Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31No description of principal activity2022-04-01false11truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07224434 2022-04-01 2023-03-31 07224434 2021-04-01 2022-03-31 07224434 2023-03-31 07224434 2022-03-31 07224434 c:Director1 2022-04-01 2023-03-31 07224434 d:MotorVehicles 2022-04-01 2023-03-31 07224434 d:MotorVehicles 2023-03-31 07224434 d:MotorVehicles 2022-03-31 07224434 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 07224434 d:FurnitureFittings 2022-04-01 2023-03-31 07224434 d:FurnitureFittings 2023-03-31 07224434 d:FurnitureFittings 2022-03-31 07224434 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 07224434 d:OfficeEquipment 2022-04-01 2023-03-31 07224434 d:OfficeEquipment 2023-03-31 07224434 d:OfficeEquipment 2022-03-31 07224434 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 07224434 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 07224434 d:PatentsTrademarksLicencesConcessionsSimilar 2023-03-31 07224434 d:PatentsTrademarksLicencesConcessionsSimilar 2022-03-31 07224434 d:CurrentFinancialInstruments 2023-03-31 07224434 d:CurrentFinancialInstruments 2022-03-31 07224434 d:Non-currentFinancialInstruments 2023-03-31 07224434 d:Non-currentFinancialInstruments 2022-03-31 07224434 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 07224434 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 07224434 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 07224434 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 07224434 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 07224434 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-03-31 07224434 d:ShareCapital 2023-03-31 07224434 d:ShareCapital 2022-03-31 07224434 d:RetainedEarningsAccumulatedLosses 2023-03-31 07224434 d:RetainedEarningsAccumulatedLosses 2022-03-31 07224434 c:OrdinaryShareClass1 2022-04-01 2023-03-31 07224434 c:OrdinaryShareClass1 2023-03-31 07224434 c:OrdinaryShareClass1 2022-03-31 07224434 c:FRS102 2022-04-01 2023-03-31 07224434 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 07224434 c:FullAccounts 2022-04-01 2023-03-31 07224434 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 07224434 d:HirePurchaseContracts d:WithinOneYear 2023-03-31 07224434 d:HirePurchaseContracts d:WithinOneYear 2022-03-31 07224434 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-03-31 07224434 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-03-31 07224434 d:HirePurchaseContracts d:MoreThanFiveYears 2023-03-31 07224434 d:HirePurchaseContracts d:MoreThanFiveYears 2022-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07224434









GLOBAL FREIGHT FORWARDERS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
GLOBAL FREIGHT FORWARDERS LIMITED
REGISTERED NUMBER: 07224434

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
65,395
6,664

  
65,395
6,664

Current assets
  

Debtors: amounts falling due within one year
 6 
215,572
407,359

Cash at bank and in hand
  
276,575
235,470

  
492,147
642,829

Creditors: amounts falling due within one year
 7 
(145,089)
(375,298)

Net current assets
  
 
 
347,058
 
 
267,531

Total assets less current liabilities
  
412,453
274,195

Creditors: amounts falling due after more than one year
 8 
(72,503)
(32,500)

  

Net assets
  
339,950
241,695


Capital and reserves
  

Called up share capital 
 11 
3
3

Profit and loss account
  
339,947
241,692

  
339,950
241,695


Page 1

 
GLOBAL FREIGHT FORWARDERS LIMITED
REGISTERED NUMBER: 07224434
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 October 2023.




Misba Hiridjee
Director

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
GLOBAL FREIGHT FORWARDERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

The Company is a private company, limited by shares, incorporated and domiciled in England within the United Kingdom, registration number 07224434.  The Company's registered office is Ingleby House, 11-14 Cannon St, Birmingham, B2 5EN.
The financial statements are presented in sterling which is the functional currency of the company and the financial statements are rounded to the nearest £1. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

Cash flow
Under Financial Reporting Standard 102, the company is exempt from the requirement to prepare a cash flow statement on the grounds that it qualifies as a small company.

 
2.2

Going concern

The director has prepared the accounts on a going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 3

 
GLOBAL FREIGHT FORWARDERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Page 4

 
GLOBAL FREIGHT FORWARDERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
20%
Straight-line method
Fixtures and fittings
-
25%
Straight-line method
Office equipment
-
25%
Straight-line method

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
GLOBAL FREIGHT FORWARDERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Page 6

 
GLOBAL FREIGHT FORWARDERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)


Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

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

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).

Page 7

 
GLOBAL FREIGHT FORWARDERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Intangible assets




Patents

£



Cost


At 1 April 2022
24,530



At 31 March 2023

24,530



Amortisation


At 1 April 2022
24,530



At 31 March 2023

24,530



Net book value



At 31 March 2023
-



At 31 March 2022
-



Page 8

 
GLOBAL FREIGHT FORWARDERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2022
-
5,478
8,651
14,129


Additions
76,222
-
400
76,622



At 31 March 2023

76,222
5,478
9,051
90,751



Depreciation


At 1 April 2022
-
1,462
6,003
7,465


Charge for the year on owned assets
15,244
1,339
1,308
17,891



At 31 March 2023

15,244
2,801
7,311
25,356



Net book value



At 31 March 2023
60,978
2,677
1,740
65,395



At 31 March 2022
-
4,016
2,648
6,664


6.


Debtors

2023
2022
£
£


Trade debtors
215,472
407,359

Other debtors
100
-

215,572
407,359


Page 9

 
GLOBAL FREIGHT FORWARDERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,000
10,000

Trade creditors
37,213
249,319

Corporation tax
11,588
13,303

Other taxation and social security
6,948
4,323

Obligations under finance lease and hire purchase contracts
5,632
-

Other creditors
72,518
97,588

Accruals and deferred income
1,190
765

145,089
375,298



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
22,500
32,500

Net obligations under finance leases and hire purchase contracts
50,003
-

72,503
32,500


Page 10

 
GLOBAL FREIGHT FORWARDERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,000
10,000


10,000
10,000


Amounts falling due 2-5 years

Bank loans
22,500
32,500


22,500
32,500


32,500
42,500



10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
5,632
-

Between 1-5 years
5,922
-

Over 5 years
44,082
-

55,636
-


11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



3 (2022 - 3) Ordinary shares shares of £1.00 each
3
3


Page 11

 
GLOBAL FREIGHT FORWARDERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

12.


Transactions with directors

As at the balance sheet date £67,021 (2022: £97,082) was due to the director. The loan is interest free and repayable on demand.

 
Page 12