Tek Freight Ltd 31/12/2024 iXBRL

Company registration number: 11289847

Tek Freight Ltd

Financial statements

31 December 2024

Tek Freight Ltd

Contents

Directors and other information

Directors report

Independent auditor's report to the members

Statement of comprehensive income

Statement of financial position

Statement of changes in equity

Notes to the financial statements

Tek Freight Ltd

Directors and other information


Directors
	Graham Inglis
	Fedele De Vita
	Edward Williams
	Fabio Mioli	(Appointed 30 January 2025)(appointed 30/01/2025)


Company number	11289847


Registered office	Holly Court, Holly Farm Business Park
	Holly Farm Business Park
	Honiley
	Kenilworth
	CV81NP


Auditor	Fairman Harris
	1 Landor Road
	London
	SW9 9RX


Accountants	Alan James & Associates
	1 Shepperton Marina
	Felix Lane
	Shepperton
	Middlesex
	TW17 8NS

Tek Freight Ltd

Directors report

Year ended 31 December 2024

The directors present their report and the financial statements of the company for the year ended 31 December 2024.

Directors

The directors who served the company during the year were as follows:


Graham Inglis
Fedele De Vita
Edward Williams

Directors responsibilities statement

The directors are responsible for preparing the 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; and

- 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.

The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 30 September 2025 and signed on behalf of the board by:

Fabio Mioli

Director

Tek Freight Ltd

Independent auditor's report to the members of

Tek Freight Ltd

Year ended 31 December 2024

Opinion

We have audited the financial statements of Tek Freight Ltd (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, statement of financial position, 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 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 31 December 2024 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the directors' report has 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 directors' report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and the 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; or - the directors were not entitled to take advantage of the small companies exemption in preparing the directors' report and from the requirement to prepare a strategic report.

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: 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 auditors 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.

Fahreen Meghani (Senior Statutory Auditor)

For and on behalf of

Fairman Harris

Statutory Auditor

1 Landor Road

London

SW9 9RX

30 September 2025

Tek Freight Ltd

Statement of comprehensive income

Year ended 31 December 2024

		2024	2023
	Note	£	£


Turnover	4	2,579,323	2,657,167
Cost of sales		( 1,616,160)	( 1,153,531)
		_______	_______
Gross profit		963,163	1,503,636

Administrative expenses		( 797,034)	( 1,206,415)
Other operating income	5	-	7,386
		_______	_______
Operating profit	6	166,129	304,607

Other interest receivable and similar income	9	237	11
Interest payable and similar expenses	10	( 1,538)	( 427)
Profit before taxation		164,828	304,191

Tax on profit	11	( 41,207)	( 93,182)
		_______	_______
Profit for the financial year and total comprehensive income		123,621	211,009
		_______	_______

All the activities of the company are from continuing operations.

Tek Freight Ltd

Statement of financial position

31 December 2024

		2024		2023
	Note	£	£	£	£

Fixed assets
Tangible assets	12	610,121		622,077
		_______		_______
			610,121		622,077

Current assets
Debtors	13	425,161		541,770
Cash at bank and in hand		492,424		299,193
		_______		_______
		917,585		840,963
Creditors: amounts falling due
within one year	14	( 249,400)		( 305,367)
		_______		_______
Net current assets			668,185		535,596
			_______		_______
Total assets less current liabilities			1,278,306		1,157,673


Provisions for liabilities	15		( 152,531)		( 155,519)

			_______		_______
Net assets			1,125,775		1,002,154
			_______		_______

Capital and reserves
Called up share capital	18		27,778		27,778
Profit and loss account			1,097,997		974,376
			_______		_______
Shareholders funds			1,125,775		1,002,154
			_______		_______

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements were approved by the board of directors and authorised for issue on 30 September 2025 , and are signed on behalf of the board by:

Fabio Mioli

Director

Company registration number: 11289847

Tek Freight Ltd

Statement of changes in equity

Year ended 31 December 2024

	Called up share capital	Profit and loss account	Total
	£	£	£


At 1 July 2020	27,778	763,367	791,145

Profit for the year		211,009	211,009
	_______	_______	_______
Total comprehensive income for the year	-	211,009	211,009

	_______	_______	_______
At 31 December 2023 and 1 January 2024	27,778	974,376	1,002,154

Profit for the year		123,621	123,621
	_______	_______	_______
Total comprehensive income for the year	-	123,621	123,621

	_______	_______	_______
At 31 December 2024	27,778	1,097,997	1,125,775
	_______	_______	_______

Tek Freight Ltd

Notes to the financial statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Holly Court, Holly Farm Business Park, Holly Farm Business Park, Honiley, Kenilworth, CV81NP.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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. Unrelieved tax losses and other 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. 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.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

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:


Fittings fixtures and equipment	-	15 %	reducing balance
Motor vehicles	-	25 %	straight line
Computer equipment	-	33.33 %	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Hire purchase and finance leases

Assets held under finance leases 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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

4. Turnover

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

5. Other operating income

	2024	2023
	£	£
Other operating income	-	7,386
	_______	_______

6. Operating profit

Operating profit is stated after charging/(crediting):

	2024	2023
	£	£
Depreciation of tangible assets	251,952	207,210
(Gain)/loss on disposal of tangible assets	( 14,618)	12,375
Foreign exchange differences	6,145	6,895
Fees payable for the audit of the financial statements	8,000	7,500
	_______	_______

7. Staff costs

The aggregate payroll costs incurred during the year were:

	2024	2023
	£	£
Wages and salaries	906,140	877,564
Social security costs	23,806	32,743
Other pension costs	4,262	5,631
	_______	_______
	934,208	915,938
	_______	_______

8. Directors remuneration

The directors aggregate remuneration in respect of qualifying services was:

	2024	2023
	£	£
Remuneration	29,352	198,044
Company contributions to pension schemes in respect of qualifying services	-	1,313
	_______	_______
	29,352	199,357
	_______	_______

9. Other interest receivable and similar income

	2024	2023
	£	£
Other interest receivable and similar income	237	11
	_______	_______

10. Interest payable and similar expenses

		2024	2023
		£	£
Other loans made to the company:
	Finance leases and hire purchase contracts	-	427
	Other interest on other loans made to the company	1,538	-
		_______	_______
		1,538	427
		_______	_______

11. Tax on profit

Major components of tax expense

	2024	2023
	£	£
Current tax:
UK current tax expense/income	44,196	( 7,028)
	_______	_______

Deferred tax:
Origination and reversal of timing differences	( 2,989)	100,210
	_______	_______
Tax on profit	41,207	93,182
	_______	_______

Reconciliation of tax expense

The tax assessed on the profit for the year is the same as (2023: higher than) the standard rate of corporation tax in the UK of 25.00 % (2023: 25.00%).

	2024	2023
	£	£
Profit before taxation	164,828	304,191
	_______	_______

Profit multiplied by rate of tax	41,207	76,048
Effect of expenses not deductible for tax purposes	( 3,655)	5,030
Effect of capital allowances and depreciation	6,644	( 90,325)
Utilisation of tax losses	-	9,247
Tax effect of accelerated capital allowances	( 2,989)	100,210
Tax recoverable from prior year	-	( 7,028)
	_______	_______
Tax on profit	41,207	93,182
	_______	_______

12. Tangible assets

	Fixtures, fittings and equipment	Motor vehicles	Computer equipment	Total
	£	£	£	£
Cost
At 1 January 2024	3,558	1,112,608	216	1,116,382
Additions	-	241,413	965	242,378
Disposals	-	( 116,048)	-	( 116,048)
	_______	_______	_______	_______
At 31 December 2024	3,558	1,237,973	1,181	1,242,712
	_______	_______	_______	_______
Depreciation
At 1 January 2024	311	493,943	51	494,305
Charge for the year	487	251,258	207	251,952
Disposals	-	( 113,666)	-	( 113,666)
	_______	_______	_______	_______
At 31 December 2024	798	631,535	258	632,591
	_______	_______	_______	_______
Carrying amount
At 31 December 2024	2,760	606,438	923	610,121
	_______	_______	_______	_______
At 31 December 2023	3,247	618,665	165	622,077
	_______	_______	_______	_______

13. Debtors

	2024	2023
	£	£
Trade debtors	378,690	457,718
Prepayments and accrued income	46,471	76,024
Other debtors	-	8,028
	_______	_______
	425,161	541,770
	_______	_______

14. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	100,099	85,891
Accruals and deferred income	27,285	102,203
Corporation tax	44,196	36
Social security and other taxes	72,421	111,551
Other creditors	5,399	5,686
	_______	_______
	249,400	305,367
	_______	_______

15. Provisions

		Deferred tax (note 16)
		£
	At 1 January 2024	155,520
	Charges against provisions	( 2,989)
		_______
	At 31 December 2024	152,531
		_______

16. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2024	2023
	£	£
Included in provisions (note 15)	152,531	155,519
	_______	_______

The deferred tax account consists of the tax effect of timing differences in respect of:

	2024	2023
	£	£
Accelerated capital allowances	152,531	155,519
	_______	_______

17. Employee benefits

The amount recognised in profit or loss in relation to defined contribution plans was £ 4,262 (2023: £ 5,631 ).

18. Called up share capital

Issued, called up and fully paid

	2024		2023
	No	£	No	£
Ordinary shares of £ 1.00 each	27,778	27,778	27,778	27,778
	_______	_______	_______	_______

19. Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose related party transactions with wholly owned subsidiaries within the group.

20. Controlling party

The company is controlled by PHSE S.r.l. a company incorporated in Italy.The ultimate controlling party is Mr Fedele De Vita .