Registered number
09837128
CARGO COMMERCIAL LTD
Filleted Accounts
31 October 2022
CARGO COMMERCIAL LTD
Registered number: 09837128
Balance Sheet
as at 31 October 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 2,816 3,434
Current assets
Debtors 4 33,030 23,764
Cash at bank and in hand 6,028 10,998
39,058 34,762
Creditors: amounts falling due within one year 5 (11,146) (7,599)
Net current assets 27,912 27,163
Total assets less current liabilities 30,728 30,597
Creditors: amounts falling due after more than one year 6 (29,913) (29,864)
Net assets 815 733
Capital and reserves
Called up share capital 1 1
Profit and loss account 814 732
Shareholder's funds 815 733
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A R Abdulle
Director
Approved by the board on 29 September 2023
CARGO COMMERCIAL LTD
Notes to the Accounts
for the year ended 31 October 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2021 4,789
At 31 October 2022 4,789
Depreciation
At 1 November 2021 1,355
Charge for the year 618
At 31 October 2022 1,973
Net book value
At 31 October 2022 2,816
At 31 October 2021 3,434
4 Debtors 2022 2021
£ £
Other debtors 33,030 23,764
5 Creditors: amounts falling due within one year 2022 2021
£ £
Bank loans and overdrafts 7,801 7,921
Trade creditors 475 1,325
Corporation tax 851 737
Other taxes and social security costs 219 (2,984)
Other creditors 1,800 600
11,146 7,599
6 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 29,913 29,864
7 Other information
CARGO COMMERCIAL LTD is a private company limited by shares and incorporated in England. Its registered office is:
Unit 42 Trinity House
Heather Park Drive
Wembley
Middlesex
HA0 1SU
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