ACCOUNTS - Final Accounts

Cash and cash equivalents

KINGSWAY FREIGHT SOLUTIONS LIMITED - Company Information

Caseware UK (AP4) 2016.0.181 2016.0.181 The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.No description of principal activityfalse2016-11-01truefalseDebt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, 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 out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Investments in non-convertible preference shares and in non-puttable ordinary and preference shares are measured: at fair value with changes recognised in the Statement of income and retained earnings if the shares are publicly traded or their fair value can otherwise be measured reliably; at cost less impairment for all other investments. 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 income and retained earnings. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an 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 of the recoverable amount, 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. Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives. 04085829 2016-11-01 2018-04-30 04085829 2015-11-01 2016-10-31 04085829 2018-04-30 04085829 2016-10-31 04085829 c:Director1 2016-11-01 2018-04-30 04085829 d:FurnitureFittings 2016-11-01 2018-04-30 04085829 d:FurnitureFittings 2018-04-30 04085829 d:FurnitureFittings 2016-10-31 04085829 d:CurrentFinancialInstruments 2018-04-30 04085829 d:CurrentFinancialInstruments 2016-10-31 04085829 d:CurrentFinancialInstruments d:WithinOneYear 2018-04-30 04085829 d:CurrentFinancialInstruments d:WithinOneYear 2016-10-31 04085829 d:ShareCapital 2018-04-30 04085829 d:ShareCapital 2016-10-31 04085829 d:RetainedEarningsAccumulatedLosses 2018-04-30 04085829 d:RetainedEarningsAccumulatedLosses 2016-10-31 04085829 c:OrdinaryShareClass1 2016-11-01 2018-04-30 04085829 c:OrdinaryShareClass1 2018-04-30 04085829 c:EntityNoLongerTradingButTradedInPast 2016-11-01 2018-04-30 04085829 c:FRS102 2016-11-01 2018-04-30 04085829 c:AuditExemptWithAccountantsReport 2016-11-01 2018-04-30 04085829 c:FullAccounts 2016-11-01 2018-04-30 04085829 c:PrivateLimitedCompanyLtd 2016-11-01 2018-04-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 04085829

Kingsway Freight Solutions Limited

Unaudited

Financial statements

Information for filing with the registrar

For the Period Ended 30 April 2018

Kingsway Freight Solutions Limited

Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Kingsway Freight Solutions Limited for the Period Ended 30 April 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Kingsway Freight Solutions Limited for the period ended 30 April 2018 which comprise the Balance sheet and the related notes from the Company accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/ members/regulations-standards-and-guidance/.

This report is made solely to the Board of directors of Kingsway Freight Solutions Limited, as a body, in accordance with the terms of our engagement letter dated 17 February 2015. Our work has been undertaken solely to prepare for your approval the financial statements of Kingsway Freight Solutions Limited and state those matters that we have agreed to state to the Board of directors of Kingsway Freight Solutions Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kingsway Freight Solutions Limited and its Board of directors, as a body, for our work or for this report.

It is your duty to ensure that Kingsway Freight Solutions Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit or loss of Kingsway Freight Solutions Limited. You consider that Kingsway Freight Solutions Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or review of the financial statements of Kingsway Freight Solutions Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Kreston Reeves LLP

Chartered Accountants

37 St Margaret's Street

Canterbury

Kent

CT1 2TU

23 August 2018

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Kingsway Freight Solutions Limited

Registered number: 04085829

Balance sheet

As at 30 April 2018

	30 April	31 October
	2018	2016
Note	£	£


Current assets
Debtors: amounts falling due within one year	5	2,716		31,120
Cash at bank and in hand	6	15,675		60,675
		18,391		91,795
Creditors: amounts falling due within one year	7	(158)		(24,781)
Net current assets			18,233		67,014
Total assets less current liabilities			18,233		67,014

Net assets			18,233		67,014

Capital and reserves
Called up share capital	1,000	1,000
Profit and loss account	17,233	66,014
	18,233	67,014

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 August 2018.

Mr R D Settle

Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

Kingsway Freight Solutions Limited

Notes to the financial statements

For the Period Ended 30 April 2018

1.	General information

Kingsway Freight Limited is private company limited by shares which was incorporated in England and Wales. The company's registered office is 37 St.Margarets Street, Canterbury, Kent, CT1 2TU. The financial statements are presented in pound sterling and rounded to the nearest pound.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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Kingsway Freight Solutions Limited

Notes to the financial statements

For the Period Ended 30 April 2018

2.Accounting policies (continued)

2.3

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings

33.33% Straight Line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of income and retained earnings.

2.4

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.6

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, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, 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 out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Investments in non-convertible preference shares and in non-puttable ordinary and preference shares are measured:

∙at fair value with changes recognised in the Statement of income and retained earnings if the shares are publicly traded or their fair value can otherwise be measured reliably;

∙at cost less impairment for all other investments.

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 income and retained earnings.

Page 4

Kingsway Freight Solutions Limited

Notes to the financial statements

For the Period Ended 30 April 2018

2.Accounting policies (continued)

2.6

Financial instruments (continued)

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an 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 of the recoverable amount, 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.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.

2.7

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.8

Finance costs

Finance costs are charged to the Statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

2.10

Interest income

Interest income is recognised in the Statement of income and retained earnings using the effective interest method.

Page 5

Kingsway Freight Solutions Limited

Notes to the financial statements

For the Period Ended 30 April 2018

2.Accounting policies (continued)

2.11

Taxation

Tax is recognised in the Statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

3.	Employees
	Staff costs, including directors' remuneration, were as follows:

The average monthly number of employees, including directors, during the period was 2 (2016 - 4).

4.	Tangible fixed assets

		Fixtures and fittings
		£
	Cost or valuation
	At 1 November 2016	2,125
	At 30 April 2018	2,125
	Depreciation
	At 1 November 2016	2,125
	At 30 April 2018	2,125
	Net book value
	At 30 April 2018	-
	At 31 October 2016	-

Page 6

Kingsway Freight Solutions Limited

Notes to the financial statements

For the Period Ended 30 April 2018

Debtors

					30 April	31 October
					2018	2016
					£	£


Trade debtors	-	30,084
Other debtors	2,716	144
Prepayments and accrued income	-	892
	2,716	31,120

	Cash at bank and in hand	15,675	60,675

Payments received on account	-	1,181
Trade creditors	-	16,263
Other taxation and social security	-	3,663
Other creditors	158	3,674
	158	24,781

Allotted, called up and fully paid

1,000 Ordinary shares of £1 each	1,000	1,000

Page 7

Kingsway Freight Solutions Limited

Notes to the financial statements

For the Period Ended 30 April 2018

9.	Controlling party

The company is controlled by the two directors as a result of their combined 100% shareholding.

10.	First time adoption of FRS 102

The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.

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