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Registration number: 02110466

Sea, Air & Land Forwarding Limited

Filleted Financial Statements

for the Year Ended 31 December 2022

 

Sea, Air & Land Forwarding Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

Sea, Air & Land Forwarding Limited

Company Information

Directors

Mr H S Ahuja

Vinar N V

Company secretary

Mr N A O Qazi

Registered office

Sun House
428 Long Drive
Greenford
Middlesex
UB6 8UH

Auditors

Xeinadin Audit Limited
8th Floor Becket House
36 Old Jewry
London
EC2R 8DD

 

Sea, Air & Land Forwarding Limited

(Registration number: 02110466)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

11,577

15,435

Investments

22,674

22,674

 

34,251

38,109

Current assets

 

Debtors

6

3,805,669

2,637,731

Cash at bank and in hand

 

7,759

367,422

 

3,813,428

3,005,153

Creditors: Amounts falling due within one year

7

(1,391,831)

(908,861)

Net current assets

 

2,421,597

2,096,292

Net assets

 

2,455,848

2,134,401

Capital and reserves

 

Called up share capital

180,000

180,000

Profit and loss account

2,275,848

1,954,401

Total equity

 

2,455,848

2,134,401

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 Board on 6 March 2024 and signed on its behalf by:
 


Mr H S Ahuja
Director

 

Sea, Air & Land Forwarding Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

1

General information

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

The address of its registered office is:
Sun House
428 Long Drive
Greenford
Middlesex
UB6 8UH
United Kingdom

These financial statements were authorised for issue by the Board on 6 March 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.

Going concern

Due to the nature of the company's principal activities, it is necessary for the directors to project and forecast several years in advance. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore adopts the going concern basis in preparing its financial statements.

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 6 March 2024 was John David Lee BA FCA, who signed for and on behalf of Xeinadin Audit Limited.

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.

 

Sea, Air & Land Forwarding Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

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

Motor Vehicles

25% reducing balance

Fixtures & Fittings

25% reducing balance

Plant & Machinery

25% reducing balance

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.

 

Sea, Air & Land Forwarding Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

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.

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 directors) during the year, was 9 (2021 - 15).

 

Sea, Air & Land Forwarding Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2022

603,912

603,912

At 31 December 2022

603,912

603,912

Depreciation

At 1 January 2022

588,477

588,477

Charge for the year

3,858

3,858

At 31 December 2022

592,335

592,335

Carrying amount

At 31 December 2022

11,577

11,577

At 31 December 2021

15,435

15,435

5

Investments

2022
£

2021
£

Investments in joint ventures

22,674

22,674

Joint ventures

£

Cost

At 1 January 2022

22,674

Provision

Carrying amount

At 31 December 2022

22,674

At 31 December 2021

22,674

 

Sea, Air & Land Forwarding Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

6

Debtors

Current

Note

2022
£

2021
£

Trade debtors

 

3,600,012

2,577,878

Amounts owed by related parties

9

154,848

-

Other debtors

 

50,809

59,853

   

3,805,669

2,637,731

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Trade creditors

 

951,686

359,194

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

-

142,758

Taxation and social security

 

301,758

221,462

Accruals and deferred income

 

138,387

185,447

 

1,391,831

908,861

Creditors include bank loans and overdrafts which are secured by way of a fixed and floating charge.

8

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary of £0.10 each

1,800,000

180,000

1,800,000

180,000

B Ordinary of £0.10 each

1

-

1

-

 

1,800,001

180,000

1,800,001

180,000

 

Sea, Air & Land Forwarding Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

9

Related party transactions

Summary of transactions with other related parties

The company has taken the exemption available under section 33 of FRS 102 not to disclose related party transactions and balances between members of group companies.
 

10

Parent and ultimate parent undertaking

The company's immediate parent is Sun Mark International Ltd, incorporated in UK.

 The ultimate parent is Vinar NV, incorporated in Belgium.

 The most senior parent entity producing publicly available financial statements is Vinar NV. These financial statements are available upon request from Beringersteenweg 98, 3520 Zonhoven.

The smallest company preparing publicly available consolidated financial statements including these is Sun Mark International Ltd, A copy of these financial statements is available from:
Sun House
428 Long Drive
Greenford
Middlesex UB6 8UH

 The ultimate controlling party is Vinar NV.