| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Financial Statements for the Year Ended 31 May 2024 |
| for |
| Bulk Transfer Ltd |
| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Financial Statements for the Year Ended 31 May 2024 |
| for |
| Bulk Transfer Ltd |
| Bulk Transfer Ltd (Registered number: 05811459) |
| Contents of the Financial Statements |
| for the Year Ended 31 May 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Directors | 4 |
| Report of the Independent Auditors | 6 |
| Income Statement | 9 |
| Other Comprehensive Income | 10 |
| Balance Sheet | 11 |
| Statement of Changes in Equity | 12 |
| Cash Flow Statement | 13 |
| Notes to the Cash Flow Statement | 14 |
| Notes to the Financial Statements | 16 |
| Bulk Transfer Ltd |
| Company Information |
| for the Year Ended 31 May 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| CHARTERED ACCOUNTANTS AND REGISTERED AUDITOR |
| 46 WYCLIFFE ROAD |
| LONDON |
| SW11 5QR |
| Bulk Transfer Ltd (Registered number: 05811459) |
| Strategic Report |
| for the Year Ended 31 May 2024 |
| PRINCIPAL ACTIVITIES |
| The principal activities of the company during the year were that of waste management operations ranging |
| from trade waste, skip hire, haulage, recycling facilities and waste transfer facilities. |
| BUSINESS REVIEW |
| The directors have reviewed the company's performance with reference to relevant financial performance indicators and consider it to be good. The directors have also reviewed the risks faced by the company to enable them to develop strategies that will allow the company to continue to develop its business along similar lines in the future. |
| KEY PERFORMANCE INDICATORS |
| Year | 2024 | 2023 |
| Turnover | £ 20,323,679 | £ 16,032,712 |
| Gross profit | £ 6,847,034 | £ 5,538,418 |
| Gross profit margin | 34% | 35% |
| Current ratio | 1.04 | 1.03 |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The Directors are aware of the need to review all aspects of risk which are likely to affect the financial stability of the Company, whether it be from either the sales or the cost side of the business. On an annual basis the Directors carry out a detailed internal risk assessment analysis on all aspects of the business. |
| The key risks that may prevent the Company from achieving its objectives are: |
| Changes to standards or regulatory compliance requirements which could have an adverse impact on the Company's operations and results. |
| Potential violation of Health and Safety laws and regulations which could have a material adverse effect onbusiness. |
| The technologies employed fail to deliver expected performance of end product for the markets in which the |
| Company operates. |
| The Company is exposed to a number of political, social and macroeconomic risks after the UK's exit from the |
| European Union, any economic weakness which leads to reduced volumes of waste and recycle will adversely |
| impact the Company's business. |
| Extended interruption in the services of a senior management or staff, or if the Company encountered labour |
| shortages could have an adverse effect on business operations. |
| To mitigate the aforementioned risks, the Company is making substantial investments in new technologies and continuously reviewing its service offerings to ensure full compliance and alignment with customer needs. The Company actively engages with government bodies and regulators on various strategic topics and consultations. Our Safety team is dedicated to enhancing governance practices. Despite ongoing monitoring of risks post-Brexit, we remain committed to delivering services across the UK economy, catering to customers in all sectors. |
| Bulk Transfer Ltd (Registered number: 05811459) |
| Strategic Report |
| for the Year Ended 31 May 2024 |
| FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES |
| The company's operations expose it to a variety of financial risks that include credit risk, liquidity risk and currency risk. |
| CREDIT RISK |
| The company monitors credit risk closely and considers its current policies of credit checks and applications of credit limits on all new customers meets its objectives of managing exposure to credit risk. |
| LIQUIDITY RISK |
| The company closely monitors its access to bank and other credit facilities in comparison to its outstanding |
| commitments to ensure it has sufficient funds to meet its obligations as they fall due. The company finance function produces regular forecasts which estimates the cash inflows and outflows, month by month, so that management can ensure that sufficient financing is in place as it is required. |
| CURRENCY RISK |
| The Company have no material exposure to currency arrangements. |
| EMPLOYEES |
| The Company regularly reviews its employment practices to ensure it promotes dignity at work, equal opportunity and good working relations based on fairness, equality and inclusiveness. The safety of employees is the top priority. |
| The Company is committed to the continual development of the skills and knowledge and behaviours of its people, providing statutory and safety related training, quality role specific personal development programmes, 'core skills' and management capability building programmes. Opportunities for continuous professional development are offered through a variety of approaches, including e-learning and on the job coaching and assignment to projects. |
| WORKING TOGETHER SAFELY |
| Working together safely remains a core driver of the business and remains of utmost importance in the opinion of the Board. Board considers that health and safety is of, at least, equal importance in comparison to any other aspect of business management and is committed to promoting high standards of health, safety and welfare on all of their sites, premises, and in all of their activities. |
| FUTURE DEVELOPMENTS |
| The Bank of England has recently updated its forecast for the UK's GDP growth in 2025, predicting a growth rate of 1% for the year.. Despite picking up during the forecast period, demand growth is expected to remain weaker than potential supply growth throughout most of that period. This will not affect |
| the current value of services provided by the company. |
| ON BEHALF OF THE BOARD: |
| Bulk Transfer Ltd (Registered number: 05811459) |
| Report of the Directors |
| for the Year Ended 31 May 2024 |
| The directors present their report with the financial statements of the company for the year ended 31 May 2024. |
| DIVIDENDS |
| No interim dividend was paid during the year. The directors recommend a final dividend of £ |
| The total distribution of dividends for the year ended 31 May 2024 will be £ |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 June 2023 to the date of this report. |
| POLITICAL DONATIONS AND EXPENDITURE |
| There is no political donation but donation of £ 2,948 paid to various local charities. |
| 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. |
| 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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| Bulk Transfer Ltd (Registered number: 05811459) |
| Report of the Directors |
| for the Year Ended 31 May 2024 |
| AUDITORS |
| The auditors, FIRST ASSURANCE SERVICES LIMITED, will be proposed for appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Bulk Transfer Ltd |
| Opinion |
| We have audited the financial statements of Bulk Transfer Ltd (the 'company') for the year ended 31 May 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 May 2024 and of its profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; 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 |
| Bulk Transfer Ltd |
| 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. |
| 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. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| We consider that the engagement team collectively had the appropriate competence and capabilities to identify or recognize non-compliance with laws and regulations. The audit team identified particular areas that were susceptible to misstatement as part of their fraud discussion which included revenue recognition and related party transactions. |
| Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud. |
| No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK). |
| 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 |
| Bulk Transfer Ltd |
| 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. |
| for and on behalf of |
| CHARTERED ACCOUNTANTS AND REGISTERED AUDITORS |
| 46 WYCLIFFE ROAD |
| LONDON |
| SW11 5QR |
| Bulk Transfer Ltd (Registered number: 05811459) |
| Income Statement |
| for the Year Ended 31 May 2024 |
| 31.5.24 | 31.5.23 |
| Notes | £ | £ |
| TURNOVER |
| Cost of sales | ( |
) | ( |
) |
| GROSS PROFIT |
| Administrative expenses | ( |
) | ( |
) |
| 1,494,446 | 1,178,992 |
| Other operating income | ( |
) |
| OPERATING PROFIT | 4 |
| Interest receivable and similar income |
| 1,674,353 | 1,133,503 |
| Interest payable and similar expenses | 5 | ( |
) | ( |
) |
| PROFIT BEFORE TAXATION |
| Tax on profit | 6 | ( |
) | ( |
) |
| PROFIT FOR THE FINANCIAL YEAR |
| Bulk Transfer Ltd (Registered number: 05811459) |
| Other Comprehensive Income |
| for the Year Ended 31 May 2024 |
| 31.5.24 | 31.5.23 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| Bulk Transfer Ltd (Registered number: 05811459) |
| Balance Sheet |
| 31 May 2024 |
| 31.5.24 | 31.5.23 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 8 |
| CURRENT ASSETS |
| Debtors | 9 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 10 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
11 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 14 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 15 |
| Retained earnings | 16 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Bulk Transfer Ltd (Registered number: 05811459) |
| Statement of Changes in Equity |
| for the Year Ended 31 May 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 June 2022 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 May 2023 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 May 2024 |
| Bulk Transfer Ltd (Registered number: 05811459) |
| Cash Flow Statement |
| for the Year Ended 31 May 2024 |
| 31.5.24 | 31.5.23 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 |
| Interest paid | ( |
) | ( |
) |
| Tax paid | ( |
) |
| Net cash from operating activities |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | ( |
) | ( |
) |
| Sale of tangible fixed assets |
| Interest received |
| Net cash from investing activities | ( |
) | ( |
) |
| Cash flows from financing activities |
| Capital repayments in year |
| Amount introduced by directors | 719 | 719 |
| Amount withdrawn by directors | (719 | ) | (228,471 | ) |
| Equity dividends paid | ( |
) | ( |
) |
| Net cash from financing activities |
| Increase in cash and cash equivalents |
| Cash and cash equivalents at beginning of year |
2 |
188,409 |
| Cash and cash equivalents at end of year | 2 | 945,111 | 406,504 |
| Bulk Transfer Ltd (Registered number: 05811459) |
| Notes to the Cash Flow Statement |
| for the Year Ended 31 May 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 31.5.24 | 31.5.23 |
| £ | £ |
| Profit before taxation |
| Depreciation charges |
| (Profit)/loss on disposal of fixed assets | ( |
) |
| (9,968 | ) | 72,541 |
| - | (82,541 | ) |
| Finance costs | 182,871 | 144,208 |
| Finance income | (4,448 | ) | (972 | ) |
| 2,866,851 | 2,253,481 |
| Decrease in trade and other debtors |
| Increase/(decrease) in trade and other creditors | ( |
) |
| Cash generated from operations |
| 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 May 2024 |
| 31.5.24 | 1.6.23 |
| £ | £ |
| Cash and cash equivalents | 945,111 | 406,504 |
| Year ended 31 May 2023 |
| 31.5.23 | 1.6.22 |
| £ | £ |
| Cash and cash equivalents | 406,504 | 188,409 |
| Bulk Transfer Ltd (Registered number: 05811459) |
| Notes to the Cash Flow Statement |
| for the Year Ended 31 May 2024 |
| 3. | ANALYSIS OF CHANGES IN NET DEBT |
| At 1.6.23 | Cash flow | At 31.5.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 406,504 | 538,607 | 945,111 |
| 406,504 | 945,111 |
| Debt |
| Finance leases | (2,251,583 | ) | (166,334 | ) | (2,417,917 | ) |
| Debts falling due within 1 year | (10,000 | ) | - | (10,000 | ) |
| Debts falling due after 1 year | (20,833 | ) | 9,968 | (10,865 | ) |
| (2,282,416 | ) | (156,366 | ) | (2,438,782 | ) |
| Total | (1,875,912 | ) | 382,241 | (1,493,671 | ) |
| Bulk Transfer Ltd (Registered number: 05811459) |
| Notes to the Financial Statements |
| for the Year Ended 31 May 2024 |
| 1. | STATUTORY INFORMATION |
| Bulk Transfer Ltd is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Basis of preparing the financial statements |
| These financial statements have been prepared in accordance with Financial Reporting Standard 102 |
| "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies |
| Act 2006. The financial statements have been prepared under the historical cost convention. |
| Revenue |
| Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: |
| Rendering of services |
| Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: |
| the amount of revenue can be measured reliably; it is probable that the company will receive the consideration due under the contract; the stage of completion of the contract at the end of the reporting period can be measured reliably;and the costs incurred and the costs to complete the contract can be measured reliably. |
| Revenue from skip hire is recognised accordance with the size of the skips and revenue from tipping of |
| waste on the basis of weight. |
| Tangible fixed assets |
| Plant and machinery 20% straightline method |
| Bulk Transfer Ltd (Registered number: 05811459) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. |
| Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. |
| All other such investments are subsequently measured at cost less impairment. All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss. |
| Financial assets that are measured at cost or amortised cost are reviewed for objective evidence ofimpairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. |
| Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. |
| 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. |
| 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. |
| Bulk Transfer Ltd (Registered number: 05811459) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Leasing and hire purchase contracts |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.Assets, obtained under hire purchase contracts and finance leases, are capitalised as tangible fixed assets. |
| Assets acquired under hire purchase contracts are depreciated over their useful lives.Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| 31.5.24 | 31.5.23 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 31.5.24 | 31.5.23 |
| Average number of employees |
| 31.5.24 | 31.5.23 |
| £ | £ |
| Directors' remuneration |
| Information regarding the highest paid director for the year ended 31 May 2024 is as follows: |
| 31.5.24 |
| £ |
| Emoluments etc |
| Accrued pension at 31 May 2024 |
| 4. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 31.5.24 | 31.5.23 |
| £ | £ |
| Hire of plant and machinery |
| Depreciation - owned assets |
| (Profit)/loss on disposal of fixed assets | ( |
) |
| Bulk Transfer Ltd (Registered number: 05811459) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2024 |
| 5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 31.5.24 | 31.5.23 |
| £ | £ |
| Bank loan interest |
| Hire purchase interest |
| Other interest |
| 6. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 31.5.24 | 31.5.23 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Deferred tax |
| Tax on profit |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
| 31.5.24 | 31.5.23 |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
| Effects of: |
| Expenses not deductible for tax purposes | ( |
) |
| Income not taxable for tax purposes | ( |
) |
| Capital allowances in excess of depreciation | ( |
) | - |
| Adjustments to tax charge in respect of previous periods | ( |
) |
| Deferred Tax | 56,135 | - |
| Total tax charge | 290,254 | 178,984 |
| 7. | DIVIDENDS |
| 31.5.24 | 31.5.23 |
| £ | £ |
| Ordinary shares share of 1 |
| Final |
| Bulk Transfer Ltd (Registered number: 05811459) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2024 |
| 8. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| £ |
| COST |
| At 1 June 2023 |
| Additions |
| Disposals | ( |
) |
| At 31 May 2024 |
| DEPRECIATION |
| At 1 June 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31 May 2024 |
| NET BOOK VALUE |
| At 31 May 2024 |
| At 31 May 2023 |
| 9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.5.24 | 31.5.23 |
| £ | £ |
| Trade debtors |
| Other debtors | 25,215 | 25,215 |
| Tax recoverable | 74,019 | 74,019 |
| Employee Loan | 4,000 | 560 |
| Directors' current accounts | 228,471 | 228,471 |
| Prepayments |
| 10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.5.24 | 31.5.23 |
| £ | £ |
| Bank loans and overdrafts (see note 12) |
| Hire purchase contracts (see note 13) |
| Trade creditors |
| Tax |
| Social security and other taxes |
| VAT | 225,836 | 380,317 |
| Other creditors |
| Bulk Transfer Ltd (Registered number: 05811459) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2024 |
| 11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.5.24 | 31.5.23 |
| £ | £ |
| Bank loans (see note 12) |
| Hire purchase contracts (see note 13) |
| LDN Loan | 65,360 | 83,000 |
| 12. | LOANS |
| An analysis of the maturity of loans is given below: |
| 31.5.24 | 31.5.23 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| CBILS loan |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years |
| 13. | LEASING AGREEMENTS |
| Minimum lease payments under hire purchase fall due as follows: |
| 31.5.24 | 31.5.23 |
| £ | £ |
| Gross obligations repayable: |
| Between one and five years |
| Finance charges repayable: |
| Within one year | ( |
) | ( |
) |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| 14. | PROVISIONS FOR LIABILITIES |
| 31.5.24 | 31.5.23 |
| £ | £ |
| Deferred tax |
| Accelerated capital allowances |
| Bulk Transfer Ltd (Registered number: 05811459) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2024 |
| 14. | PROVISIONS FOR LIABILITIES - continued |
| Deferred |
| tax |
| £ |
| Balance at 1 June 2023 |
| Provided during year |
| Balance at 31 May 2024 |
| 15. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.5.24 | 31.5.23 |
| value: | £ | £ |
| Ordinary shares | 1 | 1 | 1 |
| 16. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 June 2023 |
| Profit for the year |
| Dividends | ( |
) |
| At 31 May 2024 |
| 17. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 31 May 2024 and 31 May 2023: |
| 31.5.24 | 31.5.23 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| 18. | RELATED PARTY DISCLOSURES |
| During the year, the loan paid to Bulk Transfer (London) Limited £65,360 (2023: £83,000), which is connected company. |
| 19. | ULTIMATE CONTROLLING PARTY |
| The controlling party is M Lavelle. |