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REGISTERED NUMBER: 02570523 (England and Wales)














Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 January 2024

for

K & L Freight Limited

K & L Freight Limited (Registered number: 02570523)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


K & L Freight Limited

Company Information
for the Year Ended 31 January 2024







DIRECTORS: C M Buckley
M Kidd





SECRETARY: M Kidd





REGISTERED OFFICE: 16 Cheshire Avenue
Cheshire Business Park
Lostock Gralam
Northwich
Cheshire
CW9 7UA





REGISTERED NUMBER: 02570523 (England and Wales)





AUDITORS: Thompson Wright Limited
Chartered Accountants
and Statutory Auditors
Ebenezer House
Ryecroft
Newcastle under Lyme
Staffordshire
ST5 2BE

K & L Freight Limited (Registered number: 02570523)

Strategic Report
for the Year Ended 31 January 2024

The directors present their strategic report for the year ended 31 January 2024.

REVIEW OF BUSINESS
Overall profitability of the company has decreased with a resultant profit before tax of £2,148,511 compared to £2,306,389 in the previous year.

PRINCIPAL RISKS AND UNCERTAINTIES
The directors have identified the key risks faced by the company to be market risk, financial risk, credit risk and exchange rate risk.

The directors are constantly monitoring both the quality and range of services it supplies, to minimise market risk.

The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs.

The company's policy throughout the year has been to try and maintain liquid funds at the bank whilst also funding the repayment of finance and supplier obligations.

Where the company has had to undertake short term borrowings, the company's exposure to interest rate fluctuations on its borrowings is managed by the use of fixed and floating facilities. It is the company's policy to minimise the amount of borrowings at floating rates of interest.

The maturity of borrowings are set out in note 15 of the financial statements. The principal credit risk arises from its trade debtors.
In order to manage credit risk, the directors set limits for its customers based on a combination of payment history and credit references. Credit limits are reviewed by the credit controller on a regular basis in conjunction with debt ageing and collection history. Credit risk exposure is spread out over a large number of customers.

Exchange rate risk is minimised by quotations being caveated that the current rate of exchange at the time of shipment / arrival will be used and quoted rates can change accordingly.

FINANCIAL KEY PERFORMANCE INDICATORS
The directors assess the financial performance of the company by reviewing key financial benchmarks, namely, gross profit percentage, debtor days and creditor days:

2024 2023
Gross profit margin 26.64% 18.84%
Debtors days 40 28
Creditors days 44 34


FUTURE DEVELOPMENTS
Looking to the future, the directors wish to maintain appropriate investment levels in the company to maintain and secure the company's position in the market. The trading outlook for 2024 is positive with trading levels and operating margins being maintained.

ON BEHALF OF THE BOARD:





C M Buckley - Director


29 October 2024

K & L Freight Limited (Registered number: 02570523)

Report of the Directors
for the Year Ended 31 January 2024

The directors present their report with the financial statements of the company for the year ended 31 January 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of shipping and forwarding agents.

DIVIDENDS
The total distribution of dividends for the year ended 31 January 2024 will be £ 1,550,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 February 2023 to the date of this report.

C M Buckley
M Kidd

DISCLOSURE IN THE STRATEGIC REPORT
The company has chosen in accordance with Section 414(c) of Companies Act 2006 (Strategic Report and Directors Report) Regulations 2013 to set out in the Company's Strategic Report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then 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 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 statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Thompson Wright Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





C M Buckley - Director


29 October 2024

Report of the Independent Auditors to the Members of
K & L Freight Limited

Opinion
We have audited the financial statements of K & L Freight Limited (the 'company') for the year ended 31 January 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 January 2024 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 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 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.

Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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.

Report of the Independent Auditors to the Members of
K & L Freight Limited


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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.

Report of the Independent Auditors to the Members of
K & L Freight Limited


Auditors' 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 a Report of the Auditors 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the Senior Statutory Auditor ensured that the audit team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of shipping and forwarding agents;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental, consumer rights act, other industry specific accreditations and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.


Report of the Independent Auditors to the Members of
K & L Freight Limited

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 Report of the Auditors.

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 a Report of the Auditors 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.




Richard Thompson BA FCA (Senior Statutory Auditor)
for and on behalf of Thompson Wright Limited
Chartered Accountants
and Statutory Auditors
Ebenezer House
Ryecroft
Newcastle under Lyme
Staffordshire
ST5 2BE

29 October 2024

K & L Freight Limited (Registered number: 02570523)

Income Statement
for the Year Ended 31 January 2024

31.1.24 31.1.23
Notes £    £   

TURNOVER 3 11,877,061 17,694,256

Cost of sales 8,712,555 14,360,962
GROSS PROFIT 3,164,506 3,333,294

Administrative expenses 1,028,898 1,090,357
2,135,608 2,242,937

Other operating income 4 31,080 62,827
OPERATING PROFIT 6 2,166,688 2,305,764

Interest receivable and similar income 721 15,987
2,167,409 2,321,751

Interest payable and similar expenses 7 18,898 15,362
PROFIT BEFORE TAXATION 2,148,511 2,306,389

Tax on profit 8 514,728 440,071
PROFIT FOR THE FINANCIAL YEAR 1,633,783 1,866,318

K & L Freight Limited (Registered number: 02570523)

Other Comprehensive Income
for the Year Ended 31 January 2024

31.1.24 31.1.23
Notes £    £   

PROFIT FOR THE YEAR 1,633,783 1,866,318


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 1,633,783 1,866,318

K & L Freight Limited (Registered number: 02570523)

Balance Sheet
31 January 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 21,605 19,644
Investments 11 1,708 1,708
23,313 21,352

CURRENT ASSETS
Debtors 12 3,048,173 2,615,214
Cash at bank and in hand 1,665,943 2,512,418
4,714,116 5,127,632
CREDITORS
Amounts falling due within one year 13 3,471,854 3,847,192
NET CURRENT ASSETS 1,242,262 1,280,440
TOTAL ASSETS LESS CURRENT LIABILITIES 1,265,575 1,301,792

CREDITORS
Amounts falling due after more than one year 14 150,000 270,000
NET ASSETS 1,115,575 1,031,792

CAPITAL AND RESERVES
Called up share capital 18 2 2
Retained earnings 19 1,115,573 1,031,790
SHAREHOLDERS' FUNDS 1,115,575 1,031,792

The financial statements were approved by the Board of Directors and authorised for issue on 29 October 2024 and were signed on its behalf by:





C M Buckley - Director


K & L Freight Limited (Registered number: 02570523)

Statement of Changes in Equity
for the Year Ended 31 January 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 February 2022 2 1,015,472 1,015,474

Changes in equity
Dividends - (1,850,000 ) (1,850,000 )
Total comprehensive income - 1,866,318 1,866,318
Balance at 31 January 2023 2 1,031,790 1,031,792

Changes in equity
Dividends - (1,550,000 ) (1,550,000 )
Total comprehensive income - 1,633,783 1,633,783
Balance at 31 January 2024 2 1,115,573 1,115,575

K & L Freight Limited (Registered number: 02570523)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

K & L Freight Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirement of paragraph 33.7.

The company has taken advantage of the exemption under paragraph 1.12(b) from preparing a statement of cash flows, on the basis that it is a qualifying entity and its ultimate parent company, K&L Freight Holdings Limited, includes the company's cash flows in its consolidated financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Turnover
Turnover represents net invoiced sales of services, excluding value added tax.

Revenue is recognised as the company becomes entitled to consideration for the services supplied.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Office equipment - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


K & L Freight Limited (Registered number: 02570523)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Investments
Investments in company shares are stated at cost. Provisions for impairment are recognised in profit or loss for the period.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

31.1.24 31.1.23
£    £   
United Kingdom 9,863,092 15,127,267
Rest of the World 2,013,969 2,566,989
11,877,061 17,694,256

4. OTHER OPERATING INCOME
31.1.24 31.1.23
£    £   
Rents received 31,080 61,327
Sundry receipts - 1,500
31,080 62,827

5. EMPLOYEES AND DIRECTORS
31.1.24 31.1.23
£    £   
Wages and salaries 510,390 481,763
Social security costs 40,064 39,211
Other pension costs 67,781 62,049
618,235 583,023

K & L Freight Limited (Registered number: 02570523)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

5. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
31.1.24 31.1.23

Management 2 2
Administration 15 14
17 16

31.1.24 31.1.23
£    £   
Directors' remuneration 30,487 26,073
Directors' pension contributions to money purchase schemes 16,667 -

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

6. OPERATING PROFIT

The operating profit is stated after charging:

31.1.24 31.1.23
£    £   
Other operating leases 69,580 103,188
Depreciation - owned assets 7,201 6,548
Auditors' remuneration 13,813 13,000
Foreign exchange differences 1,518 -

7. INTEREST PAYABLE AND SIMILAR EXPENSES
31.1.24 31.1.23
£    £   
Bank loan interest 16,537 13,820
Other interest 2,361 1,542
18,898 15,362

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.1.24 31.1.23
£    £   
Current tax:
UK corporation tax 514,728 440,071
Tax on profit 514,728 440,071

K & L Freight Limited (Registered number: 02570523)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

8. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.1.24 31.1.23
£    £   
Profit before tax 2,148,511 2,306,389
Profit multiplied by the standard rate of corporation tax in the UK of 24.030%
(2023 - 19%)

516,287

438,214

Effects of:
Expenses not deductible for tax purposes 1,334 3,347
Capital allowances in excess of depreciation (1,083 ) (1,490 )
Group loss relief (1,810 ) -
Total tax charge 514,728 440,071

9. DIVIDENDS
31.1.24 31.1.23
£    £   
C ordinary shares of 1p each
Interim 1,550,000 1,850,000

10. TANGIBLE FIXED ASSETS
Office
equipment
£   
COST
At 1 February 2023 122,053
Additions 9,162
At 31 January 2024 131,215
DEPRECIATION
At 1 February 2023 102,409
Charge for year 7,201
At 31 January 2024 109,610
NET BOOK VALUE
At 31 January 2024 21,605
At 31 January 2023 19,644

K & L Freight Limited (Registered number: 02570523)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

11. FIXED ASSET INVESTMENTS
Listed Unlisted
investments investments Totals
£    £    £   
COST
At 1 February 2023 1,708 - 1,708
Reclassification/transfer (1,708 ) 1,708 -
At 31 January 2024 - 1,708 1,708
NET BOOK VALUE
At 31 January 2024 - 1,708 1,708
At 31 January 2023 1,708 - 1,708

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade debtors 1,298,238 1,378,340
Other debtors 1,000 -
Related Party Loans 1,556,110 1,112,286
Directors' current accounts 73,684 -
VAT 31,450 28,430
Prepayments and accrued income 87,691 96,158
3,048,173 2,615,214

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Bank loans and overdrafts (see note 15) 120,000 120,000
Trade creditors 1,057,151 1,334,904
Amounts owed to group undertakings 1,630,200 1,809,812
Tax 290,728 240,071
Social security and other taxes 11,887 10,655
Other creditors 11,387 25,028
Directors' current accounts 522 -
Accruals and deferred income 349,979 306,722
3,471,854 3,847,192

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.1.24 31.1.23
£    £   
Bank loans (see note 15) 150,000 270,000

15. LOANS

An analysis of the maturity of loans is given below:

31.1.24 31.1.23
£    £   
Amounts falling due within one year or on demand:
Bank loans 120,000 120,000

Amounts falling due between one and two years:
Bank loans - 1-2 years 120,000 120,000

K & L Freight Limited (Registered number: 02570523)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

15. LOANS - continued
31.1.24 31.1.23
£    £   
Amounts falling due between two and five years:
Bank loans - 2-5 years 30,000 150,000

The interest rate charge on the bank loan is 1.75% above base rate. There is a charge over the assets of the company.

16. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.1.24 31.1.23
£    £   
Within one year 20,761 49,826
Between one and five years - 20,761
20,761 70,587

17. SECURED DEBTS

The following secured debts are included within creditors:

31.1.24 31.1.23
£    £   
Bank loans 270,000 390,000

Bank loans are secured by means of a fixed and floating debenture over all assets of the company

18. CALLED UP SHARE CAPITAL

Alloted, issued and fully paid
Number: Class: Nominal 31.1.23 31.1.22
Value: £    £   
100 A ordinary 1p 1.00 1.00
75 B ordinary 1p 0.75 0.75
25 C ordinary 1p 0.25 0.25
------------ -------------
2.00 2.00
======= ========

All shares have equal voting and participation rights. Dividends can be voted independently of each other.

19. RESERVES
Retained
earnings
£   

At 1 February 2023 1,031,790
Profit for the year 1,633,783
Dividends (1,550,000 )
At 31 January 2024 1,115,573

K & L Freight Limited (Registered number: 02570523)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

20. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 January 2024 and 31 January 2023:

31.1.24 31.1.23
£    £   
C M Buckley
Balance outstanding at start of year - 122,905
Amounts advanced 228,682 218,126
Amounts repaid (154,998 ) (341,031 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 73,684 -

M Kidd
Balance outstanding at start of year - 100,402
Amounts advanced 46,096 157,508
Amounts repaid (46,618 ) (257,910 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (522 ) -

Interest has been charged at 2.0% above Bank of England base rate on any debit balances, which are repayable on demand.

21. RELATED PARTY DISCLOSURES

K&L Property Limited

A company in which the ultimate controlling parties have control.

At the year end the company was owed £1,556,110 (2023 £1,112,286). The loan was interest free and repayable on demand.

22. ULTIMATE CONTROLLING PARTY

The controlling party is K&L Freight Holdings Limited.

The company's ultimate parent company was K & L Freight Holdings Limited, a company registered in England and Wales.

Copies of the consolidated financial statements of K & L Freight Holdings Limited are available from 16 Cheshire Avenue, Cheshire Business Park, Lostock Gralam, Northwich, Cheshire CW9 7UA.

At the year end the ultimate controlling parties were C Buckley and M Kidd.