Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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LOGISTIC MANAGEMENT FREIGHT SERVICES LTD
COMPANY INFORMATION
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LOGISTIC MANAGEMENT FREIGHT SERVICES LTD
CONTENTS
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LOGISTIC MANAGEMENT FREIGHT SERVICES LTD
GROUP 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 Group 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 for the year ended 31 December 2022, a decrease of 1%. The Group 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 profit margin decreased from 19% to 18%. Profit before tax decreased by 49% to £463,688 (2022: £913,124) for the year ended 31 December 2023. During 2023, the Group capitalised further costs of £168,127 in relation to the development of the Great Yarmouth warehousing site, to increase storage capacity for the Group. The Group 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 Gompany 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 Limited 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 Group 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, and a major cost of 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 Group’s customer pricing mechanism.
The Group'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
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LOGISTIC MANAGEMENT FREIGHT SERVICES LTD
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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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LOGISTIC MANAGEMENT FREIGHT SERVICES 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 Group Strategic Report, the Directors' Report and the consolidated 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 the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group'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 Group 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 the Group 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 the Group 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 £351,382 (2022 - £578,473).
Dividends of £189,080 were paid in the year (2022 - £149,297).
The directors who served during the year were:
There have been no significant events affecting the Group since the year end.
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LOGISTIC MANAGEMENT FREIGHT SERVICES LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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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LOGISTIC MANAGEMENT FREIGHT SERVICES LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LOGISTIC MANAGEMENT FREIGHT SERVICES LTD
We have audited the financial statements of Logistic Management Freight Services Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 Group 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 Group's or the parent 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.
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LOGISTIC MANAGEMENT FREIGHT SERVICES LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LOGISTIC MANAGEMENT FREIGHT SERVICES LTD (CONTINUED)
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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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LOGISTIC MANAGEMENT FREIGHT SERVICES LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LOGISTIC MANAGEMENT FREIGHT SERVICES 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 Group 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 Group’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 Group and the industry in which it operates, and after considering the risk of acts by the Group 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 Group 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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LOGISTIC MANAGEMENT FREIGHT SERVICES LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LOGISTIC MANAGEMENT FREIGHT SERVICES 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.
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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LOGISTIC MANAGEMENT FREIGHT SERVICES LTD
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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LOGISTIC MANAGEMENT FREIGHT SERVICES LTD
REGISTERED NUMBER: 10133368
CONSOLIDATED 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 24 September 2024.
The notes on pages 16 to 35 form part of these financial statements.
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LOGISTIC MANAGEMENT FREIGHT SERVICES LTD
REGISTERED NUMBER: 10133368
COMPANY 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 16 to 35 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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LOGISTIC MANAGEMENT FREIGHT SERVICES LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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LOGISTIC MANAGEMENT FREIGHT SERVICES LTD
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
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LOGISTIC MANAGEMENT FREIGHT SERVICES LTD
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023
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LOGISTIC MANAGEMENT FREIGHT SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Logistic Management Freight Services Ltd is a private company, limited by shares, and registered in England and Wales (registered number 10133368). The address of the registered office is Anglia House, 6 Central Avenue, St Andrews Business Park, Thorpe St. Andrew, Norwich, Norfolk, NR7 0HR. The principle place of business 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 Group. 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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
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LOGISTIC MANAGEMENT FREIGHT SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
At 31 December 2023 the Group had net current liabilities of £728,048 (2022: £1,368,103). However, in line with many distribution/haulage businesses, the Group 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 hire purchase 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 Group will have sufficient funds from future trading cash flows to meet these debts as they fall due over the next twelve months and beyond. Thus the Group continues to adopt the going concern basis of accounting in preparing the financial statements.
Functional and presentation currency
Transactions and balances
Distribution revenue is recognised at the point at which goods are delivered to the end customer. The Group’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 Group’s warehouse, starting at the point goods enter the warehouse and ending at the point the goods leave. The Group’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 Group’s performance obligation is the provision of driver training.
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LOGISTIC MANAGEMENT FREIGHT SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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LOGISTIC MANAGEMENT FREIGHT SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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LOGISTIC MANAGEMENT FREIGHT SERVICES 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.
investment is reviewed for indicators of impairment at each reporting end date.
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LOGISTIC MANAGEMENT FREIGHT SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
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LOGISTIC MANAGEMENT FREIGHT SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The key assumptions concerning the future and other key sources of estimating uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include: Depreciation Management have estimated the useful economic life (UEL) of fixed assets and depreciation has in turn been calculated based on the UEL. Depreciation charged in the year amounted to £828,598 (2022: £647,249).
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LOGISTIC MANAGEMENT FREIGHT SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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LOGISTIC MANAGEMENT FREIGHT SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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LOGISTIC MANAGEMENT FREIGHT SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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LOGISTIC MANAGEMENT FREIGHT SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
12.Tangible fixed assets (group) (continued)
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LOGISTIC MANAGEMENT FREIGHT SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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LOGISTIC MANAGEMENT FREIGHT SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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LOGISTIC MANAGEMENT FREIGHT SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The hire purchase contracts of £1,421,754 (2022: £1,340,326) are secured on the relevant assets. Repayments are made on a monthly basis. Interest is charged over the life of the loan, using the amortisation method.
Bank loans are secured against, an unlimited debenture incorporating a fixed and floating charge, a first legal charge over the freehold property, and a letter of set-off. Repayments are made on a monthly basis. Interest is charged monthly at rates between 2.02% and 8.15%, using the amortisation method.
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LOGISTIC MANAGEMENT FREIGHT SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 31
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LOGISTIC MANAGEMENT FREIGHT SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
21.Deferred taxation (continued)
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LOGISTIC MANAGEMENT FREIGHT SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Share premium account
Capital redemption reserve
Profit and loss account
Freightforce Distribution Limited 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 repayable reduces in months 37 to 84 following the final grant payment. The Group has no intention to dispose of the assets.
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LOGISTIC MANAGEMENT FREIGHT SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group, in an independently administered fund. The pension cost charge represents contributions payable by the Group 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.
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 balance of £77,290 due to the Group at 31 December 2023.
No interest is charged on the directors' current accounts.
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LOGISTIC MANAGEMENT FREIGHT SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The ultimate controlling party is NCA Jolley by virtue of his majority shareholding in the parent company.
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