Norfolk Logistics Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07197051 (England and Wales)

NORFOLK LOGISTICS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

A.J. Stalker

REGISTERED OFFICE:

Old Station Yard

Station Road

Trimley St Mary

Suffolk

IP11 0UB

REGISTERED NUMBER:

07197051 (England and Wales)

ACCOUNTANTS:

CR Bland Baker Limited

Chartered Accountants

21 Lodge Lane

Grays

Essex

RM17 5RY

FIXED ASSETS

Tangible assets

4

320,138

388,794

Investment property

5

1,271,156

1,271,156

1,591,294

1,659,950

CURRENT ASSETS

Debtors

6

622,713

519,307

Cash at bank and in hand

94,260

71,231

716,973

590,538

CREDITORS

Amounts falling due within one year

7

806,691

746,052

NET CURRENT LIABILITIES

(89,718

)

(155,514

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,501,576

1,504,436

CREDITORS

Amounts falling due after more than one year

8

(1,140,927

)

(1,308,869

)

PROVISIONS FOR LIABILITIES

(60,000

)

(73,000

)

NET ASSETS

300,649

122,567

CAPITAL AND RESERVES

Called up share capital

180

100

Retained earnings

300,469

122,467

SHAREHOLDERS' FUNDS

300,649

122,567

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 1 June 2022 and were signed by:

A.J. Stalker - Director

1.	STATUTORY INFORMATION

Norfolk Logistics 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 Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Property improvements

-

10% on cost

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

20% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2021 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2021

11,159

559,751

570,910

Additions

-

14,163

14,163

At 31 March 2022

11,159

573,914

585,073

DEPRECIATION

At 1 April 2021

7,259

174,857

182,116

Charge for year

1,116

81,703

82,819

At 31 March 2022

8,375

256,560

264,935

NET BOOK VALUE

At 31 March 2022

2,784

317,354

320,138

At 31 March 2021

3,900

384,894

388,794

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 April 2021

465,648

Transfer to ownership

(55,173

)

At 31 March 2022

410,475

DEPRECIATION

At 1 April 2021

121,234

Charge for year

64,428

Transfer to ownership

(27,311

)

At 31 March 2022

158,351

NET BOOK VALUE

At 31 March 2022

252,124

At 31 March 2021

344,414

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2021

and 31 March 2022

1,271,156

NET BOOK VALUE

At 31 March 2022

1,271,156

At 31 March 2021

1,271,156

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

569,262

327,630

Other debtors

53,451

191,677

622,713

519,307

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

66,119

34,195

Hire purchase contracts

100,365

140,859

Trade creditors

367,037

299,644

Taxation and social security

106,051

22,742

Other creditors

167,119

248,612

806,691

746,052

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

1,116,307

1,181,585

Hire purchase contracts

24,620

127,284

1,140,927

1,308,869

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

847,164

878,942

9.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank loans

1,182,426

1,215,780

Hire purchase contracts

124,985

268,143

1,307,411

1,483,923

Hire purchase contracts are secured against the assets acquired.

The company has a CBIL loan which is secured under the government backed scheme.

The company also has a mortgage which is secured against the property acquired under the agreement and any other assets of the company.

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2022 and 31 March 2021:

2022

2021

£

£

A.J. Stalker

Balance outstanding at start of year

9,948

9,292

Amounts advanced

146,601

80,656

Amounts repaid

(148,000

)

(80,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

8,549

9,948

The loan was unsecured, interest free and repayable on demand.