Challenge_Logistics_Limit - Accounts

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 March 2021 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant 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 member has 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.

Challenge Logistics Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Smithy Court, Smithy Brook Road, Wigan, Lancashire, WN3 6PS.

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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has not traded in the year. As such, the financial statements have been prepared on a basis other than a going concern.

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The average monthly number of persons (including directors) employed by the company during the year was:

HSBC Invoice Finance (UK) Ltd has fixed and floating charges over the assets and undertakings of the company, dated 1 October 2013.

There is a debenture in favour of HSBC Bank plc dated 25 February 2013.

HSBC Bank plc also has fixed and floating charges over the assets and undertakings of the company dated 14 September 2016 and 1 October 2013.

HSBC Bank plc also has a multilateral guarantee across all group companies.

Praetura Debt Limited has fixed and floating charges and a negative pledge over the assets of the Challenge Group Holdings Limited and its subsidiary undertakings, dated 29 April 2019.

There is a negative pledge in favour of HSBC Bank plc dated 22 October 2013.

The Recruitment Shed Limited is the immediate parent company. Challenge Group Holdings Limited is the ultimate controlling party of the company.

Challenge Group Holdings Limited is the largest and smallest group in which Challenge Logistics Limited is a member and for which consolidated financial statements are prepared and publicly available. A copy of the group financial statements can be obtained from Challenge Group Holdings Limited, 1 Smithy Court, Smithy Brook Road, Wigan, WN3 6PS.