Company registration number 02420088 (England and Wales)
FREIGHTPATH LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
FREIGHTPATH LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
FREIGHTPATH LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
557,352
512,418
Current assets
Stocks
53,493
49,276
Debtors
4
712,942
659,045
Cash at bank and in hand
193,919
220,354
960,354
928,675
Creditors: amounts falling due within one year
5
(363,553)
(306,421)
Net current assets
596,801
622,254
Total assets less current liabilities
1,154,153
1,134,672
Creditors: amounts falling due after more than one year
6
(339,915)
(402,537)
Provisions for liabilities
(71,437)
(93,888)
Net assets
742,801
638,247
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
742,701
638,147
Total equity
742,801
638,247
FREIGHTPATH LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024
30 September 2024
- 2 -

For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 26 June 2025 and are signed on its behalf by:
J M Morgan
Director
Company registration number 02420088 (England and Wales)
FREIGHTPATH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information

Freightpath Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 8, Tollgate Crescent, Burscough, Lancashire, United Kingdom, L40 8LT.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover comprises the fair value of consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. turnover is recognised when the company has delivered the goods and services to the customer, and is net of rebates, discounts and value added tax.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold property
Over the life of the lease
Plant and equipment
25% straight line
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks are measured at the lower of cost and estimated selling selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

FREIGHTPATH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.7
Leases

Assets obtained under hire purchase contracts are capitalised as tangible fixed assets and depreciated over their useful lives. Obligations under such agreements are included in creditors net of the finance charges 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 obligations outstanding in each period.

 

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
16
16
FREIGHTPATH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
3
Tangible fixed assets
Leasehold property
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2023
211,406
545,051
292,531
1,048,988
Additions
73,705
10,823
176,470
260,998
Disposals
-
0
(3,250)
(45,729)
(48,979)
At 30 September 2024
285,111
552,624
423,272
1,261,007
Depreciation and impairment
At 1 October 2023
75,492
360,439
100,639
536,570
Depreciation charged in the year
14,255
73,910
100,069
188,234
Eliminated in respect of disposals
-
0
(3,250)
(17,899)
(21,149)
At 30 September 2024
89,747
431,099
182,809
703,655
Carrying amount
At 30 September 2024
195,364
121,525
240,463
557,352
At 30 September 2023
135,914
184,612
191,892
512,418
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
334,000
312,510
Amounts owed by group undertakings
300,000
300,000
Other debtors
78,942
46,535
712,942
659,045
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
8,881
8,881
Trade creditors
135,537
135,780
Other creditors
219,135
161,760
363,553
306,421

Creditors include bank loans and net obligations under hire purchase contracts which are secured totalling £52,879 (2023 £73,025). The bank loan is secured on the directors home and hire purchase contracts are secured and the related fixed asset.

FREIGHTPATH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
273,310
282,273
Other creditors
66,605
120,264
339,915
402,537

Creditors include bank loans and net obligations under hire purchase contracts which are secured totalling £339,915 (2023 £402,537). The bank loan is secured on the directors home and hire purchase contracts are secured and the related fixed asset.

7
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
4,407,400
4,453,400
8
Parent company

The company's immediate parent is J and M Morgan Engineering Holdings Limited.

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