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Registered number: 06843500
Freight Line Europe (UK) Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Maurice J Bushell & Co Ltd.
Chartered Certified Accountants
Office 12
Epsilon House
Ipswich
Suffolk
IP3 9FJ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 06843500
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 25,494 105,314
25,494 105,314
CURRENT ASSETS
Debtors 5 267,903 249,991
Cash at bank and in hand 125,974 157,536
393,877 407,527
Creditors: Amounts Falling Due Within One Year 6 (402,033 ) (394,321 )
NET CURRENT ASSETS (LIABILITIES) (8,156 ) 13,206
TOTAL ASSETS LESS CURRENT LIABILITIES 17,338 118,520
Creditors: Amounts Falling Due After More Than One Year 7 (11,015 ) (22,309 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (4,844 ) (19,301 )
NET ASSETS 1,479 76,910
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 1,379 76,810
SHAREHOLDERS' FUNDS 1,479 76,910
Page 1
Page 2
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Karl Rolfe
Director
26 August 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Freight Line Europe (UK) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06843500 . The registered office is Epsilon House West Road, Ransomes Europark, Ipswich, Suffolk, IP3 9FJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 15% on cost
Fixtures & Fittings 25% on reducing balance
Computer Equipment 25% on reducing balance
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 13 (2023: 13)
13 13
4. Tangible Assets
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2023 238,486 4,390 24,161 267,037
Disposals (185,970 ) - - (185,970 )
As at 31 March 2024 52,516 4,390 24,161 81,067
Depreciation
As at 1 April 2023 144,118 3,183 14,422 161,723
Provided during the period 7,878 302 1,646 9,826
Disposals (115,976 ) - - (115,976 )
As at 31 March 2024 36,020 3,485 16,068 55,573
Net Book Value
As at 31 March 2024 16,496 905 8,093 25,494
As at 1 April 2023 94,368 1,207 9,739 105,314
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 234,144 215,334
Freight Line Europe (Holdings) Limited 416 319
VAT 33,343 34,338
267,903 249,991
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6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 2,063 40,337
Trade creditors 272,069 220,513
Bank loans and overdrafts 37,067 37,067
Corporation tax 3 3
Other taxes and social security 15,104 20,802
Other creditors 2,907 2,907
Pension payable 2,088 2,261
Bank loans (Long term liabilities - creditors > 1 year) 10,978 10,978
Accruals and deferred income 1,100 1,052
Directors' loan accounts 654 401
Amounts owed to associates 58,000 58,000
402,033 394,321
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 326 3,512
Bank loans 10,689 18,797
11,015 22,309
8. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 2,063 40,337
Later than one year and not later than five years 326 3,512
2,389 43,849
2,389 43,849
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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