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REGISTERED NUMBER: SC059952 (Scotland)















Unaudited Financial Statements

for the Year Ended 31 May 2024

for

Freeland Freight Service Limited

Freeland Freight Service Limited (Registered number: SC059952)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Freeland Freight Service Limited

Company Information
for the Year Ended 31 May 2024







DIRECTORS: Mr R J Freeland
Mr P Sutherland





REGISTERED OFFICE: Johnstone House
52-54 Rose Street
Aberdeen
AB10 1HA





REGISTERED NUMBER: SC059952 (Scotland)





ACCOUNTANTS: SBP
Accountants
42 Queens Road
Aberdeen
AB15 4YE

Freeland Freight Service Limited (Registered number: SC059952)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,918,174 2,715,210
Investments 5 3,417 3,345
2,921,591 2,718,555

CURRENT ASSETS
Stocks 12,054 9,409
Debtors 6 1,239,165 1,289,345
Cash at bank and in hand 848,415 794,649
2,099,634 2,093,403
CREDITORS
Amounts falling due within one year 7 787,432 867,714
NET CURRENT ASSETS 1,312,202 1,225,689
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,233,793

3,944,244

CREDITORS
Amounts falling due after more than one
year

8

(1,203,766

)

(999,262

)

PROVISIONS FOR LIABILITIES (259,549 ) (242,259 )
NET ASSETS 2,770,478 2,702,723

CAPITAL AND RESERVES
Called up share capital 65,000 65,000
Share premium 135,000 135,000
Retained earnings 2,570,478 2,502,723
SHAREHOLDERS' FUNDS 2,770,478 2,702,723

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Freeland Freight Service Limited (Registered number: SC059952)

Balance Sheet - continued
31 May 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 November 2024 and were signed on its behalf by:





Mr R J Freeland - Director


Freeland Freight Service Limited (Registered number: SC059952)

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

1. STATUTORY INFORMATION

Freeland Freight Service Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents amounts receivable for services provided in the normal course of business, net of discounts and VAT. Revenue is recognised to the extent that it is probable that economic benefit will flow to the company and when its value can be measured with a sufficient degree of certainty and reliability. All income is recognised in the accounting period to which it relates.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Plant and machinery - 10% on cost
Fixtures and fittings - 25% on cost and 15% on cost
Motor vehicles - 20% on cost, 10% on cost and 8% on cost
Computer equipment - 33% on cost

Stocks
Stock comprises fuel for the operational vehicles and spare parts for vehicle repairs. All stock is valued at the lower of cost or potential realisable value after making due allowance for obsolete items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Freeland Freight Service Limited (Registered number: SC059952)

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

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

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

Accrual of employee benefits
The company fully provides for the expected cost of employee benefits, such as accrued holiday pay, as required by FRS 102 and the sums so accrued are included within the short term accruals in the company balance sheet.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 50 (2023 - 48 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 June 2023 451,338 184,806 32,879
Additions - - -
Disposals - - -
At 31 May 2024 451,338 184,806 32,879
DEPRECIATION
At 1 June 2023 255,341 72,245 32,879
Charge for year 6,960 14,285 -
Eliminated on disposal - - -
At 31 May 2024 262,301 86,530 32,879
NET BOOK VALUE
At 31 May 2024 189,037 98,276 -
At 31 May 2023 195,997 112,561 -

Freeland Freight Service Limited (Registered number: SC059952)

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

4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 June 2023 4,770,938 1,727 5,441,688
Additions 745,829 - 745,829
Disposals (803,920 ) - (803,920 )
At 31 May 2024 4,712,847 1,727 5,383,597
DEPRECIATION
At 1 June 2023 2,364,731 1,282 2,726,478
Charge for year 413,991 442 435,678
Eliminated on disposal (696,733 ) - (696,733 )
At 31 May 2024 2,081,989 1,724 2,465,423
NET BOOK VALUE
At 31 May 2024 2,630,858 3 2,918,174
At 31 May 2023 2,406,207 445 2,715,210

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 June 2023 111,600 2,441,658 2,553,258
Additions - 745,830 745,830
Transfer to ownership - (647,448 ) (647,448 )
At 31 May 2024 111,600 2,540,040 2,651,640
DEPRECIATION
At 1 June 2023 22,320 550,401 572,721
Charge for year 11,160 200,039 211,199
Transfer to ownership - (246,684 ) (246,684 )
At 31 May 2024 33,480 503,756 537,236
NET BOOK VALUE
At 31 May 2024 78,120 2,036,284 2,114,404
At 31 May 2023 89,280 1,891,257 1,980,537

Freeland Freight Service Limited (Registered number: SC059952)

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

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 June 2023 3,345
Additions 51
Impairments 21
At 31 May 2024 3,417
NET BOOK VALUE
At 31 May 2024 3,417
At 31 May 2023 3,345

Cost or valuation at 31 May 2024 is represented by:

Other
investments
£   
Valuation in 2016 (2,281 )
Valuation in 2017 153
Valuation in 2020 (100 )
Valuation in 2022 52
Valuation in 2023 21
Valuation in 2024 22
Cost 5,550
3,417

If the fixed asset investments had not been revalued they would have been included at the following historical cost:

31.5.24 31.5.23
£    £   
Cost 5,550 5,500

Fixed asset investments were valued on an open market basis on 31 May 2024 by reference to the London Stock Exchange .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 1,164,851 1,235,362
Other debtors 74,314 53,983
1,239,165 1,289,345

Freeland Freight Service Limited (Registered number: SC059952)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Hire purchase contracts (see note 9) 442,226 458,450
Trade creditors 150,911 171,568
Taxation and social security 121,736 132,226
Other creditors 72,559 105,470
787,432 867,714

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.24 31.5.23
£    £   
Hire purchase contracts (see note 9) 1,203,766 999,262

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.5.24 31.5.23
£    £   
Net obligations repayable:
Within one year 442,226 458,450
Between one and five years 1,203,766 999,262
1,645,992 1,457,712

Non-cancellable operating leases
31.5.24 31.5.23
£    £   
Within one year 1,720 2,443
Between one and five years 1,290 3,010
3,010 5,453

Property Lease
The property lease was renewed and extended in 2022 at an annual rental of £60,000 for a period of 10 years. The rent will be reviewed 1st October 2027.

10. SECURED DEBTS

The following secured debts are included within creditors:

31.5.24 31.5.23
£    £   
Hire purchase contracts 1,645,992 1,457,712

11. ULTIMATE CONTROLLING PARTY

The company is controlled and managed by the directors who between them own 71% of the issued share capital.