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COMPANY REGISTRATION NUMBER: 07382707
International Freight Logistics Ltd
Filleted Unaudited Financial Statements
For the year ended
30 September 2023
International Freight Logistics Ltd
Financial Statements
Year ended 30 September 2023
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
International Freight Logistics Ltd
Officers and Professional Advisers
The board of directors
Mr Sanju Joseph
Mr Suresh Kuttan
Miss Annabel Sanju
Miss Pavithra Suresh
Registered office
22 Britten Close
Blackburn
Lancashire
BB2 3TD
Accountants
Xaviers Accountants Limited
Chartered Certified Accountants
Suite 3J
Recycling Lives Centre
1A Essex Street
Preston
PR1 1QE
International Freight Logistics Ltd
Statement of Financial Position
30 September 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
1,122
Current assets
Debtors
6
183,170
141,548
Cash at bank and in hand
35,421
74,217
---------
---------
218,591
215,765
Creditors: amounts falling due within one year
7
( 89,559)
( 114,630)
---------
---------
Net current assets
129,032
101,135
---------
---------
Total assets less current liabilities
130,154
101,135
Creditors: amounts falling due after more than one year
8
( 18,008)
( 27,409)
---------
---------
Net assets
112,146
73,726
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
112,046
73,626
---------
--------
Shareholders funds
112,146
73,726
---------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
International Freight Logistics Ltd
Statement of Financial Position (continued)
30 September 2023
These financial statements were approved by the board of directors and authorised for issue on 9 April 2024 , and are signed on behalf of the board by:
Mr Sanju Joseph
Director
Company registration number: 07382707
International Freight Logistics Ltd
Notes to the Financial Statements
Year ended 30 September 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 22 Britten Close, Blackburn, Lancashire, BB2 3TD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% straight line
Equipment
-
25% straight line
Defined contribution plans
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Tangible assets
Plant and machinery
Equipment
Total
£
£
£
Cost
At 1 October 2022
4,952
4,952
Additions
1,496
1,496
-------
-------
-------
At 30 September 2023
4,952
1,496
6,448
-------
-------
-------
Depreciation
At 1 October 2022
4,952
4,952
Charge for the year
374
374
-------
-------
-------
At 30 September 2023
4,952
374
5,326
-------
-------
-------
Carrying amount
At 30 September 2023
1,122
1,122
-------
-------
-------
At 30 September 2022
-------
-------
-------
6. Debtors
2023
2022
£
£
Trade debtors
153,339
116,051
Other debtors
29,831
25,497
---------
---------
183,170
141,548
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,405
9,829
Trade creditors
39,728
51,722
Corporation tax
19,117
30,053
Other creditors
21,309
23,026
--------
---------
89,559
114,630
--------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
18,008
27,409
--------
--------
9. Related party transactions
Mr Sanju Joseph is the director of Rosan Foods Limited. At the balance sheet date, Rosan Foods Limited owed £17,048 to International Freight Logistics Ltd . The loan due from Rosan Foods Limited is interest bearing and repayable on demand and classified in other debtors due within one year.