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REGISTERED NUMBER: 12016803 (England and Wales)














Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 January 2024

for

K & L Freight Holdings Limited

K & L Freight Holdings Limited (Registered number: 12016803)






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




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


K & L Freight Holdings Limited

Company Information
for the Year Ended 31 January 2024







DIRECTORS: C M Buckley
M Kidd





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





REGISTERED NUMBER: 12016803 (England and Wales)





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

K & L Freight Holdings Limited (Registered number: 12016803)

Group Strategic Report
for the Year Ended 31 January 2024

The directors present their strategic report of the company and the group for the year ended 31 January 2024.

REVIEW OF BUSINESS
Overall profitability of the group has improved with a resultant operating profit of £2,193,706 compared to £2,395,481 in the previous year.

PRINCIPAL RISKS AND UNCERTAINTIES
The directors have identified the key risks faced by the group 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 group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs.

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

The maturity of borrowings are set out in note 16 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 group 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 group to maintain and secure the group'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 Holdings Limited (Registered number: 12016803)

Report of the Directors
for the Year Ended 31 January 2024

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

DIVIDENDS
The total distribution of dividends for the year ended 31 January 2024 will be £ 1,136,000 .

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 group has chosen in accordance with Section 414(c) of Companies Act 2006 (Strategic Report and Directors Report) Regulations 2013 to set out in the Group'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 Group 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 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 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group'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 Holdings Limited

Opinion
We have audited the financial statements of K & L Freight Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 January 2024 and of the group's 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 group 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 group's and 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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 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 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 Holdings 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 group's and the parent 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 group or the parent 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 Holdings 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 engagement partner 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 and property investment businesses;

- 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 Holdings 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 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 Holdings Limited (Registered number: 12016803)

Consolidated 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 1,032,960 1,064,183
2,131,546 2,269,111

Other operating income 62,160 126,370
OPERATING PROFIT 5 2,193,706 2,395,481

Interest receivable and similar income 721 15,987
2,194,427 2,411,468
Gain/loss on revaluation of investment property 25,000 258,757
2,219,427 2,670,225

Interest payable and similar expenses 6 60,914 37,399
PROFIT BEFORE TAXATION 2,158,513 2,632,826

Tax on profit 7 535,517 500,093
PROFIT FOR THE FINANCIAL YEAR 1,622,996 2,132,733
Profit attributable to:
Owners of the parent 1,622,996 2,132,733

K & L Freight Holdings Limited (Registered number: 12016803)

Consolidated Other Comprehensive Income
for the Year Ended 31 January 2024

31.1.24 31.1.23
Notes £    £   

PROFIT FOR THE YEAR 1,622,996 2,132,733


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 1,622,996 2,132,733

Total comprehensive income attributable to:
Owners of the parent 1,622,996 2,132,733

K & L Freight Holdings Limited (Registered number: 12016803)

Consolidated Balance Sheet
31 January 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 361,072 366,573
Investments 11 1,708 1,708
Investment property 12 1,056,000 1,031,000
1,418,780 1,399,281

CURRENT ASSETS
Debtors 13 3,053,976 2,618,124
Cash at bank and in hand 2,254,984 2,749,876
5,308,960 5,368,000
CREDITORS
Amounts falling due within one year 14 1,898,065 2,266,933
NET CURRENT ASSETS 3,410,895 3,101,067
TOTAL ASSETS LESS CURRENT LIABILITIES 4,829,675 4,500,348

CREDITORS
Amounts falling due after more than one year 15 (702,447 ) (880,905 )

PROVISIONS FOR LIABILITIES 19 (67,178 ) (46,389 )
NET ASSETS 4,060,050 3,573,054

CAPITAL AND RESERVES
Called up share capital 20 2 2
Non distributable reserve 21 217,206 212,928
Retained earnings 21 3,842,842 3,360,124
SHAREHOLDERS' FUNDS 4,060,050 3,573,054

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 Holdings Limited (Registered number: 12016803)

Company Balance Sheet
31 January 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 339,467 346,929
Investments 11 2 2
Investment property 12 1,056,000 1,031,000
1,395,469 1,377,931

CURRENT ASSETS
Debtors 13 1,636,003 1,812,720
Cash at bank 589,041 237,458
2,225,044 2,050,178
CREDITORS
Amounts falling due within one year 14 56,411 229,552
NET CURRENT ASSETS 2,168,633 1,820,626
TOTAL ASSETS LESS CURRENT LIABILITIES 3,564,102 3,198,557

CREDITORS
Amounts falling due after more than one year 15 (552,447 ) (610,905 )

PROVISIONS FOR LIABILITIES 19 (67,178 ) (46,389 )
NET ASSETS 2,944,477 2,541,263

CAPITAL AND RESERVES
Called up share capital 20 2 2
Non distributable reserve 21 217,206 212,928
Retained earnings 21 2,727,269 2,328,333
SHAREHOLDERS' FUNDS 2,944,477 2,541,263

Company's profit for the financial year 1,539,214 2,116,414

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 Holdings Limited (Registered number: 12016803)

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

Called up Non
share Retained distributable Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 February 2022 2 2,450,319 - 2,450,321

Changes in equity
Dividends - (1,010,000 ) - (1,010,000 )
Total comprehensive income - 1,919,805 212,928 2,132,733
Balance at 31 January 2023 2 3,360,124 212,928 3,573,054

Changes in equity
Dividends - (1,136,000 ) - (1,136,000 )
Total comprehensive income - 1,618,718 4,278 1,622,996
Balance at 31 January 2024 2 3,842,842 217,206 4,060,050

K & L Freight Holdings Limited (Registered number: 12016803)

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

Called up Non
share Retained distributable Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 February 2022 2 1,434,847 - 1,434,849

Changes in equity
Dividends - (1,010,000 ) - (1,010,000 )
Total comprehensive income - 1,903,486 212,928 2,116,414
Balance at 31 January 2023 2 2,328,333 212,928 2,541,263

Changes in equity
Dividends - (1,136,000 ) - (1,136,000 )
Total comprehensive income - 1,534,936 4,278 1,539,214
Balance at 31 January 2024 2 2,727,269 217,206 2,944,477

K & L Freight Holdings Limited (Registered number: 12016803)

Consolidated Cash Flow Statement
for the Year Ended 31 January 2024

31.1.24 31.1.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,593,129 1,888,305
Interest paid (60,914 ) (37,399 )
Tax paid (478,363 ) (625,454 )
Net cash from operating activities 1,053,852 1,225,452

Cash flows from investing activities
Purchase of tangible fixed assets (9,162 ) (8,810 )
Interest received 721 15,987
Net cash from investing activities (8,441 ) 7,177

Cash flows from financing activities
Loan repayments in year (169,082 ) (169,593 )
Amount introduced by directors 39,556 501,000
Amount withdrawn by directors (274,777 ) (475,634 )
Equity dividends paid (1,136,000 ) (1,010,000 )
Net cash from financing activities (1,540,303 ) (1,154,227 )

(Decrease)/increase in cash and cash equivalents (494,892 ) 78,402
Cash and cash equivalents at beginning of year 2 2,749,876 2,671,474

Cash and cash equivalents at end of year 2 2,254,984 2,749,876

K & L Freight Holdings Limited (Registered number: 12016803)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 January 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
31.1.24 31.1.23
£    £   
Profit before taxation 2,158,513 2,632,826
Depreciation charges 14,663 14,088
Gain on revaluation of fixed assets (25,000 ) (258,757 )
Finance costs 60,914 37,399
Finance income (721 ) (15,987 )
2,208,369 2,409,569
(Increase)/decrease in trade and other debtors (362,167 ) 776,021
Decrease in trade and other creditors (253,073 ) (1,297,285 )
Cash generated from operations 1,593,129 1,888,305

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 January 2024
31.1.24 1.2.23
£    £   
Cash and cash equivalents 2,254,984 2,749,876
Year ended 31 January 2023
31.1.23 1.2.22
£    £   
Cash and cash equivalents 2,749,876 2,671,474


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.2.23 Cash flow At 31.1.24
£    £    £   
Net cash
Cash at bank and in hand 2,749,876 (494,892 ) 2,254,984
2,749,876 (494,892 ) 2,254,984
Debt
Debts falling due within 1 year (162,785 ) (9,376 ) (172,161 )
Debts falling due after 1 year (880,905 ) 178,458 (702,447 )
(1,043,690 ) 169,082 (874,608 )
Total 1,706,186 (325,810 ) 1,380,376

K & L Freight Holdings Limited (Registered number: 12016803)

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

1. STATUTORY INFORMATION

K & L Freight Holdings 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 General 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 as modified by the revaluation of certain assets.

Basis of consolidation
The group financial statements consolidate the financial statements of the limited company and its subsidiary and its associate undertakings.

Subsidiaries are consolidated from the date of their acquisition, being the date on which the Group obtains control and continue to be consolidated until the date that such control ceases.

Subsidiaries are included in the consolidated financial statements on the merger acquisition basis whilst associates are included using the equity method.

Group reconstructions are included in the consolidated financial statements using the merger basis.

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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

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.

Rental income is recognised in the period that it falls due.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Fixtures and fittings - 15% on reducing balance
Office equipment - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.


K & L Freight Holdings Limited (Registered number: 12016803)

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

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the group.

An analysis of turnover by class of business is given below:

31.1.24 31.1.23
£    £   
Rendering of services 11,877,061 17,694,256
11,877,061 17,694,256

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

K & L Freight Holdings Limited (Registered number: 12016803)

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

4. 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

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

5. OPERATING PROFIT

The operating profit is stated after charging:

31.1.24 31.1.23
£    £   
Other operating leases 31,080 64,688
Depreciation - owned assets 14,663 14,088
Auditors' remuneration 3,250 3,000
The auditing of accounts of any associate of the company 13,813 13,000
Foreign exchange differences 1,518 -

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.1.24 31.1.23
£    £   
Bank loan interest 58,553 35,857
Other interest 2,361 1,542
60,914 37,399

K & L Freight Holdings Limited (Registered number: 12016803)

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

7. 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 514,728 454,363

Deferred tax 20,789 45,730
Tax on profit 535,517 500,093

UK corporation tax has been charged at 24.03 % .

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

31.1.24 31.1.23
£    £   
Profit before tax 2,158,513 2,632,826
Profit multiplied by the standard rate of corporation tax in the UK of 24.030 %
(2023 - 19 %)

518,691

500,237

Effects of:
Expenses not deductible for tax purposes 3,019 4,681
Capital allowances in excess of depreciation (1,085 ) (1,490 )
Revaluations in year - (3,335 )
Adjustments due to change in tax rate 14,472 -
Difference between marginal rates of tax 420 -
Total tax charge 535,517 500,093

During the year the standard rate of Corporation Tax changed from 19% to 25%.

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
31.1.24 31.1.23
£    £   
A Ordinary shares of 1p each
Interim 568,000 505,000
B Ordinary shares of 1p each
Interim 468,000 405,000
C Ordinary shares of 1p each
Interim 100,000 100,000
1,136,000 1,010,000

K & L Freight Holdings Limited (Registered number: 12016803)

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

10. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold and Office
property fittings equipment Totals
£    £    £    £   
COST
At 1 February 2023 351,000 4,802 122,053 477,855
Additions - - 9,162 9,162
At 31 January 2024 351,000 4,802 131,215 487,017
DEPRECIATION
At 1 February 2023 7,020 1,853 102,409 111,282
Charge for year 7,020 442 7,201 14,663
At 31 January 2024 14,040 2,295 109,610 125,945
NET BOOK VALUE
At 31 January 2024 336,960 2,507 21,605 361,072
At 31 January 2023 343,980 2,949 19,644 366,573

Freehold property with a net book value of £336,960 is pledged as security for bank loans.

Company
Fixtures
Freehold and
property fittings Totals
£    £    £   
COST
At 1 February 2023
and 31 January 2024 351,000 4,802 355,802
DEPRECIATION
At 1 February 2023 7,020 1,853 8,873
Charge for year 7,020 442 7,462
At 31 January 2024 14,040 2,295 16,335
NET BOOK VALUE
At 31 January 2024 336,960 2,507 339,467
At 31 January 2023 343,980 2,949 346,929

K & L Freight Holdings Limited (Registered number: 12016803)

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

11. FIXED ASSET INVESTMENTS

Group
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
Company
Shares in
group
undertakings
£   
COST
At 1 February 2023
and 31 January 2024 2
NET BOOK VALUE
At 31 January 2024 2
At 31 January 2023 2

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

K & L Freight Limited
Registered office: 16 Cheshire Avenue, Cheshire Business Park, Lostock Gralam, Northwich, Cheshire CW9 7UA
Nature of business: Shipping and forwarding agents
%
Class of shares: holding
Ordinary A, B and C 100.00


12. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 February 2023 1,031,000
Revaluations 25,000
At 31 January 2024 1,056,000
NET BOOK VALUE
At 31 January 2024 1,056,000
At 31 January 2023 1,031,000

Investment property of £1,056,000 is pledged as security for bank loans.

K & L Freight Holdings Limited (Registered number: 12016803)

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

12. INVESTMENT PROPERTY - continued

Group

Fair value at 31 January 2024 is represented by:
£   
Valuation in 2023 241,205
Valuation in 2024 25,000
Cost 789,795
1,056,000

Company
Total
£   
FAIR VALUE
At 1 February 2023 1,031,000
Revaluations 25,000
At 31 January 2024 1,056,000
NET BOOK VALUE
At 31 January 2024 1,056,000
At 31 January 2023 1,031,000

Fair value at 31 January 2024 is represented by:
£   
Valuation in 2023 241,205
Valuation in 2024 25,000
Cost 789,795
1,056,000

If investment property had not been revalued it would have been included at the following historical cost:

31.1.24 31.1.23
£    £   
Cost 789,795 789,795
Aggregate depreciation (15,796 ) (17,552 )

Investment property was valued on an open market basis on 31 January 2024 by the directors .

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.1.24 31.1.23 31.1.24 31.1.23
£    £    £    £   
Trade debtors 1,298,238 1,378,340 - -
Amounts owed by group undertakings - - 1,630,200 1,809,810
Other debtors 1,000 - - -
Related Party Loans 1,556,110 1,112,286 - -
Directors' current accounts 73,684 - - -
VAT 31,453 28,748 3 318
Prepayments and accrued income 93,491 98,750 5,800 2,592
3,053,976 2,618,124 1,636,003 1,812,720

K & L Freight Holdings Limited (Registered number: 12016803)

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

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.1.24 31.1.23 31.1.24 31.1.23
£    £    £    £   
Bank loans and overdrafts (see note 16) 172,161 162,785 52,161 42,785
Trade creditors 1,057,151 1,334,904 - -
Tax 290,728 254,363 - 14,291
Social security and other taxes 11,887 10,655 - -
Other creditors 11,387 25,030 - -
Directors' current accounts 523 162,059 - 162,059
Accruals and deferred income 354,228 317,137 4,250 10,417
1,898,065 2,266,933 56,411 229,552

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
31.1.24 31.1.23 31.1.24 31.1.23
£    £    £    £   
Bank loans (see note 16) 702,447 880,905 552,447 610,905

16. LOANS

An analysis of the maturity of loans is given below:

Group Company
31.1.24 31.1.23 31.1.24 31.1.23
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 172,161 162,785 52,161 42,785
Amounts falling due between one and two years:
Bank loans - 1-2 years 176,741 163,911 56,741 43,911
Amounts falling due between two and five years:
Bank loans - 2-5 years 246,116 314,827 216,116 164,827
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 279,590 402,167 279,590 402,167

The interest rate charge on the bank loans are 1.75% and 2.1% above base rate. There are charges over the assets of the group..

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
31.1.24 31.1.23
£    £   
Within one year 20,761 49,826
Between one and five years - 20,761
20,761 70,587

K & L Freight Holdings Limited (Registered number: 12016803)

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

18. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
31.1.24 31.1.23 31.1.24 31.1.23
£    £    £    £   
Bank loans 874,608 1,043,690 604,608 653,690

Bank loans are secured by means of a fixed and floating debenture over all assets of K&L Freight Limited and K&L Freight Holdings Limited.

There is a legal charge over property at 12 and 16 Cheshire Business Park, Cheshire Avenue, Lostock Gralam, Northwich, Cheshire, CW9 7UA granted by K&L Freight Holdings Limited.

19. PROVISIONS FOR LIABILITIES

Group Company
31.1.24 31.1.23 31.1.24 31.1.23
£    £    £    £   
Deferred tax
Accelerated capital allowances 627 560 627 560
Other timing differences 66,551 45,829 66,551 45,829
67,178 46,389 67,178 46,389

Group
Deferred
tax
£   
Balance at 1 February 2023 46,389
Provided during year 20,789
Balance at 31 January 2024 67,178

Company
Deferred
tax
£   
Balance at 1 February 2023 46,389
Provided during year 20,789
Balance at 31 January 2024 67,178

20. 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.

K & L Freight Holdings Limited (Registered number: 12016803)

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

21. RESERVES

Group
Non
Retained distributable
earnings reserve Totals
£    £    £   

At 1 February 2023 3,360,124 212,928 3,573,052
Profit for the year 1,622,996 1,622,996
Dividends (1,136,000 ) (1,136,000 )
Reserve transfer (25,000 ) 25,000 -
Deferred tax on revaluation 20,722 (20,722 ) -
At 31 January 2024 3,842,842 217,206 4,060,048

Company
Non
Retained distributable
earnings reserve Totals
£    £    £   

At 1 February 2023 2,328,333 212,928 2,541,261
Profit for the year 1,539,214 1,539,214
Dividends (1,136,000 ) (1,136,000 )
Reserve transfer (25,000 ) 25,000 -
Deferred tax on revaluation 20,722 (20,722 ) -
At 31 January 2024 2,727,269 217,206 2,944,475


22. 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 (144,969 ) (187,095 )
Amounts advanced 228,680 318,126
Amounts repaid (10,027 ) (276,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 73,684 (144,969 )

M Kidd
Balance outstanding at start of year (17,090 ) 50,402
Amounts advanced 46,097 157,508
Amounts repaid (29,530 ) (225,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (523 ) (17,090 )

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

23. RELATED PARTY DISCLOSURES

K & L Freight Holdings Limited (Registered number: 12016803)

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

23. RELATED PARTY DISCLOSURES - continued

Other related parties
31.1.24 31.1.23
£    £   
Amount due from related party 1,556,110 1,112,286

The loan was interest free and repayable on demand.

24. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is C Buckley and M Kidd.