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REGISTERED NUMBER: 02006494 (England and Wales)












SUPREME FREIGHT SERVICES LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024






SUPREME FREIGHT SERVICES LIMITED (REGISTERED NUMBER: 02006494)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 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 14

Cash Flow Statement 15

Notes to the Cash Flow Statement 16

Notes to the Financial Statements 17


SUPREME FREIGHT SERVICES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2024







DIRECTORS: Lord C D Green
A L Archdeacon
S J Green


SECRETARY:


REGISTERED OFFICE: Supreme House
29-33 Shirley Road
Southampton
Hampshire
SO15 3EW


REGISTERED NUMBER: 02006494 (England and Wales)


SENIOR STATUTORY AUDITOR: Gary Brown (FCCA)


AUDITORS: Hopper Williams & Bell Limited
Statutory Auditor
Chartered Accountants
Highland House
Mayflower Close
Chandler's Ford
Eastleigh
Hampshire
SO53 4AR


BANKERS: National Westminster Bank plc
12 High Street
Southampton
Hampshire
SO14 2BF

SUPREME FREIGHT SERVICES LIMITED (REGISTERED NUMBER: 02006494)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024


The directors present their strategic report for the year ended 31 July 2024.

REVIEW OF BUSINESS
The company's principal operation is that of freight forwarding. The company operates from their purpose-built offices, Supreme House in Southampton, UK.

The directors are pleased with both the sales and operating profit in the year. The results for the company show sales of £43.1 million (2023: £45.3 million), excluding Duty & VAT, and an operating profit of £1,236,724 (2023: £1,188,260) The company has experienced growth in previous years by actively and successfully increasing its core business of shipping and associated logistics from Asia to the UK as well as within the EU. The company has continued to focus on sales and increased profitability in the year as the company becomes more efficient.

The company has net assets of £2,760,489 (2023: £2,459,778).

Strategy
The company's overriding strategy is to achieve sustainable rates of growth and returns through:

- Offering a competitive combination of price and attractive credit terms to clients
- Offering a comprehensive and quality service to clients
- Seizing new opportunities in foreign markets
- Investment in the extension of office facilities
- Investment in additional sales staff

Research and Development
The company continues to embrace emerging technology and has developed a secure cloud-based portal for sharing documents with clients. The company has invested in a client web based tracking facility. The directors consider this to be another important competitive differentiator.

Future Outlook
The core Asia-Europe freight business continues to develop and increase due to our extensive partnerships with shipping lines, airlines, road haulage associates, our overseas offices and joint venture partners.

We continue to develop close synergies with supply chain market leaders to grow their freight forwarding and customs clearance departments.

We continue to grow and develop our EU import & export customs brokerage division offering bespoke, added value customer support 24/7.

The directors believe that the company's continued investment in technology, recruiting and retaining industry leading staff, together with providing a personal approach to customer relationships, will help to sustain growth.

The market continues to be extremely competitive. The company diligently focuses on improving efficiencies to increase productivity and remain competitive.


SUPREME FREIGHT SERVICES LIMITED (REGISTERED NUMBER: 02006494)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024

PRINCIPAL RISKS AND UNCERTAINTIES
Risks are regularly reviewed by the board and processes put in place to monitor and mitigate them.

The key business risks that could affect the company's ability to achieve its strategic goals are set out below:

Liquidity
The company regularly monitors banking covenant headroom, leverage, and committed undrawn facilities.

Competition
The company operates in a highly competitive market particularly around price and quality of service. Investment has been made in overseas offices and IT to ensure we offer our clients the best solution for their shipping requirements.

Employees
The company's performance depends largely on its managers and staff. The recruitment and retention of key individuals who have the required experience and skills to develop important relationships with clients is paramount. The company continues to make substantial investment in its employees by developing incentive schemes linked to the company's results.

KEY PERFORMANCE INDICATORS ("KPI'S")
The company has made significant progress in the year on the overriding strategic objectives. The board monitors progress on the overall strategy by reference to our KPI's. The main KPI's used by the company are turnover and gross margin percentage. In 2024, these KPI's were as follows:

Turnover - £43.1 million (2023: £45.3 million)
Gross margin percentage - 8.7% (2023: 8.1%)

ON BEHALF OF THE BOARD:





Lord C D Green - Director


24 April 2025

SUPREME FREIGHT SERVICES LIMITED (REGISTERED NUMBER: 02006494)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JULY 2024


The directors present their report with the financial statements of the company for the year ended 31 July 2024.

DIVIDENDS
The total distribution of dividends for the year ended 31 July 2024 will be £626,000 (2023: £551,331).

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 August 2023 to the date of this report.

Lord C D Green
A L Archdeacon
S J Green

Other changes in directors holding office are as follows:

G R Littlehales ceased to be a director after 31 July 2024 but prior to the date of this report.

DISCLOSURE IN THE STRATEGIC REPORT
Future developments have been included within the future outlook section of the Strategic Report.

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;
-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.

SUPREME FREIGHT SERVICES LIMITED (REGISTERED NUMBER: 02006494)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JULY 2024


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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





Lord C D Green - Director


24 April 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SUPREME FREIGHT SERVICES LIMITED


Opinion
We have audited the financial statements of Supreme Freight Services Limited (the 'company') for the year ended 31 July 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 company's affairs as at 31 July 2023 and of its profit for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; 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 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 directors' 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 financial statements are 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, 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.

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SUPREME FREIGHT SERVICES LIMITED


Matters on which we are required to report by exception
In the light of the 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 or the Report of the Directors.

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 four, 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 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
SUPREME FREIGHT SERVICES 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 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.

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. Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities even though the audit has been properly planned and performed in accordance with the ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the company, and the industry in which it operates. These include but are not limited to compliance with the Companies Act 2006, UK Generally Accepted Accounting Practice and the relevant tax compliance regulations for the company.

- We obtained an understanding of how the company is complying with these frameworks through discussions with management.

- We enquired with management whether there were any instances of non-compliance with laws and regulations or whether they had knowledge of actual or suspected fraud. These enquiries are corroborated through follow-up audit procedures including but not limited to a review of legal and professional costs and correspondence.

- We assessed the susceptibility of the company's financial statements to material misstatement, including the risk of fraud and management override of controls. We designed our audit procedures to respond to this assessment, including the identification and testing of any related party transactions and the testing of journal transactions that arise from management estimates, that are determined to be of significant value or unusual in their nature.

- We assessed the appropriateness of the collective competence and capabilities of the engagement team, including consideration of the engagement team's knowledge and understanding of the industry in which the company operates in, and their practical experience through training and participation with audit engagements of a similar nature.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SUPREME FREIGHT SERVICES 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 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.




Gary Brown (FCCA) (Senior Statutory Auditor)
for and on behalf of Hopper Williams & Bell Limited
Statutory Auditor
Chartered Accountants
Highland House
Mayflower Close
Chandler's Ford
Eastleigh
Hampshire
SO53 4AR

24 April 2025

SUPREME FREIGHT SERVICES LIMITED (REGISTERED NUMBER: 02006494)

INCOME STATEMENT
FOR THE YEAR ENDED 31 JULY 2024

2024 2023
Notes £ £

TURNOVER 3 74,450,525 80,289,202

Cost of sales (67,997,132 ) (73,750,763 )
GROSS PROFIT 6,453,393 6,538,439

Administrative expenses (5,216,669 ) (5,351,654 )
1,236,724 1,186,785

Other operating income - 1,475
OPERATING PROFIT 5 1,236,724 1,188,260

Interest receivable and similar income 17,172 10,568
PROFIT BEFORE TAXATION 1,253,896 1,198,828

Tax on profit 6 (327,185 ) (331,009 )
PROFIT FOR THE FINANCIAL YEAR 926,711 867,819

SUPREME FREIGHT SERVICES LIMITED (REGISTERED NUMBER: 02006494)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024

2024 2023
Notes £ £

PROFIT FOR THE YEAR 926,711 867,819


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

926,711

867,819

SUPREME FREIGHT SERVICES LIMITED (REGISTERED NUMBER: 02006494)

BALANCE SHEET
31 JULY 2024

2024 2023
Notes £ £
FIXED ASSETS
Tangible assets 8 2,476,908 2,628,621

CURRENT ASSETS
Stocks 9 163,215 172,677
Debtors 10 11,459,081 7,692,926
Cash at bank and in hand 1,522,793 1,217,893
13,145,089 9,083,496
CREDITORS
Amounts falling due within one year 11 (12,351,433 ) (8,552,372 )
NET CURRENT ASSETS 793,656 531,124
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,270,564

3,159,745

CREDITORS
Amounts falling due after more than one
year

12

(362,074

)

(531,546

)

PROVISIONS FOR LIABILITIES 15 (148,001 ) (168,421 )
NET ASSETS 2,760,489 2,459,778

CAPITAL AND RESERVES
Called up share capital 16 120 120
Retained earnings 17 2,760,369 2,459,658
SHAREHOLDERS' FUNDS 2,760,489 2,459,778

SUPREME FREIGHT SERVICES LIMITED (REGISTERED NUMBER: 02006494)

BALANCE SHEET - continued
31 JULY 2024



The financial statements were approved by the Board of Directors and authorised for issue on 24 April 2025 and were signed on its behalf by:





Lord C D Green - Director


SUPREME FREIGHT SERVICES LIMITED (REGISTERED NUMBER: 02006494)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024

Called up
share Retained Total
capital earnings equity
£ £ £
Balance at 1 August 2022 120 2,125,170 2,125,290

Changes in equity
Dividends - (533,331 ) (533,331 )
Total comprehensive income - 867,819 867,819
Balance at 31 July 2023 120 2,459,658 2,459,778

Changes in equity
Dividends - (626,000 ) (626,000 )
Total comprehensive income - 926,711 926,711
Balance at 31 July 2024 120 2,760,369 2,760,489

SUPREME FREIGHT SERVICES LIMITED (REGISTERED NUMBER: 02006494)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JULY 2024

2024 2023
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 944,808 2,655,430
Tax paid (189,215 ) (350,270 )
Net cash from operating activities 755,593 2,305,160

Cash flows from investing activities
Purchase of tangible fixed assets (50,352 ) (109,636 )
Sale of tangible fixed assets - 53,636
Increase / (decrease) in creditors - (616,952 )
(Increase) / decrease in debtors - 464,072
Interest received 17,172 10,568
Net cash from investing activities (33,180 ) (198,312 )

Cash flows from financing activities
(Decrease) / increase in invoice finance 417,959 (3,234,038 )
Hire purchase capital repayments in year (169,472 ) (389,561 )
Amount introduced by directors - 102,000
Amount withdrawn by directors (40,000 ) (6,059 )
Equity dividends paid (626,000 ) (533,331 )
Net cash from financing activities (417,513 ) (4,060,989 )

Increase/(decrease) in cash and cash equivalents 304,900 (1,954,141 )
Cash and cash equivalents at beginning of
year

2

1,217,893

3,172,034

Cash and cash equivalents at end of year 2 1,522,793 1,217,893

SUPREME FREIGHT SERVICES LIMITED (REGISTERED NUMBER: 02006494)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JULY 2024


1. RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM
OPERATIONS

2024 2023
£ £
Profit for the financial year 926,711 867,819
Depreciation charges 202,065 187,325
Profit on disposal of fixed assets - (14,350 )
Finance income (17,172 ) (10,568 )
Taxation 327,185 331,009
1,438,789 1,361,235
Decrease/(increase) in stocks 9,462 (172,677 )
(Increase)/decrease in trade and other debtors (3,766,155 ) 7,328,826
Increase/(decrease) in trade and other creditors 3,262,712 (5,861,954 )
Cash generated from operations 944,808 2,655,430

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 July 2024
31.7.24 1.8.23
£ £
Cash and cash equivalents 1,522,793 1,217,893
Year ended 31 July 2023
31.7.23 1.8.22
£ £
Cash and cash equivalents 1,217,893 3,172,034


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.8.23 Cash flow At 31.7.24
£ £ £
Net cash
Cash at bank and in hand 1,217,893 304,900 1,522,793
1,217,893 304,900 1,522,793
Debt
Finance leases (700,923 ) 169,472 (531,451 )
(700,923 ) 169,472 (531,451 )
Total 516,970 474,372 991,342

SUPREME FREIGHT SERVICES LIMITED (REGISTERED NUMBER: 02006494)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024


1. STATUTORY INFORMATION

Supreme 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 "The Financial Reporting Standards applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Turnover
Freight turnover is represented by invoiced services net of any discount and input VAT but is inclusive of duty and VAT received from customers in respect of goods forwarded and is recognised at the point of the goods being cleared through port. Sales are derived from the rendering of services.

Container turnover is represented by the sale of goods to customers net of any discount or VAT. The sales are recognised at the point of delivery to the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over the estimated useful life:

Freehold property: 2% straight line
Fixtures and Fittings: 3-20 years straight line
Motor vehicles: 4 years straight line
Equipment: 3-4 years straight line

The profit or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in the income statement.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 balance sheet date.


SUPREME FREIGHT SERVICES LIMITED (REGISTERED NUMBER: 02006494)

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


2. ACCOUNTING POLICIES - continued
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 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet and are depreciated over their estimated useful lives.

The interest element of these obligations is charged to the profit and loss account on an actual basis over the period of the lease.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

The aggregate benefit of lease incentives are recognised as a reduction to the expense recognised over the lease term on a straight line basis.

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.

Financial assets
The Company has elected to apply the provision of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other receivables and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities
Basic financial liabilities which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct issue costs. Dividend's payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company

SUPREME FREIGHT SERVICES LIMITED (REGISTERED NUMBER: 02006494)

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


3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

The company does not disclose its turnover by geographic location as it considers that it would be detrimental to its business.

4. EMPLOYEES AND DIRECTORS
2024 2023
£ £
Wages and salaries 2,654,299 2,437,398
Social security costs 253,123 252,461
Other pension costs 71,467 117,761
2,978,889 2,807,620

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

Directors 4 4
Administration and management 68 65
72 69

Key management personnel include all directors across the company who together have authority and responsibility for planning, directing and controlling the activities of the company. The total compensation paid to key management personnel for services provided to the company was £176,618 (2023: £231,477).

Directors emoluments
The total remuneration paid to directors in the year totalled £173,468 (2023: £178,307).

The company's contributions to the director's defined contribution pension scheme in the year totalled £3,150 (2023: £53,170).

During the year retirement benefits were accruing to 2 directors (2023: 2) in respect of defined contribution pension schemes.

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£ £
Other operating leases 41,660 14,397
Depreciation - owned assets 100,476 100,319
Depreciation - assets on hire purchase contracts 101,589 87,005
Profit on disposal of fixed assets - (14,350 )
Auditors' remuneration 23,625 22,500
Auditors' remuneration for non audit work 35,227 34,847
Foreign currency losses/(gains) 42,674 138,856
Operating leases - rent - 17,918
Auditor's remuneration for non audit work - Tax - 2,250

SUPREME FREIGHT SERVICES LIMITED (REGISTERED NUMBER: 02006494)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 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 347,605 189,215

Deferred tax (20,420 ) 141,794
Tax on profit 327,185 331,009

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 1,253,896 1,198,828
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 25%)

313,474

299,707

Effects of:
Expenses not deductible for tax purposes 14,638 48,284
Depreciation in excess of capital allowances 16,715 20,907
Interest capitalised (14,027 ) -
Effect in change in corporation tax rate - (35,982 )
Other differences (3,615 ) (1,907 )
Total tax charge 327,185 331,009

7. DIVIDENDS
2024 2023
£ £
Ordinary A shares of £1 each
Interim 250,000 110,000
Ordinary B shares of £1 each
Interim 192,000 225,331
Ordinary D share of £1
Interim 134,000 88,000
Ordinary E shares of £1 each
Interim 50,000 110,000
626,000 533,331

SUPREME FREIGHT SERVICES LIMITED (REGISTERED NUMBER: 02006494)

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


8. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor
property fittings vehicles Equipment Totals
£ £ £ £ £
COST
At 1 August 2023 1,738,447 990,110 76,065 250,515 3,055,137
Additions - 8,559 - 41,793 50,352
Disposals - - (68,495 ) - (68,495 )
At 31 July 2024 1,738,447 998,669 7,570 292,308 3,036,994
DEPRECIATION
At 1 August 2023 31,148 121,135 69,914 204,319 426,516
Charge for year 24,947 135,689 1,893 39,536 202,065
Eliminated on disposal - - (68,495 ) - (68,495 )
At 31 July 2024 56,095 256,824 3,312 243,855 560,086
NET BOOK VALUE
At 31 July 2024 1,682,352 741,845 4,258 48,453 2,476,908
At 31 July 2023 1,707,299 868,975 6,151 46,196 2,628,621

In prior the year, the company capitalised £150,388 of borrowing costs which are included in fixtures and fittings. The costs have been depreciated over the terms of the hire purchase.

The net book value of assets under hire purchase agreements totals £682,736 (2023: £784,325). The depreciation charge for the year relating to hire purchase assets is £101,589 (2023: £87,005).

9. STOCKS
2024 2023
£ £
Stocks 163,215 172,677

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 7,247,583 5,995,038
Other debtors 261,531 250,822
Directors' current accounts 1,958 1,958
VAT 346,421 268,709
Prepayments and accrued income 3,601,588 1,176,399
11,459,081 7,692,926

SUPREME FREIGHT SERVICES LIMITED (REGISTERED NUMBER: 02006494)

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


11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Hire purchase contracts (see note 13) 169,377 169,377
Trade creditors 6,128,958 2,945,912
Corporation tax 347,605 189,215
Social security and other taxes 73,913 64,358
Other creditors 4,982,429 3,877,261
Directors' current accounts 2,424 42,424
Accruals and deferred income 646,727 1,263,825
12,351,433 8,552,372

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£ £
Hire purchase contracts (see note 13) 362,074 531,546

13. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

Hire purchase contracts
2024 2023
£ £
Net obligations repayable:
Within one year 169,377 169,377
Between one and five years 362,074 531,546
531,451 700,923

Non-cancellable
operating leases
2024 2023
£ £
Within one year 36,269 -
Between one and five years 74,171 -
110,440 -

SUPREME FREIGHT SERVICES LIMITED (REGISTERED NUMBER: 02006494)

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


14. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£ £
Hire purchase contracts 531,451 700,923
Invoice discounting 623,482 205,523
1,154,933 906,446

The invoice discounting is secured against the assets of the company. The hire purchase contracts are secured against the assets to which they relate.

15. PROVISIONS FOR LIABILITIES
2024 2023
£ £
Deferred tax 148,001 168,421

Deferred tax
£
Balance at 1 August 2023 168,421
Accelerated capital allowances (20,420 )
Balance at 31 July 2024 148,001

The deferred tax liability is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
40 Ordinary A £1 40 40
30 Ordinary B £1 30 30
9 Ordinary C £1 9 9
1 Ordinary D £1 1 1
40 Ordinary E £1 40 40
120 120

Shares rank equally for voting purposes, for dividends declared in it's class and for any distribution made on a winding up.

SUPREME FREIGHT SERVICES LIMITED (REGISTERED NUMBER: 02006494)

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


17. RESERVES
Retained
earnings
£

At 1 August 2023 2,459,658
Profit for the year 926,711
Dividends (626,000 )
At 31 July 2024 2,760,369

18. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £71,467 (2023: £117,761).

Contributions totalling £15,038 (2023: £12,841) were payable to the scheme at the year end and are included in other creditors.

19. RELATED PARTY DISCLOSURES

The directors are considered to be key management.

One of the directors have provided a limited personal guarantee up to £200,000 (2023: £200,000) to the providers of the company's invoice discounting facility.

During the year, the company paid rent totalling £78,000 (2023: £84,500) for property jointly owned by two of the directors. This transaction was conducted at an arms length basis.

Worldfast Cargo (HK) Limited
A joint venture in which two of the directors hold management positions.

During the year the company made sales of £698 (2023: £6) to and purchases of £47,439 (2023: £121,468) from Worldfast Cargo (HK) Limited, a company registered in Hong Kong. A balance of £242 (2023: £3,457) is outstanding at the balance sheet date and is included within trade creditors.

Sea Avia Forwarding Limited
A company under common control.

During the year the company made sales totalling £47,786 (2023: £61,879) to Sea Avia Forwarding Limited. A balance of £3,627 (2023: £5,414) is outstanding at the balance sheet date, and is included within trade debtors.

During the year the company made purchases totalling £Nil (2023: £215) from Sea Avia Forwarding Limited. A balance of £Nil (2023: £215) is outstanding at the balance sheet date, and is included within trade creditors.

The company owes £13,245 (2023: £13,245) to Sea Avia Forwarding Limited at the balance sheet date in respect of rent.

SUPREME FREIGHT SERVICES LIMITED (REGISTERED NUMBER: 02006494)

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


Oceanside Logistics Limited
A company in which direct relatives of directors of the company are directors.

During the year the company made sales totalling £2,976,651 (2023: £2,897,080) to Oceanside Logistics Limited. A balance of £716,951 (2023: £110,618) is outstanding in relation to this at the balance sheet date, and is included within trade debtors.

During the year the company made purchases and other charges totalling £3,881,982 (2023: £4,098,620) from Oceanside Logistics Limited. A balance of £516,776 (2023: £437,051) is outstanding in relation to this at the balance sheet date, and is included within creditors.

In addition, the company is owed £227,779 (2023: £227,779) in respect of intercompany loans made to Oceanside Logistics Limited. These loans are interest free and repayable on demand.

Consultancy for You
A business in which one of the directors holds a controlling interest.

During the year the company incurred management charges totalling £Nil (2023: £60,000) from Consultancy for You. A balance of £Nil (2023: £Nil) is outstanding in relation to this at the balance sheet date.

JLGL Limited
A business in which one of the directors holds a controlling interest.

During the year the company incurred management charges totalling £Nil (2023: £60,000) from JLGL Limited. A balance of £Nil (2023: £Nil) is outstanding in relation to this at the balance sheet date.

Aspen International Freight Limited
A company in which a company director served as a director for the year.

During the year the company made sales totalling £190,046 (2023: £Nil) to Aspen International Freight Limited. A balance of £7,175 (2023: £Nil) is outstanding at the balance sheet date, and is included within trade debtors.

20. POST BALANCE SHEET EVENTS

Post year end the company have purchased 13 ordinary B shares for a value of £723,667.

21. ULTIMATE CONTROLLING PARTY

The company was under the control of the director Lord C Green during the period due to his controlling interest in the company.