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Company Registration Number: 00400527
 
 
John Raymond Transport Limited
 
Reports and Financial Statements
 
for the financial year ended 31 December 2023
John Raymond Transport Limited
DIRECTOR AND OTHER INFORMATION

 
Director Mr. Oliver Nolan
 
 
Company Secretary Mr. Oliver Nolan
 
 
Company Registration Number 00400527
 
 
Registered Office and Business Address Unit A39 Kent Road,
Bridgend Industrial Estate,
Bridgend,
CF31 3TU,
UK
 
 
Independent Auditors MK Brazil
Chartered Accountants and Statutory Audit Firm
Unit 1A,
Cleaboy Business Park,
Waterford.
Republic of Ireland



John Raymond Transport Limited
STRATEGIC REPORT
for the financial year ended 31 December 2023

 
The director presents his strategic report on the company for the financial year ended 31 December 2023.
 
Review of the Company's Business
The directors are pleased to report another year of profitable trading for the company. Turnover has decreased by 31% on the previous year while the gross profit margin has decreased by 2.65%. Whilst the current economic outlook is uncertain the directors are optimistic about the future of the company and expect the company to yield a profitable return in the coming year also.
       
Financial risk management objectives and policies
The company's principal instruments compromise bank balances, bank overdrafts, trade creditors, trade debtors and other loans to the company. The main purpose of these instruments is to raise funds for the company's operations and to finance the company's operations.
       
Liquidity Risk
In respect of bank balances the liquidity risk is managed by maintaining a balance between the countinuity of funding and flexibility through the use of overdrafts at floating rates of interest.

The company is a lessee in respect of finance lease assets. The liquidity risk in respect of these is managed in the same way as loans above.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
       
Credit risks and cash flow risk
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

The company uses an invoice discounting facility which is secured on the debtors.
       
       
On behalf of the board
       
       
Mr. Oliver Nolan      
Director      
       
26 September 2024      



John Raymond Transport Limited
DIRECTOR'S REPORT
for the financial year ended 31 December 2023

 
The director presents his report and the audited financial statements for the financial year ended 31 December 2023.
 
Principal Activity
The principal activity of the company in the year under review was that of receiving, handling and UK distribution of goods to customers.
     
Results and Dividends
The (loss)/profit for the financial year after providing for depreciation and taxation amounted to £(91,587) (2022 - £575,631).
The director does not recommend payment of a dividend.
     
Director
The director who served during the financial year is as follows:
     
Mr. Oliver Nolan
   
There were no changes in shareholdings between 31 December 2023 and the date of signing the financial statements.
     
Future Developments
The company plans to continue its present activities and current trading levels. Employees are kept as fully informed as practicable about developments within the business.
     
Post-Balance Sheet Events
There have been no significant events affecting the company since the financial year-end.
     
Auditors
The auditors, MK Brazil, (Chartered Accountants and Statutory Audit Firm) have indicated their willingness to continue in office in accordance with the provisions of Section 485 of the Companies Act 2006.
     
Going concern
The directors believe that the company is well placed to manage it's business risks successfully, despite the current uncertain economic outlook and have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
     
     
On behalf of the board
     
     
Mr. Oliver Nolan
Director
     
26 September 2024



John Raymond Transport Limited
STATEMENT OF DIRECTOR'S RESPONSIBILITIES
for the financial year ended 31 December 2023

 
The director is responsible for preparing the Strategic Report, Director's Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". Under company law the director must not approve the financial statements unless he is 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 director is required to:
-select suitable accounting policies and apply them consistently;
-make judgements 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 director is 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 enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.
Disclosure of Information to Auditor
Each person who is a director at the date of approval of this report confirms that:
-there is no relevant audit information (information needed by the company's auditor in connection with preparing the auditor's report) of which the company's auditor is unaware, and
-the director has taken all the steps that he ought to have taken to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.
     
     
On behalf of the board
     
     
Mr. Oliver Nolan
Director
     
26 September 2024



INDEPENDENT AUDITOR'S REPORT
to the Shareholders of John Raymond Transport Limited

 
Report on the audit of the financial statements
 
Opinion
We have audited the financial statements of John Raymond Transport Limited ('the company') for the financial year ended 31 December 2023 which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity, the Cash Flow Statement and the related notes to the financial statements, including significant accounting policies set out in note . The financial reporting framework that has been applied in their preparation is applicable Law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its loss for the financial year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.
 
Basis for opinion
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 Auditor's 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 UK, including the FRC'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.
 
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's 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 the date when the financial statements are authorised for issue.
 
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
 
Other Information
The other information comprises the information included in the annual report other than the financial statements and our Auditor's Report thereon. The director is 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.
 
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.
 
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any material misstatements in the Strategic Report and the Director's Report.
 
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
 
Responsibilities of director for the financial statements
As explained more fully in the Statement of Director's Responsibilities set out on page 6, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
 
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intend to liquidate the company or to cease operations, or has no realistic alternative but to do so.
 
Auditor's responsibilities for the audit of the financial statements
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 Auditor's 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:
 
A further description of our responsibilities for the audit of the financial statements is contained in the appendix to this report, located at page , which is to be read as an integral part of our report.
 
Use of our 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 auditor's 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.
 
 
 
Maurice Kirwan FCA (Senior Statutory Auditor)
for and on behalf of
MK BRAZIL
Chartered Accountants and Statutory Audit Firm
Unit 1A,
Cleaboy Business Park,
Waterford.
Republic of Ireland
 
26 September 2024



John Raymond Transport Limited
APPENDIX TO THE INDEPENDENT AUDITOR'S REPORT

Further information regarding the scope of our responsibilities as auditor
 
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
 
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
 
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.
 
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
 
- Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor's Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor's Report. However, future events or conditions may cause the company to cease to continue as a going concern.
 
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
 
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.



John Raymond Transport Limited
PROFIT AND LOSS ACCOUNT
for the financial year ended 31 December 2023
2023 2022
Notes £ £

Turnover 4 18,148,684 26,196,884
 
Cost of sales (17,382,692) (24,396,958)
───────── ─────────
Gross profit 765,992 1,799,926
 
Administrative expenses (887,108) (1,025,180)
───────── ─────────
Operating (loss)/profit 5 (121,116) 774,746
 
Interest receivable and similar income 6 9,682 1,568
Interest payable and similar expenses 7 - (30)
───────── ─────────
(Loss)/profit before taxation (111,434) 776,284
 
Tax on (loss)/profit 9 19,847 (200,653)
───────── ─────────
(Loss)/profit for the financial year (91,587) 575,631
───────── ─────────
Total comprehensive income (91,587) 575,631
    ═════════   ═════════



John Raymond Transport Limited
Company Registration Number: 00400527
BALANCE SHEET
as at 31 December 2023

2023 2022
Notes £ £
 
Fixed Assets
Tangible assets 10 860,714 1,095,189
───────── ─────────
 
Current Assets
Debtors 11 3,600,979 4,988,608
Cash and cash equivalents 12 1,643,442 967,332
───────── ─────────
5,244,421 5,955,940
───────── ─────────
Creditors: amounts falling due within one year 13 (3,373,215) (4,176,486)
───────── ─────────
Net Current Assets 1,871,206 1,779,454
───────── ─────────
Total Assets less Current Liabilities 2,731,920 2,874,643
 
Provisions for liabilities 15 (46,170) (97,306)
───────── ─────────
Net Assets 2,685,750 2,777,337
═════════ ═════════
 
Capital and Reserves
Called up share capital 16 10,526 10,526
Retained earnings 2,675,224 2,766,811
───────── ─────────
Equity attributable to owners of the company 2,685,750 2,777,337
═════════ ═════════
 
           
Approved by the Director and authorised for issue on 26 September 2024
           
           
Mr. Oliver Nolan          
Director          
           



John Raymond Transport Limited
STATEMENT OF CHANGES IN EQUITY
as at 31 December 2023

Called up Retained Total
share earnings
capital
£ £ £
 
At 1 January 2022 10,526 2,191,180 2,201,706
───────── ───────── ─────────
Profit for the financial year - 575,631 575,631
───────── ───────── ─────────
At 31 December 2022 10,526 2,766,811 2,777,337
  ───────── ───────── ─────────
Loss for the financial year - (91,587) (91,587)
  ───────── ───────── ─────────
At 31 December 2023 10,526 2,675,224 2,685,750
  ═════════ ═════════ ═════════



John Raymond Transport Limited
CASH FLOW STATEMENT
for the financial year ended 31 December 2023
2023 2022
Notes £ £

Cash flows from operating activities
(Loss)/profit for the financial year (91,587) 575,631
Adjustments for:
Interest receivable and similar income (9,682) (1,568)
Interest payable and similar expenses - 30
Tax on (loss)/profit on ordinary activities (19,847) 200,653
Depreciation 404,731 332,876
───────── ─────────
283,615 1,107,622
Movements in working capital:
Movement in debtors 1,387,659 704,695
Movement in creditors (1,162,724) (2,779,816)
───────── ─────────
Cash generated from/(used in) operations 508,550 (967,499)
Interest paid - (30)
Tax paid (11,299) (12,720)
Tax repaid 75,865 -
───────── ─────────
Net cash generated from/(used in) operating activities 573,116 (980,249)
───────── ─────────
Cash flows from investing activities
Interest received   9,682 1,568
Payments to acquire tangible assets   (170,256) (360,781)
    ───────── ─────────
Net cash used in investment activities   (160,574) (359,213)
    ───────── ─────────
Cash flows from financing activities
Capital element of  contracts   - (119,970)
Advances to subsidiaries/group companies   (30) (108,220)
Advances from subsidiaries/group companies   165 (13,267)
    ───────── ─────────
Net cash generated from/(used in) financing activities   135 (241,457)
    ───────── ─────────
       
Net increase/(decrease) in cash and cash equivalents   412,677 (1,580,919)
Cash and cash equivalents at beginning of financial year   125,534 1,706,453
    ───────── ─────────
Cash and cash equivalents at end of financial year 12 538,211 125,534
    ═════════ ═════════



John Raymond Transport Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 December 2023

   
1. General Information
 
John Raymond Transport Limited is a company limited by shares incorporated in the United Kingdom. Unit A39, Kent Road, Bridgend Industrial Estate, CF31 3TU, Wales, is the registered office, which is also the principal place of business of the company. The nature of the company’s operations and its principal activities are set out in the Director's Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 31 December 2023 have been prepared in accordance with the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland (FRS 102) issued by the Financial Reporting Council and in accordance with the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of services supplied by the company, exclusive of trade discounts and value added tax. Turnover also includes management fees receivable, net of VAT.
 
Dividend distribution
Dividend distribution to the company’s shareholders is recognised as a liability in the company’s financial statements in the period in which the dividends are paid.
 
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Plant and machinery - 15% and 33.33% Straight line
  Fixtures, fittings and equipment - 10% Straight line
  Motor vehicles - 8% and 25% Straight line/reducing balance
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Leasing and hire purchases
Tangible assets held under leasing and Hire Purchases arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Balance Sheet at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Profit and Loss Account.
 
Trade and other debtors
Trade and other debtors are stated at their net realisable value in the balance sheet.
 
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the Balance Sheet bank overdrafts are shown within creditors.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of this scheme are also held separately from those of the company.The pension cost charged to the profit and loss account is the contribution payable to the pension scheme in respect of the accounting period.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
   
3. Significant accounting judgements and key sources of estimation uncertainty
 
The preparation of these financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses.

Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

(a) Establishing useful economic lives for depreciation purposes of property, plant and equipment

Long-lived assets, consisting primarily of property, plant and equipment, comprise a significant portion of the total assets.  The annual depreciation charge depends primarily on the estimated useful economic lives of each type of asset and estimates of residual values.  The directors regularly review these asset useful economic lives and change them as necessary to reflect current thinking on remaining lives in light of prospective economic utilisation and physical condition of the assets concerned.  Changes in asset useful lives can have a significant impact on depreciation and amortisation charges for the period.  Detail of the useful economic lives is included in the accounting policies.

(b) Providing for doubtful debts

The company makes an estimate of the recoverable value of trade and other debtors.  The company uses estimates based on historical experience in determining the level of debts, which the company believes, will not be collected. These estimates include such factors as the current credit rating of the debtor, the ageing profile of debtors and historical experience. Any significant reduction in the level of customers that default on payments or other significant improvements that resulted in a reduction in the level of bad debt provision would have a positive impact on the operating results. The level of provision required is reviewed on an on-going basis.
       
4. Turnover
 
An analysis of turnover by class of business and geographical market is not given as, in the opinion of the directors, this would be seriously prejudicial to the company's interest.
       
5. Operating (loss)/profit 2023 2022
  £ £
Operating (loss)/profit is stated after charging:
Depreciation of tangible assets 404,731 332,876
Auditor's remuneration
- audit services 9,585 8,616
  ═════════ ═════════
       
6. Interest receivable and similar income 2023 2022
  £ £
 
Bank interest 9,682 1,568
  ═════════ ═════════
       
7. Interest payable and similar expenses 2023 2022
  £ £
 
Hire purchase interest - 30
  ═════════ ═════════
       
8. Employees and remuneration
 
Number of employees
The average number of persons employed (including executive director) during the financial year was as follows:
 
  2023 2022
  Number Number
 
Administration 22 25
Directors 1 1
Drivers and Warehousing 116 122
  ───────── ─────────
  139 148
  ═════════ ═════════
 
The staff costs comprise: 2023 2022
  £ £
 
Wages and salaries 4,214,787 4,207,909
Social security costs 394,894 421,178
Pension costs 85,867 83,708
  ───────── ─────────
  4,695,548 4,712,795
  ═════════ ═════════
       
9. Tax on (loss)/profit
  2023 2022
  £ £
(a)     Analysis of charge in the financial year
 
Current tax:
Corporation tax at 19.00% (2022 - 19.00%) (Note 9 (b)) 31,289 122,399
  ───────── ─────────
 
Deferred tax:
Origination and reversal of timing differences (51,136) 78,254
  ───────── ─────────
Total deferred tax (51,136) 78,254
  ═════════ ═════════
Tax on profit  (Note 9 (b)) (19,847) 200,653
  ═════════ ═════════
 
(b)     Factors affecting tax charge for the financial year
 
The tax assessed for the financial year differs from the standard rate of corporation tax in the United Kingdom 19.00% (2022 - 19.00%). The differences are explained below:
  2023 2022
  £ £
 
(Loss)/profit taxable at 19.00% (111,434) 776,284
  ═════════ ═════════
(Loss)/profit before tax
multiplied by the standard rate of corporation tax
in the United Kingdom at 19.00% (2022 - 19.00%) (21,172) 147,494
Effects of:
Expenses not deductible for tax purposes (515) 4,525
Depreciation in excess of capital allowances for period 51,136 (29,620)
Deferred tax (51,136) 78,254
Deposit Interest 1,840 -
  ───────── ─────────
Total tax charge for the financial year (Note 9 (a)) (19,847) 200,653
  ═════════ ═════════
 
           
10. Tangible assets
  Plant and Fixtures, Motor Total
  machinery fittings and vehicles  
    equipment    
  £ £ £ £
Cost
At 1 January 2023 166,930 80,558 5,523,197 5,770,685
Additions 900 - 169,356 170,256
Disposals - - (691,563) (691,563)
  ───────── ───────── ───────── ─────────
At 31 December 2023 167,830 80,558 5,000,990 5,249,378
  ───────── ───────── ───────── ─────────
Depreciation
At 1 January 2023 151,552 74,418 4,449,526 4,675,496
Charge for the financial year 12,622 1,171 390,938 404,731
On disposals - - (691,563) (691,563)
  ───────── ───────── ───────── ─────────
At 31 December 2023 164,174 75,589 4,148,901 4,388,664
  ───────── ───────── ───────── ─────────
Net book value
At 31 December 2023 3,656 4,969 852,089 860,714
  ═════════ ═════════ ═════════ ═════════
At 31 December 2022 15,378 6,140 1,073,671 1,095,189
  ═════════ ═════════ ═════════ ═════════
       
11. Debtors 2023 2022
  £ £
 
Trade debtors 2,514,931 3,771,239
Amounts owed by group undertakings 215,677 215,647
Prepayments and accrued income 870,371 1,001,722
  ───────── ─────────
  3,600,979 4,988,608
  ═════════ ═════════
 
The fair values of trade and other receivables approximate to their carrying amounts.
       
12. Cash and cash equivalents 2023 2022
  £ £
 
Cash and bank balances 1,640,642 967,332
Cash equivalents 2,800 -
  ───────── ─────────
  1,643,442 967,332
Bank overdrafts (1,105,231) (841,798)
  ───────── ─────────
  538,211 125,534
  ═════════ ═════════
       
13. Creditors 2023 2022
Amounts falling due within one year £ £
 
Bank overdrafts 1,105,231 841,798
Trade creditors 1,210,521 2,613,338
Amounts owed to group undertakings 165 -
Taxation and social security costs (Note 14) 643,346 433,882
Other creditors 32,552 -
Accruals 381,400 287,468
  ───────── ─────────
  3,373,215 4,176,486
  ═════════ ═════════
       
14. Taxation and social security 2023 2022
  £ £
 
Creditors:
VAT 209,749 213,426
Corporation tax 225,527 129,672
PAYE / NI 208,070 90,784
  ───────── ─────────
  643,346 433,882
  ═════════ ═════════
         
15. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Total Total
  allowances    
       
    2023 2022
  £ £ £
 
At financial year start 97,306 97,306 19,052
Charged to profit and loss (51,136) (51,136) 78,254
  ───────── ───────── ─────────
At financial year end 46,170 46,170 97,306
  ═════════ ═════════ ═════════
           
16. Share capital     2023 2022
      £ £
Description Number of shares Value of units    
 
Allotted, called up and fully paid
A Ordinary Shares @ £1 each 526 £1.00 each 526 526
£1 Ordinary Shares 10,000 £1.00 each 10,000 10,000
 
      ───────── ─────────
      10,526 10,526
      ═════════ ═════════
 
The ordinary "A" shares rank pari passu with ordinary shares save that the "A" shares do not carry voting rights.
           
       
17. Capital commitments
 
The company had no material capital commitments at the financial year ended 31 December 2023.
           
18. Related party transactions
The company has availed of the exemption under FRS 102 in relation to the disclosure of transactions with group undertakings.
   
19. Parent and ultimate parent company
 
The company regards Swift Haulage Solutions Limited as its parent company.
 
The companys ultimate parent undertaking is Kurway Unlimited.
The address of Kurway Unlimited is Republic of Ireland.
 
The parent of the largest group in which the results are consolidated is Kurway Unlimited.
Kurway Unlimited is registered in Ireland.
 
   
20. Controlling interest
 
At the balance sheet date Kurway Unlimited, a company registered in Ireland was the ultimate controlling company.
   
21. Post-Balance Sheet Events
 
There have been no significant events affecting the company since the financial year end.
       
22. Key Management Personnel
 
The company considers its director its key management personnel. The director did not receive any remuneration during the financial year.