Acclaim Logistics Limited - Period Ending 2022-03-31

Acclaim Logistics Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 10

Acclaim Logistics Limited

Company Information

Chairman

Mr Thomas Christopher Flood

Directors

Mr Christopher Richard Aldridge Miss Elizabeth Helen Collyer Mr Christopher Mark Hall Mrs Sarah Louise Hooper

Registered office

38 Rumbridge Street Totton Southampton Hampshire SO40 9DS

Accountants

R A Jones & Co Chartered Accountants 38 Rumbridge Street Totton Southampton Hampshire SO40 9DS

Acclaim Logistics Limited

(Registration number: 07823501)
Balance Sheet as at 31 March 2022

	Note	2022 £	2021 £
Fixed assets
Tangible assets	4	405,628	583,650
Other financial assets	5	42,580	42,580
		448,208	626,230
Current assets
Stocks		300	300
Debtors	6	1,767,953	1,125,362
Cash at bank and in hand		129,572	322,965
		1,897,825	1,448,627
Creditors: Amounts falling due within one year	7	(1,059,641)	(1,075,736)
Net current assets		838,184	372,891
Total assets less current liabilities		1,286,392	999,121
Creditors: Amounts falling due after more than one year	7	(126,944)	(168,903)
Provisions for liabilities		(67,920)	(99,078)
Net assets		1,091,528	731,140
Capital and reserves
Called up share capital		100	100
Profit and loss account		1,091,428	731,040
Shareholders' funds		1,091,528	731,140

For the financial year ending 31 March 2022 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. Therefore the Directors' Report and the Profit and Loss Account have not been filed.

Acclaim Logistics Limited

(Registration number: 07823501)
Balance Sheet as at 31 March 2022

Approved and authorised by the Board on 23 December 2022 and signed on its behalf by:
 

Mr Thomas Christopher Flood

Chairman

Acclaim Logistics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

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:
38 Rumbridge Street
Totton
Southampton
Hampshire
SO40 9DS
England

The principal place of business is:
Units A-C Griffin Industrial Park
Totton
Southampton
Hampshire
SO40 3SH
England

These financial statements were authorised for issue by the Board on 23 December 2022.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of services supplied to customers.

Revenue is recognised to the extent that the company obtains the right to consideration for its' performance.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss.

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.

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.

Acclaim Logistics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

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 over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Land and buildings	Straight line over period of lease
Plant and machinery	15.00-20.00% straight line basis
Motor vehicles	25.00% reducing balance basis
Office equipment	15.00-33.33% reducing balance basis

Investments

Investment in unquoted shares is stated at cost.

Trade debtors

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

Trade debtors are recognised initially at the transaction price but where there is a contra agreement in place the totals shown in the accounts have been adjusted for the effective offset due at the end of the financial period.

Stocks

Stocks comprise consumables which are stated at cost.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Trade creditors are recognised initially at the transaction price but where there is a contra agreement in place the totals shown in the accounts have been adjusted for the effective offset due at the end of the financial period.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the lease term.

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 capitalised in the balance sheet as tangible fixed assets and are depreciated over their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease.

Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over their useful lives. The capital element of future finance payments is included within creditors and finance charges are allocated to accounting periods over the length of the contract.

Acclaim Logistics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 54 (2021 - 58).

Acclaim Logistics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

5	Other financial assets (current and non-current)

	Financial assets at cost less impairment £	Total £
Non-current financial assets
Cost or valuation
Additions	42,580	42,580
At 31 March 2022	42,580	42,580
Carrying amount
At 31 March 2022	42,580	42,580

6

Debtors

	Note	2022 £	2021 £
Trade debtors		1,138,156	852,962
Amounts owed by group undertakings and undertakings in which the company has a participating interest	9	451,692	199,999
Prepayments		127,785	68,184
Other debtors		50,320	4,217
		1,767,953	1,125,362

7

Creditors

Creditors: amounts falling due within one year

	2022 £	2021 £
Net obligations under finance leases and hire purchase	74,264	118,676
Trade creditors	432,024	381,625
Taxation and social security	362,933	423,741
Accruals and deferred income	184,677	146,716
Other creditors	5,743	4,978
	1,059,641	1,075,736

The lease and hire purchase contracts are secured on the assets concerned.

Acclaim Logistics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Creditors: amounts falling due after more than one year

	2022 £	2021 £
Net obligations under finance leases and hire purchase	126,944	168,903

The lease and hire purchase contracts are secured on the assets concerned.

8	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £2,550,650 (2021 - £2,465,593). The foregoing amounts include £1,961,597 (2021 - £2,204,738) in respect of leasehold property over the remaining life of the leases, £235,908 (2021 - £184,967) in respect of contract hire and maintenance of vehicles over the remaining period of the contracts, £47,430 (2021 - £75,888) in respect of equipment and software rentals and capital commitments of £305,715.

The total amount of guarantees not included in the balance sheet is £150,000 (2021 - £150,000). The company has guaranteed the indebtedness of its' fellow subsidiary, Acclaim Parcel Express (Southampton) Limited to the company's bankers and the foregoing amounts represent the maximum payable under the guarantee.

Amounts disclosed in the balance sheet

Included in the balance sheet are pensions of £5,443 (2021 - £3,706).

9	Related party transactions

Other transactions with directors

Assets were sold to the outgoing directors for £45,836 but no independent valuations of the assets concerned were provided.

Loans to related parties

2022	Entities with joint control or significant influence £	Total £
At start of period	199,999	199,999
Advanced	2,113,428	2,113,428
Repaid	(1,861,735)	(1,861,735)
At end of period	451,692	451,692

Acclaim Logistics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

2021	Entities with joint control or significant influence £	Total £
At start of period	84,631	84,631
Advanced	967,656	967,656
Repaid	(852,288)	(852,288)
At end of period	199,999	199,999

Terms of loans to related parties

The inter-company account with Acclaim Parcel Express (Southampton) Limited, a fellow subsidiary, was unsecured, interest free and repayable upon demand.
 

10	Parent and ultimate parent undertaking

The company's immediate parent is Acclaim Holdings Limited, incorporated in England and Wales.

 The ultimate parent is Acclaim Group Holdings Limited, incorporated in England and Wales.