REGISTERED NUMBER: |
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 |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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: |
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. |
for and on behalf of |
Chartered Accountants and Statutory Auditor |
First Floor |
2 Chamberlain Square |
Birmingham |
B3 3AX |
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 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
763,289 | 582,985 |
Other operating income | 4 |
OPERATING PROFIT | 6 |
Interest receivable and similar income |
764,159 | 583,985 |
Interest payable and similar expenses | 7 |
PROFIT BEFORE TAXATION |
Tax on profit | 8 |
PROFIT FOR THE FINANCIAL PERIOD |
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 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
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 |
CURRENT ASSETS |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 13 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 17 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Share premium | 19 |
Retained earnings | 19 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Changes in equity |
Total comprehensive income | - | - |
Balance at 31 October 2022 |
Changes in equity |
Total comprehensive income | - | - |
Balance at 30 April 2024 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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) |
£ | £ |
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 |
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 |
Social security costs |
Other pension costs |
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 |
Period |
1.11.22 |
to | Year Ended |
30.4.24 | 31.10.22 |
as restated |
(Unaudited) |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
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 |
Pension contributions to money purchase schemes |
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 |
Other operating leases |
Depreciation - owned assets |
Loss on disposal of fixed assets |
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 |
Surcharges & HMRC interest |
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 |
Deferred tax |
Tax on profit |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of (2022 - |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Adjustments to tax charge in respect of previous periods |
Change in tax rate |
Losses surrendered for group relief |
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 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 30 April 2024 |
DEPRECIATION |
At 1 November 2022 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 31 October 2022 |
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 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 30 April 2024 |
DEPRECIATION |
At 1 November 2022 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 31 October 2022 |
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 |
Amounts owed by group undertakings |
Other debtors |
Directors' current accounts | - | 17,208 |
Prepayments and accrued income |
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) |
Hire purchase contracts (see note 15) |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 517,058 | 389,966 |
Other creditors |
Accruals and deferred income |
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) |
Hire purchase contracts (see note 15) |
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 |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
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 |
Between one and five years |
Non-cancellable operating | leases |
30.4.24 | 31.10.22 |
as restated |
(Unaudited) |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
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 | - |
Dilapidati |
Deferred | ons |
tax | provision |
£ | £ |
Balance at 1 November 2022 |
Provided during period |
Balance at 30 April 2024 |
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: | £ | £ |
Ordinary | 0.01 | 113 | 113 |
Ordinary A | 0.01 | 20 | 20 |
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 | 1,116,711 |
Profit for the period | - |
At 30 April 2024 | 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. |