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REGISTERED NUMBER: NI064810 (Northern Ireland)












Asap Cargo Ltd

Unaudited Financial Statements for the Year Ended 31 May 2022






Asap Cargo Ltd (Registered number: NI064810)






Contents of the Financial Statements
for the year ended 31 May 2022




Page

Company information 1

Balance sheet 2

Notes to the financial statements 3


Asap Cargo Ltd

Company Information
for the year ended 31 May 2022







Directors: Mr M J Adamson
Mr S Davidson





Registered office: Larne Logistics Park Drumahoe Road
Millbrook
Larne
BT40 2SN





Registered number: NI064810 (Northern Ireland)





Accountants: Exchange Accountants Limited
Chartered Certified Accountants
Oakmont House
2 Queens Road
Lisburn
BT27 4TZ

Asap Cargo Ltd (Registered number: NI064810)

Balance Sheet
31 May 2022

2022 2021
Notes £    £   
Fixed assets
Intangible assets 4 256,842 -
Tangible assets 5 2,813,009 2,102,488
Investments 6 286,900 428,070
3,356,751 2,530,558

Current assets
Debtors 7 2,012,551 1,562,465
Cash at bank 1,235,986 1,052,382
3,248,537 2,614,847
Creditors
Amounts falling due within one year 8 (2,919,567 ) (2,025,793 )
Net current assets 328,970 589,054
Total assets less current liabilities 3,685,721 3,119,612

Creditors
Amounts falling due after more than one year 9 (819,890 ) (1,029,187 )

Provisions for liabilities (112,816 ) -
Net assets 2,753,015 2,090,425

Capital and reserves
Called up share capital 1 1
Retained earnings 2,753,014 2,090,424
2,753,015 2,090,425

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 12 September 2022 and were signed on its behalf by:



Mr M J Adamson - Director


Asap Cargo Ltd (Registered number: NI064810)

Notes to the Financial Statements
for the year ended 31 May 2022

1. Statutory information

Asap Cargo Ltd is a private company, limited by shares , registered in Northern Ireland. 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 as modified by the revaluation of certain assets.

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, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. Employees and directors

The average number of employees during the year was 42 (2021 - 35 ) .

Asap Cargo Ltd (Registered number: NI064810)

Notes to the Financial Statements - continued
for the year ended 31 May 2022

4. Intangible fixed assets
Goodwill
£   
Cost
Additions 428,070
At 31 May 2022 428,070
Amortisation
Charge for year 171,228
At 31 May 2022 171,228
Net book value
At 31 May 2022 256,842

5. Tangible fixed assets
Plant and
Land and machinery
buildings etc Totals
£    £    £   
Cost
At 1 June 2021 1,916,347 632,011 2,548,358
Additions 607,883 311,526 919,409
At 31 May 2022 2,524,230 943,537 3,467,767
Depreciation
At 1 June 2021 171,405 274,465 445,870
Charge for year 133,582 75,306 208,888
At 31 May 2022 304,987 349,771 654,758
Net book value
At 31 May 2022 2,219,243 593,766 2,813,009
At 31 May 2021 1,744,942 357,546 2,102,488

6. Fixed asset investments
Shares in
group Other
undertakings investments Totals
£    £    £   
Cost or valuation
At 1 June 2021 428,070 - 428,070
Additions - 350,000 350,000
Revaluations - (63,100 ) (63,100 )
Reclassification/transfer (428,070 ) - (428,070 )
At 31 May 2022 - 286,900 286,900
Net book value
At 31 May 2022 - 286,900 286,900
At 31 May 2021 428,070 - 428,070

Asap Cargo Ltd (Registered number: NI064810)

Notes to the Financial Statements - continued
for the year ended 31 May 2022

6. Fixed asset investments - continued

Cost or valuation at 31 May 2022 is represented by:

Other
investments
£   
Valuation in 2022 286,900

7. Debtors: amounts falling due within one year
2022 2021
£    £   
Trade debtors 1,975,717 1,376,298
Other debtors 36,834 186,167
2,012,551 1,562,465

8. Creditors: amounts falling due within one year
2022 2021
£    £   
Bank loans and overdrafts 198,816 180,992
Hire purchase contracts 17,775 29,835
Trade creditors 1,708,269 822,255
Taxation and social security 297,236 306,430
Other creditors 697,471 686,281
2,919,567 2,025,793

9. Creditors: amounts falling due after more than one year
2022 2021
£    £   
Bank loans 813,965 1,005,487
Hire purchase contracts 5,925 23,700
819,890 1,029,187