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Trans-Bridge Freight Services Limited

Directors' Report and Financial Accounts

for the year ended 31 October 2023
 

Registration number: 02644229

 

Trans-Bridge Freight Services Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Independent Auditor's Report

4 to 6

Profit and Loss Account and Statement of Retained Earnings

7

Statement of Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Statement of Cash Flows

11

Notes to the Financial Statements

12 to 18

 

Trans-Bridge Freight Services Limited

Company Information

Directors

I P Hajdukewycz

D Torrance

D P Hajdukewycz

B Anderton

B J Walker

Registered office

Trans-Bridge Business Park
Drury Lane
Sellers Way
Chadderton
OL9 8EY

Auditors

Gortons
Chartered Accountants and Statutory Auditors
Stanmore House
64-68 Blackburn Street
Radcliffe
Manchester
M26 2JS

 

Trans-Bridge Freight Services Limited

Strategic Report for the Year Ended 31 October 2023

The directors present their strategic report for the year ended 31 October 2023.

Principal activity

The principal activity of the company is the provision of transport and freight services.

Fair review of the business

Although 2023 was potentially a challenging year due to volatile inflation, increasing interest rates and rising fuel costs, the company has been able to maintain turnover at a very similar level to 2022 and maintain its gross margin this year. The business continues to provide high service levels and maintain its client base.

The company's Balance Sheet position is much improved with net current assets increasing to £2,640,537 from £2,032,569.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2023

2022

Turnover

£

12,618,506

12,607,645

Profit before tax

£

3,084,617

2,121,822

Gross profit margin

%

39

39

Principal risks and uncertainties

The business' principal financial instruments comprise bank balances, hire purchase loans, trade debtors and trade creditors. The purpose of these instruments is to finance the business' operations. The business activities expose it primarily to the financial risks associated with increased rates of interest. The directors plan carefully around market fluctuations.

Approved by the Board on 28 October 2024 and signed on its behalf by:

.........................................
I P Hajdukewycz
Director

   
     
 

Trans-Bridge Freight Services Limited

Directors' Report for the Year Ended 31 October 2023

The directors present their report and the financial accounts for the year ended 31 October 2023.

Directors' responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial accounts in accordance with applicable law and regulations.

Company law requires the directors to prepare financial accounts for each financial year. Under that law the directors have elected to prepare the financial accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial accounts 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 accounts, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial accounts; and

prepare the financial accounts 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 enable them to ensure that the financial accounts 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.

Directors of the company

The directors who held office during the year were as follows:

I P Hajdukewycz

D Torrance

D P Hajdukewycz

B Anderton

B J Walker (appointed 31 October 2023)

Information included in the Strategic Report

The information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports)
Regulations 2008 has been included in the seperate Strategic Report in accordance with section 414C (11) of the Companies
Act 2006 Regulations 2013.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved by the Board on 28 October 2024 and signed on its behalf by:

.........................................
I P Hajdukewycz
Director

   
     
 

Trans-Bridge Freight Services Limited

Independent Auditor's Report to the Members of Trans-Bridge Freight Services Limited

Qualified Opinion

We have audited the financial statements of Trans-Bridge Freight Services Limited (the 'company') for the year ended 31 October 2023, which comprise the Profit and Loss Account and Statement of Retained Earnings, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, 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).

In our opinion, except for the possible effects of the matters described in the Basis for Qualified Opinion section of our report below, the accompanying financial statements:

give a true and fair view of the state of the company's affairs as at 31 October 2023 and of its profit for the 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 qualified opinion

We were not appointed as company accountants and auditors until November 2023. Our predecessors prepared the company's accounts for the year to 31 October 2022 (and prior years) but no audit was performed on those figures. The 2022 figures (corresponding figures, or 'comparatives', in these accounts) are therefore unaudited. The opening balances for the current year, as at 1 November 2022, are therefore also unaudited, which may impact on the accuracy of profit and loss account figures in the current year.

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 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.

Other matter

We are required to explicitly state that, as described above, the corresponding figures ('comparatives') are unaudited, as are the opening balances as at 1 November 2022.

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 when the original financial statements were 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.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

 

Trans-Bridge Freight Services Limited

Independent Auditor's Report to the Members of Trans-Bridge Freight Services Limited

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 material misstatements in the Strategic Report and the Directors' 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 returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the [set out on page ], the directors are 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 the directors 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that relate to the Companies Act 2006.

Based on the results of our risk assessment we designed our audit procedures to identify non compliance with applicable laws and regulations as above. We reviewed financial statement disclosures and tested to supporting documentation.

We assessed the risks of material misstatement in respect of fraud by making enquiries of management, identifying particular areas that were susceptible to misstatement as part of our audit discussion, including review of related party relationships and transactions and detailed analytical review.

We considered the risk of fraud through management override and in response we tested controls, journal entries and other adjustments for appropriateness.

We evaluated the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s 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.

 

Trans-Bridge Freight Services Limited

Independent Auditor's Report to the Members of Trans-Bridge Freight Services Limited

......................................
Jim Gorton (Senior Statutory Auditor)
For and on behalf of Gortons, Statutory Auditor

Gortons
Chartered Accountants
Stanmore House
64-68 Blackburn Street
Radcliffe
Manchester
M26 2JS

28 October 2024

 

Trans-Bridge Freight Services Limited

Profit and Loss Account and Statement of Retained Earnings
for the Year Ended 31 October 2023

Note

2023
£

(As restated)
2022
£

Turnover

3

12,618,506

12,607,645

Cost of sales

 

(7,718,270)

(7,668,148)

Gross profit

 

4,900,236

4,939,497

Administrative expenses

 

(2,028,824)

(2,983,870)

Other operating income

4

154,318

113,948

Operating profit

5

3,025,730

2,069,575

Other interest receivable and similar income

6

85,809

72,092

Interest payable and similar charges

7

(26,922)

(19,845)

 

58,887

52,247

Profit before tax

 

3,084,617

2,121,822

Taxation

11

(689,976)

(330,285)

Profit for the financial year

 

2,394,641

1,791,537

Retained earnings brought forward

 

3,417,295

3,092,176

Dividends paid

 

(744,000)

(1,466,418)

Purchase of own shares

 

(6)

-

Retained earnings carried forward

 

5,067,930

3,417,295

 

Trans-Bridge Freight Services Limited

Statement of Comprehensive Income for the Year Ended 31 October 2023

2023
£

2022
£

Profit for the year

2,394,641

1,791,537

Total comprehensive income for the year

2,394,641

1,791,537

 

Trans-Bridge Freight Services Limited

(Registration number: 02644229)
Balance Sheet as at 31 October 2023

Note

2023
£

As restated
2022
£

Fixed assets

 

Tangible assets

12

2,890,470

2,413,027

Current assets

 

Debtors

13

2,651,790

1,863,970

Cash at bank and in hand

14

2,618,887

1,646,346

 

5,270,677

3,510,316

Creditors: Amounts falling due within one year

15

(2,630,140)

(2,032,569)

Net current assets

 

2,640,537

1,477,747

Total assets less current liabilities

 

5,531,007

3,890,774

Creditors: Amounts falling due after more than one year

15

(251,245)

(328,271)

Provisions for liabilities

16

(211,726)

(145,102)

Net assets

 

5,068,036

3,417,401

Capital and reserves

 

Called up share capital

18

100

106

Capital redemption reserve

6

-

Profit and loss account

5,067,930

3,417,295

Total capital and reserves

 

5,068,036

3,417,401

Approved and authorised by the Board on 28 October 2024 and signed on its behalf by:
 

.........................................
I P Hajdukewycz
Director

   
     
 

Trans-Bridge Freight Services Limited

Statement of Changes in Equity for the Year Ended 31 October 2023

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 November 2022

106

-

3,417,295

3,417,401

Profit for the year

-

-

2,394,641

2,394,641

Dividends

-

-

(744,000)

(744,000)

Purchase of own share capital

(6)

6

(6)

(6)

At 31 October 2023

100

6

5,067,930

5,068,036

Share capital
£

Retained earnings
£

Total
£

At 1 November 2021

106

3,092,176

3,092,282

Profit for the year

-

1,791,537

1,791,537

Dividends

-

(1,466,418)

(1,466,418)

At 31 October 2022

106

3,417,295

3,417,401

 

Trans-Bridge Freight Services Limited

Statement of Cash Flows for the Year Ended 31 October 2023

2023
£

2022
£

Cash flows from operating activities

Profit for the year

2,394,641

1,791,537

Adjustments to cash flows from non-cash items

Depreciation charges

427,566

389,734

Depreciation adjustment

(40,214)

-

Profit on disposal of tangible assets

(186,100)

-

Financing costs - HP interest

26,922

19,845

Financing costs - interest received

(23,364)

(1,460)

Foreign exchange gains

(62,445)

(70,632)

2,537,006

2,129,024

Working capital adjustments

(Increase)/decrease in debtors

(233,138)

278,027

Increase/(decrease) in creditors

362,686

(854,455)

Increase in deferred tax provision

66,624

-

Cash generated from operations

2,733,178

1,552,596

Increase in corporation tax reserve

293,067

330,285

Net cash flow from operating activities

3,026,245

1,882,881

Cash flows from investing activities

Interest received

23,364

1,460

Proceeds from sale of tangible assets

341,038

267,310

Fixed asset acquisitions

(987,189)

(1,012,599)

Fixed asset cost adjustment

(32,544)

-

Net cash flows from investing activities

(655,331)

(743,829)

Cash flows from financing activities

Interest paid

(26,922)

(19,845)

Currency exchange

62,445

70,632

(Increase)/Decrease in debts owed from director

(554,682)

-

(Increase)/Decrease in loans and borrowings

(135,208)

250,135

Net cash flows from financing activities

(654,367)

300,922

Net increase in cash and cash equivalents

1,716,547

1,439,974

Cash and cash equivalents at 1 November

1,646,346

1,672,790

Payments for purchase of own shares

(6)

-

Dividends paid

(744,000)

(1,466,418)

Cash and cash equivalents at 31 October

2,618,887

1,646,346

 

Trans-Bridge Freight Services Limited

Notes to the Unaudited Financial Accounts for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Trans-Bridge Business Park
Drury Lane
Sellers Way
Chadderton
OL9 8EY

These financial statements were authorised for issue by the Board on 28 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial accounts are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial accounts have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial accounts have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Comparatives

Certain 2022 direct costs and overheads have been reclassified in the Profit and Loss Account to provide a clearer representation of the company's costs structure. The reclassification has no impact on the company's 2022 results, Balance Sheet position or taxation position.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Trans-Bridge Freight Services Limited

Notes to the Unaudited Financial Accounts for the Year Ended 31 October 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

20% reducing balance

Motor vehicles

25% reducing balance

Other tangible assets

25% reducing balance

Land and buildings

Not depreciated

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

2023
£

2022
£

Services provided

12,618,506

12,607,645

 

Trans-Bridge Freight Services Limited

Notes to the Unaudited Financial Accounts for the Year Ended 31 October 2023

4

Other operating income

The analysis of the company's other operating income for the year is as follows:

2023
£

2022
£

Rent and service charges receivable

150,033

113,948

Sundry other income

4,285

-

154,318

113,948

5

Operating profit

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

427,566

389,734

Operating lease expense - property

120,000

120,000

Loss on disposal of fixed assets

(186,100)

-

Audit of the financial statements

15,000

-

6

Other interest receivable and similar income

2023
£

2022
£

Interest income on bank deposits

23,364

1,460

Foreign currency gains

62,445

70,632

85,809

72,092

7

Interest payable and similar expenses

2023
£

2022
£

Interest on obligations under finance leases and hire purchase contracts

26,922

19,845

8

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023
£

2022
£

Wages and salaries

1,693,290

1,449,218

Social security costs

158,780

156,181

Pension costs, defined contribution scheme

132,059

49,064

1,984,129

1,654,463

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2023
No.

2022
No.

Administration and support

19

20

Sales

2

2

Distribution

22

22

43

44

 

Trans-Bridge Freight Services Limited

Notes to the Unaudited Financial Accounts for the Year Ended 31 October 2023

9

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

118,980

110,936

Contributions paid to defined contribution pension schemes

77,585

27,004

196,565

137,940

During the year the number of directors who were receiving benefits and share incentives was as follows:

2023
No.

2022
No.

Accruing benefits under defined contribution pension schemes

4

4

10

Auditors' remuneration

2023
£

2022
£

Audit of the financial statements

15,000

-


 

11

Taxation

Tax charged/(credited) in the profit and loss account

2023
£

2022
£

Current taxation

UK corporation tax

623,352

330,285

Deferred taxation

Arising from origination and reversal of timing differences

66,624

-

Tax expense in the income statement

689,976

330,285

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK of 19% until 31 March 2023 and 25% from 1 April 2023 (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit before tax

3,084,617

2,121,822

Corporation tax at standard rate

694,037

403,146

Tax decrease from effect of capital allowances and depreciation

(30,939)

(102,014)

Effect of expense not deductible in determining taxable profit (tax loss)

(29,872)

-

Deferred tax expense from unrecognised tax loss or credit

66,624

-

Further item of tax (decrease)/increase

(9,874)

29,153

Total tax charge

689,976

330,285

A change to the main UK corporation tax rate took effect from 1 April 2023. The rate applicable at 31 March 2023 of 19% increased to 25%. Deferred tax has been calculated at 25%

 

Trans-Bridge Freight Services Limited

Notes to the Unaudited Financial Accounts for the Year Ended 31 October 2023

12

Tangible assets

Land and buildings - Drury Lane
£

Land and buildings - Antrim
 £

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

944,630

-

395,405

3,265,704

4,605,739

Cost adjustment

58,421

-

(58,421)

32,544

32,544

Additions

103,817

-

40,781

842,591

987,189

Disposals

-

-

(189,080)

(1,319,142)

(1,508,222)

Reclassification

-

158,573

(105,160)

(53,413)

-

At 31 October 2023

1,106,868

158,573

83,525

2,768,284

4,117,250

Depreciation

At 1 November 2022

-

-

289,110

1,903,602

2,192,712

Charge for the year

-

-

9,340

418,226

427,566

Eliminated on disposal

-

-

(272,450)

(1,080,834)

(1,353,284)

Depreciation adjustment

-

-

-

(40,214)

(40,214)

At 31 October 2023

-

-

26,000

1,200,780

1,226,780

Carrying amount

At 31 October 2023

1,106,868

158,573

57,525

1,567,504

2,890,470

At 31 October 2022

944,630

-

106,295

1,362,102

2,413,027

Included within the net book value of land and buildings above is £1,265,441 (2022 - £944,630) in respect of freehold land and buildings.
 

13

Debtors

Current

2023
£

2022
£

Trade debtors

1,870,708

1,820,047

Amounts owed by related parties

554,682

-

Other debtors

226,400

11,000

Prepayments

-

32,923

 

2,651,790

1,863,970

14

Cash and cash equivalents

2023
£

2022
£

Cash on hand

233

276

Cash at bank

35,728

33,508

Short-term deposits

2,582,926

1,612,562

2,618,887

1,646,346

15

Creditors

 

Trans-Bridge Freight Services Limited

Notes to the Unaudited Financial Accounts for the Year Ended 31 October 2023

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

19

245,036

303,218

Trade creditors

 

1,212,529

1,151,016

Social security and other taxes

 

278,063

224,984

Outstanding defined contribution pension costs

 

12,927

3,368

Other creditors

 

35,928

-

Accruals

 

35,100

19,698

Corporation tax liability

 

810,557

330,285

 

2,630,140

2,032,569

Due after one year

 

Loans and borrowings

19

251,245

328,271

16

Provisions for liabilities

Deferred tax
£

Total
£

At 1 November 2022

145,102

145,102

Increase in existing provisions

66,624

66,624

At 31 October 2023

211,726

211,726

17

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £132,059 (2022 - £49,064).

Contributions totalling £12,927 (2022 - £3,368) were payable to the scheme at the end of the year and are included in creditors.

18

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

Ordinary B shares of £1 each

-

-

2

2

Ordinary C shares of £1 each

-

-

4

4

100

100

106

106

 

Trans-Bridge Freight Services Limited

Notes to the Unaudited Financial Accounts for the Year Ended 31 October 2023

19

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Finance lease liabilities

251,245

328,271

Current loans and borrowings

2023
£

2022
£

Finance lease liabilities

245,036

303,218

20

Security

National Westminster Bank Plc held a mortgage debenture with the company dated 28 April 1995 creating specific equitable and fixed and floating charges over certain assets held by the company. No monies were owed to National Westminster Bank Plc at 31 October 2022. The charges were satisfied on 4 April 2023.

21

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

60,000

120,000

Later than one year and not later than five years

-

60,000

60,000

180,000

The amount of non-cancellable operating lease payments recognised as an expense during the year was £120,000 (2022 - £120,000).

22

Related party transactions

A director has a loan account with the company which was overdrawn by £260,820 at the year end (2022 - Nil). Total advances made during the year were £260,820 and no credits were received. The maximum overdrawn amount in the year was £260,820. No interest has been paid on this loan and the loan is repayable on demand.

Another director also has a loan account with the company which was overdrawn by £276,943 at the year end (2022 - Nil). Total advances made during the year were £276,943 and no credits were received. The maximum overdrawn amount in the year was £276,943. No interest has been paid on this loan and the loan is repayable on demand.

A third director has a loan account with the company which was overdrawn by £16,918 at the year end (2022 - Nil). Total advances made during the year were £16,918 and no credits were received. The maximum overdrawn amount in the year was £16,918. No interest has been paid on this loan and the loan is repayable on demand.

Two of the directors have pension schemes which rent premises to the company on an arm's length basis. The total rent charged and paid during the year was £120,000 (2022 - £120,000). No balance was outstanding at the year end (2022 - nil).

The company purchased 100% of the directors' B and C shares for a total consideration of £6.

23

Parent and ultimate parent undertaking

The company's immediate and ultimate parent as at 31 October 2023 was Trans-Bridge Freight Services (Holdings) Limited, a company incorporated in England and Wales.