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Registered number: 06672569
Freight Options Limited
Unaudited Financial Statements
For The Year Ended 31 August 2024
Deans
Gibson House Hurricane Close
Stafford
Staffordshire
ST16 1GZ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 06672569
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 127,948 157,612
127,948 157,612
CURRENT ASSETS
Debtors 5 83,813 134,369
Cash at bank and in hand 12,000 60,744
95,813 195,113
Creditors: Amounts Falling Due Within One Year 6 (99,909 ) (125,740 )
NET CURRENT ASSETS (LIABILITIES) (4,096 ) 69,373
TOTAL ASSETS LESS CURRENT LIABILITIES 123,852 226,985
Creditors: Amounts Falling Due After More Than One Year 7 (99,617 ) (134,021 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (23,030 ) (29,946 )
NET ASSETS 1,205 63,018
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 1,105 62,918
SHAREHOLDERS' FUNDS 1,205 63,018
Page 1
Page 2
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr R S Buckley
Director
27 May 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Freight Options Limited is a private company, limited by shares, registered in England & Wales.  The company's registered number and registered office address can be found on the Company Information page.
2. Accounting Policies
2.1. Basis of Preparation of 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" including the provisions of section 1a "Small Entities" and the Companies Act 2006.  The financial statements have been prepared under the historical cost convention.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below.  These policies have been consistently applied to all years presented unless otherwise stated.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of VAT and trade discounts.  The policies adopted for the recognition of turnover are as follows:
Rendering of services
When the outcome of a transaction can be estimated reliably, turnover from courier and freight services is recognised by reference to the stage of completion at the balance sheet date.  Stage of completion is measured by reference to the date the service is provided.
Interest receivable
Interest income is recognised using the effective interest method. 
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less accumulated depreciation.  Cost includes costs directly attributable to making the asset capable of operating as intended.  Depreciation is provided at the following rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter. 
Motor Vehicles 20% on reducing balance
Fixtures & Fittings 15% on reducing balance
Computer Equipment Straight line over 3 years
2.4. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimate useful lives or the lease term, whichever is the shorter. 
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.  
2.5. Taxation
Taxation for the year comprises current and deferred tax.  Tax is recognised in the Profit and Loss, 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.
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2.6. Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.7. Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price.  Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2023: 5)
5 5
4. Tangible Assets
Plant & Machinery etc.
£
Cost
As at 1 September 2023 274,609
Additions 34,117
Disposals (49,982 )
As at 31 August 2024 258,744
Depreciation
As at 1 September 2023 116,997
Provided during the period 32,037
Disposals (18,238 )
As at 31 August 2024 130,796
Net Book Value
As at 31 August 2024 127,948
As at 1 September 2023 157,612
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
£ £
Motor Vehicles 93,848 144,157
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 29,148 52,220
Prepayments and accrued income 2,505 2,253
Other debtors 14,519 14,719
Director's loan account 37,641 65,177
83,813 134,369
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Page 5
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 26,155 33,439
Trade creditors 13,989 17,038
Bank loans and overdrafts 22,977 29,813
Corporation tax 9,940 5,717
Other taxes and social security 4,340 2,957
VAT 18,659 32,686
Pension control account 328 521
Accruals and deferred income 3,521 3,569
99,909 125,740
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 92,459 116,603
Bank loans 7,158 17,418
99,617 134,021
8. Secured Creditors
Of the creditors the following amounts are secured.  The debts are secured against the assets of the company.
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 118,614 150,042
Bank loans and overdrafts 12,648 19,737
9. Share Capital
2024 2023
Allotted, called up and fully paid £ £
100 Ordinary Shares of £ 1.00 each 100 100
10. Other Commitments
The total amount of commitments, guarantees and contingencies at the balance sheet date totalled £31,680 (2023 - £10,560)
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 September 2023 Amounts advanced Amounts repaid Amounts written off As at 31 August 2024
£ £ £ £ £
Mr Robert Buckley 65,177 52,738 80,274 - 37,641
The above loan is provided at an interest rate of 2.25% and is repayable on demand.
Page 5