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REGISTERED NUMBER: 07033581 (England and Wales)















AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

CARGO EXPRESS LIMITED

CARGO EXPRESS LIMITED (REGISTERED NUMBER: 07033581)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Statement of Financial Position 1

Notes to the Financial Statements 2 to 10


CARGO EXPRESS LIMITED (REGISTERED NUMBER: 07033581)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2023

31.3.23 31.3.22
Notes £    £   
FIXED ASSETS
Property, plant and equipment 5 1,387,464 2,067,420
Investments 6 2,357,266 2,357,266
3,744,730 4,424,686

CURRENT ASSETS
Debtors 7 2,189,079 2,162,067
Cash at bank 31,000 3,816
2,220,079 2,165,883
CREDITORS
Amounts falling due within one year 8 (380,370 ) (715,771 )
NET CURRENT ASSETS 1,839,709 1,450,112
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,584,439

5,874,798

CREDITORS
Amounts falling due after more than one
year

9

(3,498

)

(50,971

)

PROVISIONS FOR LIABILITIES (118,498 ) (156,369 )
NET ASSETS 5,462,443 5,667,458

CAPITAL AND RESERVES
Called up share capital 2,000 2,000
Share premium 1,494,100 1,494,100
Revaluation reserve 918,643 918,643
Retained earnings 3,047,700 3,252,715
5,462,443 5,667,458

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 October 2023 and were signed on its behalf by:




Mr J O'Reilly - Director


CARGO EXPRESS LIMITED (REGISTERED NUMBER: 07033581)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

CARGO EXPRESS LIMITED is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 07033581

Registered office: DPC,
Stone House
55 Stone Road Business Park
Stoke-On-Trent
Staffordshire
ST4 6SR

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Going concern
The financial statements have been prepared on the going concern basis which assumes that the company will continue to trade for the foreseeable future, and continue to receive the support from the fellow group companies.

PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS
The entity has taken advantage of the exemption from preparing consolidated financial statements contained in Section 400 of the Companies Act 2006 on the basis that its financial statements and that of its subsidiary undertaking are consolidated into the financial statements of its immediate parent undertaking, O'Reilly Holdings Limited, a company registered in England & Wales.

CARGO EXPRESS LIMITED (REGISTERED NUMBER: 07033581)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

SIGNIFICANT JUDGEMENTS AND ESTIMATES
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

(i) Impairment of debtors

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See the note in the accounts for the net carrying amount of the debtors.

(ii) Estimated useful lives and residual values of fixed assets

As described in the notes to the financial statements, depreciation of tangible and intangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take into account estimated useful lives used by other companies operating in the sector and actual asset lives and residual values, as evidenced by disposals during the current and prior accounting periods.

(iii) Provisions

Provision is made for asset dilapidations and contingencies. These provisions require management's best estimate of the costs that will be incurred based on legislative and contractual requirements.

(iv) Valuation of investments

Investments in group undertakings and participating interests are stated in the balance sheet at fair value at the year end.

REVENUE RECOGNITION
Turnover is measured at the fair value of the consideration received or receivable and represents
amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

The company hired and rented the company's property and other assets to it's subsidiary and third party customers. Revenue is recognised in the accounting period in which the rental period relates to.

CARGO EXPRESS LIMITED (REGISTERED NUMBER: 07033581)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 20% reducing balance
Fixtures and fittings - 25% reducing balance and 20% reducing balance
Motor vehicles - Straight line over 6 years

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

INVESTMENTS IN SUBSIDIARIES AND ASSOCIATES
Investments in associates are accounted for in accordance with the fair value model.

Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.

Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

The company has a participating interest of 50% in the issued share capital of the associate and as it does not exercise a significant influence over the associate it has not been treated as a subsidiary undertaking of the company

CARGO EXPRESS LIMITED (REGISTERED NUMBER: 07033581)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

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

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.


CARGO EXPRESS LIMITED (REGISTERED NUMBER: 07033581)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued
DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

IMPAIRMENT OF FIXED ASSETS
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

PROVISIONS
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement
and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability
in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

CARGO EXPRESS LIMITED (REGISTERED NUMBER: 07033581)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

HIRE PURCHASE AND LEASING COMMITMENTS
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. AUDITORS' REMUNERATION
31.3.23 31.3.22
£    £   
Fees payable to the company's auditors for the audit of the
company's financial statements

3,195

2,550

5. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 April 2022 140,464 245,099 5,139,513 5,525,076
Additions - - 57,377 57,377
Disposals - - (949,884 ) (949,884 )
Reclassification/transfer 392,754 - (392,754 ) -
At 31 March 2023 533,218 245,099 3,854,252 4,632,569
DEPRECIATION
At 1 April 2022 107,174 173,468 3,177,014 3,457,656
Charge for year 35,135 14,984 450,031 500,150
Eliminated on disposal - - (712,701 ) (712,701 )
Reclassification/transfer 250,375 - (250,375 ) -
At 31 March 2023 392,684 188,452 2,663,969 3,245,105
NET BOOK VALUE
At 31 March 2023 140,534 56,647 1,190,283 1,387,464
At 31 March 2022 33,290 71,631 1,962,499 2,067,420

CARGO EXPRESS LIMITED (REGISTERED NUMBER: 07033581)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


6. FIXED ASSET INVESTMENTS
Shares in Interest
group in
undertakings associate Totals
£    £    £   
COST
At 1 April 2022
and 31 March 2023 2,312,643 92,145 2,404,788
PROVISIONS
At 1 April 2022
and 31 March 2023 - 47,522 47,522
NET BOOK VALUE
At 31 March 2023 2,312,643 44,623 2,357,266
At 31 March 2022 2,312,643 44,623 2,357,266


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 8,118 33,284
Amounts owed by group undertakings 2,180,961 2,122,242
Other debtors - 6,541
2,189,079 2,162,067

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Hire purchase contracts 48,818 288,072
Trade creditors 9,343 4,112
Amounts owed to group undertakings 210,982 211,510
Taxation and social security 99,832 187,589
Other creditors 11,395 24,488
380,370 715,771

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Hire purchase contracts 3,498 50,971

CARGO EXPRESS LIMITED (REGISTERED NUMBER: 07033581)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


10. SECURED DEBTS

The company's bankers hold a fixed and floating charge over all the property and undertaking of
the company.

The company has an unlimited cross guarantee dated 29 January 2019 between Montad Limited,
Cargo Express Limited, Cargo Express Holdings and O'Reilly Holdings Limited.

The hire purchase liabilities are secured on the related assets.

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Helen Tidyman (Senior Statutory Auditor)
for and on behalf of DPC Accountants Ltd

12. CAPITAL COMMITMENTS
31.3.23 31.3.22
£    £   
Contracted but not provided for in the
financial statements 574,500 -

13. OTHER FINANCIAL COMMITMENTS

There are cross guarantees between the companies within the Cargo Express LTD group totalling £193,022 (2022: £144,624).

14. RELATED PARTY DISCLOSURES

(i) All transactions undertaken with the directors and undertaken with any group companies (except for those detailed below) are deemed to be conducted under normal market conditions and/or are not material.

(ii) During the year the following transactions took place between the company and its subsidiary undertaking.

The company charged the subsidiary undertaking for hire of vehicles and equipment, property rental and management charges totalling £777,593. Receipts received from the subsidiary undertaking totalled At the £777,593. At the balance sheet date the company was owed £211,510 by the subsidiary undertaking.

(iii) During the year the following transactions took place between the company and its associated undertaking.

The company received dividends of £225,000.

During the period where the company was a wholly owned subsidiary, the company has taken advantage of the exemption from the disclosures required by paragraph 33.1A of Financial Reporting Standard 102 regarding transactions between fellow group companies.

15. POST BALANCE SHEET EVENTS

There were no significant post balance sheet events up to the date of approval of the financial statements by the Board.

CARGO EXPRESS LIMITED (REGISTERED NUMBER: 07033581)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


16. ULTIMATE CONTROLLING PARTY

The company's parent undertaking is Cargo Express Holdings Limited. Its principal place of business is 4 Pennine Way, Saltley, Birmingham, B8 1JW and its registered office is c/o DPC, Stone House, Stone Road, Stoke-on-Trent, ST4 6SR.

The company's ultimate controlling party is O'Reilly Holdings Limited. Its principal place of business is 4 Pennine Way, Saltley, Birmingham, B8 1JW and its registered office is c/o DPC, Stone House, Stone Road, Stoke-on-Trent, ST4 6SR.

17. GOING CONCERN

The financial statements have been prepared on the going concern basis which assumes that the company will continue to trade for the foreseeable future, and continue to receive the support from the fellow group companies.