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REGISTERED NUMBER: 01494833 (England and Wales)


















Unaudited Financial Statements

for the Year Ended 30 June 2024

for

Premier Freight Services Limited

Premier Freight Services Limited (Registered number: 01494833)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4

Accountants' Report 10

Premier Freight Services Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: R K Pugh
J W Ressell
Mrs A J Pugh





SECRETARY: Mrs A J Pugh





REGISTERED OFFICE: Lakeview House
4 Woodbrook Crescent
Billericay
Essex
CM12 0EQ





REGISTERED NUMBER: 01494833 (England and Wales)





ACCOUNTANTS: Xeinadin Billericay Limited
Lakeview House
4 Woodbrook Crescent
Billericay
Essex
CM12 0EQ

Premier Freight Services Limited (Registered number: 01494833)

Statement of Financial Position
30 June 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,573,199 1,703,897
Investments 5 200 200
1,573,399 1,704,097

CURRENT ASSETS
Stocks 18,046 14,064
Debtors 6 1,739,726 1,571,336
Cash at bank and in hand 650,780 750,512
2,408,552 2,335,912
CREDITORS
Amounts falling due within one year 7 1,749,052 1,546,596
NET CURRENT ASSETS 659,500 789,316
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,232,899

2,493,413

CREDITORS
Amounts falling due after more than one
year

8

(327,492

)

(663,560

)

PROVISIONS FOR LIABILITIES 10 (410,866 ) (399,317 )
NET ASSETS 1,494,541 1,430,536

CAPITAL AND RESERVES
Called up share capital 11 100 100
Other reserves 400,000 400,000
Retained earnings 1,094,441 1,030,436
SHAREHOLDERS' FUNDS 1,494,541 1,430,536

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Premier Freight Services Limited (Registered number: 01494833)

Statement of Financial Position - continued
30 June 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 March 2025 and were signed on its behalf by:





J W Ressell - Director


Premier Freight Services Limited (Registered number: 01494833)

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

1. STATUTORY INFORMATION

Premier Freight Services 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. Sale of services are recognised when the company has delivered to the customer services and collectability of the related receivable is reasonably assured.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 10% on cost
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 20% on reducing balance and 12.5% on reducing balance
Computer equipment - 25% on cost and 20% on reducing balance

Investments in associates
Investments in associate undertakings are recognised at cost, less impairment.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation
Taxation for the year 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 year 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.

Premier Freight Services Limited (Registered number: 01494833)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 39 (2023 - 39 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
Short to and
leasehold property fittings
£    £    £   
COST
At 1 July 2023 22,959 43,708 40,614
Additions 16,275 - -
Disposals - - (22,607 )
Impairments - - -
At 30 June 2024 39,234 43,708 18,007
DEPRECIATION
At 1 July 2023 2,064 43,707 38,988
Charge for year 7,576 - 366
Eliminated on disposal - - (21,772 )
Impairments - - -
At 30 June 2024 9,640 43,707 17,582
NET BOOK VALUE
At 30 June 2024 29,594 1 425
At 30 June 2023 20,895 1 1,626

Premier Freight Services Limited (Registered number: 01494833)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 July 2023 2,764,043 179,025 3,050,349
Additions 310,885 - 327,160
Disposals (277,084 ) (8,588 ) (308,279 )
Impairments (88,000 ) - (88,000 )
At 30 June 2024 2,709,844 170,437 2,981,230
DEPRECIATION
At 1 July 2023 1,095,636 166,057 1,346,452
Charge for year 349,200 3,365 360,507
Eliminated on disposal (224,609 ) (6,875 ) (253,256 )
Impairments (45,672 ) - (45,672 )
At 30 June 2024 1,174,555 162,547 1,408,031
NET BOOK VALUE
At 30 June 2024 1,535,289 7,890 1,573,199
At 30 June 2023 1,668,407 12,968 1,703,897

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 July 2023 1,334,968
Additions 149,850
Disposals (46,333 )
At 30 June 2024 1,438,485
DEPRECIATION
At 1 July 2023 220,485
Charge for year 230,735
Eliminated on disposal (24,061 )
At 30 June 2024 427,159
NET BOOK VALUE
At 30 June 2024 1,011,326
At 30 June 2023 1,114,483

Premier Freight Services Limited (Registered number: 01494833)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

5. FIXED ASSET INVESTMENTS
Interest
in
associate
£   
COST
At 1 July 2023
and 30 June 2024 200
NET BOOK VALUE
At 30 June 2024 200
At 30 June 2023 200

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade debtors 1,193,784 970,593
Amounts owed by associates 183,541 183,541
Other debtors 14,938 14,515
Directors' current accounts - 22,421
Tax 162,247 223,641
VAT 28,495 -
Prepayments and accrued income 156,721 148,625
Accrued income - 8,000
1,739,726 1,571,336

Trade debtors are subject to factoring arrangements. The associated liability is recognised within creditors.

There are tax losses of £619,794 (2023: £865,373) which are available against future trading profits. A deferred tax asset of £154,949 (2023: £216,343 has been recognised in these accounts as the directors anticipate sufficient future profits for their utilisation.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Hire purchase contracts 361,043 396,907
Trade creditors 817,291 357,833
Tax - 150
Social security and other taxes 55,486 40,873
VAT - 9,161
Other creditors 50,617 523,779
Factoring account 317,430 190,636
Accrued expenses 147,185 27,257
1,749,052 1,546,596

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.6.24 30.6.23
£    £   
Hire purchase contracts 327,492 663,560

Premier Freight Services Limited (Registered number: 01494833)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

9. SECURED DEBTS

The following secured debts are included within creditors:

30.6.24 30.6.23
£    £   
Hire purchase contracts 688,535 1,060,467
Factor account 317,430 190,636
1,005,965 1,251,103

The hire purchase agreements are secured against the assets in which they relate to.

The factor arrangement is secured by way of a fixed and floating charge in favour of Barclays Bank PLC. The fixed charge is secured against the customer balances and the floating charge against the property of the company.

10. PROVISIONS FOR LIABILITIES
30.6.24 30.6.23
£    £   
Deferred tax
Accelerated capital allowances 410,866 399,317

Deferred
tax
£   
Balance at 1 July 2023 399,317
Accelerated capital allowances 11,549
Balance at 30 June 2024 410,866

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.24 30.6.23
value: £    £   
100 Ordinary £1 100 100

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2024 and 30 June 2023:

30.6.24 30.6.23
£    £   
J W Ressell
Balance outstanding at start of year 22,421 21,977
Amounts advanced - 444
Amounts repaid (22,421 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 22,421

Premier Freight Services Limited (Registered number: 01494833)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

Loan interest is charged to the overdrawn directors' current accounts using HMRC's approved rates of interest. Interest of £444 (2022: £432) is recognised within the profit and loss account.

13. RELATED PARTY DISCLOSURES

Information about related party transactions and outstanding balances are outlined below:

30.06.24 30.06.23
£ £
Other related parties
Management fees incurred 369,000 132,000
Management fees receivable - 25,000
Asset hire fees incurred - 3,600
Rent incurred 144,000 144,000
Purchase of fixed assets - 52,500
Outstanding balances due from / (owing to) related parties 183,541 183,541

14. ULTIMATE CONTROLLING PARTY

The ultimate controlling party during this year and last year is R K Pugh by virtue of his majority shareholding.

Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Premier Freight Services Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Premier Freight Services Limited for the year ended 30 June 2024 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Premier Freight Services Limited, as a body, in accordance with the terms of our engagement letter dated 19 February 2025. Our work has been undertaken solely to prepare for your approval the financial statements of Premier Freight Services Limited and state those matters that we have agreed to state to the Board of Directors of Premier Freight Services Limited, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Premier Freight Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Premier Freight Services Limited. You consider that Premier Freight Services Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Premier Freight Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Xeinadin Billericay Limited
Lakeview House
4 Woodbrook Crescent
Billericay
Essex
CM12 0EQ


4 March 2025