Masterfreight Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 04593496 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

MASTERFREIGHT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

K L Balu

REGISTERED OFFICE:

A.M.K House

West Bromwich Street

Oldbury

West Midlands

B69 3AY

REGISTERED NUMBER:

04593496 (England and Wales)

ACCOUNTANTS:

Crowe U.K. LLP

Black Country House

Rounds Green Road

Oldbury

West Midlands

B69 2DG

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

775,042

683,453

Investments

6

100,000

100,000

875,042

783,453

CURRENT ASSETS

Stocks

10,000

10,000

Debtors

7

4,517,200

4,143,123

Investments

8

20,250

20,250

Cash at bank

192,551

45,707

4,740,001

4,219,080

CREDITORS

Amounts falling due within one year

9

735,725

597,697

NET CURRENT ASSETS

4,004,276

3,621,383

TOTAL ASSETS LESS CURRENT LIABILITIES

4,879,318

4,404,836

CREDITORS

Amounts falling due after more than one year

10

(2,651,784

)

(2,891,861

)

PROVISIONS FOR LIABILITIES

(191,611

)

(128,118

)

NET ASSETS

2,035,923

1,384,857

CAPITAL AND RESERVES

Called up share capital

50

100

Capital redemption reserve

12

50

-

Obligation to purchase shares

12

-

(46,000

)

Treasury shares

12

-

(400,000

)

Retained earnings

12

2,035,823

1,830,757

2,035,923

1,384,857

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 21 September 2023 and were signed by:

K L Balu - Director

1.	STATUTORY INFORMATION

Masterfreight 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.

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.

Goodwill

Goodwill is amortised as to write off the cost of the asset, less its estimated residual value, over the useful life of that asset. The current rate of amorisation for goodwill is 20% straight line.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Motor vehicles

-

25% on reducing balance

Office equipment

-

20% on cost

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.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, and loans to related parties.

Short term debtors are measured at the transaction price, less any impairment.

Short term creditors are measured at the transaction price.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2021 - 23 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2022

and 31 December 2022

5,000

AMORTISATION

At 1 January 2022

and 31 December 2022

5,000

NET BOOK VALUE

At 31 December 2022

-

At 31 December 2021

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2022

1,261,523

Additions

226,529

Disposals

(4,115

)

At 31 December 2022

1,483,937

DEPRECIATION

At 1 January 2022

578,070

Charge for year

130,859

Eliminated on disposal

(34

)

At 31 December 2022

708,895

NET BOOK VALUE

At 31 December 2022

775,042

At 31 December 2021

683,453

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 January 2022

and 31 December 2022

100,000

NET BOOK VALUE

At 31 December 2022

100,000

At 31 December 2021

100,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

395,310

456,496

Other debtors

48,532

100

Directors' loan accounts

3,993,759

3,631,030

Prepayments and accrued income

79,599

55,497

4,517,200

4,143,123

8.	CURRENT ASSET INVESTMENTS

2022

2021

£

£

Collective memorabilia

20,250

20,250

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

133,158

128,119

Hire purchase contracts

63,139

15,250

Trade creditors

202,328

211,146

Corporation tax

132,028

84,734

Social security and other taxes

15,942

12,162

VAT

149,552

71,194

Other creditors

28,005

63,042

Accrued expenses

11,573

12,050

735,725

597,697

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans - 1-2 years

135,706

130,571

Bank loans - 2-5 years

422,898

406,896

Bank loans more 5 yr

2,030,584

2,320,081

Hire purchase contracts

62,596

34,313

2,651,784

2,891,861

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr

2,030,584

2,320,081

11.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank loans

2,722,346

2,985,667

Hire purchase contracts

125,735

49,563

2,848,081

3,035,230

Hire purchase creditors are secured against the asset to which they relate.

The bank loans are secured via a fixed and floating charge over the undertakings and assets of the company.

12.

RESERVES

The Obligation To Purchase Shares reserve relates to the purchase of own shares agreement dated 21 June 2019. The balance within the reserve represents the initial obligation less any subsequent tranche payments made against the obligation.

The Treasury Shares reserve relates to the purchase of own shares agreement dated 21 June 2019. The balance within the reserve represents the subsequent tranche payments made against the obligation.

13.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the year end £3,993,759 (2021: £3,631,030) was due from the director to the company.

Due to a delayed transaction the directors loan account was overdrawn at the year end. This transaction completed in January 2023 and as a result the directors loan account was cleared.