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COMPANY REGISTRATION NUMBER: 00989217
Freight Clearance Limited
Filleted Unaudited Financial Statements
30 April 2024
Freight Clearance Limited
Financial Statements
Year ended 30 April 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Freight Clearance Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
421,475
436,843
Current assets
Stocks
241,304
31,508
Debtors
6
322,653
406,730
Cash at bank and in hand
2,081,097
1,686,666
------------
------------
2,645,054
2,124,904
Creditors: amounts falling due within one year
7
2,003,891
1,627,277
------------
------------
Net current assets
641,163
497,627
------------
---------
Total assets less current liabilities
1,062,638
934,470
Provisions
Taxation including deferred tax
1,626
3,206
------------
---------
Net assets
1,061,012
931,264
------------
---------
Capital and reserves
Called up share capital
200
200
Share premium account
9,980
9,980
Profit and loss account
1,050,832
921,084
------------
---------
Shareholders funds
1,061,012
931,264
------------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Freight Clearance Limited
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 20 August 2024 , and are signed on behalf of the board by:
Mr I L Booth
Director
Company registration number: 00989217
Freight Clearance Limited
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is New Bridge House, New Bridge, Dover, Kent, CT16 1JS.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover, which comprises freight clearance and haulage charges, is stated at gross invoiced value net of returns and value added tax. The company disburses customs duty on behalf of clients which is recharged to them. The customs duty is not included in either turnover or cost of sales.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land and buildings
-
2% straight line
Fixtures and fittings
-
15% reducing balance
Equipment
-
33% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 26 (2023: 43 ).
5. Tangible assets
Land and buildings
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 May 2023 and 30 April 2024
422,533
53,127
129,270
604,930
---------
--------
---------
---------
Depreciation
At 1 May 2023
8,451
49,829
109,807
168,087
Charge for the year
8,451
494
6,423
15,368
---------
--------
---------
---------
At 30 April 2024
16,902
50,323
116,230
183,455
---------
--------
---------
---------
Carrying amount
At 30 April 2024
405,631
2,804
13,040
421,475
---------
--------
---------
---------
At 30 April 2023
414,082
3,298
19,463
436,843
---------
--------
---------
---------
6. Debtors
2024
2023
£
£
Trade debtors
293,718
383,622
Other debtors
28,935
23,108
---------
---------
322,653
406,730
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
622,987
593,830
Amounts owed to group undertakings and undertakings in which the company has a participating interest
688
Corporation tax
132,983
116,961
Social security and other taxes
13,996
45,784
Other creditors
1,233,237
870,702
------------
------------
2,003,891
1,627,277
------------
------------
8. Related party transactions
At the year end the company owed the directors £37,500 (2023: £285,330). At the year end the company was owed £0 (2023: £89) by companies under common control and/or directorship. At the year end the company owed £688 (2023: £nil) to a group company.
9. Controlling party
The ultimate parent company is Freight Clearance Holdings Limited (13553082), a company registered in England & Wales. Freight Clearance Holdings Limited became the ultimate controlling party on 28 November 2022. Prior to this, Mr I L Booth and Mr A S Matthews were the only shareholders. The registered address of the ultimate controlling party is: New Bridge House, New Bridge, Dover, Kent, United Kingdom, CT16 1JS .
10. Contingencies
The bank has a debenture over all of the assets of the company.