Registered number:
FOR THE YEAR ENDED 31 MARCH 2024
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MANFREIGHT LIMITED
COMPANY INFORMATION
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MANFREIGHT LIMITED
CONTENTS
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MANFREIGHT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The director presents the strategic report for the year ended 31 March 2024.
The principal activity of the company is road freight transport.
There has been no significant change in these activities during the year ended 31 March 2024. Turnover has increased to £70m and net assets have increased to £13.4m in the year ended 31 March 2024 relative to turnover of £55.5m and net assets of £10.9m in the 12 month period ended 31 March 2023.
The company uses financial instruments throughout its business. The core risks associated with the company's financial instruments (i.e. its interest-bearing loans, cash, short-dated liquid investments and finance leases, on the operational level trade receivables and payables) are interest rate risk, credit risk, liquidity risk and currency risk. The board reviews and agrees policies for the prudent management of these risks as follows:
Liquidity and cash flow risk - The company's objective is to maintain a balance between the continuity of funding and flexibility through the use of borrowings with a range of maturities. The company's policy is to ensure that sufficient resources are available either from cash balances, cash flows and near cash liquid investments to ensure all obligations can be met when they fall due. To achieve this the company ensures that its liquid investments are in highly rated counterparties; when relevant it limits the maturity of cash balances and borrows the majority of its debt needs under term financing. Finance and Interest rate risk - The company's objective in relation to interest rate management is to minimise the impact of interest rate volatility on interest costs in order to protect recorded profitability. Credit risk - The company has no significant concentrations of credit risk. Customers who wish to trade on credit terms are subject to strict verification procedures in advance of credit being awarded and are continually being monitored. Currency risk - The company's main activities are conducted in the UK and Ireland, which are conducted in sterling and euro. This results in low levels of currency transaction risk, variances affecting operational activities in this regard are reflected in the profit and loss account in the years in which they arise. Inflation risk - As a result of the rising rate of inflation, the company has seen the impact of this through rising costs. The company have a policy in place to continually review costs and to minimise the impact of these rising costs where possible.
The company plans to continue its present activities and current trading levels. Employees are kept as fully
informed as practicable about developments within the business. The director anticipates that KPI's for FY2025 will remain in line with FY2024. Turnover: £70.0m (2023: £55.5m) Gross Profit: 17% (2023:16.8%) Net Profit before Tax: 5.6% (2023: 6.2%)
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MANFREIGHT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Environment
We recognise our responsibility to carry out operations while minimising environmental impacts. Our continued aim is to comply with all applicable environmental legislation, prevent pollution, and reduce waste whenever possible. We are committed to achieving net-zero carbon emissions by 2045, with interim targets including a 60% reduction in emissions by 2030. Our fleet renewal programme and the introduction of electric trucks and trailers are key components of this strategy. Human resources Our most valuable resource is our people. Their knowledge and experience are crucial to meeting customer requirements, making the retention of key staff critical. We prioritise the health, safety, and overall well-being of our employees, offering a safe working environment and implementing rigorous health and safety protocols. Health and safety We are committed to achieving the highest practicable standards in health and safety management. Our goal is to create a safe environment for employees and customers alike. We have introduced a comprehensive whistle-blowing policy, in line with our BRC Accreditation, empowering employees to raise concerns and report safety issues. Our robust safety culture plan promotes awareness and accountability at every level. Additionally, we have initiated various well-being programmes and initiatives to support our employees' physical and mental health.
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MANFREIGHT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
This section describes how the director has had regard to the matters set out in section 172(1) (a) to (f) and forms the directors’ statement required under the Companies (Miscellaneous Reporting) Regulations 2018.
The Director has approved an Environment, Social & Governance (ESG) Strategy in addition to the company core values, integrity, trust, reliability, and partnership. All employees working for Manfreight including directors, are aware of these values and we feel they represent our vision. The Director and management team periodically reviews the Company’s strategy and regularly seeks updates on strategic issues which may impact the business. Additionally, the Director requires management to prepare annually a Business Plan for the following year, including Manfreight’s annual projections and funding requirements, as well as completing a review of business risks, both principal and emerging. In that context, any matters presented to the management for approval need to align with the Company’s strategy and Business Plan. Employees In our strategic plan for employees at Manfreight, our foremost priority is their health, safety, and overall well- being. We are committed to providing a safe working environment, implementing rigorous health and safety protocols, and fostering a culture of safety throughout the organisation. Manfreight introduced a comprehensive whistle-blowing policy, in line with our BRC Accreditation, empowering our employees to raise concerns and report any safety issues. To further strengthen our safety culture, we have developed a robust safety culture plan, promoting awareness and accountability at every level. Additionally, we have initiated various well-being programs and initiatives to support our employees' physical and mental health. These efforts are complemented by our regular company bulletins, keeping our staff well-informed and engaged in our collective journey towards a safer and healthier workplace. The Company recognises the importance of career development and progression. To assist in this a performance management process is employed. This process provides the following: • ensures the employee has a clear understanding of what is expected of them; • enables the employee to monitor their performance against the requirements for their role; • provides a fair and consistent way of measuring the performance of all staff; • helps identify any training needs; • helps identify how employees can maximise their potential. At Manfreight, our employees' well-being is not just a priority but an integral part of our core values. Our Social and Governance aspect of our ESG Policy outlines the vision of the Company, including our emphasis on Work Life Balance, Well Being Initiatives, Upskilling and Education and Mental Health Awareness Training. Customers Manfreight serves a customer base comprising of FMCG retailers, Agri-Food, Pharmaceutical and Parcel Logistics service providers. These customer segments, along with their respective representative organisations, hold a significant stake in our operations, supported by established communication channels. At Manfreight, we take huge pride in our comprehensive logistics services tailored to meet the unique demands of diverse industries. Our commitment to excellence is reflected in the precision with which we handle every consignment. The company actively tracks and assesses customer performance, generating crucial performance metrics aligned with customer expectations. These metrics encompass on-time delivery and CO2 emissions, reflecting our commitment to meeting customer-specific reporting criteria.
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MANFREIGHT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Suppliers
The management recognises the key role suppliers play in ensuring Manfreight Limited delivers a reliable service to customers: in supplying transport services. The management diligently establishes and maintains contract management protocols for the entire duration of critical supplier agreements. The Director remains informed about Manfreight's supplier payment practices, receiving regular updates throughout the year. Working closely with other members of the management team, the Director actively manages relationships with key suppliers, ensuring a cohesive alignment of strategies that serve both our individual and collective objectives. Regularly seeking updates on their ESG practices or equivalent measures to ensure our compliance with our internal policy and the expectations of our valued customers. This practice reinforces our commitment to ethical and sustainable operations. Regulators In addition to employees, customers, and suppliers, we have identified several other key stakeholders. We are regulated by the Driver and Vehicle Agency (DVA) and ensure strict adherence to DVA regulations in terms of safety. This includes regular servicing of our fleet and continual reviews of working time directives. The company maintains an annual BRCGS Certification, achieving the highest grade of AA and Star Rating. To elaborate on our quality control processes, Manfreight integrates industry best practices into every aspect of our logistics operations ensuring we exceed statutory requirements. We employ a systematic, data-driven approach to quality management, with regular performance reviews and corrective action plans to continually refine our service. Community and environment We are dedicated to fostering a positive impact on the local community through our core business activities and various initiatives outlined in our ESG Policy. This includes supporting local businesses, establishing charitable partnerships (NICHS, Action Cancer, CF Ireland), sponsoring local sporting teams (Portadown RFC, Monaghan RFC), and collaborating with local councils (Armagh, Banbridge & Craigavon Borough Council, Belfast City Council) and educational institutions (South West College). Furthermore, our partnerships with local educational institutions offer employment opportunities to local young people and apprenticeships to help them acquire valuable skills and experiences. Our ESG Policy also outlines objectives such as implementing a water recycling facility for washing processes, introducing an electric company vehicle fleet, and the development of a 100% recyclable trailer fleet in conjunction with our trailer manufacturer. How stakeholders’ interest has influenced decision making Manfreight Limited recognises the importance of engaging with stakeholders to help inform strategy and management decision making. Relevant stakeholder interests, including those of employees, customers, suppliers, and regulators, are considered when making decisions. Our ESG strategy reflects our commitment to environmental protection and incorporates stakeholder input.
This report was approved by the board on 22 October 2024 and signed on its behalf.
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MANFREIGHT LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The director presents his report and the financial statements for the year ended 31 March 2024.
The profit for the year, after taxation, amounted to £2,600,064 (2023 - £3,375,770).
The director who served during the year and up to date of signing the financial statements was:
The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.
Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance. There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.
The company plans to continue its present activities and improve trading levels. Employees are kept fully informed as practicable about developments with the business.
The auditors, AAB Group Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
AAB Group Accountants Limited were formerly known as FPM Accountants Limited.
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MANFREIGHT LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The director is 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 to enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.
The company has net current liabilities of £8,429,743 (2023: £8,725,149) but made a profit before tax of £3,920,352 (2023: £3,456,008). The company are performing well post year end and continue to generate a similar level of turnover and profit. The financial statements have been prepared on a going concern basis which assumes that the company will continue in business for at least 12 months from the date these financial statements were approved. The director believes the company will continue to generate sufficient turnover which will enable the company to continue as a going concern.
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MANFREIGHT LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
The Company's greenhouse gas emissions and energy consumption are as follows:
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MANFREIGHT LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
This report was approved by the board on
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MANFREIGHT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MANFREIGHT LIMITED
We have audited the financial statements of Manfreight Limited (the 'Company') for the year ended 31 March 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity 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 Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
In auditing the financial statements, we have concluded that the director's 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 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 director with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is responsible for the other information contained within the Annual Report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
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MANFREIGHT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MANFREIGHT LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's Report.
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 Auditors' 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:
Enquiry of management, those charged with governance and the entity’s solicitors (or in-house legal team) around actual and potential litigation and claims.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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MANFREIGHT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MANFREIGHT LIMITED (CONTINUED)
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 Auditors' 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.
for and on behalf of
Statutory Auditors
The Quays
Newry
Northern Ireland
BT358QS
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MANFREIGHT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
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MANFREIGHT LIMITED
REGISTERED NUMBER: NI055050
BALANCE SHEET
AS AT 31 MARCH 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 17 to 31 form part of these financial statements.
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MANFREIGHT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
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MANFREIGHT LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
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MANFREIGHT LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2024
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MANFREIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Manfreight Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is Unit 4, 2A Carn Court Road, Portadown, Craigavon, Co. Armagh, Northern Ireland, BT63 5YX.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The company has net current liabilities of £8,429,743 (2023: £8,725,149) but made a profit before tax of £3,920,352 (2023: £3,456,008). The company are performing well post year end and continue to generate a similar level of turnover and profit. The financial statements have been prepared on a going concern basis which assumes that the company will continue in business for at least 12 months from the date these financial statements were approved. The director believes the company will continue to generate sufficient turnover which will enable the company to continue as a going concern.
Functional and presentation currency
Transactions and balances
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MANFREIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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MANFREIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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MANFREIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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MANFREIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
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MANFREIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
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MANFREIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Critical judgements The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. Useful Economic Life of Tangible Assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.
Analysis of turnover by country of destination:
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MANFREIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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MANFREIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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MANFREIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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MANFREIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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MANFREIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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MANFREIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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MANFREIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £324,850 (2023: £505,272).
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MANFREIGHT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
As at 31 March 2024 we confirm that amounts of £33,043 are owed to the director (2023: £254,966 owed by director).
Amounts due to the director are unsecured, interest free and payable on demand.
The company's parent company is Manfreight International (IOM) Limited, a company incorporated in the Isle of Man.
Manfreight Limited is controlled by Chris Slowey by right of his 100% shareholding in the parent company, Manfreight International (IOM) Limited. The address of the registered office is Ridgeway House, Ridgeway Street, Douglas, Isle of Man.
The director on behalf of the company has entered into a Limited Liability Agreement with their auditors. The auditors liability is limited to an amount which is considered fair and reasonable. This has been disclosed in line with the company's legislation.
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