Intake Transport Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 03011958

Intake Transport Limited

Filleted Unaudited Financial Statements

28 February 2025

Intake Transport Limited

Statement of Financial Position

28 February 2025

	2025	2024
Note	£	£

Fixed assets

Tangible assets	5	1,709,482	2,249,541

Current assets

Debtors	6	653,920	961,189
Cash at bank and in hand		7,888	9,992
		---------	---------
		661,808	971,181

Creditors: amounts falling due within one year	7	810,746	1,656,955
		---------	------------
Net current liabilities		148,938	685,774
		------------	------------
Total assets less current liabilities		1,560,544	1,563,767

Creditors: amounts falling due after more than one year	8	1,668,436	1,353,001

Provisions	395,435	484,692
	------------	------------
Net liabilities	( 503,327)	( 273,926)
	------------	------------

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 503,427)	( 274,026)
	---------	---------
Shareholders deficit	( 503,327)	( 273,926)
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- 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 Act with respect to accounting records and the preparation of financial statements .

Intake Transport Limited

Statement of Financial Position (continued)

28 February 2025

These financial statements were approved by the board of directors and authorised for issue on 21 November 2025 , and are signed on behalf of the board by:

Mr F Pierce	Mr J Pierce
Director	Director

Company registration number: 03011958

Intake Transport Limited

Notes to the Financial Statements

Year ended 28 February 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Ninth Avenue, Flixborough Industrial Estate, Scunthorpe, South Humberside, DN15 8SL.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of 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 current position of the company is a result of a combination of significant economic factors, including the knock on effect of covid, a very substantial bad debt charge of £246,547 in 2024, increased vehicle prices, increased interest rates, and generally tougher economic trading conditions which have all had a major impact on the company's performance. Although the statement of financial position shows a deficit on profit and loss reserves of £503,427 the EBITDA for 2025 was £295,001 (2024 £448,310). During the year the company came under new ownership and together with a substantial injection of funds to clear nearly all bank and finance debt and a change in the way the commercial vehicle fleet is financed has resulted in a much improved position. Financial support will be continued by the new investors and it is considered appropriate to prepare the accounts on a going concern basis.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Revenue recognition

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

Taxation

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. 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.

Tangible assets

Tangible assets are initially recorded at cost, and 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.

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:

Plant and machinery	-	15% straight line
Fixtures and fittings	-	15% reducing balance
Motor vehicles	-	20% reducing balance
Equipment	-	25% straight line

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 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.

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 instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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. Employee numbers

The average number of persons employed by the company during the year amounted to 23 (2024: 32 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 March 2024	75,840	54,701	5,123,191	33,942	5,287,674
Additions	–	–	25,510	–	25,510
Disposals	–	–	( 445,506)	–	( 445,506)
	--------	--------	------------	--------	------------
At 28 February 2025	75,840	54,701	4,703,195	33,942	4,867,678
	--------	--------	------------	--------	------------
Depreciation
At 1 March 2024	68,304	51,401	2,884,486	33,942	3,038,133
Charge for the year	5,880	3,300	437,241	–	446,421
Disposals	–	–	( 326,358)	–	( 326,358)
	--------	--------	------------	--------	------------
At 28 February 2025	74,184	54,701	2,995,369	33,942	3,158,196
	--------	--------	------------	--------	------------
Carrying amount
At 28 February 2025	1,656	–	1,707,826	–	1,709,482
	--------	--------	------------	--------	------------
At 29 February 2024	7,536	3,300	2,238,705	–	2,249,541
	--------	--------	------------	--------	------------

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 28 February 2025	1,548,112
	------------
At 29 February 2024	1,940,746
	------------

6. Debtors

	2025	2024
	£	£
Trade debtors	637,419	933,891
Other debtors	16,501	27,298
	---------	---------
	653,920	961,189
	---------	---------

7. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	62,325	81,558
Trade creditors	69,213	218,638
Corporation tax	14,769	–
Social security and other taxes	106,539	167,291
Other creditors	557,900	1,189,468
	---------	------------
	810,746	1,656,955
	---------	------------

Included within other creditors above are hire purchase liabilities amounting to £505,395 (2024: £339,126) which are secured on the subject assets.

8. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	1,135,000	–
Other creditors	533,436	1,353,001
	------------	------------
	1,668,436	1,353,001
	------------	------------

Included within other creditors above are hire purchase liabilities amounting to £533,436 (2024: £1,353,001) which are secured on the subject assets.

9. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2025
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr J D Burgin	5,332	–	( 5,332)	–
Mr R J Burgin	5,332	–	( 5,332)	–
	--------	----	--------	----
	10,664	–	( 10,664)	–
	--------	----	--------	----

	2024
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr J D Burgin	( 4,418)	10,889	( 1,139)	5,332
Mr R J Burgin	( 4,418)	10,889	( 1,139)	5,332
	-------	--------	-------	--------
	( 8,836)	21,778	( 2,278)	10,664
	-------	--------	-------	--------

10. Related party transactions

During the year a connected company made loans to Intake Transport Limited of £1,135,000. No interest has been charged on this loan and the loan is repayable on demand.

11. Controlling party

The immediate parent undertaking is Steelstream Logistics Limited, in the opinion of the directors there is no one party which has ultimate control of the company.