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Registration number: 04831649

SAK Logistics (SW) Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

SAK Logistics (SW) Ltd

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 8

 

SAK Logistics (SW) Ltd

(Registration number: 04831649)
Statement of Financial Position as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

115,329

150,330

Current assets

 

Debtors

5

8,771

12,391

Cash at bank and in hand

 

12,301

123,048

 

21,072

135,439

Creditors: Amounts falling due within one year

6

(71,346)

(121,123)

Net current (liabilities)/assets

 

(50,274)

14,316

Total assets less current liabilities

 

65,055

164,646

Provisions for liabilities

(15,207)

(21,112)

Net assets

 

49,848

143,534

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

49,748

143,434

Shareholders' funds

 

49,848

143,534

For the financial year ending 30 September 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 and 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 Statement of Comprehensive Income.

Approved and authorised by the director on 14 April 2025
 


Mr K Sweetland
Director

 

SAK Logistics (SW) Ltd

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

1

General information

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

The address of its registered office is:
Fernleigh
Seaton Junction
Axminster
Devon
EX13 7PW

Principal activity

The principal activity of the company is that of a delivery service.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

 

SAK Logistics (SW) Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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 and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

 

SAK Logistics (SW) Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

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

Freehold property

Straight line over 25 years

Short leasehold property

Straight line over the life of the lease

Plant and machinery

15% reducing balance

Motor Vehicles

25% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

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 statement of comprehensive income 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 statement of financial position as a finance lease obligation.

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

 

SAK Logistics (SW) Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2023 - 4).

 

SAK Logistics (SW) Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2024 (continued)

4

Tangible assets

Freehold property
£

Short leasehold property
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

98,027

4,805

116,833

267,033

486,698

Additions

-

-

312

-

312

Disposals

-

-

-

(44,043)

(44,043)

At 30 September 2024

98,027

4,805

117,145

222,990

442,967

Depreciation

At 1 October 2023

58,815

4,804

74,771

197,978

336,368

Charge for the year

3,921

-

6,680

14,785

25,386

Eliminated on disposal

-

-

-

(34,116)

(34,116)

At 30 September 2024

62,736

4,804

81,451

178,647

327,638

Carrying amount

At 30 September 2024

35,291

1

35,694

44,343

115,329

At 30 September 2023

39,212

1

42,062

69,055

150,330

Included within the net book value of land and buildings above is £35,291 (2023 - £39,212) in respect of freehold land and buildings and £1 (2023 - £1) in respect of short leasehold land and buildings.
 

5

Debtors

Note

2024
£

2023
£

Trade debtors

 

-

7,500

Other debtors

 

700

-

Prepayments

 

1,558

4,891

Income tax asset

6,513

-

 

8,771

12,391

 

SAK Logistics (SW) Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

-

1,389

Trade creditors

 

465

1,983

Taxation and social security

 

-

17,476

Accruals and deferred income

 

1,100

1,320

Other creditors

 

69,781

98,955

 

71,346

121,123

Creditors: amounts falling due after more than one year

2024
£

2023
£

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

-

1,389

 

SAK Logistics (SW) Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2024 (continued)

9

Related party transactions

Transactions with the director

2024

At 1 October 2023
£

Advances to director
£

Repayments by director
£

At 30 September 2024
£

Director

(98,955)

66,174

(37,000)

(69,781)

         
       

 

2023

At 1 October 2022
£

Advances to director
£

Repayments by director
£

At 30 September 2023
£

Director

(108,353)

47,898

(38,500)

(98,955)