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COMPANY REGISTRATION NUMBER: 03781768
Lime Logistics Limited
Financial Statements
30 September 2024
Lime Logistics Limited
Financial Statements
Year ended 30 September 2024
Contents
Page
Strategic report
1
Directors' report
3
Independent auditor's report to the members
5
Statement of income and retained earnings
9
Statement of financial position
10
Statement of cash flows
11
Notes to the financial statements
12
Lime Logistics Limited
Strategic Report
Year ended 30 September 2024
The directors present their strategic report for the year ended 30 September 2024. Overview and Strategy Founded in 1999, Lime Logistics has been providing reliable supply chain solutions for businesses in the buildings and aggregates sector ever since, maintaining a high quality delivery service for customers. The main services provided include delivery of primary and recycled aggregate products, soils and clays to sites, and the removal of inert soil and stones and demolition hardcore from construction sites. These services are performed both to associated companies and a wide range of external customers. The company prides itself on its experienced and dedicated staff to assist with customer requirements and to keep the growing fleet running smoothly. Drivers are fully CPC trained and take pride in their vehicles. Summary of key performance indicators In the year 2024, the company reported a turnover of £10,313,816, which is a decrease from the previous year’s turnover of £12,770,271 in 2023. Gross profit declined, from £2,021,236 in 2023 to £1,901,537 in 2024, although this did reflect an improvement in the margin as there was less reliance on subcontractors. The company incurred a loss before tax of £225,888 in 2024, in contrast to a profit before tax of £216,870 in 2023. The balance sheet at the year end shows shareholders funds of £3,051,143 (2023: £3,347,025) and demonstrates the directors intentions to continue to retain significant working capital within the business to support the ongoing advancement of the company. Future Development The management team are committed to continued growth of the company through evolution of current work and continuing to search for new contracts and revenue streams. By constantly reviewing our business strategies and customer proposition, we aim to ensure that they remain perfectly aligned with market demands and industry trends. Following retirement of a Director, a new management team is in place to continue to target growth for the company. The company is restructuring the senior management team through promotions and new appointments, this will consist of senior commercial, financial, operational & HR roles to support Daniel Body which will allow Roger Body to move into an executive chairman's role. Risks and uncertainties The Directors have considered various relevant market and economic risks that may materially impact the business including supplier and customer credit terms, changes in interest rates, cashflow, pricing, market competition and current business trading trends to understand and model the financial impact. Taking into account the above risks collectively and the options available to mitigate them, the Directors are satisfied that the financial statements should continue to be prepared on a going concern basis and that there are no material foreseeable risks to the business that haven't been assessed or disclosed. Environmental concerns Lime Logistics is fully aware of the environmental impact of road transport, which is a matter it takes very seriously, and is always seeking wherever possible to mitigate this. This is managed by a variety of methods, including operating a modern fuel efficient fleet, use of vehicle tracking systems for optimum route planning and ensuring all vehicles are Ultra Low Emission Zone (ULEZ) compliant. Global activities The directors have considered the impact of the events happening on global scale with particular reference to how this may disrupt their business model, strategy and operations. The directors have liaised with suppliers and customers, and similarly they have no dealings that will impact the company's supply chain, recoverability of debt and credit. There has been a worldwide impact on the cost of particular goods, including fuel, which in turn has increased the costs of the business. The directors have calculated the effect and believe that this will not significantly impact it's ability to trade or going concern.
This report was approved by the board of directors on 26 June 2025 and signed on behalf of the board by:
Mr R K Body
Director
Registered office:
Camburgh House
27 New Dover Road
Canterbury
England
CT1 3DN
Lime Logistics Limited
Directors' Report
Year ended 30 September 2024
The directors present their report and the financial statements of the company for the year ended 30 September 2024 .
Directors
The directors who served the company during the year were as follows:
Mr R K Body
Mr D G Dixon
(Resigned 31 July 2024)
On the 28 February 2025 Daniel Body was appointed as a company director.
Dividends
Particulars of recommended dividends are detailed in note 12 to the financial statements.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report 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 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 judgments 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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 26 June 2025 and signed on behalf of the board by:
Mr R K Body
Director
Registered office:
Camburgh House
27 New Dover Road
Canterbury
England
CT1 3DN
Lime Logistics Limited
Independent Auditor's Report to the Members of Lime Logistics Limited
Year ended 30 September 2024
Opinion
We have audited the financial statements of Lime Logistics Limited (the 'company') for the year ended 30 September 2024 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows and the related notes, 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 FRS 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 30 September 2024 and of its loss for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
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 directors' report. We have nothing to report in respect of the following matters in relation to which 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 directors' responsibilities statement, 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 is 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.
Auditor's 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 an auditor’s report 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered; the nature of the industry, control environment and business performance with particular reference to the Company's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets. We also consider the results of our enquiries of management, relating to their own identification and assessment of the risks of irregularities and possible related fraud. This includes reviewing available documentation on their policies and procedures and performing tests of controls to evidence their effectiveness. Throughout the audit testing we are considering the incentives that may exist within the organisation for fraud. Key areas include timing of recognising income around the year end, posting of unusual journals and manipulating the Company's performance measures to meet remuneration targets and bank covenants. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We ensure we have an understanding of the relevant laws and regulations and remain alert to possible non-compliance throughout the audit. Despite proper planning and audit work in accordance with auditing standards there are inherent limitations and unavoidable risk that we may not detect some irregularities and material misstatements in the financial statements. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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 an auditor's report 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.
Andrew Collyer ACA
(Senior Statutory Auditor)
For and on behalf of
Burgess Hodgson LLP
Chartered accountants & statutory auditor
Camburgh House
27 New Dover Road
Canterbury
Kent
CT1 3DN
26 June 2025
Lime Logistics Limited
Statement of Income and Retained Earnings
Year ended 30 September 2024
2024
2023
Note
£
£
Turnover
4
10,313,816
12,770,271
Cost of sales
8,501,793
10,749,035
-------------
-------------
Gross profit
1,812,023
2,021,236
Administrative expenses
1,909,052
1,697,323
------------
------------
Operating (loss)/profit
5
( 97,029)
323,913
Other interest receivable and similar income
9
11,023
4,948
Interest payable and similar expenses
10
139,882
111,991
------------
------------
(Loss)/profit before taxation
( 225,888)
216,870
Tax on (loss)/profit
11
( 13,811)
30,002
---------
---------
(Loss)/profit for the financial year and total comprehensive income
( 212,077)
186,868
---------
---------
Dividends paid and payable
12
( 83,805)
( 154,184)
Retained earnings at the start of the year
3,346,925
3,314,241
------------
------------
Retained earnings at the end of the year
3,051,043
3,346,925
------------
------------
All the activities of the company are from continuing operations.
Lime Logistics Limited
Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
13
2,185,257
2,638,867
Current assets
Debtors
14
7,161,235
10,141,384
Cash at bank and in hand
47,635
------------
-------------
7,208,870
10,141,384
Creditors: amounts falling due within one year
16
4,775,445
7,721,788
------------
-------------
Net current assets
2,433,425
2,419,596
------------
------------
Total assets less current liabilities
4,618,682
5,058,463
Creditors: amounts falling due after more than one year
17
1,155,510
1,262,815
Provisions
19
412,029
448,623
------------
------------
Net assets
3,051,143
3,347,025
------------
------------
Capital and reserves
Called up share capital
22
100
100
Profit and loss account
3,051,043
3,346,925
------------
------------
Shareholders funds
3,051,143
3,347,025
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 26 June 2025 , and are signed on behalf of the board by:
Mr R K Body
Director
Company registration number: 03781768
Lime Logistics Limited
Statement of Cash Flows
Year ended 30 September 2024
2024
2023
Note
£
£
Cash flows from operating activities
(Loss)/profit for the financial year
( 212,077)
186,868
Adjustments for:
Depreciation of tangible assets
678,528
656,679
Other interest receivable and similar income
( 11,023)
( 4,948)
Interest payable and similar expenses
139,882
111,991
Loss on disposal of tangible assets
54,287
20,027
Tax on (loss)/profit
( 13,811)
30,002
Accrued (income)/expenses
( 38,003)
47,624
Changes in:
Trade and other debtors
2,991,035
( 2,850,841)
Trade and other creditors
( 2,227,753)
2,683,881
------------
------------
Cash generated from operations
1,361,065
881,283
Interest paid
( 139,882)
( 111,991)
Interest received
11,023
4,948
Tax paid
( 22,783)
( 25,401)
------------
---------
Net cash from operating activities
1,209,423
748,839
------------
---------
Cash flows from investing activities
Purchase of tangible assets
( 684,760)
( 1,233,612)
Proceeds from sale of tangible assets
405,555
73,400
------------
------------
Net cash used in investing activities
( 279,205)
( 1,160,212)
------------
------------
Cash flows from financing activities
Proceeds from borrowings
( 587,594)
62,237
Payments of finance lease liabilities
( 140,368)
360,045
Dividends paid
( 83,805)
( 154,184)
------------
------------
Net cash (used in)/from financing activities
( 811,767)
268,098
------------
------------
Net increase/(decrease) in cash and cash equivalents
118,451
( 143,275)
Cash and cash equivalents at beginning of year
(70,816)
72,459
--------
--------
Cash and cash equivalents at end of year
15
47,635
( 70,816)
--------
--------
Lime Logistics Limited
Notes to the Financial Statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, CT1 3DN, England.
2. Statement of compliance
These financial statements have been prepared in compliance with 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.
Going concern
The Directors have considered the current asset position of the business in assessing the going concern of the company. The net current asset position is £2,433,425, however we observe that there is a net debt position to one related party of £3,753,632 which is not expected to be recovered in the next 12 months. This gives a revised net liability position of £1,310,207. The directors have considered this against the expected cashflow of the business and note the following points: Based on 2024 profits arising again in 2025, the EBITDA is around £600k. This will be akin to the cash the business generates in that year to contribute towards paying liabilities. We also note the invoice financing facility of £756,724 which is expected to roll forward and not be settled within 12 months, which would take the net current asset position in respect of cash movements to approximately £50k. As this is positive the directors have assessed the business as a going concern.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of services is recognised when the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, the stage of completion can be measured reliably, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. 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 it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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. 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Long leasehold property
-
10% Straight line
Plant and machinery
-
10%, 15% or 25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
10%, 15% or 25% 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.
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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. 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. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
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.
4. Turnover
Turnover arises from:
2024
2023
£
£
Sale of goods
2,609,219
3,944,218
Rendering of services
7,704,597
8,826,053
-------------
-------------
10,313,816
12,770,271
-------------
-------------
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Operating (loss)/profit
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Depreciation of tangible assets
678,528
656,679
Loss on disposal of tangible assets
54,287
20,027
Impairment of trade debtors
98,205
(40,768)
---------
---------
6. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
6,600
6,000
-------
-------
7. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2024
2023
No.
No.
Production staff
36
43
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
200,554
175,573
Social security costs
20,877
17,645
Other pension costs
7,286
12,315
---------
---------
228,717
205,533
---------
---------
8. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
22,786
11,149
Company contributions to defined contribution pension plans
2,500
3,000
--------
--------
25,286
14,149
--------
--------
9. Other interest receivable and similar income
2024
2023
£
£
Interest on loans and receivables
11,023
4,948
--------
-------
10. Interest payable and similar expenses
2024
2023
£
£
Interest on banks loans and overdrafts
28,190
32,889
Interest on obligations under finance leases and hire purchase contracts
110,636
74,858
Other interest payable and similar charges
1,056
4,244
---------
---------
139,882
111,991
---------
---------
11. Tax on (loss)/profit
Major components of tax (income)/expense
2024
2023
£
£
Current tax:
UK current tax income
( 8,271)
Adjustments in respect of prior periods
22,783
( 15,026)
--------
--------
Total current tax
22,783
( 23,297)
--------
--------
Deferred tax:
Origination and reversal of timing differences
( 36,594)
53,299
--------
--------
Tax on (loss)/profit
( 13,811)
30,002
--------
--------
Reconciliation of tax (income)/expense
The tax assessed on the (loss)/profit on ordinary activities for the year is higher than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 19 %).
2024
2023
£
£
(Loss)/profit on ordinary activities before taxation
( 225,888)
216,870
---------
---------
(Loss)/profit on ordinary activities by rate of tax
( 56,472)
41,205
Adjustment to tax charge in respect of prior periods
22,783
( 15,026)
Effect of expenses not deductible for tax purposes
2,246
1,140
Effect of capital allowances and depreciation
19,744
( 126,171)
Utilisation of tax losses
( 8,271)
Unused tax losses
34,482
83,826
Deferred tax charge
( 36,594)
53,299
---------
---------
Tax on (loss)/profit
( 13,811)
30,002
---------
---------
12. Dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
83,805
154,184
--------
---------
13. Tangible assets
Long leasehold property
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 October 2023
116,018
69,649
5,301,969
9,552
5,497,188
Additions
3,880
680,880
684,760
Disposals
( 1,914,359)
( 1,914,359)
---------
--------
------------
-------
------------
At 30 September 2024
116,018
73,529
4,068,490
9,552
4,267,589
---------
--------
------------
-------
------------
Depreciation
At 1 October 2023
39,857
67,470
2,742,619
8,375
2,858,321
Charge for the year
11,602
2,603
663,674
649
678,528
Disposals
( 1,454,517)
( 1,454,517)
---------
--------
------------
-------
------------
At 30 September 2024
51,459
70,073
1,951,776
9,024
2,082,332
---------
--------
------------
-------
------------
Carrying amount
At 30 September 2024
64,559
3,456
2,116,714
528
2,185,257
---------
--------
------------
-------
------------
At 30 September 2023
76,161
2,179
2,559,350
1,177
2,638,867
---------
--------
------------
-------
------------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 30 September 2024
1,517,535
------------
At 30 September 2023
1,217,725
------------
14. Debtors
2024
2023
£
£
Trade debtors
5,852,388
8,684,017
Prepayments and accrued income
114,580
329,956
Corporation tax repayable
8,271
Directors loan account
175,829
629,097
Other debtors
1,018,438
490,043
------------
-------------
7,161,235
10,141,384
------------
-------------
The trade debtors figure above includes amount totalling £4,525,388, and other debtors includes amounts totalling £444,788, which are repayable on demand, but will likely be paid in after more than one year. This is to help support companies related due to common control.
15. Cash and cash equivalents
Cash and cash equivalents comprise the following:
2024
2023
£
£
Cash at bank and in hand
47,635
Bank overdrafts
( 70,816)
--------
--------
47,635
( 70,816)
--------
--------
16. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
926,724
1,415,134
Trade creditors
2,311,018
4,271,697
Accruals and deferred income
40,085
67,202
Social security and other taxes
321,261
168,298
Obligations under finance leases and hire purchase contracts
553,046
756,109
Other creditors
623,311
1,043,348
------------
------------
4,775,445
7,721,788
------------
------------
The company's bank loans and overdraft are secured by way of fixed and floating charges over the company's assets.
17. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
99,167
269,167
Obligations under finance leases and hire purchase contracts
1,056,343
993,648
------------
------------
1,155,510
1,262,815
------------
------------
The company's bank loans and overdraft are secured by way of fixed and floating charges over the company's assets.
18. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2024
2023
£
£
Not later than 1 year
553,046
756,109
Later than 1 year and not later than 5 years
1,056,343
993,648
------------
------------
1,609,389
1,749,757
------------
------------
19. Provisions
Deferred tax (note 20)
£
At 1 October 2023
448,623
Additions
( 36,594)
---------
At 30 September 2024
412,029
---------
20. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions (note 19)
412,029
448,623
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
545,927
558,921
Unused tax losses
( 133,898)
( 110,298)
---------
---------
412,029
448,623
---------
---------
21. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 4,786 (2023: £ 9,315 ).
22. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
23. Analysis of changes in net debt
At 1 Oct 2023
Cash flows
At 30 Sep 2024
£
£
£
Cash at bank and in hand
47,635
47,635
Bank overdrafts
(70,816)
70,816
Debt due within one year
(2,100,427)
620,657
(1,479,770)
Debt due after one year
(1,262,815)
107,305
(1,155,510)
------------
---------
------------
( 3,434,058)
846,413
( 2,587,645)
------------
---------
------------
24. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
48,000
48,000
Later than 1 year and not later than 5 years
192,000
144,000
Later than 5 years
12,000
108,000
---------
---------
252,000
300,000
---------
---------
25. Directors' advances, credits and guarantees
At the balance sheet date, one of the directors owed the company £175,829 (2023: £629,097). Advances totalling £144,932 (2023: £646,785) and repayments of £605,452 (2023: £264,822) were made by and to the director in the year. The largest balance due to the company during the year was £630,276 (2023: £629,097). Interest of £7,252 (2023: £4,948) has been charged on the loan balance monthly at HMRC's approved rates.
26. Related party transactions
At the balance sheet date, the company had trade debtors balances due of £4,568,797 (2023: £6,161,482) from seven companies which are related due to common control and trade creditors balances payable of £1,413,450 (2023: £1,927,429) to four companies which are related due to common control. Included in the trade debtor balance, £4,525,388 (2023: £5,853,418) is due from an individual company related due to common control. This debt has arisen where Lime Logistics has been assisting in financing a development project. The loan arrangement is informal and does not charge interest or have a determined repayment date. As a result, the loan is carried at the value of the cash transferred and is not discounted at a market rate of interest. It is presented within trade debtors due in less than one year. At the balance sheet date, the company had other debtors balances due of £529,788 (2023: £270,000) from three companies which are related due to common control and other creditors balances payable of £618,540 (2023: £885,000) due to two companies which are related due to common control. During the year, the company had sales of £2,259,838 and costs of £2,615,403 with companies related due to common control.