34 false false false false false false false false false false true false false false false false false No description of principal activity 2023-08-01 Sage Accounts Production Advanced 2024 - FRS102_2024 1,364,276 1,364,276 136,428 136,428 1,227,848 xbrli:pure xbrli:shares iso4217:GBP 01677239 2023-08-01 2024-07-31 01677239 2024-07-31 01677239 2023-07-31 01677239 2022-08-01 2023-07-31 01677239 2023-07-31 01677239 2022-07-31 01677239 core:NetGoodwill 2023-08-01 2024-07-31 01677239 core:LandBuildings core:LongLeaseholdAssets 2023-08-01 2024-07-31 01677239 core:PlantMachinery 2023-08-01 2024-07-31 01677239 core:FurnitureFittings 2023-08-01 2024-07-31 01677239 core:MotorVehicles 2023-08-01 2024-07-31 01677239 bus:Director1 2023-08-01 2024-07-31 01677239 core:NetGoodwill 2024-07-31 01677239 core:LandBuildings 2023-07-31 01677239 core:PlantMachinery 2023-07-31 01677239 core:FurnitureFittings 2023-07-31 01677239 core:MotorVehicles 2023-07-31 01677239 core:LandBuildings 2024-07-31 01677239 core:PlantMachinery 2024-07-31 01677239 core:FurnitureFittings 2024-07-31 01677239 core:MotorVehicles 2024-07-31 01677239 core:WithinOneYear 2024-07-31 01677239 core:WithinOneYear 2023-07-31 01677239 core:ShareCapital 2024-07-31 01677239 core:ShareCapital 2023-07-31 01677239 core:RetainedEarningsAccumulatedLosses 2024-07-31 01677239 core:RetainedEarningsAccumulatedLosses 2023-07-31 01677239 core:BetweenOneFiveYears 2024-07-31 01677239 core:BetweenOneFiveYears 2023-07-31 01677239 core:LandBuildings 2023-08-01 2024-07-31 01677239 core:LandBuildings 2023-07-31 01677239 core:PlantMachinery 2023-07-31 01677239 core:FurnitureFittings 2023-07-31 01677239 core:MotorVehicles 2023-07-31 01677239 bus:SmallEntities 2023-08-01 2024-07-31 01677239 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 01677239 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 01677239 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 01677239 bus:FullAccounts 2023-08-01 2024-07-31
COMPANY REGISTRATION NUMBER: 01677239
INTERSPED LOGISTICS (UK) LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 July 2024
INTERSPED LOGISTICS (UK) LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 JULY 2024
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 8
INTERSPED LOGISTICS (UK) LIMITED
STATEMENT OF FINANCIAL POSITION
31 July 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
5
1,227,848
Tangible assets
6
165,039
203,346
------------
---------
1,392,887
203,346
Current assets
Debtors
7
3,189,534
2,976,496
Investments
8
109,428
59,428
Cash at bank and in hand
471,180
202,589
------------
------------
3,770,142
3,238,513
Creditors: amounts falling due within one year
9
3,003,191
1,723,732
------------
------------
Net current assets
766,951
1,514,781
------------
------------
Total assets less current liabilities
2,159,838
1,718,127
Provisions
Taxation including deferred tax
21,714
26,756
------------
------------
Net assets
2,138,124
1,691,371
------------
------------
Capital and reserves
Called up share capital
86,957
86,957
Profit and loss account
2,051,167
1,604,414
------------
------------
Shareholders funds
2,138,124
1,691,371
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
INTERSPED LOGISTICS (UK) LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 July 2024
These financial statements were approved by the board of directors and authorised for issue on 29 April 2025 , and are signed on behalf of the board by:
R P Murphy
Director
Company registration number: 01677239
INTERSPED LOGISTICS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JULY 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 66 Hailey Road, Erith, Kent, DA18 4AA, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Debtors
Debtors are initially recorded at fair value and are assessed for impairment at each reporting date. If any impairments exist the debtors are remeasured to the present value of the expected future cash inflows.
Creditors
Creditors are initially recorded at fair value and are then remeasured to the present value of the expected future cash outflows.
Statement of cashflows
The company has taken advantage of the small companies exemptions and not prepared a statement of cash flows.
Judgements and key sources of estimation uncertainty
There are no significant estimates or assumptions made that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Revenue recognition
Revenue refers to the amounts earned from the company’s principal activity; that of transportation services. The revenue shown in the income statement represents amounts invoiced during the year, exclusive of Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold improvements
-
10% straight line
Plant and machinery
-
20% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
20% reducing balance
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 34 (2023: 26 ).
5. Intangible assets
Goodwill
£
Cost
Additions
1,364,276
------------
At 31 July 2024
1,364,276
------------
Amortisation
Charge for the year
136,428
------------
At 31 July 2024
136,428
------------
Carrying amount
At 31 July 2024
1,227,848
------------
At 31 July 2023
------------
6. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 August 2023 and 31 July 2024
124,328
70,822
76,778
164,486
436,414
---------
--------
--------
---------
---------
Depreciation
At 1 August 2023
59,716
51,597
58,552
63,203
233,068
Charge for the year
12,433
2,884
2,734
20,256
38,307
---------
--------
--------
---------
---------
At 31 July 2024
72,149
54,481
61,286
83,459
271,375
---------
--------
--------
---------
---------
Carrying amount
At 31 July 2024
52,179
16,341
15,492
81,027
165,039
---------
--------
--------
---------
---------
At 31 July 2023
64,612
19,225
18,226
101,283
203,346
---------
--------
--------
---------
---------
7. Debtors
2024
2023
£
£
Trade debtors
2,137,542
1,710,662
Other debtors
1,051,992
1,265,834
------------
------------
3,189,534
2,976,496
------------
------------
Included in trade debtors are amounts totalling £1,421,324 (2023: £1,079,828) which are invoice financed.
8. Investments
2024
2023
£
£
Other investments
109,428
59,428
---------
--------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
5
Trade creditors
1,843,991
1,327,141
Corporation tax
324,568
292,113
Social security and other taxes
105,065
90,111
Other creditors
729,567
14,362
------------
------------
3,003,191
1,723,732
------------
------------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
412,000
412,000
Later than 1 year and not later than 5 years
749,543
1,573,545
------------
------------
1,161,543
1,985,545
------------
------------
11. Directors' advances, credits and guarantees
During the year, the company made advances to the directors amounting to £654,196. The advances were made interest free and are repayable on demand.