Silverfin false 31/01/2023 01/02/2022 31/01/2023 A Karim 14/07/2023 C Ogden 01/10/2021 M Ogden 01/11/2001 06 October 2023 The principal activity of the company continued to be that of freight forwarders. 01129767 2023-01-31 01129767 bus:Director1 2023-01-31 01129767 bus:Director2 2023-01-31 01129767 bus:Director3 2023-01-31 01129767 2022-01-31 01129767 core:CurrentFinancialInstruments 2023-01-31 01129767 core:CurrentFinancialInstruments 2022-01-31 01129767 core:ShareCapital 2023-01-31 01129767 core:ShareCapital 2022-01-31 01129767 core:RetainedEarningsAccumulatedLosses 2023-01-31 01129767 core:RetainedEarningsAccumulatedLosses 2022-01-31 01129767 core:ComputerSoftware 2022-01-31 01129767 core:ComputerSoftware 2023-01-31 01129767 core:LandBuildings 2022-01-31 01129767 core:PlantMachinery 2022-01-31 01129767 core:LandBuildings 2023-01-31 01129767 core:PlantMachinery 2023-01-31 01129767 core:CostValuation 2022-01-31 01129767 core:CostValuation 2023-01-31 01129767 core:ProvisionsForImpairmentInvestments 2022-01-31 01129767 core:ProvisionsForImpairmentInvestments 2023-01-31 01129767 2021-01-31 01129767 core:AcceleratedTaxDepreciationDeferredTax 2023-01-31 01129767 core:AcceleratedTaxDepreciationDeferredTax 2022-01-31 01129767 bus:OrdinaryShareClass1 2023-01-31 01129767 core:WithinOneYear 2023-01-31 01129767 core:WithinOneYear 2022-01-31 01129767 core:BetweenOneFiveYears 2023-01-31 01129767 core:BetweenOneFiveYears 2022-01-31 01129767 2022-02-01 2023-01-31 01129767 bus:FullAccounts 2022-02-01 2023-01-31 01129767 bus:SmallEntities 2022-02-01 2023-01-31 01129767 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 01129767 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 01129767 bus:Director1 2022-02-01 2023-01-31 01129767 bus:Director2 2022-02-01 2023-01-31 01129767 bus:Director3 2022-02-01 2023-01-31 01129767 core:ComputerSoftware core:TopRangeValue 2022-02-01 2023-01-31 01129767 core:LandBuildings core:TopRangeValue 2022-02-01 2023-01-31 01129767 core:PlantMachinery core:TopRangeValue 2022-02-01 2023-01-31 01129767 2021-02-01 2022-01-31 01129767 core:ComputerSoftware 2022-02-01 2023-01-31 01129767 core:LandBuildings 2022-02-01 2023-01-31 01129767 core:PlantMachinery 2022-02-01 2023-01-31 01129767 core:CurrentFinancialInstruments 2022-02-01 2023-01-31 01129767 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 01129767 bus:OrdinaryShareClass1 2021-02-01 2022-01-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 01129767 (England and Wales)

ABINGDON FREIGHT FORWARDING AGENCY LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2023
Pages for filing with the registrar

ABINGDON FREIGHT FORWARDING AGENCY LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2023

Contents

ABINGDON FREIGHT FORWARDING AGENCY LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 January 2023
ABINGDON FREIGHT FORWARDING AGENCY LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 January 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 35,434 28,505
Tangible assets 4 103,601 135,323
Investments 5 10,000 10,000
149,035 173,828
Current assets
Debtors 6 1,992,462 1,892,143
Cash at bank and in hand 93 1,388
1,992,555 1,893,531
Creditors: amounts falling due within one year 7 ( 1,395,364) ( 1,325,832)
Net current assets 597,191 567,699
Total assets less current liabilities 746,226 741,527
Provision for liabilities 8 ( 17,507) ( 27,602)
Net assets 728,719 713,925
Capital and reserves
Called-up share capital 9 200,000 200,000
Profit and loss account 528,719 513,925
Total shareholder's funds 728,719 713,925

For the financial year ending 31 January 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Abingdon Freight Forwarding Agency Limited (registered number: 01129767) were approved and authorised for issue by the Director. They were signed on its behalf by:

M Ogden
Director

06 October 2023

ABINGDON FREIGHT FORWARDING AGENCY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2023
ABINGDON FREIGHT FORWARDING AGENCY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Abingdon Freight Forwarding Agency Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 35 Ballards Lane, London, N3 1XW, England, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Comprehensive Income in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software 4 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 4 years straight line
Plant and machinery 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Statement of Comprehensive Income. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 29 23

3. Intangible assets

Computer software Total
£ £
Cost
At 01 February 2022 137,763 137,763
Additions 25,476 25,476
At 31 January 2023 163,239 163,239
Accumulated amortisation
At 01 February 2022 109,258 109,258
Charge for the financial year 18,547 18,547
At 31 January 2023 127,805 127,805
Net book value
At 31 January 2023 35,434 35,434
At 31 January 2022 28,505 28,505

4. Tangible assets

Land and buildings Plant and machinery Total
£ £ £
Cost
At 01 February 2022 111,180 255,929 367,109
Additions 3,389 28,436 31,825
At 31 January 2023 114,569 284,365 398,934
Accumulated depreciation
At 01 February 2022 70,521 161,265 231,786
Charge for the financial year 12,569 50,978 63,547
At 31 January 2023 83,090 212,243 295,333
Net book value
At 31 January 2023 31,479 72,122 103,601
At 31 January 2022 40,659 94,664 135,323

5. Fixed asset investments

Other investments Total
£ £
Carrying value before impairment
At 01 February 2022 10,000 10,000
At 31 January 2023 10,000 10,000
Provisions for impairment
At 01 February 2022 0 0
At 31 January 2023 0 0
Carrying value at 31 January 2023 10,000 10,000
Carrying value at 31 January 2022 10,000 10,000

The unlisted investments are held at fair value with changes in value going through profit or loss. The value of these investments are measured by using the quoted price in the active market. If the investments were stated on an historical cost basis rather than a fair value basis, the amounts would be £6,250 (2022: £6,250).

6. Debtors

2023 2022
£ £
Trade debtors 832,627 899,093
Amounts owed by Group undertakings 498,227 498,228
Prepayments and accrued income 94,404 25,663
Other debtors 567,204 469,159
1,992,462 1,892,143

Trade debtors have been pledged as security against amounts due in respect of financed receivables.

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 0 3,932
Trade creditors 498,887 396,449
Accruals 32,367 49,459
Taxation and social security 38,968 49,728
Other creditors 825,142 826,264
1,395,364 1,325,832

The invoice discounting facility of £316,670 (2022: £344,951) is secured by way of a fixed and floating charge over the assets of the company, including trade debtors.

8. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 27,602) ( 28,292)
Credited to the Profit and Loss Account 10,095 690
At the end of financial year ( 17,507) ( 27,602)

The deferred taxation balance is made up as follows:

2023 2022
£ £
Accelerated capital allowances ( 17,507) ( 27,602)

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
200,000 Ordinary shares of £ 1.00 each 200,000 200,000

10. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 199,588 260,809
between one and five years 228,241 440,448
427,829 701,257

Other financial commitments

On 13 May 2015 the company, together with Sandrair International Limited, M O Holdings Limited and Chain Supply Management Limited (each "a Chargor"), entered into a debenture in favour of Barclays Bank Plc ("the Bank") to secure all present and future liabilities and obligations of each Chargor to the Bank, whether actual or contingent and whether owed jointly or severally or in any other capacity. The assets of the Chargors in respect of which they granted to the Bank a fixed and floating charge to secure their respective liabilities and obligations.

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 4,557 4,273