Sea Kargo Ltd 07513821 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is the supply of freight forwarding services Digita Accounts Production Advanced 6.30.9574.0 true 07513821 2023-02-01 2024-01-31 07513821 2024-01-31 07513821 bus:OrdinaryShareClass1 2024-01-31 07513821 core:CurrentFinancialInstruments 2024-01-31 07513821 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 07513821 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-31 07513821 core:MotorVehicles 2024-01-31 07513821 core:OfficeEquipment 2024-01-31 07513821 core:PlantMachinery 2024-01-31 07513821 bus:SmallEntities 2023-02-01 2024-01-31 07513821 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 07513821 bus:AbridgedAccounts 2023-02-01 2024-01-31 07513821 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 07513821 bus:RegisteredOffice 2023-02-01 2024-01-31 07513821 bus:Director1 2023-02-01 2024-01-31 07513821 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 07513821 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 07513821 core:MotorVehicles 2023-02-01 2024-01-31 07513821 core:OfficeEquipment 2023-02-01 2024-01-31 07513821 core:PlantMachinery 2023-02-01 2024-01-31 07513821 countries:England 2023-02-01 2024-01-31 07513821 2023-01-31 07513821 core:MotorVehicles 2023-01-31 07513821 core:OfficeEquipment 2023-01-31 07513821 core:PlantMachinery 2023-01-31 07513821 2022-02-01 2023-01-31 07513821 2023-01-31 07513821 bus:OrdinaryShareClass1 2023-01-31 07513821 core:CurrentFinancialInstruments 2023-01-31 07513821 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 07513821 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 07513821 core:MotorVehicles 2023-01-31 07513821 core:OfficeEquipment 2023-01-31 07513821 core:PlantMachinery 2023-01-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 07513821

Sea Kargo Ltd

Unaudited Abridged Financial Statements

for the Year Ended 31 January 2024

 

Sea Kargo Ltd

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 8

 

Sea Kargo Ltd

(Registration number: 07513821)
Abridged Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

609,873

465,219

Current assets

 

Debtors

5

1,522,067

1,241,794

Cash at bank and in hand

 

76,386

92,627

 

1,598,453

1,334,421

Creditors: Amounts falling due within one year

6

(832,016)

(764,728)

Net current assets

 

766,437

569,693

Total assets less current liabilities

 

1,376,310

1,034,912

Creditors: Amounts falling due after more than one year

7

(759,948)

(453,245)

Net assets

 

616,362

581,667

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

616,262

581,567

Shareholders' funds

 

616,362

581,667

For the financial year ending 31 January 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Sea Kargo Ltd

(Registration number: 07513821)
Abridged Balance Sheet as at 31 January 2024 (continued)

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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 August 2024 and signed on its behalf by:
 

.........................................
Mr Jason Hemming
Director

 

Sea Kargo Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024

1

General information

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

The address of its registered office is:
20-22 Wenlock Road
London
N1 7GU
England and Wales

These financial statements were authorised for issue by the Board on 21 August 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 abridged 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 abridged 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.

 

Sea Kargo Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

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

Office equipment

25% reducing balance basis

Motor vehicles

25% reducing balance basis

Plant and machinery

20% reducing balance basis

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 Kargo Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

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

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.

 

Sea Kargo Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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 20 (2023 - 19).

 

Sea Kargo Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024 (continued)

4

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

707,507

48,816

8,419

764,742

Additions

264,274

-

-

264,274

At 31 January 2024

971,781

48,816

8,419

1,029,016

Depreciation

At 1 February 2023

264,195

28,098

7,230

299,523

Charge for the year

114,142

5,180

298

119,620

At 31 January 2024

378,337

33,278

7,528

419,143

Carrying amount

At 31 January 2024

593,444

15,538

891

609,873

At 31 January 2023

443,312

20,718

1,189

465,219

5

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

6

Creditors: amounts falling due within one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £165,112 (2023 - £118,238).

7

Creditors: amounts falling due after more than one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £372,041 (2023 - £122,312).

8

Share capital

Allotted, called up and fully paid shares

 

Sea Kargo Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024 (continued)

8

Share capital (continued)

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100