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Registered number: NI055050










MANFREIGHT LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
MANFREIGHT LIMITED
 

COMPANY INFORMATION


Director
Mr Chris Slowey 




Registered number
NI055050



Registered office
Unit 4 2a
Carn Court Road

Portadown

Craigavon

Armagh

BT63 5YX




Independent auditors
AAB Group Accountants Limited

The Quays

Newry

Co. Down

Northern Ireland

BT358QS




Bankers
Danske Bank
Belfast

Co. Antrim

Northern Ireland

BT1 6JS





HSBC

Chatworth Road

Worthing

West Sussex

BT1 2LA




Solicitors
Edwards & Co
28 Hill Street

Belfast

Northern Ireland





 
MANFREIGHT LIMITED
 

CONTENTS



Page
Strategic Report
1 - 4
Director's Report
5 - 8
Independent Auditors' Report
9 - 11
Statement of Comprehensive Income
12
Balance Sheet
13
Statement of Changes in Equity
14
Statement of Cash Flows
15
Analysis of Net Debt
16
Notes to the Financial Statements
17 - 31


 
MANFREIGHT LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
The director presents the strategic report for the year ended 31 March 2024.

Business review
 
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. 

Principal risks and uncertainties
 
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.

Financial key performance indicators
 
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%) 







Page 1

 
MANFREIGHT LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Non-financial key performance indicators
 
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.

Page 2

 
MANFREIGHT LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Section 172 (1) Statement
 
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.
Page 3

 
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.



Mr Chris Slowey
Director

Page 4

 
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.

Principal activity

The principal activity of the company is road freight transport. 

Results and dividends

The profit for the year, after taxation, amounted to £2,600,064 (2023 - £3,375,770).

Director

The director who served during the year and up to date of signing the financial statements was:

Mr Chris Slowey 

Disabled employees

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
Engagement with employees

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.

Future developments

The company plans to continue its present activities and improve trading levels. Employees are kept fully informed as practicable about developments with the business. 

Auditors

The auditorsAAB Group Accountants Limitedwill 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.
 
Page 5

 
MANFREIGHT LIMITED
 

 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Director's responsibilities statement

The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 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 2006He 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.

Going Concern

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.

Page 6

 
MANFREIGHT LIMITED
 

 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


Greenhouse gas emissions, energy consumption and energy efficiency action

Manfreight Limited has identified the following areas relevant to its contribution to greenhouse gasses (GHG) as being energy consumption through:
• Transport vehicles and equipment used in the logistics of the business operation
On this basis, data has been collected and presented below for the year ended 31 March 2024 and comparative data for the proceeding 31 March 2023.
CO2 consumption figures have been obtained though trackers within transport units.



The Company's greenhouse gas emissions and energy consumption are as follows: 

Global greenhouse gas emissions and energy use data for the period

Year ended 31 March 2024
Year ended 31 March 2023
        £
        £
Total KMS

36,343,763

25,622,945
 
Total KG CO2

27,693,899

21,209,016
 
KG/KM CO2

0.76

0.77
 

The company recognises in full its responsibilities in respect of environmental protection and accepts that it should constitute a fundamental element in company procedures and has therefore introduced its ESG strategy. Within this strategy the relevant focus areas are as follows:
Fleet Renewal Programme
Our unique Fleet Renewal Programme (FRP) is the catalyst for the continual transformation and improvement of Manfreight services and ensures a regularly updated fleet. We embrace changing technology, providing more environmentally friendly vehicles, supporting our combined sustainability goals.
Our FRP benefits everyone across our business, from our mechanics, drivers, and transport staff. All departments benefit from a more efficient, connected fleet providing real-time data and peace of mind. This integration of advanced telematics ensures optimal performance and minimal downtime, keeping our operations efficient and reliable for customers.
Alternative Fuel Technology
We have partnered with truck and trailer manufacturers to introduce the first electric truck and trailer into our fleet, the first of its kind in the UK – this will enable us to continue to develop our electric journey towards net-zero emissions.
Sustainable Partnerships
Our shipping partner has committed to reducing emissions by up to 30% by 2030, aligning with our sustainability goals.
Manfreight have partnered with our trailer manufacturer in the development of 100% recyclable trailers and most recently in the development of the kinetic power electric trailer that was launched with Manfreight in Q4 2023.
We also work closely with our truck manufacturers in the development of sustainable vehicles solutions through telematics data which is used in the new vehicle development processes. 

Page 7

 
MANFREIGHT LIMITED
 

 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company's auditors are unaware, and

he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

This report was approved by the board on 22 October 2024 and signed on its behalf.
 





Mr Chris Slowey
Director

Page 8

 
MANFREIGHT LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MANFREIGHT LIMITED
 

Opinion


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 policiesThe 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).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 March 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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 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.


Conclusions relating to going concern


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.


Other information


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 ReportOur 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.


Page 9

 
MANFREIGHT LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MANFREIGHT LIMITED (CONTINUED)


Opinion 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 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.


Matters on which we are required to report by exception
 

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.


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, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's 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 Director's Responsibilities Statement set out on page 6, the director is 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 director determines 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 director is responsible for assessing the 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 director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Auditors' 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 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.


Page 10

 
MANFREIGHT LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MANFREIGHT LIMITED (CONTINUED)


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 2006Our 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.





Paddy Harty (Senior Statutory Auditor)
  
for and on behalf of
AAB Group Accountants Limited
 
Statutory Auditors
  
The Quays
Newry
Co. Down
Northern Ireland
BT358QS

22 October 2024
Page 11

 
MANFREIGHT LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 4 
70,053,707
55,514,035

Cost of sales
  
(58,175,865)
(46,204,091)

Gross profit
  
11,877,842
9,309,944

Administrative expenses
  
(6,658,665)
(5,380,576)

Other operating income
 5 
167,583
76,064

Operating profit
 6 
5,386,760
4,005,432

Interest payable and similar expenses
 8 
(1,466,408)
(549,424)

Profit before tax
  
3,920,352
3,456,008

Tax on profit
 9 
(1,320,288)
(80,238)

Profit for the financial year
  
2,600,064
3,375,770

Other comprehensive income for the year
  

Total comprehensive income for the year
  
2,600,064
3,375,770

The notes on pages 17 to 31 form part of these financial statements.

Page 12

 
MANFREIGHT LIMITED
REGISTERED NUMBER: NI055050

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 11 
72,000
108,000

Tangible assets
 12 
37,806,325
33,570,787

  
37,878,325
33,678,787

Current assets
  

Stocks
 13 
265,224
257,927

Debtors: amounts falling due within one year
 14 
18,498,986
11,672,370

Cash at bank and in hand
 15 
263,975
29,430

  
19,028,185
11,959,727

Creditors: amounts falling due within one year
 16 
(27,457,928)
(20,684,876)

Net current liabilities
  
 
 
(8,429,743)
 
 
(8,725,149)

Total assets less current liabilities
  
29,448,582
24,953,638

Creditors: amounts falling due after more than one year
 17 
(12,644,080)
(11,979,488)

Provisions for liabilities
  

Deferred tax
 19 
(3,403,223)
(2,082,935)

  
 
 
(3,403,223)
 
 
(2,082,935)

Net assets
  
13,401,279
10,891,215


Capital and reserves
  

Called up share capital 
 20 
4
4

Profit and loss account
  
13,401,275
10,891,211

  
13,401,279
10,891,215


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 October 2024.




Mr Chris Slowey
Director

The notes on pages 17 to 31 form part of these financial statements.

Page 13

 
MANFREIGHT LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2022
4
7,515,441
7,515,445


Comprehensive income for the year

Profit for the year
-
3,375,770
3,375,770
Total comprehensive income for the year
-
3,375,770
3,375,770


Total transactions with owners
-
-
-



At 1 April 2023
4
10,891,211
10,891,215


Comprehensive income for the year

Profit for the year
-
2,600,064
2,600,064
Total comprehensive income for the year
-
2,600,064
2,600,064


Contributions by and distributions to owners

Dividends: Equity capital
-
(90,000)
(90,000)


Total transactions with owners
-
(90,000)
(90,000)


At 31 March 2024
4
13,401,275
13,401,279


The notes on pages 17 to 31 form part of these financial statements.

Page 14

 
MANFREIGHT LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
2,600,064
3,375,770

Adjustments for:

Amortisation of intangible assets
36,000
36,000

Depreciation of tangible assets
6,400,565
4,748,514

Loss on disposal of tangible assets
(215,941)
(343,492)

Interest paid
1,466,408
549,424

Taxation charge
1,320,288
80,238

(Increase)/decrease in stocks
(7,297)
10,107

(Increase) in debtors
(6,288,214)
(2,173,798)

(Increase) in amounts owed by groups
(91,826)
(50,158)

(Increase) in amounts owed by participating ints
(446,576)
(830,608)

Increase/(decrease) in creditors
3,145,004
(1,855,342)

Increase in amounts owed to groups
1,106,490
1,559,464

Net cash generated from operating activities

9,024,965
5,106,119


Cash flows from investing activities

Purchase of tangible fixed assets
(4,361,315)
(1,724,269)

Sale of tangible fixed assets
698,736
1,042,237

Repayment of loans
-
43,433

Interest paid
(1,166,718)
(549,424)

Net cash from investing activities

(4,829,297)
(1,188,023)

Cash flows from financing activities

Repayment of/new finance leases
(7,752,317)
(6,666,430)

Dividends paid
(90,000)
-

Interest paid
(299,690)
-

Net cash used in financing activities
(8,142,007)
(6,666,430)

Net (decrease) in cash and cash equivalents
(3,946,339)
(2,748,334)

Cash and cash equivalents at beginning of year
(2,599,165)
149,169

Cash and cash equivalents at the end of year
(6,545,504)
(2,599,165)


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
263,975
29,430

Bank overdrafts
(6,809,479)
(2,628,595)

(6,545,504)
(2,599,165)


Page 15

 
MANFREIGHT LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2024





At 1 April 2023
Cash flows
New finance leases
At 31 March 2024
£

£

£

£

Cash at bank and in hand

29,430

234,545

-

263,975

Bank overdrafts

(2,628,595)

(4,180,884)

-

(6,809,479)

Debt due within 1 year

-

(33,043)

-

(33,043)

Finance leases

(20,273,650)

-

994,733

(19,278,917)


(22,872,815)
(3,979,382)
994,733
(25,857,464)

The notes on pages 17 to 31 form part of these financial statements.

Page 16

 
MANFREIGHT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

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

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Going concern

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.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 17

 
MANFREIGHT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 18

 
MANFREIGHT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 19

 
MANFREIGHT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.10
Tangible fixed assets (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:

Freehold property
-
4%
straight line
Plant and machinery
-
10%
/25% straight line
Motor vehicles
-
14%
/25% straight line
Fixtures and fittings
-
10%
straight line
Office equipment
-
25%
straight line

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.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 20

 
MANFREIGHT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Financial instruments

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.

Page 21

 
MANFREIGHT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.16
Financial instruments (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.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 22

 
MANFREIGHT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
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.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Road Freight Transport
70,053,707
55,514,035

70,053,707
55,514,035


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
70,053,707
55,514,035

70,053,707
55,514,035



5.


Other operating income

2024
2023
£
£

Other operating income
167,583
76,064

167,583
76,064


Page 23

 
MANFREIGHT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
42,673
64,914

Depreciation of owned tangible fixed assets
1,657,611
1,187,129

Depreciation of financed tangible fixed assets
4,742,955
3,561,385

Profit on disposal of tangible fixed assets
(215,941)
(343,492)

Fees payable to the company's auditor
14,000
13,200

Amortisation of intangible assets
36,000
36,000


7.


Employees

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
17,799,538
12,675,552

Cost of defined contribution scheme
324,850
505,272

18,124,388
13,180,824


The average monthly number of employees, including the director, during the year was as follows:


        2024
        2023
            No.
            No.







Admin
30
43



Drivers
397
390



Warehouse
10
2



Workshop
13
13

450
448


8.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
299,690
58,707

Finance leases and hire purchase contracts
1,166,718
490,717

1,466,408
549,424

Page 24

 
MANFREIGHT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Taxation


2024
2023
£
£



Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
1,320,288
80,238

Total deferred tax
1,320,288
80,238


Tax on profit
1,320,288
80,238

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
3,920,352
3,456,008


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
980,088
656,642

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,890
24,151

Capital allowances for year in excess of depreciation
(1,556,456)
(3,312,246)

Utilisation of tax losses
565,478
2,627,378

Non-taxable income less expenses not deductible for tax purposes, other than goodwill and impairment
-
(2,765)

Amortisation on assets not qualifying for tax allowances
9,000
6,840

Deferred Tax
1,320,288
80,238

Total tax charge for the year
1,320,288
80,238


10.


Dividends

2024
2023
£
£


Dividends paid
90,000
-

90,000
-

Page 25

 
MANFREIGHT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Intangible assets




Goodwill

£



Cost


At 1 April 2023
450,000



At 31 March 2024

450,000



Amortisation


At 1 April 2023
342,000


Charge for the year on owned assets
36,000



At 31 March 2024

378,000



Net book value



At 31 March 2024
72,000



At 31 March 2023
108,000



Page 26

 
MANFREIGHT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 April 2023
375,164
19,536,585
29,068,208
175,627
181,932
49,337,516


Additions
22,175
5,266,645
5,770,752
7,340
51,987
11,118,899


Disposals
-
(266,923)
(1,194,317)
-
-
(1,461,240)



At 31 March 2024

397,339
24,536,307
33,644,643
182,967
233,919
58,995,175



Depreciation


At 1 April 2023
111,861
6,865,967
8,629,996
57,505
101,400
15,766,729


Charge for the year on owned assets
15,511
2,300,815
4,033,389
18,174
32,677
6,400,566


Disposals
-
(214,048)
(764,397)
-
-
(978,445)



At 31 March 2024

127,372
8,952,734
11,898,988
75,679
134,077
21,188,850



Net book value



At 31 March 2024
269,967
15,583,573
21,745,655
107,288
99,842
37,806,325



At 31 March 2023
263,303
12,670,618
20,438,212
118,122
80,532
33,570,787

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
11,836,509
10,789,046

Motor vehicles
17,530,136
18,955,198

29,366,645
29,744,244

Page 27

 
MANFREIGHT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Stocks

2024
2023
£
£

Stock
265,224
257,927

265,224
257,927



14.


Debtors

2024
2023
£
£


Trade debtors
12,029,206
8,507,310

Amounts owed by group undertakings
305,000
213,174

Amounts owed by related parties
1,277,184
830,608

Other debtors
4,395,489
1,864,985

Prepayments and accrued income
492,107
256,293

18,498,986
11,672,370


Amounts due from group undertakings and related parties are unsecured, interest free and repayable on demand.
Included within other debtors is an amount of £Nil (2023: £254,966) owed from the director.


15.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
263,975
29,430

Less: bank overdrafts
(6,809,479)
(2,628,595)

(6,545,504)
(2,599,165)


Page 28

 
MANFREIGHT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

16.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
6,809,479
2,628,595

Trade creditors
7,199,796
5,132,159

Amounts owed to group undertakings
4,041,613
2,935,123

Corporation tax
207,534
207,534

Other taxation and social security
1,295,552
264,141

Obligations under finance lease and hire purchase contracts
6,634,837
8,294,162

Other creditors
33,043
-

Accruals and deferred income
1,236,074
1,223,162

27,457,928
20,684,876


Amounts owed to group undertakings are unsecured, interest free and payable on demand.


17.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
12,644,080
11,979,488

12,644,080
11,979,488


HSBC Invoice Finance (UK) Limited hold the following securities in relation to the company:
A fixed charge, floating charge and negative pledge over the property and land of the company
A floating charge for all the undertaking of the company and all its property.


18.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
6,634,837
8,294,162

Between 1-5 years
12,644,080
11,979,488

19,278,917
20,273,650

Finance lease payments represent rentals payable by the company for certain items of plant and machinery and motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

Page 29

 
MANFREIGHT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

19.


Deferred taxation




2024


£






At beginning of year
(2,082,935)


Charged to profit or loss
(1,320,288)



At end of year
(3,403,223)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(7,476,797)
(5,912,436)

Tax losses carried forward
4,073,574
3,829,501

(3,403,223)
(2,082,935)


20.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



4 (2023 - 4) Ordinary Shares shares of £1.00 each
4
4



21.


Capital commitments


At 31 March 2024 the Company had capital commitments as follows:

2024
2023
£
£


Contracted for but not provided in these financial statements
-
1,800,000

-
1,800,000


22.


Pension commitments

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).

Page 30

 
MANFREIGHT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

23.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
616,000
616,000

Later than 1 year and not later than 5 years
2,464,000
2,464,000

Later than 5 years
8,208,083
8,811,833

11,288,083
11,891,833


24.


Transactions with directors

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.


25.


Related party transactions

During the year the company entered into the following transactions with related parties:
Manfreight Limited paid rent of £79,695 (2023: £79,695) to M.F SSAS (a Self Administered Pension Scheme established for the benefit of the director). 
At 31 March 2024, an amount of £268,154 (2023: £210,856) was due from and £nil (2023: £1,019) was due to a joint venture, Lancashire Logistics Int Limited.
At 31 March 2024, an amount of £1,277,184 (2023: £830,608) was due from a related party, Manfreight Ireland Limited.
We confirm that the above amounts are interest free, unsecured and payable on demand.
The company has taken the exemption in FRS102 not to disclose transactions with any companies that are wholly owned within the group.


26.


Controlling party

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. 


27.


Auditor's liability limitation agreement

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. 

Page 31