Andyfreight Holdings Limited - Limited company accounts 20.1

Andyfreight Holdings Limited - Limited company accounts 20.1

ANDYFREIGHT HOLDINGS LIMITED - Company Information

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REGISTERED NUMBER: 04803928 (England and Wales)















ANDYFREIGHT HOLDINGS LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2020





Folkes Worton LLP
Chartered Accountants and Statutory Auditor
15-17 Church Street
Stourbridge
West Midlands
DY8 1LU








ANDYFREIGHT HOLDINGS LIMITED (REGISTERED NUMBER: 04803928)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2020










Page

Company Information 1

Group Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 5

Consolidated Statement of Comprehensive Income 7

Consolidated Statement of Financial Position 8

Company Statement of Financial Position 9

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Statement of Cash Flows 13

Notes to the Consolidated Statement of Cash Flows 14

Notes to the Consolidated Financial Statements 16


ANDYFREIGHT HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2020







DIRECTOR: Mr A.D. Pountney



SECRETARY: Mrs M.K. Pountney



REGISTERED OFFICE: Andyfreight Business Park
Folkes Road
Lye
Stourbridge
West Midlands
DY9 8RB



REGISTERED NUMBER: 04803928 (England and Wales)



AUDITORS: Folkes Worton LLP
Chartered Accountants and Statutory Auditor
15-17 Church Street
Stourbridge
West Midlands
DY8 1LU



BANKERS: Lloyds Bank plc
134 High Street
Stourbridge
West Midlands
DY8 1DS
Page 1
ANDYFREIGHT HOLDINGS LIMITED (REGISTERED NUMBER: 04803928)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2020


The director presents his strategic report of the company and the group for the year ended 31 October 2020.

REVIEW OF BUSINESS
The results for the year and financial position of the group are as shown in the annexed consolidated financial statements.

The director considers the key performance indicators to be gross profit, operating profit and net assets, which communicate the financial performance and strength of the group and are all disclosed within the body of the financial statements.

The decrease in sales reflects decreased trading activity within the group of companies. Consistent control of overhead costs has been reflected the trading results and the subsequent increase in net profit and net assets, demonstrating the value of the policies adopted by the group.

From knowledge and information available currently, the director feels that consistent application of group policies will enable them to compete in what continues to be a difficult market.

PRINCIPAL RISKS AND UNCERTAINTIES
The group's activities expose it to a number of financial risks including credit risk and price risk.

Credit risk
The group's principal financial assets are trade and other receivables. The group's credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. The group has no significant concentration of credit risk, with exposure spread over a large number of counterparts and customers.

Price risk
The group is exposed to commodity price risk, but endeavours to manage this risk.

ON BEHALF OF THE BOARD:





Mr A.D. Pountney - Director


12 January 2021

Page 2
ANDYFREIGHT HOLDINGS LIMITED (REGISTERED NUMBER: 04803928)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 OCTOBER 2020


The director presents his report with the financial statements of the company and the group for the year ended 31 October 2020.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of haulage contractor.

DIVIDENDS
Interim dividends per share were paid during the year as follows:
Ordinary A £1 - £1080
Ordinary B £1 - £20000

The total distribution of dividends for the year ended 31 October 2020 will be £ 128,000 .

DIRECTOR
Mr A.D. Pountney held office during the whole of the period from 1 November 2019 to the date of this report.

His beneficial interests in the shares of the company, according to the register of directors' interests, were as follows:

31.10.20 1.11.19
Ordinary A shares of £1 each 100 100

He did not hold any beneficial interests in the Ordinary B shares of £1 each.

He did not hold any non-beneficial interests in any of the shares of the company.

POLITICAL DONATIONS AND EXPENDITURE
During the year, the group did not make any political donations and incurred no political expenditure.

The group made charitable donations amounting to £625.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgements 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.


Page 3
ANDYFREIGHT HOLDINGS LIMITED (REGISTERED NUMBER: 04803928)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 OCTOBER 2020

STATEMENT OF DIRECTOR'S RESPONSIBILITIES - continued
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Folkes Worton LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr A.D. Pountney - Director


12 January 2021

Page 4
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ANDYFREIGHT HOLDINGS LIMITED


Opinion
We have audited the financial statements of Andyfreight Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2020 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 group's and of the parent company affairs as at 31 October 2020 and of the group'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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
- the director's use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
- the director has not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the group's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Page 5
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ANDYFREIGHT HOLDINGS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on pages three and four, the director is 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 director determines 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 director is responsible for assessing the group's and the parent 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.




Neil Smith BSc FCA (Senior Statutory Auditor)
for and on behalf of Folkes Worton LLP
Chartered Accountants and Statutory Auditor
15-17 Church Street
Stourbridge
West Midlands
DY8 1LU

12 January 2021

Page 6
ANDYFREIGHT HOLDINGS LIMITED (REGISTERED NUMBER: 04803928)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2020

2020 2019
Notes £    £   

TURNOVER 5,463,188 5,606,776

Cost of sales 3,643,518 3,741,333
GROSS PROFIT 1,819,670 1,865,443

Administrative expenses 1,109,013 1,128,490
710,657 736,953

Other operating income 104,742 -
OPERATING PROFIT 4 815,399 736,953

Interest receivable and similar income 10 1
815,409 736,954

Interest payable and similar expenses 5 55,918 69,494
PROFIT BEFORE TAXATION 759,491 667,460

Tax on profit 6 153,714 132,382
PROFIT FOR THE FINANCIAL YEAR 605,777 535,078

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR
605,777
535,078

Profit attributable to:
Owners of the parent 605,777 535,078

Total comprehensive income attributable to:
Owners of the parent 605,777 535,078

The notes form part of these financial statements

Page 7
ANDYFREIGHT HOLDINGS LIMITED (REGISTERED NUMBER: 04803928)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 OCTOBER 2020

2020 2019
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 5,169,513 4,803,548
Investments 10 - -
5,169,513 4,803,548

CURRENT ASSETS
Stocks 11 58,702 74,780
Debtors 12 1,178,153 1,137,375
Investments 13 11,000 11,000
Cash at bank and in hand 1,144,458 503,905
2,392,313 1,727,060
CREDITORS
Amounts falling due within one year 14 2,245,055 1,540,749
NET CURRENT ASSETS 147,258 186,311
TOTAL ASSETS LESS CURRENT
LIABILITIES
5,316,771
4,989,859

CREDITORS
Amounts falling due after more than one year 15 (1,230,673 ) (1,395,965 )

PROVISIONS FOR LIABILITIES 19 (293,490 ) (279,063 )
NET ASSETS 3,792,608 3,314,831

CAPITAL AND RESERVES
Called up share capital 20 101 101
Retained earnings 3,792,507 3,314,730
SHAREHOLDERS' FUNDS 3,792,608 3,314,831

The financial statements were approved by the director and authorised for issue on 12 January 2021 and were signed by:





Mr A.D. Pountney - Director


The notes form part of these financial statements

Page 8
ANDYFREIGHT HOLDINGS LIMITED (REGISTERED NUMBER: 04803928)

COMPANY STATEMENT OF FINANCIAL POSITION
31 OCTOBER 2020

2020 2019
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 2,950,543 2,337,926
Investments 10 100 100
2,950,643 2,338,026

CURRENT ASSETS
Debtors 12 229,331 347,757
Investments 13 11,000 11,000
Cash at bank 520,892 308,555
761,223 667,312
CREDITORS
Amounts falling due within one year 14 952,608 283,107
NET CURRENT (LIABILITIES)/ASSETS (191,385 ) 384,205
TOTAL ASSETS LESS CURRENT
LIABILITIES
2,759,258
2,722,231

CREDITORS
Amounts falling due after more than one year 15 (856,725 ) (984,478 )

PROVISIONS FOR LIABILITIES 19 (33,870 ) (30,562 )
NET ASSETS 1,868,663 1,707,191

CAPITAL AND RESERVES
Called up share capital 20 101 101
Retained earnings 1,868,562 1,707,090
SHAREHOLDERS' FUNDS 1,868,663 1,707,191

Company's profit for the financial year 289,472 531,783

The notes form part of these financial statements

Page 9 continued...
ANDYFREIGHT HOLDINGS LIMITED (REGISTERED NUMBER: 04803928)

COMPANY STATEMENT OF FINANCIAL POSITION - continued
31 OCTOBER 2020


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

The financial statements were approved by the director and authorised for issue on 12 January 2021 and were signed by:





Mr A.D. Pountney - Director


The notes form part of these financial statements

Page 10
ANDYFREIGHT HOLDINGS LIMITED (REGISTERED NUMBER: 04803928)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2020

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 November 2018 101 2,907,652 2,907,753

Changes in equity
Dividends - (128,000 ) (128,000 )
Total comprehensive income - 535,078 535,078
Balance at 31 October 2019 101 3,314,730 3,314,831

Changes in equity
Dividends - (128,000 ) (128,000 )
Total comprehensive income - 605,777 605,777
Balance at 31 October 2020 101 3,792,507 3,792,608

The notes form part of these financial statements

Page 11
ANDYFREIGHT HOLDINGS LIMITED (REGISTERED NUMBER: 04803928)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2020

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 November 2018 101 1,303,307 1,303,408

Changes in equity
Dividends - (128,000 ) (128,000 )
Total comprehensive income - 531,783 531,783
Balance at 31 October 2019 101 1,707,090 1,707,191

Changes in equity
Dividends - (128,000 ) (128,000 )
Total comprehensive income - 289,472 289,472
Balance at 31 October 2020 101 1,868,562 1,868,663

The notes form part of these financial statements

Page 12
ANDYFREIGHT HOLDINGS LIMITED (REGISTERED NUMBER: 04803928)

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2020

2020 2019
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,081,792 1,476,485
Interest paid (32,695 ) (39,845 )
Interest element of hire purchase payments paid (23,223 ) (29,649 )
Tax paid (44,687 ) (94,986 )
Net cash from operating activities 1,981,187 1,312,005

Cash flows from investing activities
Purchase of tangible fixed assets (732,834 ) (217,378 )
Sale of tangible fixed assets 135,950 61,350
Purchase of current asset investments - (3,500 )
Sale of current asset investments - 500
Interest received 10 1
Net cash from investing activities (596,874 ) (159,027 )

Cash flows from financing activities
Loan repayments in year (121,952 ) (115,222 )
Capital repayments in year (493,729 ) (674,271 )
Amount introduced by directors - 500
Amount withdrawn by directors (79 ) (1,672 )
Equity dividends paid (128,000 ) (108,000 )
Net cash from financing activities (743,760 ) (898,665 )

Increase in cash and cash equivalents 640,553 254,313
Cash and cash equivalents at beginning of year 2 503,905 249,592

Cash and cash equivalents at end of year 2 1,144,458 503,905

The notes form part of these financial statements

Page 13
ANDYFREIGHT HOLDINGS LIMITED (REGISTERED NUMBER: 04803928)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2020


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2020 2019
£    £   
Profit before taxation 759,491 667,460
Depreciation charges 555,105 535,446
Profit on disposal of fixed assets (4,805 ) (6,537 )
Loss on sale of investments - 7,479
Finance costs 55,918 69,494
Finance income (10 ) (1 )
1,365,699 1,273,341
Decrease/(increase) in stocks 16,078 (45,159 )
(Increase)/decrease in trade and other debtors (42,196 ) 69,787
Increase in trade and other creditors 742,211 178,516
Cash generated from operations 2,081,792 1,476,485

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 October 2020
31/10/20 1/11/19
£    £   
Cash and cash equivalents 1,144,458 503,905
Year ended 31 October 2019
31/10/19 1/11/18
£    £   
Cash and cash equivalents 503,905 314,403
Bank overdrafts - (64,811 )
503,905 249,592


The notes form part of these financial statements

Page 14
ANDYFREIGHT HOLDINGS LIMITED (REGISTERED NUMBER: 04803928)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2020


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/11/19 Cash flow At 31/10/20
£    £    £   
Net cash
Cash at bank and in hand 503,905 640,553 1,144,458
503,905 640,553 1,144,458

Liquid resources
Current asset investments 11,000 - 11,000
11,000 - 11,000
Debt
Finance leases (922,622 ) 174,347 (748,275 )
Debts falling due within 1 year (118,500 ) (5,800 ) (124,300 )
Debts falling due after 1 year (984,478 ) 127,753 (856,725 )
(2,025,600 ) 296,300 (1,729,300 )
Total (1,510,695 ) 936,853 (573,842 )

The notes form part of these financial statements

Page 15
ANDYFREIGHT HOLDINGS LIMITED (REGISTERED NUMBER: 04803928)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2020


1. STATUTORY INFORMATION

Andyfreight Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided during the period in the normal course of business, and is shown net of value added tax and other sales related taxes. The fair value of consideration takes into account trade discounts.

Revenue from the supply of services is recognised when:
- the amount of the revenue can be measured reliably;
- it is probable that the economic benefits associated with the transaction will flow to the entity; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Tangible assets are initially measured at cost. After initial recognition, tangible assets are measured at cost less any accumulated depreciation and any accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold buildings-2% on cost
Plant and machinery-Varying from 20% to 25% on reducing balance
Fixtures and fittings-20% on reducing balance
Motor vehicles-Varying from 20% to 25% on reducing balance
No depreciation is provided on freehold land

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

Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated amount recoverable from the consumption of stocks less other costs in carrying out the service. Cost is based on the cost of purchase on a first in first out basis.

At each reporting date, an assessment is made for impairment, being any excess of the carrying amount of stocks over its estimated recoverable value. The impairment loss, and any subsequent reversal, is recognised in the statement of comprehensive income.


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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2020


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
2020 2019
£    £   
Wages and salaries 1,834,329 1,791,100
Social security costs 169,974 172,406
Other pension costs 120,761 117,371
2,125,064 2,080,877

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2020


3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2020 2019

Director 1 1
Administration 8 10
Warehouse 7 7
Drivers 39 39
55 57

2020 2019
£    £   
Director's remuneration 15,000 15,000

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2020 2019
£    £   
Depreciation - owned assets 328,307 165,180
Depreciation - assets on hire purchase contracts 226,798 370,265
Profit on disposal of fixed assets (4,805 ) (6,537 )
Auditors' remuneration 13,535 10,365
Auditors' remuneration for non audit work 10,590 12,230

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2020 2019
£    £   
Loan interest 32,695 39,845
Hire purchase interest 23,223 29,649
55,918 69,494

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2020


6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2020 2019
£    £   
Current tax:
UK corporation tax 139,287 46,130
Prior year tax adjustment - (6,808 )
Total current tax 139,287 39,322

Deferred tax 14,427 93,060
Tax on profit 153,714 132,382

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2020 2019
£    £   
Profit before tax 759,491 667,460
Profit multiplied by the standard rate of corporation tax in the UK of 19% (2019 -
19%)
144,303
126,817

Effects of:
Expenses not deductible for tax purposes 3,968 6,930
Depreciation in excess of capital allowances 5,443 5,443
Adjustments to tax charge in respect of previous periods - (6,808 )
Total tax charge 153,714 132,382

7. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2020


8. DIVIDENDS
2020 2019
£    £   
Ordinary A shares of £1 each
Interim 108,000 108,000
Ordinary B share of £1
Interim 20,000 20,000
128,000 128,000

9. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 November 2019 2,655,957 130,225 213,035 4,866,571 7,865,788
Additions 645,522 4,498 47,327 354,868 1,052,215
Disposals - - - (501,690 ) (501,690 )
At 31 October 2020 3,301,479 134,723 260,362 4,719,749 8,416,313
DEPRECIATION
At 1 November 2019 275,768 104,726 170,115 2,511,631 3,062,240
Charge for year 34,495 5,749 11,170 503,691 555,105
Eliminated on disposal - - - (370,545 ) (370,545 )
At 31 October 2020 310,263 110,475 181,285 2,644,777 3,246,800
NET BOOK VALUE
At 31 October 2020 2,991,216 24,248 79,077 2,074,972 5,169,513
At 31 October 2019 2,380,189 25,499 42,920 2,354,940 4,803,548

Included in cost of land and buildings is freehold land of £923,241 (2019 - £923,241) which is not depreciated.

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2020


9. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 November 2019 2,037,103
Additions 354,868
Transfer to/from ownership (999,120 )
At 31 October 2020 1,392,851
DEPRECIATION
At 1 November 2019 587,353
Charge for year 226,798
Transfer to/from ownership (432,317 )
At 31 October 2020 381,834
NET BOOK VALUE
At 31 October 2020 1,011,017
At 31 October 2019 1,449,750

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2020


9. TANGIBLE FIXED ASSETS - continued

Company
Freehold Plant and
property machinery Totals
£    £    £   
COST
At 1 November 2019 2,581,739 60,623 2,642,362
Additions 645,522 4,498 650,020
At 31 October 2020 3,227,261 65,121 3,292,382
DEPRECIATION
At 1 November 2019 263,896 40,540 304,436
Charge for year 33,011 4,392 37,403
At 31 October 2020 296,907 44,932 341,839
NET BOOK VALUE
At 31 October 2020 2,930,354 20,189 2,950,543
At 31 October 2019 2,317,843 20,083 2,337,926

Included in cost of land and buildings is freehold land of £ 923,241 (2019 - £ 923,241 ) which is not depreciated.

10. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 November 2019
and 31 October 2020 100
NET BOOK VALUE
At 31 October 2020 100
At 31 October 2019 100

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2020


10. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiary

Andyfreight Limited
Registered office: Andyfreight Business Park, Folkes Road, Lye, Stourbridge, West Midlands, DY9 8RB.
Nature of business: Haulage contractors
%
Class of shares: holding
Ordinary 100.00
2020 2019
£    £   
Aggregate capital and reserves 1,924,045 1,607,739
Profit for the year 316,306 263,294


11. STOCKS

Group
2020 2019
£    £   
Stocks 58,702 74,780

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2020 2019 2020 2019
£    £    £    £   
Trade debtors 951,209 897,202 112,259 72,541
Amounts owed by group undertakings - - - 260,500
Other debtors - 100 - -
Tax - 1,418 - -
VAT - - 106,030 -
Prepayments 226,944 238,655 11,042 14,716
1,178,153 1,137,375 229,331 347,757

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2020


13. CURRENT ASSET INVESTMENTS

Group Company
2020 2019 2020 2019
£    £    £    £   
Other 11,000 11,000 11,000 11,000

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2020 2019 2020 2019
£    £    £    £   
Bank loans and overdrafts (see note 16) 124,300 118,500 124,300 118,500
Hire purchase contracts (see note 17) 374,327 511,135 - -
Trade creditors 1,244,906 553,903 642,466 21,692
Tax 139,287 46,105 73,676 46,105
Social security and other taxes 177,033 126,234 293 1,939
Other creditors 28,217 25,474 10,000 10,000
Directors' loan accounts 18,922 19,001 18,922 19,001
Accruals 138,063 140,397 82,951 65,870
2,245,055 1,540,749 952,608 283,107

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2020 2019 2020 2019
£    £    £    £   
Bank loans (see note 16) 856,725 984,478 856,725 984,478
Hire purchase contracts (see note 17) 373,948 411,487 - -
1,230,673 1,395,965 856,725 984,478

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ANDYFREIGHT HOLDINGS LIMITED (REGISTERED NUMBER: 04803928)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2020


16. LOANS

An analysis of the maturity of loans is given below:

Group Company
2020 2019 2020 2019
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 124,300 118,500 124,300 118,500
Amounts falling due between one and two years:
Bank loans 126,800 121,600 126,800 121,600
Amounts falling due between two and five years:
Bank loans 395,700 383,700 395,700 383,700
Amounts falling due in more than five years:
Repayable by instalments
Bank loans 334,225 479,178 334,225 479,178

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2020


17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2020 2019
£    £   
Gross obligations repayable:
Within one year 394,626 532,119
Between one and five years 383,160 422,457
777,786 954,576

Finance charges repayable:
Within one year 20,299 20,984
Between one and five years 9,212 10,970
29,511 31,954

Net obligations repayable:
Within one year 374,327 511,135
Between one and five years 373,948 411,487
748,275 922,622

18. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2020 2019 2020 2019
£    £    £    £   
Bank loans 981,025 1,102,978 981,025 1,102,978
Hire purchase contracts 748,275 922,622 - -
1,729,300 2,025,600 981,025 1,102,978

Bank borrowing is secured by fixed and floating charges over the assets of the company.

Hire purchase liabilities are secured on the assets acquired thereunder.

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2020


19. PROVISIONS FOR LIABILITIES

Group Company
2020 2019 2020 2019
£    £    £    £   
Deferred tax
Accelerated capital allowances 295,662 280,714 33,870 30,562
Other timing differences (2,172 ) (1,651 ) - -
293,490 279,063 33,870 30,562

Group
Deferred
tax
£   
Balance at 1 November 2019 279,063
Provided during year 14,427
Balance at 31 October 2020 293,490

Company
Deferred
tax
£   
Balance at 1 November 2019 30,562
Provided during year 3,308
Balance at 31 October 2020 33,870

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2020 2019
value: £    £   
100 Ordinary A £1 100 100
1 Ordinary B £1 1 1
101 101

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