Company Registration No. 04988974 (England and Wales)
NETWORK DIRECT LOGISTICS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2020
PAGES FOR FILING WITH REGISTRAR
NETWORK DIRECT LOGISTICS LIMITED
COMPANY INFORMATION
Directors
Mr T P D Lewis
Mrs V J Lewis
Company number
04988974
Registered office
Unit 21, Bamel Way
Brockworth Business Park
Brockworth
Gloucester
Gloucestershire
GL3 4BH
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
National Westminster Bank Plc
1 The Cross
Worcester
Worcestershire
WR1 3PR
NETWORK DIRECT LOGISTICS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
NETWORK DIRECT LOGISTICS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF NETWORK DIRECT LOGISTICS LIMITED FOR THE YEAR ENDED 29 FEBRUARY 2020
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Network Direct Logistics Limited for the year ended 29 February 2020 which comprise, the balance sheet and the related notes from the company’s 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 Network Direct Logistics Limited, as a body, in accordance with
our
terms
of
engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Network Direct Logistics Limited
and state those matters that we have agreed to state to the Board of Directors of Network Direct Logistics Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Network Direct Logistics Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Network Direct Logistics 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 of Network Direct Logistics Limited. You consider that Network Direct Logistics Limited is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Network Direct Logistics 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.
Ormerod Rutter Limited
10 August 2020
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
NETWORK DIRECT LOGISTICS LIMITED
BALANCE SHEET
AS AT
29 FEBRUARY 2020
29 February 2020
- 2 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
88,859
105,242
Investment properties
4
308,857
-
397,716
105,242
Current assets
Debtors
5
5,741
31,521
Cash at bank and in hand
28,951
208,711
34,692
240,232
Creditors: amounts falling due within one year
6
(30,569)
(36,470)
Net current assets
4,123
203,762
Total assets less current liabilities
401,839
309,004
Creditors: amounts falling due after more than one year
7
(142,498)
(28,696)
Provisions for liabilities
9
(15,293)
(11,101)
Net assets
244,048
269,207
Capital and reserves
Called up share capital
10
2
2
Profit and loss reserves
244,046
269,205
Total equity
244,048
269,207
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 29 February 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
NETWORK DIRECT LOGISTICS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
29 FEBRUARY 2020
29 February 2020
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 10 August 2020 and are signed on its behalf by:
Mr T P D Lewis
Director
Company Registration No. 04988974
NETWORK DIRECT LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2020
- 4 -
1
Accounting policies
Company information
Network Direct Logistics Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 21, Bamel Way, Brockworth Business Park, Brockworth, Gloucester, Gloucestershire, GL3 4BH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
20% on cost
Fixtures and fittings
20% on cost
Computer equipment
33% on cost
Motor vehicles
20% on cost
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in profit or loss.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
NETWORK DIRECT LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2020
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2019 - 2
).
NETWORK DIRECT LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2020
- 6 -
3
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 March 2019
14,628
12,449
21,604
124,362
173,043
Additions
333
-
4,020
10,000
14,353
At 29 February 2020
14,961
12,449
25,624
134,362
187,396
Depreciation and impairment
At 1 March 2019
10,641
10,709
17,877
28,574
67,801
Depreciation charged in the year
1,717
808
3,171
25,040
30,736
At 29 February 2020
12,358
11,517
21,048
53,614
98,537
Carrying amount
At 29 February 2020
2,603
932
4,576
80,748
88,859
At 28 February 2019
3,987
1,740
3,727
95,788
105,242
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2020
2019
£
£
Motor vehicles
59,945
74,269
4
Investment property
2020
£
Fair value
At 1 March 2019
-
Additions
308,857
At 29 February 2020
308,857
It is in the opinion of the directors that the market value of investment property is not considered to be significantly different from the carrying value held at historical cost.
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
5,741
14,557
Other debtors
-
16,964
5,741
31,521
NETWORK DIRECT LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2020
- 7 -
6
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
360
1,798
Amounts owed to group undertakings
421
-
Taxation and social security
1,420
-
Other creditors
28,368
34,672
30,569
36,470
7
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
134,640
-
Other creditors
7,858
28,696
142,498
28,696
Creditors which fall due after five years are as follows:
2020
2019
£
£
Payable by instalments
134,640
-
8
Secured debts
The following secured debts are included within creditors:
2020
2019
£
£
Hire purchase contracts
28,696
54,888
Bank loans
134,640
-
163,336
54,888
Hire purchase contracts are secured against the assets to which they relate.
Bank loans are secured by way of a fixed and floating charge over all assets of the company.
9
Provisions for liabilities
2020
2019
£
£
Deferred tax liabilities
15,293
11,101
NETWORK DIRECT LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2020
- 8 -
10
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary A of £1 each
2
2
2
2
11
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
12
Control
Ultimate parent company
The ultimate parent company is Clee Holdings Limited, a company registered in England and Wales.
Ultimate controlling party
The ultimate controlling party is Mr T P D Lewis and Mrs V J Lewis, by virtue of their controlling interest in the ultimate parent company.
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10 August 2020
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Mrs V J Lewis
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