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REGISTERED NUMBER: 03090860 (England and Wales)















QUALITY FREIGHT SERVICES LIMITED

Strategic Report, Report of the Director and

Financial Statements for the Year Ended 31 August 2024






QUALITY FREIGHT SERVICES LIMITED (Registered number: 03090860)






Contents of the Financial Statements
for the Year Ended 31 August 2024




Page

Company Information 1

Strategic Report 2

Report of the Director 3

Energy and Carbon Report forming part of the Report of
the Director

4

Report of the Independent Auditors 5

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 15


QUALITY FREIGHT SERVICES LIMITED

Company Information
for the Year Ended 31 August 2024







DIRECTOR: M J Johnson





REGISTERED OFFICE: Unit 1 Peel House
Off Taunton Street
Shipley
West Yorkshire
BD18 3NA





REGISTERED NUMBER: 03090860 (England and Wales)





AUDITORS: Walter Dawson & Son Chartered Accountants
1 Valley Court
Canal Road
Bradford
West Yorkshire
BD1 4SP

QUALITY FREIGHT SERVICES LIMITED (Registered number: 03090860)

Strategic Report
for the Year Ended 31 August 2024

The director presents his strategic report for the year ended 31 August 2024.

REVIEW OF BUSINESS
Whilst increased customer price sensitivity has meant that margins have been squeezed compared to the previous year, our commitment to provide a high-class freight forwarding solution to our existing and new customers have resulted in turnover increasing by 19% and an increase in Gross Margin of nearly £1 million.

In late 2023 It was evident that a combination of volatile markets & underperforming account managers was hindering the performance of the business. A decision was therefore made to make 2024 as a year of refinement.

Due to increased cost pressures faced during the year the company instigated a full review of all its operations, the conclusion of which has resulted in the closure of the Dartford office and a reduction in the support staff headcount.
A re-structuring of the Senior Management of the company was instigated in March 2024 which has given the company a defined Senior Management structure.

A company-wide freeze on recruitment was also implemented and the existing employees were tasked with being more productive.

The plan is for the company to continue to grow albeit more slowly than the rapid expansion that the company enjoyed over the last few years; we intend to continue with our recruitment policy of bringing in the best people as well as looking at the potential of opening new offices when the appropriately qualified candidates can be found.

There is a new bespoke operating and accounting system currently under development which moves us from server-based software to cloud base and is scheduled to go live in Spring 2025 and should result in better recording and reporting of the company's activities.

The company continues to lease its company cars and its assorted offices across the UK, making its fixed asset register extremely low again.

Whilst maintaining the local team spirit within every branch, we continue to encourage inter-branch visits to ensure internally the ongoing inclusive non corporate family feel.

The core business continues to remain strong, and we expect the savings we have made in this year to lead to better results in the next financial year.

ON BEHALF OF THE BOARD:





M J Johnson - Director


13 May 2025

QUALITY FREIGHT SERVICES LIMITED (Registered number: 03090860)

Report of the Director
for the Year Ended 31 August 2024

The director presents his report with the financial statements of the company for the year ended 31 August 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of freight forwarding.

DIVIDENDS
No dividends will be distributed for the year ended 31 August 2024.

DIRECTOR
M J Johnson held office during the whole of the period from 1 September 2023 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he 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.

AUDITORS
The auditors, Walter Dawson & Son Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M J Johnson - Director


13 May 2025

QUALITY FREIGHT SERVICES LIMITED (Registered number: 03090860)

Energy and Carbon Report
forming part of the Report of the Director
for the Year Ended 31 August 2024



Parameter

Units
Parameter Units Current Reporting Year: 1 Sept
2023 - 31 Aug 2024
Energy Consumption used to
Calculate emissions

kWh

130,991.23
Emissions from combustion of gas
(Scope 1)

t CO2e

12.24
Emissions from combustion of fuel
for transport purposes (Scope 1)

t CO2e

0
Emissions from purchased electricity
(Scope 2)

t CO2e

27.13
Emissions from business travel
(Scope 3)

t CO2e

23.44
Emissions from staff commuting
(Scope 3)

t CO2e

114.37
Emissions from water (Scope 3) t CO2e 0.08
Emissions from transmission and
distribution (Scope 3)

t CO2e

2.35
Intensity ratio: Emissions data
(tCO2e) compared with an
appropriate business activity (staff
numbers)


t CO2e / No.
Employees


183.52 tCO2e / 164 = 19.52 tCO2e per staff
member
Total emissions: t CO2e 183.52

Quantification and
Reporting Methodology
















A location-based calculation of CO2 equivalent emissions was made using energy data
collected from Quality Freight regarding their electricity, gas and water consumption.
Business travel covers emissions that have come from Quality Freight Services Staff
travelling to meet clients. These emissions include flights, train journeys, taxi journeys as
well as business mileage which was based upon an average UK vehicle and petrol
fuel.The total disclosed energy is calculated on a gross calorific value basis and using the
UK Government GHG Conversion Factors for Company Reporting emission factors. The
commuting and home working data was gathered from the employees via a survey. This
information was then calculated by the UK Government GHG Conversion Data.Hotel data
came primarily from 2023 edition of the UK Government GHG Conversion Factors for
Company Reporting
(https://www.gov.uk/government/publications/greenhouse-gas-reporting-conversion-factor
s-2023)The methodology is consistent with the 2023 edition of the UK Government GHG
Conversion Factors for Company Reporting
(https://www.gov.uk/government/publications/greenhouse-gas-reporting-conversion-factor
s-2023).
Energy Efficiency
Action











Quality Freight Services Limited have implemented a series of initiatives to cut down their
energy consumption and subsequently their carbon emissions. To reduce their electricity
consumption, they have installed solar panels in their head office and when the business
have moved to a new office, the company preference is that they move to a 'green space'
that is more energy efficient. They have outsourced their IT and as part of this they have
replaced their onsite computer servers with a new managed cloud service that is more
efficient and further reduces the company's consumption of electricity.A key change that
has led to a significant reduction in emissions is that the fleet of cars have moved from
predominantly petrol or diesel cars to hybrid or electric vehicles. This will continue over
the next twenty-four months as more car contracts are ending and all the remaining
contracts will be moving to hybrid or electric instead of petrol or diesel.

Report of the Independent Auditors to the Members of
forming part of the Report of the Director
QUALITY FREIGHT SERVICES LIMITED

Opinion
We have audited the financial statements of QUALITY FREIGHT SERVICES LIMITED (the 'company') for the year ended 31 August 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 August 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Director 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 Director have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
forming part of the Report of the Director
QUALITY 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 Director.

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 director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
forming part of the Report of the Director
QUALITY 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.

Our approach to identifying and assessing the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussion with directors and other management, and form our commercial knowledge and experience of the sector;
- we focussed on specific laws and regulations which considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was a susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and overide of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 and where indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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
forming part of the Report of the Director
QUALITY 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.




John Richard Hall (Senior Statutory Auditor)
for and on behalf of Walter Dawson & Son Chartered Accountants
1 Valley Court
Canal Road
Bradford
West Yorkshire
BD1 4SP

13 May 2025

QUALITY FREIGHT SERVICES LIMITED (Registered number: 03090860)

Income Statement
for the Year Ended 31 August 2024

31.8.24 31.8.23
Notes £    £   

TURNOVER 81,466,415 68,619,287

Cost of sales 64,983,998 53,061,543
GROSS PROFIT 16,482,417 15,557,744

Administrative expenses 16,301,054 15,226,224
181,363 331,520

Other operating income - (7,666 )
OPERATING PROFIT 4 181,363 323,854

Interest receivable and similar income 80,313 40,422
261,676 364,276

Interest payable and similar expenses 5 50,871 46,589
PROFIT BEFORE TAXATION 210,805 317,687

Tax on profit 6 160,681 131,796
PROFIT FOR THE FINANCIAL YEAR 50,124 185,891

QUALITY FREIGHT SERVICES LIMITED (Registered number: 03090860)

Other Comprehensive Income
for the Year Ended 31 August 2024

31.8.24 31.8.23
Notes £    £   

PROFIT FOR THE YEAR 50,124 185,891


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

50,124

185,891

QUALITY FREIGHT SERVICES LIMITED (Registered number: 03090860)

Balance Sheet
31 August 2024

31.8.24 31.8.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 7 303,733 277,416

CURRENT ASSETS
Debtors 8 12,759,109 8,450,573
Cash at bank 3,622,674 2,984,943
16,381,783 11,435,516
CREDITORS
Amounts falling due within one year 9 12,302,409 7,379,949
NET CURRENT ASSETS 4,079,374 4,055,567
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,383,107

4,332,983

CAPITAL AND RESERVES
Called up share capital 11 2,000 2,000
Retained earnings 4,381,107 4,330,983
SHAREHOLDERS' FUNDS 4,383,107 4,332,983

The financial statements were approved by the director and authorised for issue on 13 May 2025 and were signed by:





M J Johnson - Director


QUALITY FREIGHT SERVICES LIMITED (Registered number: 03090860)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 September 2022 2,000 4,145,092 4,147,092

Changes in equity
Total comprehensive income - 185,891 185,891
Balance at 31 August 2023 2,000 4,330,983 4,332,983

Changes in equity
Total comprehensive income - 50,124 50,124
Balance at 31 August 2024 2,000 4,381,107 4,383,107

QUALITY FREIGHT SERVICES LIMITED (Registered number: 03090860)

Cash Flow Statement
for the Year Ended 31 August 2024

31.8.24 31.8.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,224,574 1,081,353
Interest paid (50,871 ) (46,589 )
Tax paid (131,796 ) (613,480 )
Net cash from operating activities 1,041,907 421,284

Cash flows from investing activities
Purchase of tangible fixed assets (157,346 ) (121,444 )
Sale of tangible fixed assets 18,650 11,000
Interest received 80,313 40,422
Net cash from investing activities (58,383 ) (70,022 )

Cash flows from financing activities
Amount withdrawn by directors (345,793 ) (181,252 )
Net cash from financing activities (345,793 ) (181,252 )

Increase in cash and cash equivalents 637,731 170,010
Cash and cash equivalents at beginning of
year

2

2,984,943

2,814,933

Cash and cash equivalents at end of year 2 3,622,674 2,984,943

QUALITY FREIGHT SERVICES LIMITED (Registered number: 03090860)

Notes to the Cash Flow Statement
for the Year Ended 31 August 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

31.8.24 31.8.23
£    £   
Profit before taxation 210,805 317,687
Depreciation charges 124,745 139,551
Profit on disposal of fixed assets (12,366 ) (959 )
Finance costs 50,871 46,589
Finance income (80,313 ) (40,422 )
293,742 462,446
(Increase)/decrease in trade and other debtors (3,962,743 ) 4,675,594
Increase/(decrease) in trade and other creditors 4,893,575 (4,056,687 )
Cash generated from operations 1,224,574 1,081,353

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 August 2024
31.8.24 1.9.23
£    £   
Cash and cash equivalents 3,622,674 2,984,943
Year ended 31 August 2023
31.8.23 1.9.22
£    £   
Cash and cash equivalents 2,984,943 2,814,933


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.9.23 Cash flow At 31.8.24
£    £    £   
Net cash
Cash at bank 2,984,943 637,731 3,622,674
2,984,943 637,731 3,622,674
Total 2,984,943 637,731 3,622,674

QUALITY FREIGHT SERVICES LIMITED (Registered number: 03090860)

Notes to the Financial Statements
for the Year Ended 31 August 2024

1. STATUTORY INFORMATION

QUALITY 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 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 5% on cost
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

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.

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.

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.

Income recognition
Income is recognised when services have been completed such that the risks and rewards of ownership have transferred to the customer.

QUALITY FREIGHT SERVICES LIMITED (Registered number: 03090860)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

3. EMPLOYEES AND DIRECTORS
31.8.24 31.8.23
£    £   
Wages and salaries 11,759,047 10,761,918
Social security costs 1,436,235 1,341,742
Other pension costs 216,188 187,189
13,411,470 12,290,849

The average number of employees during the year was as follows:
31.8.24 31.8.23

Directors 1 1
Employees 184 170
185 171

31.8.24 31.8.23
£    £   
Director's remuneration 417,000 207,331

Information regarding the highest paid director is as follows:
31.8.24 31.8.23
£    £   
Emoluments etc 417,000 207,331

4. OPERATING PROFIT

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

31.8.24 31.8.23
£    £   
Depreciation - owned assets 124,745 139,551
Profit on disposal of fixed assets (12,366 ) (959 )
Foreign exchange differences 2,725 2,968

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31.8.24 31.8.23
£    £   
Bank charges & interest 50,871 46,589

QUALITY FREIGHT SERVICES LIMITED (Registered number: 03090860)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.8.24 31.8.23
£    £   
Current tax:
UK corporation tax 160,681 131,796
Tax on profit 160,681 131,796

UK corporation tax has been charged at 24.42% (2023 - 21.52%).

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:

31.8.24 31.8.23
£    £   
Profit before tax 210,805 317,687
Profit multiplied by the standard rate of corporation tax in the UK of
24.418% (2023 - 21.515%)

51,474

68,350

Effects of:
Expenses not deductible for tax purposes 4,707 8,715
Income not taxable for tax purposes (3,020 ) (206 )
Capital allowances in excess of depreciation (9,185 ) (6,236 )
Tax payable under S455 CTA 2010 116,705 61,173
Total tax charge 160,681 131,796

7. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 September 2023 - 248,805 86,403 517,048 852,256
Additions 35,438 18,273 - 103,635 157,346
Disposals - - (40,472 ) - (40,472 )
At 31 August 2024 35,438 267,078 45,931 620,683 969,130
DEPRECIATION
At 1 September 2023 - 116,984 51,211 406,645 574,840
Charge for year 1,181 22,515 7,916 93,133 124,745
Eliminated on disposal - - (34,188 ) - (34,188 )
At 31 August 2024 1,181 139,499 24,939 499,778 665,397
NET BOOK VALUE
At 31 August 2024 34,257 127,579 20,992 120,905 303,733
At 31 August 2023 - 131,821 35,192 110,403 277,416

QUALITY FREIGHT SERVICES LIMITED (Registered number: 03090860)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Trade debtors 11,558,468 7,950,434
Other debtors 12,625 7,225
Directors' current accounts 527,045 181,252
VAT 155,280 115,287
Prepayments 505,691 196,375
12,759,109 8,450,573

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Trade creditors & accruals 11,723,152 6,998,215
Corporation Tax 160,681 131,796
Other taxes & PAYE 407,326 249,938
Other creditors 11,250 -
12,302,409 7,379,949

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.8.24 31.8.23
£    £   
Within one year 377,930 653,259
Between one and five years 856,830 597,927
1,234,760 1,251,186

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.8.24 31.8.23
value: £    £   
1,000 Ordinary £1.00 1,000 1,000
1,000 Ordinary non-voting £1.00 1,000 1,000
2,000 2,000

12. PENSION COMMITMENTS

The company operates a defined contribution pension scheme, the assets of which are held separately from those of the company in an independently administered fund. The pension cost charge in the accounts amounted to £216,188 (2023 : £187,189).

QUALITY FREIGHT SERVICES LIMITED (Registered number: 03090860)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

13. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 August 2024 and 31 August 2023:

31.8.24 31.8.23
£    £   
M J Johnson
Balance outstanding at start of year 181,252 -
Amounts advanced 345,793 402,252
Amounts repaid - (221,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 527,045 181,252

The loan to the director is interest free and repayable upon demand.

14. RELATED PARTY DISCLOSURES

Mr Martin Johnson through his control over the majority of shares, and together with his involvement in its day to day management, is deemed to be the controlling parties for the purpose of Financial Reporting Standard No. 102.

The company operates from premises owned by Dentons SIPP who is a related party due to being under the control of Mr Martin Johnson. Rent of £58,422 (2023: £54,600) was paid in the year.