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Registered number: 1875066
Papi Transport UK Ltd
Directors' Report and
Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Company Information 1
Directors' Report 2
Accountant's Report 3
Profit and Loss Account 4
Balance Sheet 5
Statement of Changes in Equity 6
Notes to the Financial Statements 7—10
Page 1
Company Information
Directors Mr Vicente M Papi
Mr Vicente J Papi
Papi Transitos SL
Ms Rodica Avadanii
Secretary Mr Vicente J Papi
Company Number 1875066
Registered Office 69 Southend Road
Hockley
Essex
SS5 4PZ
Accountants Baker P
Page 1
Page 2
Directors' Report
The directors present their report and the financial statements for the year ended 31 December 2023.
Principal Activity
The company's principal activity continues to be that of shipping, forwarding and customs clearance agents.
Directors
The directors who held office during the year were as follows:
Mr Vicente M Papi
Mr Vicente J Papi
Papi Transitos SL
Ms Rodica Avadanii Appointed 24/01/2023
Statement of Directors' Responsibilities
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
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). The financial statements are required by law to give a true and fair view of the state of affairs of the company and of the profit or loss for that period. In preparing the financial statements the directors are required to: 
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • 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. 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Small Company Rules
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.
On behalf of the board
Mr Vicente J Papi
Director
20/09/2024
Page 2
Page 3
Accountant's Report
In accordance with the engagement letter and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company from the accounting records and information and explanations you have given to us.
This report is made to the Company's Board of Directors, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the Company's Board of Directors that we have done so, and state those matters that we have agreed to state to them in this 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 Board of Directors, as a body,  for our work or for this report.
We have carried out this engagement in accordance with technical guidance issued by the (AAT) and have complied with the ethical guidance laid down by the Institute relating to members undertaking the compilation of financial statements.
Although no longer a listed MAAT member, as an AAT qualified accountant any work produced is based within the framework set out by this accounting body.
You have acknowledged on the balance sheet as at year ended 31/12/2023 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. 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 financial statements
Signed
Mr Paul Baker
11/09/2024
Baker P
Page 3
Page 4
Profit and Loss Account
2023 2022
Notes £ £
TURNOVER 1,662,744 2,338,909
Cost of sales (1,419,934 ) (2,016,936 )
GROSS PROFIT 242,810 321,973
Administrative expenses (230,076 ) (273,300 )
Other operating income 10,350 11,100
Other operating expenses (10,350 ) (9,968 )
OPERATING PROFIT 3 12,734 49,805
Other interest receivable and similar income 2,493 460
PROFIT BEFORE TAXATION 15,227 50,265
Tax on Profit (3,994 ) (5,686 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 11,233 44,579
The notes on pages 7 to 10 form part of these financial statements.
Page 4
Page 5
Balance Sheet
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 9 95,058 101,017
95,058 101,017
CURRENT ASSETS
Debtors 10 156,539 314,675
Cash at bank and in hand 185,969 220,060
342,508 534,735
Creditors: Amounts Falling Due Within One Year 11 (215,442 ) (424,861 )
NET CURRENT ASSETS (LIABILITIES) 127,066 109,874
TOTAL ASSETS LESS CURRENT LIABILITIES 222,124 210,891
NET ASSETS 222,124 210,891
CAPITAL AND RESERVES
Called up share capital 12 25,000 25,000
Profit and Loss Account 197,124 185,891
SHAREHOLDERS' FUNDS 222,124 210,891
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors on 20 September 2024 and were signed on its behalf by:
Mr Vicente J Papi
Director
20/09/2024
The notes on pages 7 to 10 form part of these financial statements.
Page 5
Page 6
Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 January 2022 25,000 141,312 166,312
Profit for the year and total comprehensive income - 44,579 44,579
As at 31 December 2022 and 1 January 2023 25,000 185,891 210,891
Profit for the year and total comprehensive income - 11,233 11,233
As at 31 December 2023 25,000 197,124 222,124
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Page 7
Notes to the Financial Statements
1. General Information
Papi Transport UK Ltd Registered number 1875066 is a limited by shares company incorporated in England & Wales. The Registered Office is 69 Southend Road, Hockley, Essex, SS5 4PZ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Freehold property is not depreciated. A charge for depreciation would be insignificant in light of the anticipated useful life of the property. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold No depreciation
Plant & Machinery 25% Straight Line
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 50% straight line
2.4. Investment Properties
The status of the company property changed to a rental property during 2017.
Under FRS102 an investment property should be revalued each year with the surplus/ deficit taken into 
the P and L account.
There is an exception to the rule if the process of revaluing this property each year requires undue cost and effort, then cost can be used. The opinion of the directors is to continue to use cost.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the Profit and Loss because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
The charge for Taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes.
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Page 8
3. Operating Profit
The operating profit is stated after charging:
2023 2022
£ £
Depreciation of tangible fixed assets 6,504 2,480
4. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2023 2022
£ £
Wages and salaries 153,400 164,111
Other pension costs 6,484 6,424
159,884 170,535
5. Average Number of Employees
Average number of employees, including directors, during the year was:
2023 2022
Office and administration 3 3
Sales, marketing and distribution 3 3
6 6
6. Directors' remuneration
2023 2022
£ £
Emoluments 33,750 26,807
33,750 26,807
7. Breakdown of Tax
Breakdown of Tax Charge is :-
Expenses not deductible for tax purposes (£807)
Depreciation added back (£6,504)
Capital Allowances/AIA  £1,519
Net Trading profits  £12,734
Bank Interest recieved £2,493
Total Profit subject to tax £21,019 @ 19%
Total Corporation tax charge for period is £3,993.61
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9. Tangible Assets
Investment Properties Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost or Valuation
As at 1 January 2023 68,505 22,150 9,825 70,112 170,592
Additions - - - 544 544
Disposals - - - (28,703 ) (28,703 )
As at 31 December 2023 68,505 22,150 9,825 41,953 142,433
Depreciation
As at 1 January 2023 - - 2,986 66,589 69,575
Provided during the period - 5,544 959 - 6,503
Disposals - - - (28,703 ) (28,703 )
As at 31 December 2023 - 5,544 3,945 37,886 47,375
Net Book Value
As at 31 December 2023 68,505 16,606 5,880 4,067 95,058
As at 1 January 2023 68,505 22,150 6,839 3,523 101,017
10. Debtors
2023 2022
£ £
Due within one year
Trade debtors 138,411 298,224
Prepayments and accrued income 7,433 4,761
Other debtors - 491
VAT 9,053 11,199
Directors' loan accounts 1,642 -
156,539 314,675
Prepayments is detailed separately for 2021, previously it was included in Other Debtors
11. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 86,226 202,749
Corporation tax 3,994 5,686
Other creditors 1,721 3,258
Accruals and deferred income 39,845 60,301
Amounts owed to group undertakings 83,656 152,867
215,442 424,861
The figure reported in Amounts owed to group undertakings includes £50,000 which is an interest free loan made by Papi Transport UK Ltd to Papi Transitos SL.
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12. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 25,000 25,000
13. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 January 2023 Amounts advanced Amounts repaid Amounts written off As at 31 December 2023
£ £ £ £ £
Ms Rodica Avadanii - 1,642 - - 1,642
The above loan is unsecured, interest free and repayable on demand.
14. Related Party Transactions
Papi Transitos S/L
Ultimate controlling party
A material amount of intercompany transactions were made comprising of Freight Sales of £218,798.66 and Freight Purchases of £993,406.92 to and from Papi Transitos S/L
15. Controlling Party
The ultimate controlling party is Papi Transitos SL, By virtue of ownership of 99.99% of the issued share capital in the company.
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