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Registration number: 03814402

1st Available Freight Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

1st Available Freight Limited

Contents


 

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

1st Available Freight Limited

Registration number: 03814402

Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

468,890

478,675

Current assets

 

Debtors

5

117,286

93,547

Creditors: Amounts falling due within one year

6

(251,371)

(218,947)

Net current liabilities

 

(134,085)

(125,400)

Total assets less current liabilities

 

334,805

353,275

Creditors: Amounts falling due after more than one year

6

(224,197)

(227,260)

Provisions for liabilities

(89,090)

(88,104)

Net assets

 

21,518

37,911

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

21,516

37,909

Shareholders' funds

 

21,518

37,911



The director's statements required by sections 475 (2) and (3) are shown on the following page which forms part of this Balance Sheet.

 

1st Available Freight Limited

Registration number: 03814402

Balance Sheet as at 31 July 2024 (continued)

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

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

Approved and authorised by the Board on 10 April 2025 and signed on its behalf by:
 

A M Thomson
Director

   
     

 

1st Available Freight Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

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

The address of its registered office is:
Wymondham Business Centre
1 Town Green
Wymondham
Norfolk
NR18 0PN
England

The principal place of business is:
Trafalgar Yard
Eurocentre
North River Road
Great Yarmouth
Norfolk
NR30 1TE
England

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 presented in sterling which is the functional currency of the company and rounded to the nearest £.

 

1st Available Freight Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

2

Accounting policies (continued)

Revenue recognition

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

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

Government grants

Government grants in relation to expenditure are credited to the profit and loss account in the period in which the related expenditure is charged.

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 balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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

 

1st Available Freight Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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

Plant and machinery

25% Reducing balance

Motor vehicles

25% Reducing balance

Trailers

25% Reducing balance

Borrowings

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

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

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

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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

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

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

 

1st Available Freight Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2023 - 9).

4

Tangible assets

Trailers
£

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 August 2023

483,339

660,623

14,627

1,158,589

Additions

11,500

143,650

10,600

165,750

Disposals

-

(154,755)

-

(154,755)

At 31 July 2024

494,839

649,518

25,227

1,169,584

Depreciation

At 1 August 2023

288,971

382,108

8,835

679,914

Charge for the year

51,467

92,427

4,098

147,992

Eliminated on disposal

-

(127,212)

-

(127,212)

At 31 July 2024

340,438

347,323

12,933

700,694

Carrying amount

At 31 July 2024

154,401

302,195

12,294

468,890

At 31 July 2023

194,368

278,515

5,792

478,675

 

1st Available Freight Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

5

Debtors

Current

2024
£

2023
£

Trade debtors

106,322

86,209

Prepayments

4,619

5,288

Other debtors

6,345

2,050

 

117,286

93,547

 

1st Available Freight Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

147,628

133,494

Trade creditors

 

81,521

52,723

Directors loan accounts

1,938

594

Taxation and social security

 

13,843

22,654

Other creditors

 

6,441

9,482

 

251,371

218,947

Due after one year

 

Loans and borrowings

224,197

227,260

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £106,166 (2023 - £121,374).

Current loans and borrowings

2024
£

2023
£

Bank borrowings

11,689

9,650

Bank overdrafts

29,773

2,467

HP and finance lease liabilities

106,166

121,377

147,628

133,494

Creditors: amounts falling due after more than one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £222,182 (2023 - £212,690).

 

1st Available Freight Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

Ordinary A shares of £1 each

1

1

1

1

2

2

2

2