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Registration number: 01081351

Bring Cargo Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

Bring Cargo Limited

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 8

Profit and Loss Account

9

Statement of Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13 to 25

 

Bring Cargo Limited

Company Information

Directors

R Tutass

S E Gibson

B Eriksen

Company secretary

S E Gibson

Registered office

Scandic Terminal
North Moss Lane
Stallingborough
DN41 8DD

Solicitors

Andrew Jackson
Marina Court
Castle Street
Hull
East Yorkshire
HU1 1TJ

Bankers

Nordea Bank AB
6th Floor
5 Aldermanbury Square
London
EC2V 7AZ

Auditors

Forrester Boyd
26 South Saint Mary's Gate
Grimsby
North East Lincolnshire
DN31 1LW

 

Bring Cargo Limited

Strategic Report for the Year Ended 31 December 2023

The Directors present their strategic report for the year ended 31 December 2023.

Principal activity

The principal activity of the Company is shipping and freight forwarding agent, trailer operator, terminal, and warehouse keeper.

Fair review of the business

Turnover levels in the year have fallen by roughly 15%, which is symptomatic of the overall market conditions seen in the year with the Directors continuing to look for other income streams to compliment the core business and mitigate low demand in some markets. Gross margins have been maintained at 28% however due to the drop in revenue gross profit has dropped in £ terms.

Overall profit levels are therefore static which represents an excellent result considering the trading conditions and rising costs in a number of areas fuelled by inflation levels and general economic factors. All staff should be commended for their efforts during the year.

The pension scheme liability remained fairly stable in the period which, along with the healthy net profit achieved, has seen the company balance sheet strengthen to just under £4.8m.

The Directors are confident that the company will continue these positive results in the coming year.

The Company's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2023

2022

Company turnover

£

11,117,814

13,029,542

Gross profit margin

%

28

28

Operating profit

£

1,019,309

1,010,084

Net current assets

£

4,547,531

4,076,328

Net assets/(liabilities) (including net pension liability of £3,262,000 (2022: £3,316,000))

£

4,773,522

4,122,389


Principal risks and uncertainties

Management expects continued pressure on gross profit margins because of currency fluctuations and increased competition from within the marketplace. Other risks and uncertainties are:

• Inflation has been a UK wide issue for a few years however the rate of inflation has decreased in 2024. The company doesn’t have any loans or mortgages so recent Bank of England interest rate increases that have been implemented to try and bring the inflation rate down haven’t had any negative effects. The vast majority of work carried out is also done on spot quotes so the company can ensure that all current costs are taken into account when quoting for jobs.

• Fuel and energy costs. Unprecedented increases in fuel and energy costs could have an impact on the profit margins going forward as the cost of running the haulage goes up. A fuel surcharge percentage has been implemented and re-charged to customers in line with the additional costs incurred on the fuel.

• Pension Liability: The Company's defined benefit scheme has been closed to new members since 1998 and alternative pension options are now offered with no actuarial liability to the Company. The defined benefit scheme has a liability as disclosed in the accounts, which is under review and discussions with the trustees and the pension regulator regarding future funding proposals.

• Competition: The Company has a strong position in its core Scandinavian trailer activities due to a long presence in the market and strong agents. Competition is closely monitored, and innovative measures taken where available to enhance market performance.

• Operational: The Company is dependent upon the continuity of commercial arrangements with customers, suppliers, and agents, which can change due to economic and commercial influences.

 

Bring Cargo Limited

Strategic Report for the Year Ended 31 December 2023

Approved and authorised by the Board on 16 August 2024 and signed on its behalf by:
 

.........................................
S E Gibson
Company secretary and director

 

Bring Cargo Limited

Directors' Report for the Year Ended 31 December 2023

The Directors present their report and the financial statements for the year ended 31 December 2023.

Directors of the Company

The directors who held office during the year were as follows:

R Tutass

S E Gibson - Company secretary and director

B Eriksen

Financial instruments

Objectives and policies

The Company uses financial instruments, other than derivatives, comprising cash and other liquid resources and various other items such as trade debtors and creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the Company's operations.

The main risk arising from the Company's financial instruments is liquidity risk. The directors review and agree policies for managing this risk and they are summarised below. The policy has remained unchanged from previous periods.

Price risk, credit risk, liquidity risk and cash flow risk

The Company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.

Future developments

The Directors continue to maintain the management policies despite the difficult economic climate and the competitive nature of the industry. They consider that the Company aims to grow and strengthen its position in the next year both from existing and new markets.

Disclosure of information to the auditors

Each Director has taken steps that they ought to have taken as a Director in order to make themselves aware of any relevant audit information and to establish that the Company's auditors are aware of that information. The Directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 16 August 2024 and signed on its behalf by:
 

.........................................
S E Gibson
Company secretary and director

 

Bring Cargo Limited

Statement of Directors' Responsibilities

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the Directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006 and in accordance with FRS 102. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Bring Cargo Limited

Independent Auditor's Report to the Members of Bring Cargo Limited

Opinion

We have audited the financial statements of Bring Cargo Limited for the year ended 31 December 2023, which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The Directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in this report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of the other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

 

Bring Cargo Limited

Independent Auditor's Report to the Members of Bring Cargo Limited

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of Directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Discussions with management held, including consideration of known or suspected instances of non-compliance.

Challenging assumptions and judgements made with significant accounting estimates.

Identification of key laws and regulations central to the company's operation and review of compliance with such laws.

Testing of journal entries and potential areas for management override of systems.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulations. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

 

Bring Cargo Limited

Independent Auditor's Report to the Members of Bring Cargo Limited

......................................
Neal Watford ACA (Senior Statutory Auditor)
For and on behalf of Forrester Boyd, Statutory Auditor

26 South Saint Mary's Gate
Grimsby
North East Lincolnshire
DN31 1LW

16 August 2024

 

Bring Cargo Limited

Profit and Loss Account for the Year Ended 31 December 2023

Note

2023
£

2022
£

Turnover

11,117,814

13,029,542

Cost of sales

 

(7,960,224)

(9,328,547)

Gross profit

 

3,157,590

3,700,995

Administrative expenses

 

(2,138,281)

(2,690,911)

Operating profit

2

1,019,309

1,010,084

Other interest receivable and similar income

198,510

43,094

Interest payable and similar expenses

3

(145,149)

(134,892)

   

53,361

(91,798)

Profit before tax

 

1,072,670

918,286

Tax on profit

7

(270,037)

(148,019)

Profit for the financial year

 

802,633

770,267

 

Bring Cargo Limited

Statement of Comprehensive Income for the Year Ended 31 December 2023

2023
£

2022
£

Profit for the year

802,633

770,267

Remeasurement (loss)/gain on defined benefit pension schemes

(202,000)

4,972,000

Movement on deferred tax relating to pension liability

50,500

(1,242,750)

(151,500)

3,729,250

Total comprehensive income for the year

651,133

4,499,517

 

Bring Cargo Limited

(Registration number: 01081351)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

8

2,805,422

2,643,847

Investments

9

12,214

12,214

Debtors

11

815,500

829,000

 

3,633,136

3,485,061

Current assets

 

Stocks

10

4,348

4,815

Debtors

11

1,704,577

1,898,706

Cash at bank and in hand

 

4,470,044

4,086,903

 

6,178,969

5,990,424

Creditors: Amounts falling due within one year

13

(1,631,438)

(1,914,096)

Net current assets

 

4,547,531

4,076,328

Total assets less current liabilities

 

8,180,667

7,561,389

Provisions for liabilities

14

(145,145)

(123,000)

Net assets excluding pension asset/(liability)

 

8,035,522

7,438,389

Net pension liability 1

15

(3,262,000)

(3,316,000)

Net assets

 

4,773,522

4,122,389

Capital and reserves

 

Called up share capital

50,000

50,000

Fair value reserve

199,432

199,432

Retained earnings

4,524,090

3,872,957

Shareholders' funds

 

4,773,522

4,122,389

Approved and authorised by the Board on 16 August 2024 and signed on its behalf by:
 

.........................................
R Tutass
Director

.........................................
S E Gibson
Company secretary and director

 

Bring Cargo Limited

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

Share capital
£

Fair value reserve
£

Retained earnings
£

Total
£

At 1 January 2023

50,000

199,432

3,872,957

4,122,389

Profit for the year

-

-

802,633

802,633

Other comprehensive income

-

-

(151,500)

(151,500)

Total comprehensive income

-

-

651,133

651,133

At 31 December 2023

50,000

199,432

4,524,090

4,773,522

Share capital
£

Fair value reserve
£

Retained earnings
£

Total
£

At 31 December 2021

50,000

199,432

(626,560)

(377,128)

Profit for the year

-

-

770,267

770,267

Other comprehensive income

-

-

3,729,250

3,729,250

Total comprehensive income

-

-

4,499,517

4,499,517

At 31 December 2022

50,000

199,432

3,872,957

4,122,389

 

Bring Cargo Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

Accounting policies

Statement of compliance

Bring Cargo Limited is a private company limited by shares, domicled and incorporated in England and Wales. The Registered Office is Scandic Terminal, North Moss Lane, Stallingborough, DN41 8DD.

The Company's financial statements have been prepared in compliance with FRS 102.

Basis of preparation

The financial statements of Bring Cargo Limited were authorised for issue by the Board of Directors on 14 August 2024. The financial statements have been prepared in compliance with FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" as it applies to the financial statements for the period ended 31 December 2023. The financial statements are prepared in sterling which is the functional currency of the Company and are rounded to the nearest pound.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. Increased adoption of cost tariffs into our operational IT System across our markets increases the accuracy of the estimation/actual conversion which gives increased comfort to our estimation process.

The company has an obligation to pay pension benefits to certain employees. The cost of these benefits and the present value of the obligation depend on a number of factors, including; life expectancy, salary increases, asset valuations and the discount rate on corporate bonds.
Management estimates these factors in determining the net pension obligation in the balance sheet. The assumptions reflect historical experience and current trends. For details of assumptions adopted, see note 18.

A deferred tax asset has been included in non current debtors in relation to the defined benefit pension liability. The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Disclosure exemptions
The company has taken advantage of the following disclosure exemptions in prearing these financial statements, as permitted by the FRS 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'':

• the requirements of section 7 Statement of Cash Flows;
• the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
• the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
• the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
• the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Posten Norge AS.

Exemption from preparing group accounts
The financial statements contain information about Bring Cargo Limited as an individual Company and do not contain consolidated financial information as the parent of a group.

The Company is exempt under section 401 of the Companies Act 2006 from the requirement to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Posten Norge AS, a Company incorporated in Norway.

 

Bring Cargo Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

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.

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Tax

The tax expense for the period comprises current and deferred 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 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.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Freehold land

No depreciation

Freehold buildings

2% per annum of cost or valuation

Plant and machinery

20% reducing balance, 15 years straight line

Motor vehicles

25% reducing balance

Fixtures and fittings

Between 10% and 25% straight line

Revaluation of properties

Individual freehold properties are initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently they are measured at fair value on a regular basis.

Revaluation gains are recognised in other comprehensive income and accumulated in the revaluation reserve, unless they reverse a previous decrease that was recognised in profit or loss. Revaluation losses are also recognised in the revaluation reserve to the extent of a previous revaluation surplus in respect of that asset. Any excess loss is then recorded in profit or loss.

 

Bring Cargo Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand 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.

Non-current debtors
Non-current debtors relate to deferred tax asset on the defined benefit pension liability.

Stocks

Stocks, which comprises consumables, are stated at the lower of cost and net realisable value.

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.

Leases

Tangible fixed assets acquired under finance leases or hire purchase contracts are capitalised at a value equal to the cost incurred by the Company in acquiring the relevant assets and depreciated in the same manner as other tangible fixed assets. The related obligations, net of future finance charges, are included in creditors. Finance charges arising are shown under interest payable in the profit and loss account.

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

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.

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.

 

Bring Cargo Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Defined benefit pension obligation

Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. Post-employment benefits are recognised in accordance with IAS 19 Employee Benefits. The Company has a defined benefit pension plan that was closed to all new entrants on 31 March 2000.

The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date minus the fair value of plan assets. The defined benefit obligation is measured using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future payments by reference to market yields at the reporting date on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.

Actuarial gains and losses are charged or credited to other comprehensive income in the period in which they arise.

2

Operating profit

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

127,131

119,251

Operating lease expense - rents payable on land and buildings

35,097

28,605

Operating lease expense - plant and machinery

24,288

21,007

Short term hire - plant and trailers

409,140

318,948

Profit on disposal of property, plant and equipment

(16,740)

(128)

3

Interest payable and similar expenses

2023
£

2022
£

Foreign exchange (gains)/losses

2,149

1,892

Pension scheme net interest costs

143,000

133,000

145,149

134,892

4

Staff costs

The aggregate payroll costs (including Directors' remuneration) were as follows:

2023
£

2022
£

Wages and salaries

1,426,578

1,420,326

Social security costs

142,472

151,008

Pension costs, defined contribution scheme

49,278

56,376

Pension costs, defined benefit scheme

29,916

32,445

Defined benefit scheme, past service costs

-

519,000

Defined benefit scheme, current service costs

32,000

147,000

1,680,244

2,326,155

 

Bring Cargo Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

The average number of persons employed by the Company (including directors) during the year, analysed by category was as follows:

2023
No.

2022
No.

Directors

2

2

Management and administration

10

10

Operations/cargo handlers

30

32

42

44

5

Directors' remuneration

The Directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

214,418

254,883

During the year the number of Directors who were receiving benefits and share incentives was as follows:

2023
No.

2022
No.

Accruing benefits under defined benefit pension scheme

1

1

Accruing benefits under money purchase pension scheme

1

1

In respect of the highest paid Director:

2023
£

2022
£

Remuneration

145,271

139,064

Company contributions to defined benefit pension schemes

27,708

25,255

6

Auditors' remuneration

2023
£

2022
£

Audit of the financial statements

17,900

20,253

Other fees to auditors

All other assurance services

5,000

-


 

 

Bring Cargo Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

7

Taxation

Tax charged/(credited) in the profit and loss account

2023
£

2022
£

Current taxation

UK corporation tax

176,401

243,769

UK corporation tax adjustment to prior periods

7,491

-

183,892

243,769

Deferred taxation

Arising from origination and reversal of timing differences

85,110

(95,750)

Arising from changes in tax rates and laws

1,035

-

Total deferred taxation

86,145

(95,750)

Tax expense in the income statement

270,037

148,019

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2022 - lower than the standard rate of corporation tax in the UK) of 23.52% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit before tax

1,072,670

918,286

Corporation tax at standard rate

252,292

174,474

Effect of expense not deductible in determining taxable profit (tax loss)

891

(1,654)

Deferred tax expense/(credit) relating to changes in tax rates or laws

1,035

(32,297)

Increase in UK and foreign current tax from adjustment for prior periods

7,491

-

Tax increase from effect of capital allowances and depreciation

8,328

-

Other tax effects for reconciliation between accounting profit and tax expense (income)

-

7,496

Total tax charge

270,037

148,019

Deferred tax

Deferred tax assets and liabilities

2023

Asset
£

Liability
£

Accelerated capital allowances

-

145,145

Deferred tax asset on pension liability

815,500

-

815,500

145,145

2022

Asset
£

Liability
£

Accelerated capital allowances

-

123,000

Deferred tax asset on pension liability

829,000

-

829,000

123,000

 

Bring Cargo Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

8

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

3,314,025

409,595

671,665

8,743

4,404,028

Additions

116,260

6,427

126,689

43,000

292,376

Disposals

-

-

(55,282)

(8,743)

(64,025)

At 31 December 2023

3,430,285

416,022

743,072

43,000

4,632,379

Depreciation

At 1 January 2023

844,581

378,694

528,347

8,566

1,760,188

Charge for the year

57,689

12,147

50,100

7,195

127,131

Eliminated on disposal

-

-

(51,768)

(8,594)

(60,362)

At 31 December 2023

902,270

390,841

526,679

7,167

1,826,957

Carrying amount

At 31 December 2023

2,528,015

25,181

216,393

35,833

2,805,422

At 31 December 2022

2,469,444

30,907

143,320

176

2,643,847

Included within the net book value of land and buildings above is £2,528,015 (2022 - £2,469,443) in respect of freehold land and buildings.
 

Revaluation

Individual Freehold properties are re valued on a triennial basis using a fair value basis, with a surplus or deficit on the book value being charged (or credited) to the balance sheet Retained Earnings. A valuation has not been carried out during year ended 31 December 2023.

Had this class of asset been measured on a historical cost basis, the carrying amount would have been £2,328,583 (2022 - £2,270,012).

 

Bring Cargo Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

9

Investments

2023
£

2022
£

Investments in subsidiaries

12,214

12,214

Subsidiaries

£

Cost or valuation

At 1 January 2023 and 31 December 2023

12,214

Provision

At 1 January 2023 and 31 December 2023

-

Carrying amount

At 31 December 2023

12,214

At 31 December 2022

12,214

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the Company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Nor-Cargo Transport Limited

Scandic Terminal, North Moss Lane, Stallingborough, N E Lincolnshire, DN41 8DD

England

Ordinary shares of £1 each

100%

100%

Nor-Cargo Limited

Scandic Terminal, North Moss Lane, Stallingborough, N E Lincolnshire, DN41 8DD

England

Ordinary shares of £1 each

100%

100%

Subsidiary undertakings

Nor-Cargo Transport Limited

The principal activity of Nor-Cargo Transport Limited is dormant.

Nor-Cargo Limited

The principal activity of Nor-Cargo Limited is dormant.

10

Stocks

2023
£

2022
£

Consumables

4,348

4,815

 

Bring Cargo Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

11

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

972,464

1,021,374

Amounts owed by related parties

19

496,629

601,191

Other debtors

 

122,167

150,888

Prepayments

 

113,317

125,253

   

1,704,577

1,898,706

Non-current

2023
£

2022
£

Other debtors

815,500

829,000

 

815,500

829,000

Details of non-current trade and other debtors

£815,500 (2022 - £829,000) of other debtors is classified as non current. The amount relates to deferred tax on the defined benefit pension liability.

12

Cash and cash equivalents

2023
£

2022
£

Cash at bank

4,470,044

4,086,903

13

Creditors

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

856,153

991,931

Amounts owed to other group undertakings

19

134,348

69,787

Social security and other taxes

 

38,046

35,086

Outstanding defined contribution pension costs

 

4,744

1,475

Accruals

 

390,015

541,048

Corporation tax liability

7

193,132

259,769

Amounts owed to subsidiary undertakings

15,000

15,000

 

1,631,438

1,914,096

14

Deferred tax and other provisions

Deferred tax
£

At 1 January 2023

123,000

Additional provisions

22,145

At 31 December 2023

145,145

 

Bring Cargo Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

15

Pension and other schemes

Defined contribution pension scheme

The Company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the Company to the scheme and amounted to £49,278 (2022 - £56,376).

Contributions totalling £4,744 (2022 - £1,475) were payable to the scheme at the end of the year and are included in creditors.

Defined Benefit Pension Scheme

The Company operates a pension scheme providing benefits based on final pensionable pay in the UK. The assets of the scheme are held separately from those of the Company, being invested with insurance companies.

A full actuarial valuation was made at 31 March 2023 and identified that the Scheme was in a deficit. As part of the recovery plan the Trustees of the pension scheme and the employer have agreed that an annual contribution of £405,500 will be paid to the Scheme annually in arrears for a period of 9 years from April 2024. The first payment, of £405,500 is therefore due on or before 31 March 2025. The funding shortfall is expected to be eliminated in 10 years from the valuation date, i.e. by 31 March 2033.

The total net income (2022 - costs) relating to defined benefit schemes for the year recognised in profit or loss as income was £256,000 (2022 - £335,000).

The total net income (2022 - costs) of £256,000 (2022 - £335,000) is made up of; employer contributions of £431,000 (2022 - £464,000) less current service costs of £32,000 (2022 - £147,000), less past service costs of £Nil (2022 - £519,000), less net interest costs of £143,000 (2022 - £133,000).

The total income/(costs) relating to defined benefit schemes for the year recognised in other comprehensive income as income/(costs) was £(202,000) (2022 - £4,972,000). The total costs of £202,000 is made up of; actuarial losses of £78,000, less experience adjustments of £343,000, add return on scheme assets of £219,000.

Reconciliation of scheme assets and liabilities to assets and liabilities recognised

The amounts recognised in the balance sheet are as follows:

2023
£

2022
£

Fair value of scheme assets

10,439,000

9,800,000

Present value of defined benefit obligation

(13,701,000)

(13,116,000)

Defined benefit pension scheme deficit

(3,262,000)

(3,316,000)

Defined benefit obligation

Changes in the defined benefit obligation are as follows:

2023
£

Present value at start of year

13,116,000

Current service cost

32,000

Interest cost

593,000

Actuarial gains and losses

421,000

Benefits paid

(468,000)

Contributions by scheme participants

16,000

Expenses

(9,000)

Present value at end of year

13,701,000

 

Bring Cargo Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Fair value of scheme assets

Changes in the fair value of scheme assets are as follows:

2023
£

Fair value at start of year

9,800,000

Interest income

450,000

Return on plan assets, excluding amounts included in interest income/(expense)

219,000

Employer contributions

431,000

Contributions by scheme participants

16,000

Benefits paid

(468,000)

Expenses

(9,000)

Fair value at end of year

10,439,000

Analysis of assets

The major categories of scheme assets are as follows:

2023
£

2022
£

Equity instruments

5,690,000

5,631,000

Bonds

3,660,000

3,534,000

Property

771,000

331,000

Alternatives/cash products

318,000

304,000

10,439,000

9,800,000

Return on scheme assets

2023
£

2022
£

Return on scheme assets

651,000

(1,970,000)

The pension scheme has not invested in any of the Company's own financial instruments or in properties or other assets used by the Company.

Principal actuarial assumptions

The principal actuarial assumptions at the balance sheet date are as follows:

2023
%

2022
%

Discount rate

4.35

4.60

Future salary increases

2.50

2.00

Future pension increases - Category A

5.00

5.00

Future pension increases - Category B

3.20

3.55

Inflation

3.20

3.55

 

Bring Cargo Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Post retirement mortality assumptions

2023

2022

Years

Years

Current UK pensioners at retirement age - male

21.9

21.8

Current UK pensioners at retirement age - female

24.3

24.2

Future UK pensioners at retirement age - male

23.2

23.1

Future UK pensioners at retirement age - female

25.7

25.7

16

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

50,000

50,000

50,000

50,000

         

Rights, preferences and restrictions

Ordinary Shares have the following rights, preferences and restrictions:
Full voting and participation rights with no restriction on distribution of dividends or repayment of capital.

17

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

58,163

53,067

Later than one year and not later than five years

94,236

59,470

152,399

112,537

The amount of non-cancellable operating lease payments recognised as an expense during the year was £43,824 (2022 - £49,611).

18

Commitments

Capital commitments

Plant and machinery
The total amount contracted for but not provided in the financial statements was £Nil (2022 - £84,373).

19

Related party transactions

The Company has taken advantage of the exemption in section 33 of FRS 102 'Related Party Disclosures' from disclosing transactions with other members of the group.

 

Bring Cargo Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

20

Parent and ultimate parent undertaking

The Company's immediate parent is Bring Cargo AS, incorporated in Norway.

 The ultimate controlling party is Posten Norge AS (incorporated in Norway). Copies of those published accounts are available to the public and can be obtained from the registered office of Posten Norge AS.