Silverfin false 31/01/2023 01/02/2022 31/01/2023 S Barton 01/01/2020 A M J Karim 01/04/2022 S R Lipski 01/02/2006 C Ogden 01/10/2021 M Ogden 02/12/1996 06 October 2023 The principal activity of the company continued to be that of courier services. 03274787 2023-01-31 03274787 bus:Director1 2023-01-31 03274787 bus:Director2 2023-01-31 03274787 bus:Director3 2023-01-31 03274787 bus:Director4 2023-01-31 03274787 bus:Director5 2023-01-31 03274787 2022-01-31 03274787 core:CurrentFinancialInstruments 2023-01-31 03274787 core:CurrentFinancialInstruments 2022-01-31 03274787 core:ShareCapital 2023-01-31 03274787 core:ShareCapital 2022-01-31 03274787 core:RetainedEarningsAccumulatedLosses 2023-01-31 03274787 core:RetainedEarningsAccumulatedLosses 2022-01-31 03274787 core:ComputerSoftware 2022-01-31 03274787 core:ComputerSoftware 2023-01-31 03274787 core:LeaseholdImprovements 2022-01-31 03274787 core:PlantMachinery 2022-01-31 03274787 core:Vehicles 2022-01-31 03274787 core:FurnitureFittings 2022-01-31 03274787 core:ComputerEquipment 2022-01-31 03274787 core:LeaseholdImprovements 2023-01-31 03274787 core:PlantMachinery 2023-01-31 03274787 core:Vehicles 2023-01-31 03274787 core:FurnitureFittings 2023-01-31 03274787 core:ComputerEquipment 2023-01-31 03274787 2021-01-31 03274787 core:AcceleratedTaxDepreciationDeferredTax 2023-01-31 03274787 core:AcceleratedTaxDepreciationDeferredTax 2022-01-31 03274787 bus:OrdinaryShareClass1 2023-01-31 03274787 core:WithinOneYear 2023-01-31 03274787 core:WithinOneYear 2022-01-31 03274787 core:BetweenOneFiveYears 2023-01-31 03274787 core:BetweenOneFiveYears 2022-01-31 03274787 2022-02-01 2023-01-31 03274787 bus:FullAccounts 2022-02-01 2023-01-31 03274787 bus:SmallEntities 2022-02-01 2023-01-31 03274787 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 03274787 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 03274787 bus:Director1 2022-02-01 2023-01-31 03274787 bus:Director2 2022-02-01 2023-01-31 03274787 bus:Director3 2022-02-01 2023-01-31 03274787 bus:Director4 2022-02-01 2023-01-31 03274787 bus:Director5 2022-02-01 2023-01-31 03274787 core:ComputerSoftware core:TopRangeValue 2022-02-01 2023-01-31 03274787 core:LeaseholdImprovements core:TopRangeValue 2022-02-01 2023-01-31 03274787 core:PlantMachinery core:TopRangeValue 2022-02-01 2023-01-31 03274787 core:Vehicles core:TopRangeValue 2022-02-01 2023-01-31 03274787 core:FurnitureFittings core:TopRangeValue 2022-02-01 2023-01-31 03274787 core:ComputerEquipment core:TopRangeValue 2022-02-01 2023-01-31 03274787 2021-02-01 2022-01-31 03274787 core:ComputerSoftware 2022-02-01 2023-01-31 03274787 core:LeaseholdImprovements 2022-02-01 2023-01-31 03274787 core:PlantMachinery 2022-02-01 2023-01-31 03274787 core:Vehicles 2022-02-01 2023-01-31 03274787 core:FurnitureFittings 2022-02-01 2023-01-31 03274787 core:ComputerEquipment 2022-02-01 2023-01-31 03274787 core:CurrentFinancialInstruments 2022-02-01 2023-01-31 03274787 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 03274787 bus:OrdinaryShareClass1 2021-02-01 2022-01-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 03274787 (England and Wales)

CHAIN SUPPLY MANAGEMENT AND LOGISTICS LIMITED

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

CHAIN SUPPLY MANAGEMENT AND LOGISTICS LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2023

Contents

CHAIN SUPPLY MANAGEMENT AND LOGISTICS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 January 2023
CHAIN SUPPLY MANAGEMENT AND LOGISTICS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 January 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 113,826 106,277
Tangible assets 4 38,225 48,170
152,051 154,447
Current assets
Debtors 5 2,067,077 2,050,981
Cash at bank and in hand 1,465 26,071
2,068,542 2,077,052
Creditors: amounts falling due within one year 6 ( 2,079,493) ( 2,053,280)
Net current (liabilities)/assets (10,951) 23,772
Total assets less current liabilities 141,100 178,219
Provision for liabilities 7 ( 17,016) ( 23,906)
Net assets 124,084 154,313
Capital and reserves
Called-up share capital 8 50,000 50,000
Profit and loss account 74,084 104,313
Total shareholder's funds 124,084 154,313

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 Chain Supply Management and Logistics Limited (registered number: 03274787) were approved and authorised for issue by the Director. They were signed on its behalf by:

M Ogden
Director

06 October 2023

CHAIN SUPPLY MANAGEMENT AND LOGISTICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2023
CHAIN SUPPLY MANAGEMENT AND LOGISTICS 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

Chain Supply Management and Logistics 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 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 £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Comprehensive Income in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

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:

Leasehold improvements 4 years straight line
Plant and machinery 4 years straight line
Vehicles 4 years straight line
Fixtures and fittings 4 years straight line
Computer equipment 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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Comprehensive Income over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

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 44 42

3. Intangible assets

Computer software Total
£ £
Cost
At 01 February 2022 731,285 731,285
Additions 82,409 82,409
At 31 January 2023 813,694 813,694
Accumulated amortisation
At 01 February 2022 625,008 625,008
Charge for the financial year 74,860 74,860
At 31 January 2023 699,868 699,868
Net book value
At 31 January 2023 113,826 113,826
At 31 January 2022 106,277 106,277

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £ £
Cost
At 01 February 2022 122,317 12,225 4,250 39,376 59,160 237,328
Additions 17,040 0 0 2,115 0 19,155
Disposals ( 55,885) 0 0 0 0 ( 55,885)
At 31 January 2023 83,472 12,225 4,250 41,491 59,160 200,598
Accumulated depreciation
At 01 February 2022 88,860 10,322 4,250 39,355 46,371 189,158
Charge for the financial year 23,415 1,143 0 285 4,257 29,100
Disposals ( 55,885) 0 0 0 0 ( 55,885)
At 31 January 2023 56,390 11,465 4,250 39,640 50,628 162,373
Net book value
At 31 January 2023 27,082 760 0 1,851 8,532 38,225
At 31 January 2022 33,457 1,903 0 21 12,789 48,170

5. Debtors

2023 2022
£ £
Trade debtors 1,216,128 1,159,998
Prepayments and accrued income 31,059 104,362
VAT recoverable 48,883 0
Other debtors 771,007 786,621
2,067,077 2,050,981

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

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank overdrafts 695,212 678,054
Trade creditors 684,978 759,302
Amounts owed to Group undertakings 338 338
Accruals 235,222 203,301
Taxation and social security 116,962 105,513
Other creditors 346,781 306,772
2,079,493 2,053,280

The invoice discounting facility of £695,212 (2022: £678,054) is secured by way of a fixed and floating charge over the assets of the company, including trade debtors.

7. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 23,906) ( 24,513)
Credited to the Profit and Loss Account 6,890 607
At the end of financial year ( 17,016) ( 23,906)

The deferred taxation balance is made up as follows:

2023 2022
£ £
Accelerated capital allowances ( 17,016) ( 23,906)

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
50,000 Ordinary shares of £ 1.00 each 50,000 50,000

9. Financial commitments

Commitments

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

2023 2022
£ £
within one year 178,216 22,394
between one and five years 175,949 165,784
354,165 188,178

Other financial commitments

On 13 May 2015 the company, together with Sandrair International Limited, M O Holdings Limited and Abingdon Freight Forwarding Agency 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 Chargor 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) 4,767 4,653