Company registration number:
Locker Freight Limited
for the Year Ended 29 February 2024
Locker Freight Limited
Contents
Company Information |
|
Accountants' Report |
|
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
Locker Freight Limited
Company Information
Directors |
Mr S Quinn Mr C Goodfellow |
Registered office |
|
Accountants |
|
Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Locker Freight Limited
for the Year Ended 29 February 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Locker Freight Limited for the year ended 29 February 2024 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made solely to the Board of Directors of Locker Freight Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Locker Freight Limited and state those matters that we have agreed to state to the Board of Directors of Locker Freight Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Locker Freight Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Locker Freight Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Locker Freight Limited. You consider that Locker Freight Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Locker Freight Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
Chartered Certified Accountants
St. Helens
Merseyside
WA9 1UA
Locker Freight Limited
(Registration number: 01048184)
Balance Sheet as at 29 February 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities
|
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Revaluation reserve |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Locker Freight Limited
(Registration number: 01048184)
Balance Sheet as at 29 February 2024
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
......................................... |
Locker Freight Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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.
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.
Locker Freight Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
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. Tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in the profit and loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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 |
Freehold property |
2% straight line |
Fixtures, fittings and equipment |
15% and 25% reducing balance |
Motor vehicles |
25% reducing balance |
Leases
Assets held under finance leases, which are leases were substantially all the risks and rewards of ownership of he asset have passed to the company, and hire purchase contracts, are capitalised in the balance sheet and are depreciated over their useful lives. The capital of future obligations under the leases and hire purchase contracts are included as liabilities in the balance sheet.
The interest elements of the rental obligations are charged in the profit and loss account over the periods of the leases and hire purchase contracts and represent a constant proportion of the balance of capital repayments outstanding.
Rentals payable under operating leases are charged in the profit and loss account over the lease term.
Defined contribution pension obligation
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
Locker Freight Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Freehold property |
Fixtures, fittings & equipment |
Motor vehicles |
Total |
|
Cost or valuation |
||||
At 1 March 2023 |
|
|
|
|
Additions |
- |
|
- |
|
Disposals |
- |
( |
( |
( |
At 29 February 2024 |
|
|
|
|
Depreciation |
||||
At 1 March 2023 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
- |
( |
( |
( |
At 29 February 2024 |
|
|
|
|
Carrying amount |
||||
At 29 February 2024 |
|
|
|
|
At 28 February 2023 |
|
|
|
|
Revaluation
The fair value of the company's Freehold property was revalued on
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £
Locker Freight Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Debtors |
2024 |
2023 |
|
Trade debtors |
|
|
Other debtors |
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
|
Due within one year |
||
Bank loans |
48,072 |
45,969 |
Trade creditors |
|
|
Hire purchase agreements |
14,022 |
14,022 |
Other creditors |
|
|
|
|
Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £565,786 (2023 - £696,260). The liabilities are secured by a fixed and floating charge over the all of the company's assets, the company's trade debtors and motor vehicles.
Creditors: amounts falling due after more than one year
2024 |
2023 |
|
Due after one year |
||
Bank loans |
209,955 |
257,947 |
Other creditors |
13,581 |
27,603 |
223,536 |
285,550 |
Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £223,536 (2023 - £285,550). The liabilities are secured by a fixed and floating charge over all of the company's assets and motor vehicles.
The company's bank loan is repayable on a monthly basis over a term of fifteen years at an interest rate of 5.8%.
Creditors include bank loans repayable by instalments of £20,848 (2023 - £133,469) due after more than five years.
Locker Freight Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Financial commitments, guarantees and contingencies |
Operating lease commitments
The total amount of financial commitments not included in the balance sheet is £
Related party transactions |
Transactions with directors |
2024 |
At 1 March 2023 |
Advances to director |
Repayments by director |
At 29 February 2024 |
Loans |
|
|
( |
|
2023 |
At 1 March 2022 |
Advances to director |
Repayments by director |
At 28 February 2023 |
Loans |
|
|
( |
|
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is