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Registration number: 06256053

KORU INTERNATIONAL FREIGHT (UK) LIMITED

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2023

 

KORU INTERNATIONAL FREIGHT (UK) LIMITED

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 13

 

KORU INTERNATIONAL FREIGHT (UK) LIMITED

Company Information

Director

C G SCOTT

Registered office

7 Collingwood Road
WITHAM
Essex
CM8 2DY

Accountants

IAN SMITH & CO
Chartered Accountants
Lockram Villas
7 Collingwood Road
WITHAM
Essex
CM8 2DY

 

KORU INTERNATIONAL FREIGHT (UK) LIMITED

Director's Report for the Year Ended 31 May 2023

The director presents his report and the financial statements for the year ended 31 May 2023.

Director of the company

The director who held office during the year was as follows:

C G SCOTT

Principal activity

The principal activity of the company is that of freight services

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 22 February 2024
 


C G SCOTT
Director

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
KORU INTERNATIONAL FREIGHT (UK) LIMITED
for the Year Ended 31 May 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of KORU INTERNATIONAL FREIGHT (UK) LIMITED for the year ended 31 May 2023 as set out on pages 4 to 13 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of KORU INTERNATIONAL FREIGHT (UK) LIMITED, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of KORU INTERNATIONAL FREIGHT (UK) LIMITED and state those matters that we have agreed to state to the Board of Directors of KORU INTERNATIONAL FREIGHT (UK) LIMITED, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than KORU INTERNATIONAL FREIGHT (UK) LIMITED and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that KORU INTERNATIONAL FREIGHT (UK) LIMITED has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of KORU INTERNATIONAL FREIGHT (UK) LIMITED. You consider that KORU INTERNATIONAL FREIGHT (UK) LIMITED is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of KORU INTERNATIONAL FREIGHT (UK) LIMITED. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

.

IAN SMITH & CO
Chartered Accountants
Lockram Villas
7 Collingwood Road
WITHAM
Essex
CM8 2DY

22 February 2024

 

KORU INTERNATIONAL FREIGHT (UK) LIMITED

Profit and Loss Account for the Year Ended 31 May 2023

Note

2023
£

2022
£

Turnover

 

4,842,309

4,289,537

Cost of sales

 

(4,188,684)

(3,520,756)

Gross profit

 

653,625

768,781

Administrative expenses

 

(315,322)

(404,475)

Operating profit

 

338,303

364,306

Other interest receivable and similar income

 

968

54

Profit before tax

4

339,271

364,360

Tax on profit

 

(68,024)

(68,403)

Profit for the financial year

 

271,247

295,957

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

KORU INTERNATIONAL FREIGHT (UK) LIMITED

Statement of Comprehensive Income for the Year Ended 31 May 2023

2023
£

2022
£

Profit for the year

271,247

295,957

Total comprehensive income for the year

271,247

295,957

 

KORU INTERNATIONAL FREIGHT (UK) LIMITED

(Registration number: 06256053)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

3,649

4,450

Current assets

 

Debtors

6

661,440

763,957

Investments

7

30,000

30,000

Cash at bank and in hand

 

496,950

334,249

 

1,188,390

1,128,206

Creditors: Amounts falling due within one year

8

(381,301)

(539,165)

Net current assets

 

807,089

589,041

Net assets

 

810,738

593,491

Capital and reserves

 

Called up share capital

9

1

1

Retained earnings

810,737

593,490

Shareholders' funds

 

810,738

593,491

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 22 February 2024
 


C G SCOTT
Director

 

KORU INTERNATIONAL FREIGHT (UK) LIMITED

Statement of Changes in Equity for the Year Ended 31 May 2023

Share capital
£

Retained earnings
£

Total
£

At 1 June 2022

1

593,490

593,491

Profit for the year

-

271,247

271,247

Dividends

-

(54,000)

(54,000)

At 31 May 2023

1

810,737

810,738

Share capital
£

Retained earnings
£

Total
£

At 1 June 2021

1

462,533

462,534

Profit for the year

-

295,957

295,957

Dividends

-

(165,000)

(165,000)

At 31 May 2022

1

593,490

593,491

 

KORU INTERNATIONAL FREIGHT (UK) LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
7 Collingwood Road
WITHAM
Essex
CM8 2DY

The principal place of business is:
65B High Street
MALDON
Essex
CM9 5EP

These financial statements were authorised for issue by the director on 22 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

 

KORU INTERNATIONAL FREIGHT (UK) LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

18% on written down value

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

KORU INTERNATIONAL FREIGHT (UK) LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2022 - 4).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

801

977

 

KORU INTERNATIONAL FREIGHT (UK) LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2022

6,888

6,888

At 31 May 2023

6,888

6,888

Depreciation

At 1 June 2022

2,438

2,438

Charge for the year

801

801

At 31 May 2023

3,239

3,239

Carrying amount

At 31 May 2023

3,649

3,649

At 31 May 2022

4,450

4,450

6

Debtors

Current

2023
£

2022
£

Trade debtors

580,905

682,073

Prepayments

36,427

36,427

Other debtors

44,108

45,457

 

661,440

763,957

7

Current asset investments

2023
£

2022
£

Other investments

30,000

30,000

8

Creditors

Creditors: amounts falling due within one year

 

KORU INTERNATIONAL FREIGHT (UK) LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

-

6,773

Trade creditors

 

283,328

437,424

Taxation and social security

 

68,024

68,443

Accruals and deferred income

 

15,302

12,239

Other creditors

 

14,647

14,286

 

381,301

539,165

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

         

10

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

-

6,773

11

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £Nil (2022 - £1.00) per each Ordinary shares

 

54,000

 

165,000

         

12

Related party transactions

 

KORU INTERNATIONAL FREIGHT (UK) LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

87,000

177,000

Contributions paid to money purchase schemes

13,332

39,996

100,332

216,996