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

REGISTERED NUMBER: 09857938 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 November 2020

for

Quickfreight Logistics Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R Bryant

J D Woods

REGISTERED OFFICE:

Unit 5 Parker Avenue

Felixstowe

Suffolk

IP11 4HF

REGISTERED NUMBER:

09857938 (England and Wales)

ACCOUNTANTS:

Mead Accounting Limited

Chartered Certified Accountants

The Stables

Summer Road

Walsham Le Willows

Suffolk

IP31 3AJ

FIXED ASSETS

Tangible assets

5

232,461

212,388

CURRENT ASSETS

Debtors

6

583,715

297,095

Cash at bank

220,621

134,281

804,336

431,376

CREDITORS

Amounts falling due within one year

7

903,433

506,933

NET CURRENT LIABILITIES

(99,097

)

(75,557

)

TOTAL ASSETS LESS CURRENT LIABILITIES

133,364

136,831

CREDITORS

Amounts falling due after more than one year

8

(72,881

)

(35,736

)

PROVISIONS FOR LIABILITIES

11

(5,521

)

(13,237

)

NET ASSETS

54,962

87,858

CAPITAL AND RESERVES

Called up share capital

12

10

10

Retained earnings

54,952

87,848

SHAREHOLDERS' FUNDS

54,962

87,858

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 August 2021 and were signed on its behalf by:

R Bryant - Director

1.	STATUTORY INFORMATION

Quickfreight 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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.

Plant and machinery

-

25% on reducing balance

Impairment

At each reporting date, goodwill and other fixed assets, including tangible fixed assets and investments (but excluding investment properties), are assessed to determine whether there is an indication that those assets have suffered an impairment loss. If any indication arises, the recoverable amount is estimated and compared to its carrying amount to determine if an impairment loss has arisen.

If the recoverable amount is lower, the carrying amount of the asset is written down to its recoverable amount and an impairment loss is recognised in profit and loss.

Recoverable amount of the asset is the higher of its value in use and its net realisable value.

Government grants

Government grants are recognised as income received when the company becomes entitled to them.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, and loans from financial institutions or other related parties.

Debts instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, ,are measured initially and subsequently at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently at the present value of the future payment discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between as asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

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

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 December 2019

229,733

Additions

73,537

Disposals

(44,020

)

At 30 November 2020

259,250

DEPRECIATION

At 1 December 2019

17,345

Charge for year

29,059

Eliminated on disposal

(19,615

)

At 30 November 2020

26,789

NET BOOK VALUE

At 30 November 2020

232,461

At 30 November 2019

212,388

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

Plant and

machinery

etc

£

COST

At 1 December 2019

80,500

Additions

37,970

Disposals

(23,020

)

At 30 November 2020

95,450

DEPRECIATION

At 1 December 2019

3,250

Charge for year

12,743

Eliminated on disposal

(5,755

)

At 30 November 2020

10,238

NET BOOK VALUE

At 30 November 2020

85,212

At 30 November 2019

77,250

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.20

30.11.19

£

£

Trade debtors

571,715

297,095

Other debtors

12,000

-

583,715

297,095

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.20

30.11.19

£

£

Hire purchase contracts (see note 9)

32,335

31,332

Trade creditors

695,788

376,374

Taxation and social security

72,129

26,226

Other creditors

103,181

73,001

903,433

506,933

Included in other creditors is a loan due to the director amounting to £96,437 (2019 - £70,001).

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.11.20

30.11.19

£

£

Hire purchase contracts (see note 9)

22,881

35,736

Other creditors

50,000

-

72,881

35,736

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

30.11.20

30.11.19

£

£

Net obligations repayable:

Within one year

32,335

31,332

Between one and five years

22,881

35,736

55,216

67,068

Non-cancellable operating

leases

30.11.20

30.11.19

£

£

Within one year

59,580

59,580

Between one and five years

-

59,580

59,580

119,160

10.	SECURED DEBTS

The following secured debts are included within creditors:

30.11.20

30.11.19

£

£

Hire purchase contracts

55,216

67,068

11.	PROVISIONS FOR LIABILITIES

30.11.20

30.11.19

£

£

Deferred tax

Tax losses carried forward

(38,647

)

(27,116

)

Accelerated capital allowances

44,168

40,353

5,521

13,237

Deferred

tax

£

Balance at 1 December 2019

13,237

Credit to Income Statement during year

(7,716

)

Balance at 30 November 2020

5,521

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.11.20

30.11.19

value:

£

£

10

Ordinary

£1

10

10