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PJC Logistics Specialists Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2024

Registration number: 07035659

 

PJC Logistics Specialists Ltd

Contents

Company Information

1

Balance Sheet

2

Statement of Changes in Equity

3

Notes to the Unaudited Financial Statements

4 to 9

 

PJC Logistics Specialists Ltd

Company Information

Director

Mrs K Baird

Registered office

6 Oaklands Court
Tiverton Way
Tiverton Business Park
Tiverton
Devon
EX16 6TG

Accountants

Withers Steele Limited
Chartered Accountants
6 Oaklands Court
Tiverton Way
Tiverton Business Park
Tiverton
Devon
EX16 6TG

 

PJC Logistics Specialists Ltd

(Registration number: 07035659)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

274,293

286,491

Current assets

 

Debtors

6

264,372

240,898

Cash at bank and in hand

 

14,255

75,075

 

278,627

315,973

Creditors: Amounts falling due within one year

7

(213,957)

(215,255)

Net current assets

 

64,670

100,718

Total assets less current liabilities

 

338,963

387,209

Provisions for liabilities

11,045

17,888

Net assets

 

350,008

405,097

capital and reserves

 

Called up share capital

4

4

Profit and loss account

350,004

405,093

Shareholders' funds

 

350,008

405,097

For the financial year ending 31 October 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 her 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 7 February 2025
 

.........................................
Mrs K Baird
Director

 

PJC Logistics Specialists Ltd

Statement of Changes in Equity for the Year Ended 31 October 2024

Share capital
£

Retained earnings
£

Total
£

At 1 November 2023

4

405,093

405,097

Loss for the year

-

(55,089)

(55,089)

At 31 October 2024

4

350,004

350,008

Share capital
£

Retained earnings
£

Total
£

At 1 November 2022

4

513,446

513,450

Loss for the year

-

(108,353)

(108,353)

At 31 October 2023

4

405,093

405,097

 

PJC Logistics Specialists Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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:
6 Oaklands Court
Tiverton Way
Tiverton Business Park
Tiverton
Devon
EX16 6TG

The principal place of business is:
Unit 17 Lowman Units
Tiverton Business Park
Tiverton
Devon
EX16 6SR

These financial statements were authorised for issue by the director on 7 February 2025.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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 have been recognised in income when they are received.

 

PJC Logistics Specialists Ltd

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

Tax

The tax expense for the period comprises 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.

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.

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 method

Motor vehicles

25% reducing balance method

Office equipment

15% reducing balance method

Freehold Buildings

2% straight line method

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line method

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

 

PJC Logistics Specialists Ltd

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

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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 the director) during the year, was 26 (2023 - 30).

 

PJC Logistics Specialists Ltd

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2023

165,000

165,000

At 31 October 2024

165,000

165,000

Amortisation

At 1 November 2023

165,000

165,000

At 31 October 2024

165,000

165,000

Carrying amount

At 31 October 2024

-

-

 

PJC Logistics Specialists Ltd

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

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Motor vehicles
 £

Other tangible assets
 £

Cost or valuation

At 1 November 2023

285,663

20,845

33,463

55,575

At 31 October 2024

285,663

20,845

33,463

55,575

Depreciation

At 1 November 2023

27,614

14,598

20,125

46,718

Charge for the year

5,713

937

3,334

2,214

At 31 October 2024

33,327

15,535

23,459

48,932

Carrying amount

At 31 October 2024

252,336

5,310

10,004

6,643

At 31 October 2023

258,049

6,247

13,338

8,857

Total
£

Cost or valuation

At 1 November 2023

395,546

At 31 October 2024

395,546

Depreciation

At 1 November 2023

109,055

Charge for the year

12,198

At 31 October 2024

121,253

Carrying amount

At 31 October 2024

274,293

At 31 October 2023

286,491

Included within the net book value of land and buildings above is £252,336 (2023 - £258,049) in respect of freehold land and buildings.
 

 

PJC Logistics Specialists Ltd

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

6

Debtors

Current

2024
£

2023
£

Trade debtors

243,818

237,843

Prepayments

2,666

3,055

Other debtors

17,888

-

 

264,372

240,898

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

107,408

86,436

Taxation and social security

45,591

80,526

Accruals and deferred income

60,875

45,874

Other creditors

83

2,419

213,957

215,255