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REGISTERED NUMBER: 04803928 (England and Wales)















ANDYFREIGHT HOLDINGS LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024






ANDYFREIGHT HOLDINGS LIMITED (REGISTERED NUMBER: 04803928)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 5

Consolidated Statement of Comprehensive Income 8

Consolidated Statement of Financial Position 9

Company Statement of Financial Position 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Statement of Cash Flows 13

Notes to the Consolidated Statement of Cash Flows 14

Notes to the Consolidated Financial Statements 16


ANDYFREIGHT HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2024







DIRECTOR: Mr A.D. Pountney



SECRETARY: Mrs T.A. Southall



REGISTERED OFFICE: Andyfreight Business Park
Folkes Road
Lye
Stourbridge
West Midlands
DY9 8RB



REGISTERED NUMBER: 04803928 (England and Wales)



AUDITORS: Folkes Worton LLP
Chartered Accountants and Statutory Auditor
15-17 Church Street
Stourbridge
West Midlands
DY8 1LU



BANKERS: Lloyds Bank plc
134 High Street
Stourbridge
West Midlands
DY8 1DS

ANDYFREIGHT HOLDINGS LIMITED (REGISTERED NUMBER: 04803928)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024


The director presents his strategic report of the company and the group for the year ended 31 October 2024.

REVIEW OF BUSINESS
The results for the year and financial position of the group are as shown in the annexed consolidated financial statements.

The director considers the key performance indicators to be gross profit, operating profit and net assets, which communicate the financial performance and strength of the group and are all disclosed within the body of the financial statements.

Turnover remains similar to last year reflecting consistent trading activity within the group of companies. There has been consistent control of overhead costs, although significant repairs made during the year have increased overhead costs.

From knowledge and information available currently, the director feels that consistent application of group policies will enable them to compete in what continues to be a difficult market.

PRINCIPAL RISKS AND UNCERTAINTIES
The group's activities expose it to a number of financial risks including credit risk and price risk.

Credit risk
The group's principal financial assets are trade and other receivables. The group's credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. The group has no significant concentration of credit risk, with exposure spread over a large number of counterparts and customers.

Price risk
The group is exposed to commodity price risk (particularly in respect of petroleum prices), but endeavours to manage this risk.

ON BEHALF OF THE BOARD:





Mr A.D. Pountney - Director


26 February 2025

ANDYFREIGHT HOLDINGS LIMITED (REGISTERED NUMBER: 04803928)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 OCTOBER 2024


The director presents his report with the financial statements of the company and the group for the year ended 31 October 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of a haulage contractor.

DIVIDENDS
Interim dividends totalling £1630 per share were paid on the Ordinary A £1 shares during the year. No dividends were paid on the Ordinary B £1 shares.

The total distribution of dividends for the year ended 31 October 2024 will be £ 163,000 .

DIRECTOR
Mr A.D. Pountney held office during the whole of the period from 1 November 2023 to the date of this report.

His beneficial interests in the shares of the company, according to the register of directors' interests, were as follows:

31.10.24 1.11.23
Ordinary A shares of £1 each 100 100

He did not hold any beneficial interests in the Ordinary B shares of £1 each.

He did not hold any non-beneficial interests in any of the shares of the company.

POLITICAL DONATIONS AND EXPENDITURE
During the year, the group did not make any political donations and incurred no political expenditure.

The group made charitable donations amounting to £1,400 (2023: £200).

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

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

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ANDYFREIGHT HOLDINGS LIMITED (REGISTERED NUMBER: 04803928)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 OCTOBER 2024


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

AUDITORS
The auditors, Folkes Worton LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr A.D. Pountney - Director


26 February 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ANDYFREIGHT HOLDINGS LIMITED


Opinion
We have audited the financial statements of Andyfreight Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. 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 group's and of the parent company affairs as at 31 October 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ANDYFREIGHT HOLDINGS LIMITED


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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Based on our understanding of the group, the company and their industry, we identified the principal risks of non-compliance with laws and regulations and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and determined that the principal risks were related to:
- Revenue recognition;
- Existence and valuation of stocks;
- Existence and valuation of trade receivables;
- Existence and completeness of trade liabilities and accruals;
- Management override of controls;
- The posting of inappropriate journal entries to increase revenue or reduce expenditure; and
- Management bias in accounting estimates and judgements;

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ANDYFREIGHT HOLDINGS LIMITED

In response to the above identified risks, audit procedures were designed to enable us to arrive at appropriately drawn conclusions. These audit procedures include;
- Documentation of the invoice recording processes and agreement of a sample of income from source to the nominal entries;
- Attendance at physical stock checks;
- Review and challenging of journal entries, in particular unusual transactions and account combinations;
- Challenging of assumptions and judgements made by management in their assessment of significant accounting estimates;
- Review of the list of related parties, discussion with management and review of the records of account; and
- Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely it would be for the inherently limited procedures required by auditing standards to identify it. In addition, as with any audit, there remains a risk of not detecting irregularities as these may include collusion, forgery, intentional omissions, misrepresentations or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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 Report of the Auditors.

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 a Report of the Auditors 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.




Neil Smith BSc FCA (Senior Statutory Auditor)
for and on behalf of Folkes Worton LLP
Chartered Accountants and Statutory Auditor
15-17 Church Street
Stourbridge
West Midlands
DY8 1LU

26 February 2025

ANDYFREIGHT HOLDINGS LIMITED (REGISTERED NUMBER: 04803928)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024

2024 2023
Notes £    £   

TURNOVER 7,782,243 7,778,102

Cost of sales 5,326,785 5,212,373
GROSS PROFIT 2,455,458 2,565,729

Administrative expenses 1,989,790 1,655,940
OPERATING PROFIT 4 465,668 909,789

Interest receivable and similar income 4,191 182
469,859 909,971

Interest payable and similar expenses 5 91,015 101,108
PROFIT BEFORE TAXATION 378,844 808,863

Tax on profit 6 118,651 345,208
PROFIT FOR THE FINANCIAL YEAR 260,193 463,655

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

260,193

463,655

Profit attributable to:
Owners of the parent 260,193 463,655

Total comprehensive income attributable to:
Owners of the parent 260,193 463,655

ANDYFREIGHT HOLDINGS LIMITED (REGISTERED NUMBER: 04803928)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 OCTOBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 5,959,503 6,198,762
Investments 10 - -
5,959,503 6,198,762

CURRENT ASSETS
Stocks 11 62,596 73,453
Debtors 12 1,552,565 1,548,201
Investments 13 49,773 66,920
Cash at bank and in hand 953,931 676,092
2,618,865 2,364,666
CREDITORS
Amounts falling due within one year 14 1,738,712 1,601,879
NET CURRENT ASSETS 880,153 762,787
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,839,656

6,961,549

CREDITORS
Amounts falling due after more than one year 15 (473,096 ) (661,301 )

PROVISIONS FOR LIABILITIES 18 (714,897 ) (745,778 )
NET ASSETS 5,651,663 5,554,470

CAPITAL AND RESERVES
Called up share capital 19 101 101
Retained earnings 5,651,562 5,554,369
SHAREHOLDERS' FUNDS 5,651,663 5,554,470

The financial statements were approved by the director and authorised for issue on 26 February 2025 and were signed by:





Mr A.D. Pountney - Director


ANDYFREIGHT HOLDINGS LIMITED (REGISTERED NUMBER: 04803928)

COMPANY STATEMENT OF FINANCIAL POSITION
31 OCTOBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 3,237,648 3,192,205
Investments 10 100 100
3,237,748 3,192,305

CURRENT ASSETS
Debtors 12 304,351 294,861
Investments 13 49,773 66,920
Cash at bank 300,249 297,849
654,373 659,630
CREDITORS
Amounts falling due within one year 14 194,196 166,498
NET CURRENT ASSETS 460,177 493,132
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,697,925

3,685,437

PROVISIONS FOR LIABILITIES 18 56,811 47,239
NET ASSETS 3,641,114 3,638,198

CAPITAL AND RESERVES
Called up share capital 19 101 101
Retained earnings 3,641,013 3,638,097
SHAREHOLDERS' FUNDS 3,641,114 3,638,198

Company's profit for the financial year 165,916 646,008

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

The financial statements were approved by the director and authorised for issue on 26 February 2025 and were signed by:





Mr A.D. Pountney - Director


ANDYFREIGHT HOLDINGS LIMITED (REGISTERED NUMBER: 04803928)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 November 2022 101 5,336,714 5,336,815

Changes in equity
Dividends - (246,000 ) (246,000 )
Total comprehensive income - 463,655 463,655
Balance at 31 October 2023 101 5,554,369 5,554,470

Changes in equity
Dividends - (163,000 ) (163,000 )
Total comprehensive income - 260,193 260,193
Balance at 31 October 2024 101 5,651,562 5,651,663

ANDYFREIGHT HOLDINGS LIMITED (REGISTERED NUMBER: 04803928)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 November 2022 101 3,238,089 3,238,190

Changes in equity
Dividends - (246,000 ) (246,000 )
Total comprehensive income - 646,008 646,008
Balance at 31 October 2023 101 3,638,097 3,638,198

Changes in equity
Dividends - (163,000 ) (163,000 )
Total comprehensive income - 165,916 165,916
Balance at 31 October 2024 101 3,641,013 3,641,114

ANDYFREIGHT HOLDINGS LIMITED (REGISTERED NUMBER: 04803928)

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,607,313 1,596,595
Interest paid - (34,265 )
Interest element of hire purchase payments
paid

(91,015

)

(66,843

)
Tax paid (110,687 ) (109,234 )
Net cash from operating activities 1,405,611 1,386,253

Cash flows from investing activities
Purchase of tangible fixed assets (374,060 ) (389,083 )
Sale of tangible fixed assets 106,500 109,000
Purchase of current asset investments - (20,428 )
Sale of current asset investments 500 -
Interest received 4,191 182
Net cash from investing activities (262,869 ) (300,329 )

Cash flows from financing activities
Loan repayments in year - (1,112,007 )
Capital repayments in year (700,517 ) (545,500 )
Amount introduced by directors 81,500 137,724
Amount withdrawn by directors (82,886 ) (113,000 )
Equity dividends paid (163,000 ) (246,000 )
Net cash from financing activities (864,903 ) (1,878,783 )

Increase/(decrease) in cash and cash equivalents 277,839 (792,859 )
Cash and cash equivalents at beginning of
year

2

676,092

1,468,951

Cash and cash equivalents at end of year 2 953,931 676,092

ANDYFREIGHT HOLDINGS LIMITED (REGISTERED NUMBER: 04803928)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2024 2023
£    £   
Profit before taxation 378,844 808,863
Depreciation charges 882,798 704,017
Loss on disposal of fixed assets 79,651 25,245
Loss on sale of investments 16,648 -
Finance costs 91,015 101,108
Finance income (4,191 ) (182 )
1,444,765 1,639,051
Decrease in stocks 10,856 23,721
Increase in trade and other debtors (4,365 ) (2,495 )
Increase/(decrease) in trade and other creditors 156,057 (63,682 )
Cash generated from operations 1,607,313 1,596,595

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 October 2024
31/10/24 1/11/23
£    £   
Cash and cash equivalents 953,931 676,092
Year ended 31 October 2023
31/10/23 1/11/22
£    £   
Cash and cash equivalents 676,092 1,468,951


ANDYFREIGHT HOLDINGS LIMITED (REGISTERED NUMBER: 04803928)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/11/23 Cash flow At 31/10/24
£    £    £   
Net cash
Cash at bank and in hand 676,092 277,839 953,931
676,092 277,839 953,931

Liquid resources
Current asset investments 66,920 (17,147 ) 49,773
66,920 (17,147 ) 49,773
Debt
Finance leases (1,388,425 ) 244,888 (1,143,537 )
(1,388,425 ) 244,888 (1,143,537 )
Total (645,413 ) 505,580 (139,833 )

ANDYFREIGHT HOLDINGS LIMITED (REGISTERED NUMBER: 04803928)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024


1. STATUTORY INFORMATION

Andyfreight Holdings 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 General 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.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided during the period in the normal course of business, and is shown net of value added tax and other sales related taxes. The fair value of consideration takes into account trade discounts.

Revenue from the supply of services is recognised when:
- the amount of the revenue can be measured reliably;
- it is probable that the economic benefits associated with the transaction will flow to the entity; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Storage receipts are invoiced weekly or monthly and included on an accruals basis.

Tangible fixed assets
Tangible assets are initially measured at cost. After initial recognition, tangible assets are measured at cost less any accumulated depreciation and any accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold buildings-2% on cost
Plant and machinery-Varying from 20% to 25% on reducing balance
Fixtures and fittings-20% on reducing balance
Motor vehicles-Varying from 20% to 25% on reducing balance
No depreciation is provided on freehold land

The gain or loss arising on the disposal of an asset is determined as the difference between the disposal proceeds and the carrying value of the asset, and is credited or charged to the statement of comprehensive income.

Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated amount recoverable from the consumption of stocks less other costs in carrying out the service. Cost is based on the cost of purchase on a first in first out basis.

At each reporting date, an assessment is made for impairment, being any excess of the carrying amount of stocks over its estimated recoverable value. The impairment loss, and any subsequent reversal, is recognised in the statement of comprehensive income.


ANDYFREIGHT HOLDINGS LIMITED (REGISTERED NUMBER: 04803928)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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.

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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,639,414 2,482,298
Social security costs 238,948 234,117
Other pension costs 242,022 285,410
3,120,384 3,001,825

ANDYFREIGHT HOLDINGS LIMITED (REGISTERED NUMBER: 04803928)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Director 1 1
Administration 10 9
Warehouse 11 8
Drivers 45 48
67 66

2024 2023
£    £   
Director's remuneration 15,000 15,000
Director's pension contributions to money purchase schemes 60,000 115,000

4. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 362,854 255,682
Depreciation - assets on hire purchase contracts 519,943 448,335
Loss on disposal of fixed assets 79,651 25,245
Auditors' remuneration 11,905 17,900
Auditors' remuneration for non audit work 20,610 13,230

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Loan interest - 34,265
Hire purchase interest 91,015 66,843
91,015 101,108

ANDYFREIGHT HOLDINGS LIMITED (REGISTERED NUMBER: 04803928)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 149,532 110,566

Deferred tax (30,881 ) 234,642
Tax on profit 118,651 345,208

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

2024 2023
£    £   
Profit before tax 378,844 808,863
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 22.517 %)

94,711

182,132

Effects of:
Expenses not deductible for tax purposes 11,720 9,167
Depreciation in excess of capital allowances 12,220 9,755
Tax rate changes - 144,154
Total tax charge 118,651 345,208

7. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


8. DIVIDENDS
2024 2023
£    £   
Ordinary A shares of £1 each
Interim 163,000 226,000
Ordinary B share of £1
Interim - 20,000
163,000 246,000

ANDYFREIGHT HOLDINGS LIMITED (REGISTERED NUMBER: 04803928)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


9. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 November 2023 3,639,766 144,825 223,017 6,191,594 10,199,202
Additions 102,707 40,025 4,147 682,810 829,689
Disposals - - (1,846 ) (793,780 ) (795,626 )
At 31 October 2024 3,742,473 184,850 225,318 6,080,624 10,233,265
DEPRECIATION
At 1 November 2023 457,897 107,561 137,462 3,297,520 4,000,440
Charge for year 55,197 12,134 16,653 798,813 882,797
Eliminated on disposal - - (1,782 ) (607,693 ) (609,475 )
At 31 October 2024 513,094 119,695 152,333 3,488,640 4,273,762
NET BOOK VALUE
At 31 October 2024 3,229,379 65,155 72,985 2,591,984 5,959,503
At 31 October 2023 3,181,869 37,264 85,555 2,894,074 6,198,762

Included in cost of land and buildings is freehold land of £923,241 (2023 - £923,241) which is not depreciated.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 November 2023 2,778,370
Additions 650,900
Transfer to/from ownership (619,498 )
At 31 October 2024 2,809,772
DEPRECIATION
At 1 November 2023 749,162
Charge for year 519,943
Transfer to/from ownership (273,296 )
At 31 October 2024 995,809
NET BOOK VALUE
At 31 October 2024 1,813,963
At 31 October 2023 2,029,208

ANDYFREIGHT HOLDINGS LIMITED (REGISTERED NUMBER: 04803928)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


9. TANGIBLE FIXED ASSETS - continued

Company
Freehold Plant and
property machinery Totals
£    £    £   
COST
At 1 November 2023 3,639,766 65,121 3,704,887
Additions 102,707 - 102,707
At 31 October 2024 3,742,473 65,121 3,807,594
DEPRECIATION
At 1 November 2023 457,897 54,785 512,682
Charge for year 55,197 2,067 57,264
At 31 October 2024 513,094 56,852 569,946
NET BOOK VALUE
At 31 October 2024 3,229,379 8,269 3,237,648
At 31 October 2023 3,181,869 10,336 3,192,205

Included in cost of land and buildings is freehold land of £ 923,241 (2023 - £ 923,241 ) which is not depreciated.

10. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 November 2023
and 31 October 2024 100
NET BOOK VALUE
At 31 October 2024 100
At 31 October 2023 100

ANDYFREIGHT HOLDINGS LIMITED (REGISTERED NUMBER: 04803928)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


10. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiary

Andyfreight Limited
Registered office: Andyfreight Business Park, Folkes Road, Lye, Stourbridge, West Midlands, DY9 8RB.
Nature of business: Haulage contractors
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 2,126,293 1,916,372
Profit for the year 209,921 317,647


11. STOCKS

Group
2024 2023
£    £   
Stocks 62,596 73,453

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 1,268,660 1,277,772 42,106 33,076
Amounts owed by group undertakings - - 254,969 254,969
VAT 2,868 - - -
Prepayments 281,037 270,429 7,276 6,816
1,552,565 1,548,201 304,351 294,861

13. CURRENT ASSET INVESTMENTS

Group Company
2024 2023 2024 2023
£    £    £    £   
Other 49,773 66,920 49,773 66,920

ANDYFREIGHT HOLDINGS LIMITED (REGISTERED NUMBER: 04803928)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Hire purchase contracts (see note 16) 670,441 727,124 - -
Trade creditors 471,514 374,831 71,791 49,703
Tax 149,411 110,566 76,504 66,172
Social security and other taxes 290,547 236,990 309 296
VAT - - 7,867 5,696
Other creditors 13,544 13,258 - -
Wages control account - 4,900 - 4,900
Directors' loan accounts 34,885 36,271 34,885 36,271
Accruals 108,370 97,939 2,840 3,460
1,738,712 1,601,879 194,196 166,498

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2024 2023
£    £   
Hire purchase contracts (see note 16) 473,096 661,301

ANDYFREIGHT HOLDINGS LIMITED (REGISTERED NUMBER: 04803928)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Gross obligations repayable:
Within one year 730,319 794,702
Between one and five years 496,079 697,273
1,226,398 1,491,975

Finance charges repayable:
Within one year 59,878 67,578
Between one and five years 22,983 35,972
82,861 103,550

Net obligations repayable:
Within one year 670,441 727,124
Between one and five years 473,096 661,301
1,143,537 1,388,425

17. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Hire purchase contracts 1,143,537 1,388,425

Hire purchase liabilities are secured on the assets acquired thereunder.

18. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax
Accelerated capital allowances 718,283 749,093 56,811 47,239
Other timing differences (3,386 ) (3,315 ) - -
714,897 745,778 56,811 47,239

ANDYFREIGHT HOLDINGS LIMITED (REGISTERED NUMBER: 04803928)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


18. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1 November 2023 745,778
Credit to Statement of Comprehensive Income during year (30,881 )
Balance at 31 October 2024 714,897

Company
Deferred
tax
£   
Balance at 1 November 2023 47,239
Charge to Income Statement during year 9,572
Balance at 31 October 2024 56,811

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary A £1 100 100
1 Ordinary B £1 1 1
101 101