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COMPANY REGISTRATION NUMBER: 12239114
Freight Transport (Holdings) Ltd
Financial Statements
30 April 2024
Freight Transport (Holdings) Ltd
Financial Statements
Year ended 30 April 2024
Contents
Page
Strategic report
1
Directors' report
3
Independent auditor's report to the members
5
Consolidated statement of income and retained earnings
9
Company statement of income and retained earnings
10
Consolidated statement of financial position
11
Company statement of financial position
12
Consolidated statement of cash flows
13
Notes to the financial statements
14
Freight Transport (Holdings) Ltd
Strategic Report
Year ended 30 April 2024
Overview and strategy Freight Transport Limited is a forwarding agent and haulage company based in Portsmouth, within easy reach of the Continental Ferry port. The company have their own distribution warehouse where the company's operations are controlled, and use its own fleet of lorries which are renewed on a regular basis through continued investment. Summary of key performance indicators 2024 2023 £'000 £'000 Turnover 12,973 13,270 Gross Profit 5,675 5,826 Net Profit after taxation 1,086 1,594 The gross profit margin has slightly decreased from 43.9% to 43.7% resulting in a £151k decrease in gross profit. Despite a decrease in turnover the directors are pleased to announce the overall profit after tax for the year of £1,088k, compared with £1,594k in the previous year. Future developments During the previous and current year the director has invested in the future of the business by increasing the asset base of the Company. A total of £1,564,710 (2023: £1,563,192) was expended on trucks and trailers to ensure that the majority of the fleet operated by the company is owned rather than leased. The director's plan for improving the fleet is on-going with the intention to keep the age of the entire fleet under 5 years old. Also all new vehicles have full repair and maintenance contracts taken on them to make them a 'fixed cost' and also to enhance the residual value to help achieve the outright purchase in the next renewal cycle.
Risks and uncertainties The company uses financial instruments, other than derivatives, comprising borrowings, cash and other liquid resources and various other items such as trade debtors and creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations. The main risks arising from the company's financial instruments are interest rate risk, foreign exchange risk and liquidity risk. The director reviews and agrees policies for managing each of these risks and they are summarised below: Interest rate risk The company finances its operations through a mixture of retained profits and asset finance. The company's HP finance is structured with fixed monthly payments preventing any fluctuation from varying interest rates. Foreign exchange risk The company is able to absorb any foreign exchange losses arising from fluctuations in exchange rates and therefore does not require any hedging instruments. Liquidity risk The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest any cash assets safely and profitably. Overall the director is of the opinion that the risks that are applicable to the business are managed in such a way that they do not have a significant impact on the business. Conflict in Ukraine The directors have considered the impact of the events in Ukraine with particular reference to how this may disrupt their business model, strategy and operations. It is noted that the company has no dealings with either Ukraine or any nation or individual currently experiencing sanctions as a result of the events in Ukraine. The directors believe they have no dealings with suppliers or customers that will impact the company's supply chain, recoverability of debt and credit. There has been a worldwide impact on the cost of particular goods, including fuel, which in turn has increased the costs of the business. The directors have calculated the effect and believe that this will not significantly impact its ability to trade or going concern.
This report was approved by the board of directors on 17 September 2024 and signed on behalf of the board by:
M L Battye
Director
Registered office:
New Bridge House
New Bridge
Dover
Kent
United Kingdom
CT16 1JS
Freight Transport (Holdings) Ltd
Directors' Report
Year ended 30 April 2024
The directors present their report and the financial statements of the group for the year ended 30 April 2024 .
Directors
The directors who served the company during the year were as follows:
M L Battye
A M Battye
G G Battye
Dividends
Particulars of recommended dividends are detailed in note 12 to the financial statements.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report 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 group and the company and 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 judgments 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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 17 September 2024 and signed on behalf of the board by:
M L Battye
Director
Registered office:
New Bridge House
New Bridge
Dover
Kent
United Kingdom
CT16 1JS
Freight Transport (Holdings) Ltd
Independent Auditor's Report to the Members of Freight Transport (Holdings) Ltd
Year ended 30 April 2024
Opinion
We have audited the financial statements of Freight Transport (Holdings) Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the consolidated statement of income and retained earnings, company statement of income and retained earnings, consolidated statement of financial position, company statement of financial position, consolidated statement of cash flows and the related notes, 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 FRS 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's affairs as at 30 April 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; - 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 auditor's 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 or 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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.
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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report 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 strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which 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.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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 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.
Auditor's 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered; the nature of the industry, control environment and business performance. We also consider the results of our enquiries of management relating to their own identification and assessment of the risks of irregularities and possible related fraud which includes reviewing available documentation on their policies and procedures. Throughout the audit testing we are considering the incentives that may exist within the organisation for fraud. Key areas include timing of recognising income around the year end and posting of unusual journals. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We ensure we have an understanding of the relevant laws and regulations and remain alert to possible non-compliance throughout the audit. Despite proper planning and audit work in accordance with auditing standards there are inherent limitations and unavoidable risk that we may not detect some irregularities and material misstatements in the financial statements. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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.
Steve Sutton
(Senior Statutory Auditor)
For and on behalf of
Burgess Hodgson LLP
Chartered accountants & statutory auditor
Camburgh House
27 New Dover Road
Canterbury
Kent
CT1 3DN
17 September 2024
Freight Transport (Holdings) Ltd
Consolidated Statement of Income and Retained Earnings
Year ended 30 April 2024
2024
2023
Note
£
£
Turnover
4
12,973,456
13,269,546
Cost of sales
7,298,912
7,443,122
-------------
-------------
Gross profit
5,674,544
5,826,424
Administrative expenses
4,208,142
3,715,534
------------
------------
Operating profit
5
1,466,402
2,110,890
Other interest receivable and similar income
9
38,457
4,447
Interest payable and similar expenses
10
29,291
98,534
------------
------------
Profit before taxation
1,475,568
2,016,803
Tax on profit
11
389,400
422,057
------------
------------
Profit for the financial year and total comprehensive income
1,086,168
1,594,746
------------
------------
Dividends paid and payable
12
( 1,055,556)
( 866,667)
Retained earnings at the start of the year
4,637,202
3,909,123
------------
------------
Retained earnings at the end of the year
4,667,814
4,637,202
------------
------------
All the activities of the group are from continuing operations.
Freight Transport (Holdings) Ltd
Company Statement of Income and Retained Earnings
Year ended 30 April 2024
2024
2023
Note
£
£
Profit for the financial year and total comprehensive income
1,053,300
1,500,585
Dividends paid and payable
12
( 1,055,556)
( 866,667)
Retained earnings at the start of the year
2,983,256
2,349,338
------------
------------
Retained earnings at the end of the year
2,981,000
2,983,256
------------
------------
Freight Transport (Holdings) Ltd
Consolidated Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
13
2,857,509
2,565,904
Current assets
Debtors
15
2,570,408
2,659,740
Cash at bank and in hand
2,604,714
3,857,209
------------
------------
5,175,122
6,516,949
Creditors: amounts falling due within one year
16
2,496,322
3,571,457
------------
------------
Net current assets
2,678,800
2,945,492
------------
------------
Total assets less current liabilities
5,536,309
5,511,396
Creditors: amounts falling due after more than one year
17
181,384
338,528
Provisions
19
686,891
535,446
------------
------------
Net assets
4,668,034
4,637,422
------------
------------
Capital and reserves
Called up share capital
22
100
100
Capital redemption reserve
23
120
120
Profit and loss account
23
4,667,814
4,637,202
------------
------------
Shareholders funds
4,668,034
4,637,422
------------
------------
These financial statements were approved by the board of directors and authorised for issue on 17 September 2024 , and are signed on behalf of the board by:
M L Battye
Director
Company registration number: 12239114
Freight Transport (Holdings) Ltd
Company Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
Fixed assets
Investments
14
50
50
Current assets
Debtors
15
2,271,866
2,133,957
Cash at bank and in hand
1,547,669
1,794,554
------------
------------
3,819,535
3,928,511
Creditors: amounts falling due within one year
16
838,485
945,205
------------
------------
Net current assets
2,981,050
2,983,306
------------
------------
Total assets less current liabilities
2,981,100
2,983,356
------------
------------
Capital and reserves
Called up share capital
22
100
100
Profit and loss account
23
2,981,000
2,983,256
------------
------------
Shareholders funds
2,981,100
2,983,356
------------
------------
The profit for the financial year of the parent company was £ 1,053,300 (2023: £ 1,500,585 ).
These financial statements were approved by the board of directors and authorised for issue on 17 September 2024 , and are signed on behalf of the board by:
M L Battye
Director
Company registration number: 12239114
Freight Transport (Holdings) Ltd
Consolidated Statement of Cash Flows
Year ended 30 April 2024
2024
2023
£
£
Cash flows from operating activities
Profit for the financial year
1,086,168
1,594,746
Adjustments for:
Depreciation of tangible assets
1,124,021
676,747
Other interest receivable and similar income
( 38,457)
( 4,447)
Interest payable and similar expenses
29,291
98,534
Gains on disposal of tangible assets
( 51,224)
( 127,295)
Tax on profit
389,400
422,057
Accrued income
( 46,610)
( 131,398)
Changes in:
Trade and other debtors
89,332
( 358,505)
Trade and other creditors
( 1,101,171)
1,018,004
------------
------------
Cash generated from operations
1,480,750
3,188,443
Interest paid
( 29,291)
( 98,534)
Interest received
38,457
4,447
Tax paid
( 330,595)
------------
------------
Net cash from operating activities
1,489,916
2,763,761
------------
------------
Cash flows from investing activities
Purchase of tangible assets
( 1,570,150)
( 1,661,321)
Proceeds from sale of tangible assets
205,748
174,998
------------
------------
Net cash used in investing activities
( 1,364,402)
( 1,486,323)
------------
------------
Cash flows from financing activities
Proceeds from borrowings
( 106,583)
( 191,735)
Payments of finance lease liabilities
( 215,870)
( 163,496)
Dividends paid
( 1,055,556)
( 866,667)
------------
------------
Net cash used in financing activities
( 1,378,009)
( 1,221,898)
------------
------------
Net (decrease)/increase in cash and cash equivalents
( 1,252,495)
55,540
Cash and cash equivalents at beginning of year
3,857,209
3,801,669
------------
------------
Cash and cash equivalents at end of year
2,604,714
3,857,209
------------
------------
Freight Transport (Holdings) Ltd
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is New Bridge House, New Bridge, Dover, Kent, CT16 1JS, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The Directors have undertaken specific analysis into the potential business impact of various factors, including the conflict in Ukraine, on costs and revenue and how these might also be managed and mitigated. The Directors are satisfied hat the review showed no material risks to the business and conclude the financial statements should continue to be prepared on a going concern.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of Freight Transport (Holdings) Ltd and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The key assumptions and other sources of estimation uncertainty that have a significant risk are as follows: (i) Useful economic life of fixed assets The annual depreciation charges are based upon management's assessment of the useful economic life and residual values of the company's tangible assets. These are re-assessed annually and amended where necessary. (ii) Purchase recognition Directors recognise the costs in the accounts based on the dates of delivery of services, when the risk and reward has transferred to them as the purchaser. They therefore reward the costs associated with deliveries not yet invoiced as accruals at the year end. (iii) Deferred/accrued income Directors are able to reconcile invoices to delivery dates to identify the period income should be recognised. As a result, income is accrued and deferred accordingly.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold
-
4% straight line
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance or 12.5% straight line
Motor vehicles
-
33% reducing balance
Equipment
-
33% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Turnover
Turnover arises from:
2024
2023
£
£
Rendering of services
12,973,456
13,269,546
-------------
-------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Operating loss
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Depreciation of tangible assets
1,124,021
676,747
Gains on disposal of tangible assets
( 51,224)
( 127,295)
Impairment of trade debtors
(5,456)
10,596
Operating lease rentals
155
Foreign exchange differences
( 1,253)
2,944
------------
---------
6. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
6,500
6,000
-------
-------
Fees payable to the company's auditor and its associates for other services:
Other non-audit services
7,839
8,741
-------
-------
7. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2024
2023
No.
No.
Production staff
60
60
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
2,169,848
2,160,313
Social security costs
170,480
192,250
Other pension costs
42,664
41,707
------------
------------
2,382,992
2,394,270
------------
------------
8. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
151,989
321,244
---------
---------
Remuneration of the highest paid director in respect of qualifying services:
2024
2023
£
£
Aggregate remuneration
112,544
127,350
---------
---------
9. Other interest receivable and similar income
2024
2023
£
£
Interest on cash and cash equivalents
38,457
4,447
--------
-------
10. Interest payable and similar expenses
2024
2023
£
£
Interest on obligations under finance leases and hire purchase contracts
2,618
23,928
Other interest payable and similar charges
26,673
74,606
--------
--------
29,291
98,534
--------
--------
11. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
237,955
140,996
Deferred tax:
Origination and reversal of timing differences
151,445
195,390
Impact of change in tax rate
85,671
---------
---------
Total deferred tax
151,445
281,061
---------
---------
Tax on profit
389,400
422,057
---------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 19.49 %).
2024
2023
£
£
Profit on ordinary activities before taxation
1,475,568
2,016,803
------------
------------
Profit on ordinary activities by rate of tax
369,456
393,135
Effect of expenses not deductible for tax purposes
1,021
2,612
Effect of capital allowances and depreciation
( 131,958)
( 254,751)
Deferred taxation
151,445
281,061
Group loss relief
(564)
------------
------------
Tax on profit
389,400
422,057
------------
------------
12. Dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
1,055,556
866,667
------------
---------
13. Tangible assets
Group
Leasehold
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 May 2023
3,600
34,611
147,809
5,243,503
207,969
5,637,492
Additions
1,564,710
5,440
1,570,150
Disposals
( 1,385,905)
( 1,385,905)
-------
--------
---------
------------
---------
------------
At 30 Apr 2024
3,600
34,611
147,809
5,422,308
213,409
5,821,737
-------
--------
---------
------------
---------
------------
Depreciation
At 1 May 2023
3,600
6,839
43,722
2,833,011
184,416
3,071,588
Charge for the year
4,166
15,613
1,087,714
16,528
1,124,021
Disposals
( 1,231,381)
( 1,231,381)
-------
--------
---------
------------
---------
------------
At 30 Apr 2024
3,600
11,005
59,335
2,689,344
200,944
2,964,228
-------
--------
---------
------------
---------
------------
Carrying amount
At 30 Apr 2024
23,606
88,474
2,732,964
12,465
2,857,509
-------
--------
---------
------------
---------
------------
At 30 Apr 2023
27,772
104,087
2,410,492
23,553
2,565,904
-------
--------
---------
------------
---------
------------
The company has no tangible assets.
Hire purchase agreements Included within the group's net book value of £2,857,509 is £605,112 (2023: £1,071,536) relating to assets held under hire purchase agreements. The depreciation charged to the accounts in the year in respect of such assets amounted to £321,810 (2023: £509,195).
14. Investments
The group has no investments.
Company
Shares in group undertakings
£
Cost
At 1 May 2023 and 30 April 2024
50
----
Impairment
At 1 May 2023 and 30 April 2024
----
Carrying amount
At 1 May 2023 and 30 April 2024
50
----
At 30 April 2023
50
----
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
Freight Transport Limited, New Bridge House, New Bridge, Dover, Kent, CT16 1JS
Ordinary
100
15. Debtors
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade debtors
2,236,068
1,981,692
Amounts owed by group undertakings
2,271,866
2,133,957
Prepayments and accrued income
133,432
124,748
Corporation tax repayable
133,544
Other debtors
200,908
419,756
------------
------------
------------
------------
2,570,408
2,659,740
2,271,866
2,133,957
------------
------------
------------
------------
16. Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
976,064
2,032,068
Accruals and deferred income
251,081
297,691
Corporation tax
237,955
137
Social security and other taxes
43,976
Obligations under finance leases and hire purchase contracts
159,080
217,806
Director loan accounts
838,485
945,068
838,485
945,068
Other creditors
33,657
34,848
------------
------------
---------
---------
2,496,322
3,571,457
838,485
945,205
------------
------------
---------
---------
17. Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Obligations under finance leases and hire purchase contracts
181,384
338,528
---------
---------
----
----
18. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
159,080
217,806
Later than 1 year and not later than 5 years
181,384
338,528
---------
---------
----
----
340,464
556,334
---------
---------
----
----
19. Provisions
Group
Deferred tax (note 20)
£
At 1 May 2023
535,446
Additions
151,445
---------
At 30 April 2024
686,891
---------
The company does not have any provisions.
20. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Included in provisions (note 19)
686,891
535,446
---------
---------
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2024
2023
2024
2023
£
£
£
£
Accelerated capital allowances
686,891
535,446
---------
---------
----
----
21. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 42,664 (2023: £ 41,707 ).
22. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 0.05 each
1,200
60
1,200
60
A Ordinary shares of £ 0.05 each
800
40
800
40
-------
----
-------
----
2,000
100
2,000
100
-------
----
-------
----
23. Reserves
Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Profit and loss account - This reserve records retained earnings and accumulated losses.
24. Analysis of changes in net debt
At 1 May 2023
Cash flows
At 30 Apr 2024
£
£
£
Cash at bank and in hand
3,857,209
(1,252,495)
2,604,714
Debt due within one year
(1,162,874)
165,309
(997,565)
Debt due after one year
(338,528)
157,144
(181,384)
------------
------------
------------
2,355,807
( 930,042)
1,425,765
------------
------------
------------
25. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
263,498
265,283
Later than 1 year and not later than 5 years
451,752
715,250
---------
---------
----
----
715,250
980,533
---------
---------
----
----
26. Related party transactions
Group
At the balance sheet date the group owed the directors £838,485 (2023: £945,068).
Company
At the balance sheet date the company owed the directors £838,485 (2023: £945,068). At the balance sheet date the company was owed £2,271,866 (2023: £2,133,957) by a group company.