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Registration number: 11207206

Superior Freight Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Superior Freight Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Superior Freight Limited

Company Information

Director

Mr A Johns

Registered office

Unit 1 Two Shires Industrial Estate
Honeybourne
Evesham
WR11 7QF

Accountants

Ballards LLP
Chartered Accountants
Oakmoore Court
11c Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

Superior Freight Limited

(Registration number: 11207206)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

581,256

370,371

Investments

5

10,000

-

 

591,256

370,371

Current assets

 

Debtors

6

783,451

585,706

Cash at bank and in hand

 

2,725

19,967

 

786,176

605,673

Creditors: Amounts falling due within one year

7

(611,096)

(343,222)

Net current assets

 

175,080

262,451

Total assets less current liabilities

 

766,336

632,822

Creditors: Amounts falling due after more than one year

7

(305,277)

(173,148)

Provisions for liabilities

(122,921)

(78,466)

Net assets

 

338,138

381,208

Capital and reserves

 

Called up share capital

100

100

Retained earnings

338,038

381,108

Shareholders' funds

 

338,138

381,208

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 3 March 2025
 

 

Superior Freight Limited

(Registration number: 11207206)
Balance Sheet as at 30 June 2024

.........................................
Mr A Johns
Director

   
     
 

Superior Freight Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 1 Two Shires Industrial Estate
Honeybourne
Evesham
WR11 7QF
Great Britain

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

 

Superior Freight Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Property improvements

5% straight line basis

Plant and machinery

20% reducing balance

Computer equipment

25% straight line basis

Motor vehicles

12.5% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Superior Freight Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Superior Freight Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 33 (2023 - 19).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

115,655

45,544

323,443

484,642

Additions

1,157

16,834

249,532

267,523

At 30 June 2024

116,812

62,378

572,975

752,165

Depreciation

At 1 July 2023

29,424

19,596

65,250

114,270

Charge for the year

5,878

6,980

43,781

56,639

At 30 June 2024

35,302

26,576

109,031

170,909

Carrying amount

At 30 June 2024

81,510

35,802

463,944

581,256

At 30 June 2023

86,230

25,948

258,193

370,371

Included within the net book value of land and buildings above is £81,510 (2023 - £86,230) in respect of leasehold land and buildings.
 

 

Superior Freight Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

5

Investments

2024
£

2023
£

Investments in Pallex

10,000

-

Investments in Pallex

£

Cost

At 1 July 2023

10,000

Provision

Carrying amount

At 30 June 2024

10,000

 

Superior Freight Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

6

Debtors

2024
£

2023
£

Trade debtors

419,487

275,564

Amounts owed by related parties

316,850

277,000

Other debtors

47,114

33,142

 

783,451

585,706

 

Superior Freight Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

8

280,000

134,201

Trade creditors

 

272,135

105,913

Taxation and social security

 

50,432

68,403

Other creditors

 

8,529

34,705

 

611,096

343,222

Due after one year

 

Loans and borrowings

8

305,277

173,148

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

9,991

19,253

Factoring account

196,519

97,965

Hire purchase contracts

73,490

16,983

280,000

134,201

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

10,764

11,494

Hire purchase contracts

294,513

161,654

305,277

173,148

9

Related party transactions

Key management personnel

At the year end the company was owed £302,500 (2023 £277,000) from ASJ Holdco Limited, included within debtors balance. Mr Andrew Johns is also a director in ASJ Holdco Limited.

At the year end the company was owed £14,350 (2023 Nil) from Superior Commercials Limited, included within the debtors balance. Mr Andrew Johns is also a director in Superior Commercials Limited.

During the year, the company was recharged £23,550 from Superior Commercials Limited and the total recharges to Superior Commercials Limited was £8,666.