand how they ensure key laws & regulations are complied with, and if any instances of non-compliance have occurred; - We undertook testing to confirm the existence of a sample of employees to ensure that no fictitious employees are paid, and that said employees were being paid in accordance with their contracts of employment; - We reviewed legal expenses to identify any instances of non-compliance with laws and regulations; - We assessed the company’s compliance with key laws and regulations, including drivers’ tachographs, HGV health and safety requirements and the AETR driver hours regulations; - We undertook testing on each income stream, starting from a point outside of the finance system, to ensure that income is complete and recognised in the correct period; - We considered the expenditure on fuel cards during the year to ensure that these are being used only for the intended purpose. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud, and identified the greatest potential for fraud is in revenue recognition and more specifically the application of cut-off. We performed the procedures set out above after gaining an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates, and after considering the risk of acts by the Company contrary to applicable laws and regulations including fraud. We obtained this understanding from discussions with those charged with governance, who did not make the engagement team aware of any non-compliance with laws and regulations or instances of fraud throughout the period or since the period end. We also enquired with those charged with governance as to how they ensure the company complies with the applicable legal & regulatory framework. The entity is subject to an annual audit from the Road Haulage Association (of which the entity is a member firm), which scrutinises the entity’s compliance with a number of key areas, such as: - Operator's Licence - Fleet Policies, Procedures & Management Systems - Employee Induction, Qualifications, Licences & Training - Maintenance Documentation & Procedures - Drivers Hours, Tachographs, Speeding & Working Time
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FREIGHTFORCE DISTRIBUTION LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FREIGHTFORCE DISTRIBUTION LTD (CONTINUED)
The 2023 audit report was reviewed, with no major non-compliance identified.
In performing the above procedures we focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, HGV health and safety requirements and the AETR driver hours regulations, the Companies Act 2006 and UK tax legislation. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection of regulatory and legal correspondence to identify any indication of legislative breaches. Through these procedures, no instances of actual or suspected non-compliance have been identified. We considered the opportunities and incentives that may exist within the organisation for fraud and identified management override as the area with the greatest potential for fraud. We did not identify any instances of fraud throughout the period or since the period end. Following detailed team briefings, the responsible individual has assessed that the audit engagement team collectively has the appropriate competence and capabilities to identify or recognise non-compliance with applicable laws and regulation. Nonetheless, because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
Anglia House, 6 Central Avenue
St Andrews Business Park
Thorpe St Andrew
Norfolk
NR7 0HR
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FREIGHTFORCE DISTRIBUTION LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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FREIGHTFORCE DISTRIBUTION LTD
REGISTERED NUMBER: 03498298
BALANCE SHEET
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 12 to 28 form part of these financial statements.
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FREIGHTFORCE DISTRIBUTION LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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FREIGHTFORCE DISTRIBUTION LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Freightforce Distribution Ltd is a private company limited by shares and incorporated in the United Kingdom. The address of the registered office is Anglia House, 6 Central Avenue, St. Andrews Business Park, Norwich, Norfolk, NR7 0HR. The trading address of Freightforce Distribution Ltd is Unit 1A Guardian Road Industrial Estate, Guardian Road, Norwich, Norfolk, NR5 8PF.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Logistic Management Freight Services Ltd as at 31 December 2023 and these financial statements may be obtained from Companies House.
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FREIGHTFORCE DISTRIBUTION LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
At 31 December 2023 the company had net current liabilities of £789,233 (2022: net current liabilities £649,224). However, in line with many distribution/haulage businesses, the Company finances its fixed assets for hire on finance lease and hire purchase contracts. These assets directly generate regular revenue streams and profit to settle the regular monthly outgoings of the finance leases and HP contracts. Accounting disclosures require the short term element of these liabilities to be included as part of creditors falling due within one year, which form part of the net current liabilities. The amount included in creditors falling due within one year are amounts to £919,446 (2022: £818,548), which will be financed by future revenue streams not included in current assets.
Consequently whilst there are net current liabilities the directors consider that the company will have sufficient funds from future trading cash flows to meet these debts as they fall due over the next twelve months. Thus the company continues to adopt the going concern basis of accounting in preparing the financial statements. Distribution revenue is recognised at the point at which goods are delivered to the end customer. The Company’s performance obligation is the transportation and ultimate delivery of goods. Storage Revenue Storage revenue is recognised over the period that goods are stored in the Company’s warehouse, starting at the point goods enter the warehouse and ending at the point the goods leave. The Company’s performance obligation is the storage and handling of goods. Training Revenue Training revenue is recognised at the point at which the relevant training stage has been provided to the customer. The Company’s performance obligation is the provision of driver training.
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FREIGHTFORCE DISTRIBUTION LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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FREIGHTFORCE DISTRIBUTION LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line & reducing balance methods.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Assets under construction relate to ongoing building works, and are held at cost. Depreciation is not charged on these assets until they are considered ready for use.
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FREIGHTFORCE DISTRIBUTION LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Stocks are valued on an average cost basis. At each balance sheet date, stocks are assessed for impairment. If stock is 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.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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FREIGHTFORCE DISTRIBUTION LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Depreciation Management have estimated the useful economic life (UEL) of fixed assets and depreciation has in turn been calculated on the UEL. Depreciation charged in the year amounted to £828,598 (2022: £647,249).
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FREIGHTFORCE DISTRIBUTION LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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FREIGHTFORCE DISTRIBUTION LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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FREIGHTFORCE DISTRIBUTION LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
11.Taxation (continued)
Changes to the UK corporation tax rates were substantively enacted as part of the 2023 budget on 21 March 2023. This included an increase to the main rate from 19% to 25% from 1 April 2023. The Company will be taxed at 25% unless its taxable profits are sufficiently low enough to qualify for a lower rate of tax, the lowest being 19%. Deferred taxes at the balance sheet date have been measured using a tax rate of 25% to reflect the rate at which the timing difference is likely to unwind.
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FREIGHTFORCE DISTRIBUTION LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
12.Tangible fixed assets (continued)
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FREIGHTFORCE DISTRIBUTION LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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FREIGHTFORCE DISTRIBUTION LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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FREIGHTFORCE DISTRIBUTION LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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FREIGHTFORCE DISTRIBUTION LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Capital redemption reserve
Profit and loss account
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FREIGHTFORCE DISTRIBUTION LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The Company received Government Grants during 2020 which may be repayable if the assets acquired are sold within certain timeframes. The maximum amount repayable as at 31 December 2023 is £248,809 if the assets are sold within 36 months of the final grant payment from 2020. This amount repayble reduces in months 37 to 84 following the final grant payment. The Company has no intention to dispose of the assets.
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company, in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £75,987 (2022: £76,509). Contributions totalling £9,478 (2022: £5,368) were payable to the fund at the balance sheet date and are included in creditors.
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FREIGHTFORCE DISTRIBUTION LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
At 1 January 2023 the directors current accounts totalled £171,631. During the year, personal expenses were paid on behalf of the directors totalling £12,848 (2022: £81,781). They also made repayments totalling £107,189 (2022: £45,417), leaving a total aggregate balance of £77,290 due to the company at 31 December 2023.
No interest is charged on the Directors' accounts.
The immediate parent company is Logistic Management Freight Services Ltd, a company which is incorporated and registered in England and Wales.
The ultimate controlling party is N C A Jolley by virtue of his shareholding in the ultimate parent company.
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