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REGISTERED NUMBER: 06716687 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Period 1 November 2022 to 30 April 2024

for

L F & E Refrigerated Transport Limited

L F & E Refrigerated Transport Limited (Registered number: 06716687)






Contents of the Financial Statements
for the Period 1 November 2022 to 30 April 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Notes to the Financial Statements 14


L F & E Refrigerated Transport Limited

Company Information
for the Period 1 November 2022 to 30 April 2024







DIRECTORS: J W Bridges
K Hinton
C D Carver
Mrs J M Sherry
J Neal





REGISTERED OFFICE: Ripley House
Ripley Drive
Normanton
West Yorkshire
WF6 1QT





REGISTERED NUMBER: 06716687 (England and Wales)





AUDITORS: Forvis Mazars LLP
Chartered Accountants and Statutory Auditor
First Floor
2 Chamberlain Square
Birmingham
B3 3AX

L F & E Refrigerated Transport Limited (Registered number: 06716687)

Strategic Report
for the Period 1 November 2022 to 30 April 2024

The directors present their strategic report for the period 1 November 2022 to 30 April 2024.

The company was acquired by Healthnet Homecare (UK) Limited in September 2023 and became a member of the Socius Pharma Limited group at that date. Following the acquisition, the company's year end was changed to be the same as of its parent undertaking and group being the 30 April. These financial statements therefore include the current period of 1 November 2022 to 30 April 2024 and are therefore not directly comparable to the prior period of 1 November 2021 to 31 October 2022. The prior period financial statements were not audited and therefore the comparatives included within these financial statements are unaudited.

REVIEW OF BUSINESS
The principal activity of the Company is refrigerated transportation of pharmaceutical products.

The Company achieved an operating profit of £763,289 (2022: £583,985) and a profit before tax of £733,159 (2022: £578,798).

PRINCIPAL RISKS AND UNCERTAINTIES
The Directors constantly review the risks and uncertainties in the market place and at entity level. The Company operates in a niche market place which is driven by the general public's health needs. Whilst this remains a very competitive area, the business does not necessarily face the same level of risks and uncertainties as those experienced in the wider economy.

FINANCIAL RISK MANAGEMENT

The Company's operations expose it to a variety of financial risks that include the effects of price risk, credit risk, liquidity risk and cash flow risk.

The Company has defined policies and procedures which set out specific guidelines to manage price risk, credit risk, liquidity risk and cash flow risk and the circumstances when it would be appropriate to use financial instruments to manage these.

The Company holds regular monthly meetings attended by various Directors or their representatives to discuss the current and future financial risk facing the Company in accordance with the Group's policies and appropriate decisions are made based on the market and business information available.

PRICE RISK
This arises on transportation services but the Company aims to minimise risk through reviewing prices regularly.

CREDIT RISK
This is the risk that one party to a financial instrument will cause a financial loss for that other party by failing to discharge an obligation. L F & E Refrigerated Transport Limited's credit policies aim to avoid this within its operations via the use of risk management tools and continuous monitoring of credit limits and trading patterns.

LIQUIDITY RISK
This arises when an entity encounters difficulty in meeting obligations. The Company aims to mitigate risk by focussing on its working capital cycle and working to continuously reduce debtor days.

CASH FLOW RISK
This is the risk of exposure to variability in cash flows that is attributable to a particular risk associated with a recognised asset or liability. The Company manages this risk through effective working capital management.

FINANCIAL KEY PERFORMANCE INDICATORS
The Company's key financial performance indicators during the period were as follows:

2024 2022 Increase/ (Decrease ) %
Turnover 27,872,711 13,208,784 14,663,927 111.0%
Gross profit 10,712,997 5,152,408 5,560,589 107.9%
Gross margin 38.4% 39.0% (60 bps )
Operating profit 763,289 583,985 179,304 30.7%

Equity shareholders'
funds

1,590,184

1,116,849

473,335

42.4%



L F & E Refrigerated Transport Limited (Registered number: 06716687)

Strategic Report
for the Period 1 November 2022 to 30 April 2024

POST BALANCE SHEET EVENT
On 29 October 2024, the entire share capital of the Socius Pharma Group was purchased by Apollo 2024 Bidco Limited, the ultimate parent company of which is Apollo 2024 Topco Limited. Additional information can be found in the post balance events sheet note and the ultimate controlling party note.

FUTURE OUTLOOK
LF&E Refrigerated Transport Limited is driven by providing a high-quality specialised delivery service for all its customers. It has built its structure and operation for continued growth with its customers firmly at the forefront of everything it does and is in a strong position for the future.

ON BEHALF OF THE BOARD:





K Hinton - Director


16 January 2025

L F & E Refrigerated Transport Limited (Registered number: 06716687)

Report of the Directors
for the Period 1 November 2022 to 30 April 2024

The directors present their report with the financial statements of the company for the period 1 November 2022 to 30 April 2024.

The company was acquired by Healthnet Homecare (UK) Limited in September 2023 and became a member of the Socius Pharma Limited group at that date. Following the acquisition, the company's year end was changed to be the same as of its parent undertaking and group being the 30 April. These financial statements therefore include the current period of 1 November 2022 to 30 April 2024 and are therefore not directly comparable to the prior period of 1 November 2021 to 31 October 2022. The prior period financial statements were not audited and therefore the comparatives included within these financial statements are unaudited.

DIVIDENDS
No dividends will be distributed for the period ended 30 April 2024.

EVENTS SINCE THE END OF THE PERIOD
Information relating to events since the end of the period is given in the notes to the financial statements.

DIRECTORS
The director shown below has held office during the whole of the period from 1 November 2022 to the date of this
report:
J W Bridges

Other changes in directors holding office are as follows:
K Hinton - appointed 28 September 2023
M A Gordon - appointed 28 September 2023 - resigned 5 April 2024
C D Carver - appointed 28 September 2023
Mrs J M Sherry - appointed 28 September 2023
J Neal - appointed 28 September 2023
J M Buckley - resigned 11 January 2024
J F Buckley - resigned 29 October 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are 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 directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and as explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company
will continue in business.

The directors are 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

L F & E Refrigerated Transport Limited (Registered number: 06716687)

Report of the Directors
for the Period 1 November 2022 to 30 April 2024


AUDITORS
Forvis Mazars LLP were appointed as auditor during the period and will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





K Hinton - Director


16 January 2025

Report of the Independent Auditors to the Members of
L F & E Refrigerated Transport Limited

Opinion
We have audited the financial statements of L F & E Refrigerated Transport Limited (the 'Company') for the period ended 30 April 2024, which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The prior period financial statements for the year ended 31 October 2022 are unaudited. 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).
_
In our opinion the financial statements:

- give a true and fair view of the state of the Company's affairs as at 30 April 2024 and of its profit for the period 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 Auditor's 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 UK, including the FRC'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 original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors 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 auditor's report thereon. The Directors are 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.

Opinions 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 Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

- the Strategic Report and the Directors' Report has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
L F & E Refrigerated Transport Limited


Matters on which we are required to report by exception
In the light of our 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 and the Directors' Report.

We have nothing to report in respect of the following matters where 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 directors' 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 Statement of Directors' Responsibilities, set out on page 4, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic
alternative but to do so.

Report of the Independent Auditors to the Members of
L F & E Refrigerated Transport Limited


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 auditor's 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 the financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

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.

Based on our understanding of the company and its industry, we identified that the principal risks of non-compliance
with laws and regulations related to the UK tax legislation, pension legislation, health and safety regulations and
employment regulation and we considered the extent to which non-compliance might have a material effect on the
financial statements.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:

- Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in
compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;

- Inspecting correspondence, if any, with relevant licensing or regulatory authorities;

- Communicating identified laws and regulations to the engagement team and remaining alert to any indications of
non-compliance throughout our audit; and

- Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pensions legislation and the Companies Act 2006.

In addition, we evaluated the directors' and management's incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, management bias through judgements and assumptions in significant accounting estimates, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, revenue recognition (which we pinpointed to the cut-off assertion), and significant one-off or unusual transactions.

Our audit procedures in relation to fraud included but were not limited to:

- Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or
alleged fraud;

- Gaining an understanding of the internal controls established to mitigate risks related to fraud;

- Discussing amongst the engagement team the risks of fraud; and

- Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

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 auditor's report.

Report of the Independent Auditors to the Members of
L F & E Refrigerated Transport Limited


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 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 auditor's 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.




Elisa Howe (Senior Statutory Auditor)
for and on behalf of Forvis Mazars LLP
Chartered Accountants and Statutory Auditor
First Floor
2 Chamberlain Square
Birmingham
B3 3AX

17 January 2025

L F & E Refrigerated Transport Limited (Registered number: 06716687)

Income Statement
for the Period 1 November 2022 to 30 April 2024

Period
1.11.22
to Year Ended
30.4.24 31.10.22
as restated
(Unaudited)
Notes £    £   

TURNOVER 3 27,872,711 13,208,784

Cost of sales 17,159,715 8,056,376
GROSS PROFIT 10,712,996 5,152,408

Administrative expenses 9,949,707 4,569,423
763,289 582,985

Other operating income 4 - 1,000
OPERATING PROFIT 6 763,289 583,985

Interest receivable and similar income 870 -
764,159 583,985

Interest payable and similar expenses 7 31,000 5,187
PROFIT BEFORE TAXATION 733,159 578,798

Tax on profit 8 259,824 99,317
PROFIT FOR THE FINANCIAL PERIOD 473,335 479,481

L F & E Refrigerated Transport Limited (Registered number: 06716687)

Other Comprehensive Income
for the Period 1 November 2022 to 30 April 2024

Period
1.11.22
to Year Ended
30.4.24 31.10.22
as restated
(Unaudited)
Notes £    £   

PROFIT FOR THE PERIOD 473,335 479,481


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
PERIOD

473,335

479,481

L F & E Refrigerated Transport Limited (Registered number: 06716687)

Balance Sheet
30 April 2024

30.4.24 31.10.22
as restated
(Unaudited)
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 1,510,225 416,631

CURRENT ASSETS
Debtors 11 2,842,899 2,254,149
Cash at bank and in hand 745,335 492,177
3,588,234 2,746,326
CREDITORS
Amounts falling due within one year 12 2,868,348 1,927,356
NET CURRENT ASSETS 719,886 818,970
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,230,111

1,235,601

CREDITORS
Amounts falling due after more than one year 13 (346,644 ) (88,238 )

PROVISIONS FOR LIABILITIES 17 (293,283 ) (30,514 )
NET ASSETS 1,590,184 1,116,849

CAPITAL AND RESERVES
Called up share capital 18 138 138
Share premium 19 49,967 49,967
Retained earnings 19 1,540,079 1,066,744
SHAREHOLDERS' FUNDS 1,590,184 1,116,849

The financial statements were approved by the Board of Directors and authorised for issue on 16 January 2025 and were signed on its behalf by:





K Hinton - Director


L F & E Refrigerated Transport Limited (Registered number: 06716687)

Statement of Changes in Equity
for the Period 1 November 2022 to 30 April 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 November 2021 138 587,263 49,967 637,368

Changes in equity
Total comprehensive income - 479,481 - 479,481
Balance at 31 October 2022 138 1,066,744 49,967 1,116,849

Changes in equity
Total comprehensive income - 473,335 - 473,335
Balance at 30 April 2024 138 1,540,079 49,967 1,590,184

L F & E Refrigerated Transport Limited (Registered number: 06716687)

Notes to the Financial Statements
for the Period 1 November 2022 to 30 April 2024

1. STATUTORY INFORMATION

L F & E Refrigerated Transport Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company's functional and presentation currency is the Pound Sterling rounded to the nearest pound.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirement of paragraph 33.7.

The information is included in the consolidated financial statements of Socius Pharma Limited as at 30 April 2024 and these financial statements may be obtained from Companies House.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Going concern
The Directors constantly review the risks and uncertainties in the market place, in the wider group and at entity level. The group of which the Company is a part operates in a niche market area which is driven by the general public's health needs. Whilst it remains a very competitive area, the business does not necessarily face the same level of risk and uncertainties as those experienced in the wider economy.

After considering the financial position of the Company at the time of approving the financial statements, the
Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus the Directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements in conformity with generally accepted accounting principles requires the Directors to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Actual results in the future could differ from those estimates. In this regards, the Directors believe that there are no critical accounting policies where judgements or estimations are necessarily applied in the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

L F & E Refrigerated Transport Limited (Registered number: 06716687)

Notes to the Financial Statements - continued
for the Period 1 November 2022 to 30 April 2024

2. ACCOUNTING POLICIES - continued

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives as follows:
Improvements to property - 22.5% straight line
Plant and machinery - 22.5% straight line
Fixtures and fittings - 22.5% straight line
Motor vehicles - 22.5% straight line
Computer equipment - 20.0% - 25.0% 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.

Fixed assets are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, is estimated and compared to the carrying amount.

Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the Income Statement.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are
recognised in the Income Statement.

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial
assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and
loans to related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other
accounts receivable and payable, are initially measured at present value of the future cash flows and
subsequently at amortised cost using the effective interest method. Debt instruments that are payable or
receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a Director in the case of a small company or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference
between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.


L F & E Refrigerated Transport Limited (Registered number: 06716687)

Notes to the Financial Statements - continued
for the Period 1 November 2022 to 30 April 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the Income Statement on a straight line basis over the period of the lease.

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

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

Period
1.11.22
to Year Ended
30.4.24 31.10.22
as restated
(Unaudited)
£    £   
Refrigerated transport 27,872,711 13,208,784
27,872,711 13,208,784

An analysis of turnover by geographical market is given below:

Period
1.11.22
to Year Ended
30.4.24 31.10.22
as restated
(Unaudited)
£    £   
United Kingdom 27,872,711 13,208,784
27,872,711 13,208,784

L F & E Refrigerated Transport Limited (Registered number: 06716687)

Notes to the Financial Statements - continued
for the Period 1 November 2022 to 30 April 2024

4. OTHER OPERATING INCOME
Period
1.11.22
to Year Ended
30.4.24 31.10.22
as restated
(Unaudited)
£    £   
Sundry receipts - 1,000

5. EMPLOYEES AND DIRECTORS
Period
1.11.22
to Year Ended
30.4.24 31.10.22
as restated
(Unaudited)
£    £   
Wages and salaries 11,908,384 5,106,768
Social security costs 1,127,062 488,168
Other pension costs 238,542 101,245
13,273,988 5,696,181

The average number of employees during the period was as follows:
Period
1.11.22
to Year Ended
30.4.24 31.10.22
as restated
(Unaudited)

Drivers 233 181
Management and administration 48 33
281 214

Period
1.11.22
to Year Ended
30.4.24 31.10.22
as restated
(Unaudited)
£    £   
Directors' remuneration 745,618 474,488
Directors' pension contributions to money purchase schemes 93,261 44,625

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

L F & E Refrigerated Transport Limited (Registered number: 06716687)

Notes to the Financial Statements - continued
for the Period 1 November 2022 to 30 April 2024

5. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director is as follows:
Period
1.11.22
to Year Ended
30.4.24 31.10.22
as restated
(Unaudited)
£    £   
Emoluments etc 269,306 204,602
Pension contributions to money purchase schemes 32,500 40,000

6. OPERATING PROFIT

The operating profit is stated after charging:

Period
1.11.22
to Year Ended
30.4.24 31.10.22
as restated
(Unaudited)
£    £   
Hire of plant and machinery 4,197,539 2,197,181
Other operating leases 539,197 341,681
Depreciation - owned assets 661,667 133,369
Loss on disposal of fixed assets 50,916 294

7. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.11.22
to Year Ended
30.4.24 31.10.22
as restated
(Unaudited)
£    £   
Bank loan interest 27,334 1,566
Surcharges & HMRC interest 3,666 3,621
31,000 5,187

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the period was as follows:
Period
1.11.22
to Year Ended
30.4.24 31.10.22
as restated
(Unaudited)
£    £   
Current tax:
UK corporation tax 55 86,722

Deferred tax 259,769 12,595
Tax on profit 259,824 99,317

L F & E Refrigerated Transport Limited (Registered number: 06716687)

Notes to the Financial Statements - continued
for the Period 1 November 2022 to 30 April 2024

8. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below:

Period
1.11.22
to Year Ended
30.4.24 31.10.22
as restated
(Unaudited)
£    £   
Profit before tax 733,159 578,798
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2022 - 19%)

183,290

109,972

Effects of:
Expenses not deductible for tax purposes 47,923 -
Capital allowances in excess of depreciation (10,288 ) (10,655 )
Adjustments to tax charge in respect of previous periods 14,462 -
Change in tax rate 14,203 -
Losses surrendered for group relief 10,234 -
Total tax charge 259,824 99,317

9. PRIOR YEAR ADJUSTMENT

In the prior year, other creditors have been reduced by £50,000, share premium increased by £49,967 and profit and loss reserves increased by £33 to reflect the share premium created on the issue of shares on 18 November 2015.

10. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 November 2022 119,887 83,025 92,283
Additions 416,239 208,605 28,269
Disposals (21,724 ) (5,535 ) (39,158 )
At 30 April 2024 514,402 286,095 81,394
DEPRECIATION
At 1 November 2022 36,084 18,681 39,909
Charge for period 145,353 95,601 24,649
Eliminated on disposal (9,776 ) (2,491 ) (22,734 )
At 30 April 2024 171,661 111,791 41,824
NET BOOK VALUE
At 30 April 2024 342,741 174,304 39,570
At 31 October 2022 83,803 64,344 52,374

L F & E Refrigerated Transport Limited (Registered number: 06716687)

Notes to the Financial Statements - continued
for the Period 1 November 2022 to 30 April 2024

10. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 November 2022 172,312 155,074 622,581
Additions 908,097 249,216 1,810,426
Disposals (35,096 ) (43,444 ) (144,957 )
At 30 April 2024 1,045,313 360,846 2,288,050
DEPRECIATION
At 1 November 2022 46,627 64,649 205,950
Charge for period 331,862 64,202 661,667
Eliminated on disposal (23,659 ) (31,132 ) (89,792 )
At 30 April 2024 354,830 97,719 777,825
NET BOOK VALUE
At 30 April 2024 690,483 263,127 1,510,225
At 31 October 2022 125,685 90,425 416,631

Included within net book value is £778,806 (2022: £138,331) relating to assets held under hire
purchase agreements. The depreciation charged to the Income Statement in the period on
these assets was £356,244 (2022: £40,161).

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 31.10.22
as restated
(Unaudited)
£    £   
Trade debtors 1,568,280 1,681,070
Amounts owed by group undertakings 574,497 -
Other debtors 1,335 7,275
Directors' current accounts - 17,208
Prepayments and accrued income 698,787 548,596
2,842,899 2,254,149

Amounts owed by group undertakings are interest free, repayable on demand and are unsecured

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 31.10.22
as restated
(Unaudited)
£    £   
Bank loans, overdrafts and invoice financing (see note 14)
8,497

10,000
Hire purchase contracts (see note 15) 255,255 34,205
Trade creditors 1,415,052 938,469
Tax 55 86,722
Social security and other taxes 213,687 118,971
VAT 517,058 389,966
Other creditors 130,925 63,580
Accruals and deferred income 327,819 285,443
2,868,348 1,927,356

L F & E Refrigerated Transport Limited (Registered number: 06716687)

Notes to the Financial Statements - continued
for the Period 1 November 2022 to 30 April 2024

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.4.24 31.10.22
as restated
(Unaudited)
£    £   
(see note 14) 12,517 25,833
Hire purchase contracts (see note 15) 334,127 62,405
346,644 88,238

14. LOANS, OVERDRAFTS AND
INVOICE FINANCING

An analysis of the maturity of loans, overdrafts and invoice financing is given below:

30.4.24 31.10.22
as restated
(Unaudited)
£    £   
Amounts falling due within one year or on demand:
Bank loans 8,497 10,000

Amounts falling due between one and two years:
Bank loans - 1-2 years 9,980 10,010

Amounts falling due between two and five years:
Bank loans - 2-5 years 2,537 15,823

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
30.4.24 31.10.22
as restate
(Unaudited
£    £   
Net obligations repayable:
Within one year 255,255 34,205
Between one and five years 334,127 62,405
589,382 96,610

Non-cancellable operating leases
30.4.24 31.10.22
as restated
(Unaudited)
£    £   
Within one year 4,558,897 1,915,609
Between one and five years 8,241,557 4,840,203
In more than five years 897,087 954,152
13,697,541 7,709,964

All hire purchase contracts are secured on the asset to which they relate.

L F & E Refrigerated Transport Limited (Registered number: 06716687)

Notes to the Financial Statements - continued
for the Period 1 November 2022 to 30 April 2024

16. SECURED DEBTS

The following secured debts are included within creditors:

30.4.24 31.10.22
as restated
(Unaudited)
£    £   
Invoice discounting facility 180 -

At 30 April 2024, Lloyds Bank Commercial Finance Limited had a fixed and floating charge over the property and undertakings of the company which contains a negative pledge. Details of the charges can be obtained from Companies House. On 29 October 2024, this charge was satisfied in full.

On 19 November 2024, a charge was entered into with Barclays Bank plc with fixed and floating charges over the property and undertakings of the company and which contains a negative pledge. Details of the charge can be obtained from Companies House.

17. PROVISIONS FOR LIABILITIES
30.4.24 31.10.22
as restated
(Unaudited)
£    £   
Deferred tax 290,283 30,514
Other provisions 3,000 -
293,283 30,514

Dilapidati
Deferred ons
tax provision
£    £   
Balance at 1 November 2022 30,514 -
Provided during period 259,769 3,000
Balance at 30 April 2024 290,283 3,000

The deferred tax liability relates to accelerated capital allowances. Whilst it is anticipated that an element of the deferred tax liability with reverse during the 12 months following the Balance Sheet date, at present it is not possible to accurately quantify the value.

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.24 31.10.22
value: £    £   
11,305 Ordinary 0.01 113 113
1,995 Ordinary A 0.01 20 20
5 Ordinary B 1 5 5
138 138

Ordinary and Ordinary A shares have full voting and equity rights. Ordinary B shares have no rights other than an entitlement to dividends.

L F & E Refrigerated Transport Limited (Registered number: 06716687)

Notes to the Financial Statements - continued
for the Period 1 November 2022 to 30 April 2024

19. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 November 2022 1,066,744 49,967 1,116,711
Profit for the period 473,335 - 473,335
At 30 April 2024 1,540,079 49,967 1,590,046

The retained earnings reserve represents cumulative profits and losses.

20. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £846,932 (2022: £344,118). Contributions totalling £108,769 (2022: £57,160) were payable at the reporting date and are included in creditors.

21. ULTIMATE PARENT COMPANY

The immediate parent undertaking at the Statement of Financial Position date was Healthnet Homecare (UK) Limited, a company incorporated in England and Wales. Socius Pharma Limited was regarded by the directors as being the company's ultimate parent company and ultimate controlling entity as at the Balance Sheet Date. The company in which the results of this Company are consolidated is Socius Pharma Limited. Copies of Socius Pharma Limited's financial statements can be obtained from Companies House.

As a result of the transaction described in the post balance sheet event note, on 29 October 2024, Apollo 2024 Topco Limited became company's ultimate parent company and CBPE Capital LLP became its ultimate controlling entity. Copies of Apollo 2024 Topco Limited’s financial statements can be obtained from Companies House.

22. RELATED PARTY DISCLOSURES

On 1 August 2023 £27,000 was paid to a related party of J F Buckley.

The compensation for key management personnel is the same as the directors' remuneration as disclosed in note 5 to the financial statements.

23. POST BALANCE SHEET EVENTS

On the 29 October 2024, Apollo 2024 Bidco Limited purchased 100% of the ordinary share capital of Socius Pharma Limited, 490 A ordinary shares and 2,000 B ordinary shares in Global Orphan Limited and 227 B ordinary shares of Healthnet Homecare Limited. Apollo 2024 Bidco Limited is wholly owned by Apollo 2024 Holdco Limited, which is in turn wholly owned by Apollo 2024 Midco Limited, which is in turn wholly owned by Apollo 2024 Topco Limited. As a result of the purchase Apollo 2024 Topco Limited owns the entire issued share capital of the Group. Apollo 2024 Topco Limited is majority owned by CBPE Capital Fund X LP, and accordingly CBPE Capital LLP became the company's ultimate controlling entity at that date.

In addition, changes have been made to the company's secured debts as explained in the secured debt note.