Trans-Bridge Freight Services Limited 02644229 false 2023-11-01 2024-10-31 2024-10-31 The principal activity of the company is the provision of transport and freight services. No significant change in the company's principal activity is expected. Digita Accounts Production Advanced 6.30.9574.0 true true true true true true true true true 02644229 2023-11-01 2024-10-31 02644229 2024-10-31 02644229 bus:Director2 2024-10-31 02644229 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2024-10-31 02644229 core:CapitalRedemptionReserve 2024-10-31 02644229 core:RetainedEarningsAccumulatedLosses 2024-10-31 02644229 core:ShareCapital 2024-10-31 02644229 core:FinanceLeases core:CurrentFinancialInstruments 2024-10-31 02644229 core:FinanceLeases core:Non-currentFinancialInstruments 2024-10-31 02644229 core:CurrentFinancialInstruments core:WithinOneYear 2024-10-31 02644229 core:Non-currentFinancialInstruments core:AfterOneYear 2024-10-31 02644229 core:BetweenTwoFiveYears 2024-10-31 02644229 core:MoreThanFiveYears 2024-10-31 02644229 core:WithinOneYear 2024-10-31 02644229 core:ConstructionInProgressAssetsUnderConstruction 2024-10-31 02644229 core:FurnitureFittingsToolsEquipment 2024-10-31 02644229 core:LandBuildings 2024-10-31 02644229 core:MotorVehicles 2024-10-31 02644229 core:DeferredTaxation 2024-10-31 02644229 bus:FRS102 2023-11-01 2024-10-31 02644229 bus:Audited 2023-11-01 2024-10-31 02644229 bus:FullAccounts 2023-11-01 2024-10-31 02644229 bus:RegisteredOffice 2023-11-01 2024-10-31 02644229 bus:Director1 2023-11-01 2024-10-31 02644229 bus:Director2 2023-11-01 2024-10-31 02644229 bus:Director3 2023-11-01 2024-10-31 02644229 bus:Director4 2023-11-01 2024-10-31 02644229 bus:Director5 2023-11-01 2024-10-31 02644229 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2023-11-01 2024-10-31 02644229 bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 02644229 bus:Agent1 2023-11-01 2024-10-31 02644229 1 2023-11-01 2024-10-31 02644229 core:CapitalRedemptionReserve 2023-11-01 2024-10-31 02644229 core:RetainedEarningsAccumulatedLosses 2023-11-01 2024-10-31 02644229 core:ShareCapital 2023-11-01 2024-10-31 02644229 core:LandBuildingsUnderOperatingLeases 2023-11-01 2024-10-31 02644229 core:ConstructionInProgressAssetsUnderConstruction 2023-11-01 2024-10-31 02644229 core:FurnitureFittingsToolsEquipment 2023-11-01 2024-10-31 02644229 core:LandBuildings 2023-11-01 2024-10-31 02644229 core:MotorVehicles 2023-11-01 2024-10-31 02644229 core:DeferredTaxation 2023-11-01 2024-10-31 02644229 core:UKTax 2023-11-01 2024-10-31 02644229 1 2023-11-01 2024-10-31 02644229 countries:EnglandWales 2023-11-01 2024-10-31 02644229 2023-10-31 02644229 core:CapitalRedemptionReserve core:PreviouslyStatedAmount 2023-10-31 02644229 core:RetainedEarningsAccumulatedLosses core:PreviouslyStatedAmount 2023-10-31 02644229 core:ShareCapital core:PreviouslyStatedAmount 2023-10-31 02644229 core:ConstructionInProgressAssetsUnderConstruction 2023-10-31 02644229 core:FurnitureFittingsToolsEquipment 2023-10-31 02644229 core:LandBuildings 2023-10-31 02644229 core:MotorVehicles 2023-10-31 02644229 core:DeferredTaxation 2023-10-31 02644229 core:PreviouslyStatedAmount 2023-10-31 02644229 2022-11-01 2023-10-31 02644229 2023-10-31 02644229 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2023-10-31 02644229 core:FinanceLeases core:CurrentFinancialInstruments 2023-10-31 02644229 core:FinanceLeases core:Non-currentFinancialInstruments 2023-10-31 02644229 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 02644229 core:Non-currentFinancialInstruments core:AfterOneYear 2023-10-31 02644229 core:BetweenTwoFiveYears 2023-10-31 02644229 core:MoreThanFiveYears 2023-10-31 02644229 core:WithinOneYear 2023-10-31 02644229 core:ConstructionInProgressAssetsUnderConstruction 2023-10-31 02644229 core:FurnitureFittingsToolsEquipment 2023-10-31 02644229 core:LandBuildings 2023-10-31 02644229 core:MotorVehicles 2023-10-31 02644229 1 2022-11-01 2023-10-31 02644229 core:CapitalRedemptionReserve 2022-11-01 2023-10-31 02644229 core:RetainedEarningsAccumulatedLosses 2022-11-01 2023-10-31 02644229 core:ShareCapital 2022-11-01 2023-10-31 02644229 core:LandBuildingsUnderOperatingLeases 2022-11-01 2023-10-31 02644229 core:UKTax 2022-11-01 2023-10-31 02644229 2022-10-31 02644229 core:CapitalRedemptionReserve 2022-10-31 02644229 core:RetainedEarningsAccumulatedLosses 2022-10-31 02644229 core:ShareCapital 2022-10-31 iso4217:GBP xbrli:pure xbrli:shares

Trans-Bridge Freight Services Limited

Directors' Report and Financial Accounts

for the year ended 31 October 2024
 

Registration number: 02644229

 

Trans-Bridge Freight Services Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Independent Auditor's Report

4 to 6

Profit and Loss Account and Statement of Retained Earnings

7

Statement of Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11 to 18

 

Trans-Bridge Freight Services Limited

Company Information

Directors

I P Hajdukewycz

D P Hajdukewycz

B J Walker

B Anderton

Registered office

Trans-Bridge Business Park
Drury Lane
Sellers Way
Chadderton
OL9 8EY

Auditors

Gortons
Chartered Accountants and Statutory AuditorsStanmore House
64-68 Blackburn Street
Radcliffe
Manchester
M26 2JS

 

Trans-Bridge Freight Services Limited

Strategic Report for the Year Ended 31 October 2024

The directors present their strategic report for the year ended 31 October 2024.

Principal activity

The principal activity of the company is the provision of transport and freight services. No significant change in the company's principal activity is expected.

Fair review of the business

The company continues to maintain turnover and gross margin at similar levels to previous years' and achieves this through high levels of service, close relationships with customers, attention to detail, investment in vehicles and investment in technology. The directors are proud of its customer retention levels and are always looking towards future developments to ensure they maintain the high standards they have achieved. Through expanding their fleet and staffing levels they are able to ensure their safe and reliable service is maintained.

The trading company's net assets have reduced from £5,068,036 in 2023 to £3,186,868. Whilst a company restructure impacts the company's Balance Sheet position the changes do not affect the company's trade. The group position reflects the introduction of a holding company in which, like many businesses, the business property is now held.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2024

2023

Turnover

£

12,342,169

12,618,506

Profit before tax

£

2,679,057

3,084,617

Gross profit margin

%

38

39

Principal risks and uncertainties

The business' principal financial instruments comprise bank balances, hire purchase loans, trade debtors and trade creditors. The purpose of these instruments is to finance the business' operations. The business activities expose it primarily to the financial risks associated with increased rates of interest. The directors plan carefully around market fluctuations.

Approved by the Board on 30 June 2025 and signed on its behalf by:

.........................................
I P Hajdukewycz
Director

   
     
 

Trans-Bridge Freight Services Limited

Directors' Report for the Year Ended 31 October 2024

The directors present their report and the financial accounts for the year ended 31 October 2024.

Directors' responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial accounts in accordance with applicable law and regulations.

Company law requires the directors to prepare financial accounts for each financial year. Under that law the directors have elected to prepare the financial accounts 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 accounts 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 accounts, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial accounts; and

prepare the financial accounts 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 accounts 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.

Directors of the company

The directors who held office during the year were as follows:

I P Hajdukewycz

D Torrance (deceased 21 May 2025)

D P Hajdukewycz

B J Walker

B Anderton

Information included in the Strategic Report

The information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports)
Regulations 2008 has been included in the separate Strategic Report in accordance with section 414C (11) of the Companies
Act 2006 Regulations 2013.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved by the Board on 30 June 2025 and signed on its behalf by:

.........................................
I P Hajdukewycz
Director

   
     
 

Trans-Bridge Freight Services Limited

Independent Auditor's Report to the Members of Trans-Bridge Freight Services Limited

Opinion
 

We have audited the financial statements of Trans-Bridge Freight Services Limited (the 'company') for the year ended 31 October 2024 which comprise the profit and loss account and statement of retained earnings, the statement of comprehensive income, the balance sheet, the statement of changes in equity, and 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 October 2024 and of the company's 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 auditor 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 original financial statements were 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 contained within the annual report. 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. 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 course of 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.

Opinion on other matter 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.

 

Trans-Bridge Freight Services Limited

Independent Auditor's Report to the Members of Trans-Bridge 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 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, set out within the Directors' Report, 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 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that relate to the Companies Act 2006.

Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with applicable laws and regulations as above. We reviewed financial statement disclosures and tested to supporting documentation.

We assessed the risks of material misstatement in respect of fraud by making enquiries of management, identifying particular areas that were susceptible to misstatement as part of our audit discussion, including review of related party relationships and transactions and detailed analytical review.

We considered the risk of fraud through management override and in response we tested controls, journal entries and other adjustments for appropriateness.

We evaluated the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made.

A further description of our responsibilities is available on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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.

 

Trans-Bridge Freight Services Limited

Independent Auditor's Report to the Members of Trans-Bridge Freight Services Limited

......................................
Jim Gorton (Senior Statutory Auditor)
For and on behalf of Gortons, Statutory Auditor

Gortons
Chartered Accountants & Registered Auditors
Stanmore House
64-68 Blackburn Street
Radcliffe
Manchester
M26 2JS

30 June 2025

 

Trans-Bridge Freight Services Limited

Profit and Loss Account and Statement of Retained Earnings
for the Year Ended 31 October 2024

Note

2024
£

2023
£

Turnover

3

12,342,169

12,618,506

Cost of sales

 

(7,695,627)

(7,718,270)

Gross profit

 

4,646,542

4,900,236

Administrative expenses

 

(2,198,521)

(2,028,824)

Other operating income

4

168,253

154,318

Operating profit

5

2,616,274

3,025,730

Other interest receivable and similar income

6

117,543

85,809

Interest payable and similar charges

7

(54,760)

(26,922)

Profit before tax

 

2,679,057

3,084,617

Taxation

11

(803,357)

(689,976)

Profit for the financial year

 

1,875,700

2,394,641

Retained earnings brought forward

 

5,067,930

3,417,295

Dividends paid

 

(3,756,868)

(744,000)

Purchase of own shares

 

-

(6)

Retained earnings carried forward

 

3,186,762

5,067,930

 

Trans-Bridge Freight Services Limited

Statement of Comprehensive Income for the Year Ended 31 October 2024

2024
£

2023
£

Profit for the year

1,875,700

2,394,641

Total comprehensive income for the year

1,875,700

2,394,641

 

Trans-Bridge Freight Services Limited

(Registration number: 02644229)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

12

2,167,204

2,890,470

Current assets

 

Debtors

13

2,762,505

2,651,790

Cash at bank and in hand

14

1,033,266

2,618,887

 

3,795,771

5,270,677

Creditors: Amounts falling due within one year

15

(2,173,814)

(2,630,140)

Net current assets

 

1,621,957

2,640,537

Total assets less current liabilities

 

3,789,161

5,531,007

Creditors: Amounts falling due after more than one year

15

(173,053)

(251,245)

Provisions for liabilities

16

(429,240)

(211,726)

Net assets

 

3,186,868

5,068,036

Capital and reserves

 

Called up share capital

18

100

100

Capital redemption reserve

6

6

Profit and loss account

3,186,762

5,067,930

Total capital and reserves

 

3,186,868

5,068,036

Approved and authorised by the Board on 30 June 2025 and signed on its behalf by:
 

.........................................
I P Hajdukewycz
Director

   
     
 

Trans-Bridge Freight Services Limited

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

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 November 2023

100

6

5,067,930

5,068,036

Profit for the year

-

-

1,875,700

1,875,700

Dividends

-

-

(3,756,868)

(3,756,868)

At 31 October 2024

100

6

3,186,762

3,186,868

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 November 2022

106

-

3,417,295

3,417,401

Profit for the year

-

-

2,394,641

2,394,641

Dividends

-

-

(744,000)

(744,000)

Purchase of own share capital

(6)

6

(6)

(6)

At 31 October 2023

100

6

5,067,930

5,068,036

 

Trans-Bridge Freight Services Limited

Notes to the Unaudited Financial Accounts for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Trans-Bridge Business Park
Drury Lane
Sellers Way
Chadderton
OL9 8EY

These financial statements were authorised for issue by the Board on 30 June 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial accounts are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial accounts have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Summary of disclosure exemptions

In accordance with the exemption available under FRS 102 Section 1.11, the company has not prepared a cash flow statement. The company is a wholly-owned subsidiary of Trans-Bridge Freight Services (Holdings) Limited, which prepares consolidated financial statements that include the cash flows of the company. The consolidated financial statements are publicly available and prepared in accordance with FRS 102.

Name of parent of group

These financial statements are consolidated in the financial statements of Trans-Bridge Freight Services (Holdings) Limited.

The financial statements of Trans-Bridge Freight Services (Holdings) Limited may be obtained from the registered office.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

 

Trans-Bridge Freight Services Limited

Notes to the Unaudited Financial Accounts for the Year Ended 31 October 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

20% reducing balance

Motor vehicles

25% reducing balance

Land and buildings

2% straight line method

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Trans-Bridge Freight Services Limited

Notes to the Unaudited Financial Accounts for the Year Ended 31 October 2024

3

Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Services provided

12,342,169

12,618,506

4

Other operating income

The analysis of the company's other operating income for the year is as follows:

2024
£

2023
£

Rent and service charges receivable

146,906

150,033

Sundry other income

21,347

4,285

168,253

154,318

5

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

568,636

427,566

Operating lease expense - property

120,000

120,000

Profit on disposal of fixed assets

(3,162)

(186,100)

Audit of the financial statements

11,000

15,000

6

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

42,660

23,364

Other finance income

14,053

-

Foreign currency gains

60,830

62,445

117,543

85,809

7

Interest payable and similar expenses

2024
£

2023
£

Interest on obligations under finance leases and hire purchase contracts

26,709

26,922

Interest expense on other finance liabilities

28,051

-

54,760

26,922

8

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

1,581,341

1,693,290

Social security costs

185,087

158,780

Pension costs, defined contribution scheme

94,926

132,059

1,861,354

1,984,129

 

Trans-Bridge Freight Services Limited

Notes to the Unaudited Financial Accounts for the Year Ended 31 October 2024

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

18

19

Sales

2

2

Distribution

22

22

42

43

9

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

182,930

118,980

Contributions paid to defined contribution pension schemes

18,810

55,249

201,740

174,229

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under defined contribution pension schemes

2

2

10

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

11,000

15,000


 

11

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

575,467

623,352

UK corporation tax adjustment to prior periods

10,376

-

585,843

623,352

Deferred taxation

Arising from origination and reversal of timing differences

217,514

66,624

Tax expense in the income statement

803,357

689,976

 

Trans-Bridge Freight Services Limited

Notes to the Unaudited Financial Accounts for the Year Ended 31 October 2024

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK of 25% (2023 - 19% until 31 March 2023 and 25% from 1 April 2023).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

2,679,057

3,084,617

Corporation tax at standard rate

669,764

694,037

Increase in UK and foreign current tax from adjustment for prior periods

10,376

-

Tax decrease from effect of capital allowances and depreciation

(94,418)

(30,939)

Effect of expense not deductible in determining taxable profit (tax loss)

17,948

(29,872)

Deferred tax expense from unrecognised tax loss or credit

217,514

66,624

Further item of tax decrease

(17,827)

(9,874)

Total tax charge

803,357

689,976

12

Tangible assets

Land and buildings - Drury Lane
£

Land and buildings - Antrim
 £

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2023

1,106,868

158,573

83,905

2,768,284

4,117,630

Additions

-

-

57,073

1,072,443

1,129,516

Disposals

(1,106,868)

-

-

(498,667)

(1,605,535)

At 31 October 2024

-

158,573

140,978

3,342,060

3,641,611

Depreciation

At 1 November 2023

-

-

26,380

1,200,780

1,227,160

Charge for the year

-

3,171

19,885

545,580

568,636

Eliminated on disposal

-

-

-

(321,389)

(321,389)

At 31 October 2024

-

3,171

46,265

1,424,971

1,474,407

Carrying amount

At 31 October 2024

-

155,402

94,713

1,917,089

2,167,204

At 31 October 2023

1,106,868

158,573

57,525

1,567,504

2,890,470

Included within the net book value of land and buildings above is £158,573 (2023 - £1,265,441) in respect of freehold land and buildings.

13

Debtors

Current

2024
£

2023
£

Trade debtors

1,742,531

1,870,708

Amounts owed by related parties

807,054

591,677

Other debtors

212,920

189,405

 

2,762,505

2,651,790

 

Trans-Bridge Freight Services Limited

Notes to the Unaudited Financial Accounts for the Year Ended 31 October 2024

14

Cash and cash equivalents

2024
£

2023
£

Cash on hand

-

233

Cash at bank

33,679

35,728

Short-term deposits

999,587

2,582,926

1,033,266

2,618,887

15

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

19

178,149

245,036

Trade creditors

 

1,143,465

1,212,529

Amounts due to related parties

 

7,355

-

Social security and other taxes

 

167,723

278,063

Outstanding defined contribution pension costs

 

2,833

12,927

Other creditors

 

54,422

35,928

Accruals

 

44,400

35,100

Corporation tax liability

 

575,467

810,557

 

2,173,814

2,630,140

Due after one year

 

Loans and borrowings

19

173,053

251,245

16

Provisions for liabilities

Deferred tax
£

Total
£

At 1 November 2023

211,726

211,726

Increase in existing provisions

217,514

217,514

At 31 October 2024

429,240

429,240

17

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £94,926 (2023 - £132,059).

Contributions totalling £2,833 (2023 - £12,927) were payable to the scheme at the end of the year and are included in creditors.

18

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       
 

Trans-Bridge Freight Services Limited

Notes to the Unaudited Financial Accounts for the Year Ended 31 October 2024

19

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase liabilities

173,053

251,245

Current loans and borrowings

2024
£

2023
£

Hire purchase liabilities

178,149

245,036

20

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

120,000

60,000

Later than one year and not later than five years

480,000

-

Later than five years

70,000

-

670,000

60,000

The amount of non-cancellable operating lease payments recognised as an expense during the year was £120,000 (2023 - £120,000).

 

Trans-Bridge Freight Services Limited

Notes to the Unaudited Financial Accounts for the Year Ended 31 October 2024

21

Related party transactions

A director has a loan with the company which was overdrawn by £5,225 at the year end (2023 - £260,820). Total advances made during the year were £204,405 and repayments made were £460,000. The maximum overdrawn amount in the year was £458,999 (2023 - £260,820). No interest has been charged on this loan and it is repayable on demand.

Another director has a loan with the company which was overdrawn by £2,829 at the year end (2023 - £276,943). Total advances made during the year were £185,886 and repayments made were £460,000. The maximum overdrawn amount in the year was £456,421 (2023 - £276,421). No interest has been charged on this loan and it is repayable on demand.

Two of the directors have pension schemes which rent premises to the company on an arm's length basis. The total rent charged and paid during the year was £120,000 (2023 - £120,000). No balance was outstanding at the year end (2023 - no balance outstanding).

Trans-Bridge Freight Services Limited are owed £799,000 from their parent company, Trans-Bridge Freight Services (Holdings) Limited, at 31 October 2024. No interest has been charged on the loan and the loan is repayable on demand.

On 18 October 2024, land and buildings at Drury Lane, Chadderton were transferred from Trans-Bridge Freight Services Limited to Trans-Bridge Freight Services (Holdings) Limited via a dividend in specie.
 

22

Parent and ultimate parent undertaking

The company's immediate and ultimate parent as at 31 October 2024 was Trans-Bridge Freight Services (Holdings) Limited, a company incorporated in England and Wales. The ultimate controlling shareholders of this company are I Hajdukewycz and D Torrance.