Company Registration No. 04988974 (England and Wales)
NETWORK DIRECT LOGISTICS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
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
Peters Cottage
Lower Rochford
Tenbury Wells
Worcestershire
WR15 8NJ
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 28 FEBRUARY 2023
- 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 28 February 2023 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
15 September 2023
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
NETWORK DIRECT LOGISTICS LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
145,096
32,178
Investment properties
4
1,082,471
1,055,967
1,227,567
1,088,145
Current assets
Debtors
5
9,676
18,834
Cash at bank and in hand
929,412
76,874
939,088
95,708
Creditors: amounts falling due within one year
6
(1,631,562)
(671,799)
Net current liabilities
(692,474)
(576,091)
Total assets less current liabilities
535,093
512,054
Creditors: amounts falling due after more than one year
7
(274,996)
(255,882)
Provisions for liabilities
8
(7,751)
(5,051)
Net assets
252,346
251,121
Capital and reserves
Called up share capital
10
2
2
Profit and loss reserves
252,344
251,119
Total equity
252,346
251,121
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 28 February 2023 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.
The 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
28 FEBRUARY 2023
28 February 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 15 September 2023 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 28 FEBRUARY 2023
- 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 Peters Cottage, Lower Rochford, Tenbury Wells, Worcestershire, WR15 8NJ.
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 and rents 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.
Revenue from the provision of property rental is recognised by reference to the period of its occupancy and where the amount of rent can be measured 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
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
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 at 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.
NETWORK DIRECT LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 5 -
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.
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
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.7
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.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2022 - 2).
NETWORK DIRECT LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 6 -
3
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 March 2022
7,913
14,301
27,019
50,437
99,670
Additions
12,083
10,761
1,832
137,148
161,824
Disposals
(50,437)
(50,437)
At 28 February 2023
19,996
25,062
28,851
137,148
211,057
Depreciation and impairment
At 1 March 2022
3,916
12,834
25,811
24,931
67,492
Depreciation charged in the year
3,736
2,587
1,076
16,001
23,400
Eliminated in respect of disposals
(24,931)
(24,931)
At 28 February 2023
7,652
15,421
26,887
16,001
65,961
Carrying amount
At 28 February 2023
12,344
9,641
1,964
121,147
145,096
At 28 February 2022
3,997
1,467
1,208
25,506
32,178
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2023
2022
£
£
Motor vehicles
121,147
4
Investment property
2023
£
Fair value
At 1 March 2022
1,055,967
Additions
26,504
At 28 February 2023
1,082,471
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.
NETWORK DIRECT LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 7 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
8,625
12,458
Other debtors
1,051
6,376
9,676
18,834
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
12,538
Amounts owed to group undertakings
1,558,047
596,984
Taxation and social security
4,319
25,546
Other creditors
56,658
49,269
1,631,562
671,799
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
222,677
255,882
Other creditors
52,319
274,996
255,882
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
83,714
255,882
8
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
7,751
5,051
NETWORK DIRECT LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 8 -
9
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Hire purchase contracts
64,510
-
Bank loans
235,215
255,882
299,725
255,882
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.
10
Called up share capital
2023
2022
£
£
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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