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Registration number: 09891734

Decode Logistics Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Decode Logistics Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Decode Logistics Limited

Company Information

Directors

Mr Richard William Newport

Mrs Suzanne Elizabeth Newport

Registered office

Woodgrove House
Fulbrook Hill
Fulbrook
Burford
Oxfordshire
OX18 4BH

Accountants

ReesRussell LLP
Chartered Accountants
37 Market Square
Witney
Oxfordshire
OX28 6RE

 

Decode Logistics Limited

(Registration number: 09891734)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

896,640

909,847

Current assets

 

Debtors

5

95,937

57,413

Cash at bank and in hand

 

279,889

290,429

 

375,826

347,842

Creditors: Amounts falling due within one year

6

(129,102)

(148,442)

Net current assets

 

246,724

199,400

Total assets less current liabilities

 

1,143,364

1,109,247

Creditors: Amounts falling due after more than one year

6

(791,057)

(817,557)

Provisions for liabilities

(15,961)

(12,174)

Net assets

 

336,346

279,516

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

336,246

279,416

Shareholders' funds

 

336,346

279,516

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 Board on 12 November 2024 and signed on its behalf by:
 

 

Decode Logistics Limited

(Registration number: 09891734)
Balance Sheet as at 31 March 2024

.........................................
Mr Richard William Newport
Director

.........................................
Mrs Suzanne Elizabeth Newport
Director

 
     
 

Decode Logistics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
Woodgrove House
Fulbrook Hill
Fulbrook
Burford
Oxfordshire
OX18 4BH
England

These financial statements were authorised for issue by the Board on 12 November 2024.

2

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.

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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Grants that are received in respect of expenses or losses already incurred by the entity are recognised in profit and loss in the period when the grant becomes receivable.

 

Decode Logistics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tax

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

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

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

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

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

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

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

Car park improvements

5 years straight line

Building renovations

10 years straight line

Furniture, fittings and equipment

5 years straight line

Other tangible assets

5 years straight line or less if appropriate

Cash and cash equivalents

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

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Decode Logistics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Trade creditors

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

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

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

Defined contribution pension obligation

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

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 5).

 

Decode Logistics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

912,862

22,849

40,579

976,290

Additions

-

945

-

945

At 31 March 2024

912,862

23,794

40,579

977,235

Depreciation

At 1 April 2023

26,387

21,886

18,170

66,443

Charge for the year

7,676

1,233

5,243

14,152

At 31 March 2024

34,063

23,119

23,413

80,595

Carrying amount

At 31 March 2024

878,799

675

17,166

896,640

At 31 March 2023

886,475

963

22,409

909,847

Included within the net book value of land and buildings above is £878,799 (2023 - £886,475) in respect of freehold land and buildings.
 

5

Debtors

2024
£

2023
£

Trade debtors

62,348

12,600

Prepayments

4,764

5,267

Other debtors

28,825

39,546

95,937

57,413

 

Decode Logistics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

-

10,000

Trade creditors

 

15,344

30,116

Taxation and social security

 

40,489

26,751

Accruals and deferred income

 

9,542

7,145

Other creditors

 

63,727

74,430

 

129,102

148,442

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

791,057

817,557

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

       

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

22,500

Directors Loans

791,057

795,057

791,057

817,557

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

10,000

 

Decode Logistics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Bank borrowings

Bank borrowings is denominated in £ with a nominal interest rate of 2.5%, and the final instalment is due on 5 June 2026. The carrying amount at year end is £Nil (2023 - £32,500).

The borrowings are in respect of the Coronavirus Bounce Back Loan. The loan is underwritten by the government as part of the COVID-19 support measures with the fees and first year's interest being met by the government. Repayments commenced in July 2021.

Directors Loans

Directors' loans is denominated in £ with a nominal interest rate of 6%, and has no fixed repayment term. The carrying amount at year end is £841,057 (2023 - £845,057).

The loans are unsecured and with the exception of £50,000 expected to be repaid within the next twelve months are only repayable with a minimum of 12 months notice. Such notice had not been given at the year end.

9

Dividends

2024

2023

£

£

Interim dividend of £Nil (2023 - £40.00) per ordinary share

2,000

4,000

 

 

10

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

45,664

44,064