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Registered number: 04536426










NTG AIR & OCEAN (UK) LTD










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
NTG AIR & OCEAN (UK) LTD
 
 
COMPANY INFORMATION


Directors
C P D Jakobsen 
M Larsen 
S H L Pape 
S S Smith (appointed 14 February 2023)
I T White (resigned 31 May 2023)




Registered number
04536426



Registered office
York House
York Road

Felixstowe

IP11 7SS




Independent auditors
Larking Gowen LLP
Chartered Accountants & Statutory Auditors

1st Floor Prospect House

Rouen Road

Norwich

Norfolk

NR1 1RE





 
NTG AIR & OCEAN (UK) LTD
 

CONTENTS



Page
Statement of Financial Position
1 - 2
Notes to the Financial Statements
3 - 11

 
NTG AIR & OCEAN (UK) LTD
REGISTERED NUMBER: 04536426

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 6 
11,629
19,155

  
11,629
19,155

Current assets
  

Debtors: amounts falling due within one year
 7 
1,012,277
1,665,964

Cash at bank and in hand
  
31,916
107,006

  
1,044,193
1,772,970

Creditors: amounts falling due within one year
 8 
(1,036,455)
(1,147,126)

Net current assets
  
 
 
7,738
 
 
625,844

Total assets less current liabilities
  
19,367
644,999

Provisions for liabilities
  

Deferred tax
 9 
(1,421)
(2,358)

  
 
 
(1,421)
 
 
(2,358)

Net assets
  
17,946
642,641


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
16,946
641,641

  
17,946
642,641

Page 1

 
NTG AIR & OCEAN (UK) LTD
REGISTERED NUMBER: 04536426
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
S S Smith
Director

Date: 31 May 2024

The notes on pages 3 to 11 form part of these financial statements.
Page 2

 
NTG AIR & OCEAN (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

NTG Air & Ocean (UK) Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have considered the company's position at the time of signing the financial statements and in particular the continued economic uncertainty and its impact on the company. As part of their assessment, they have prepared forecasts which take a prudent account of expectations around trading performance and profitability in light of the above. Despite recent losses, the directors are confident that the measures put in place during 2023 plus new business that has been successfully tendered for, will enable the company to achieve the forecasts prepared. In addition, the directors have considered the company’s current financial strength and the financial support available from the wider group if required
Based on this, the directors have concluded that they have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future, being at least twelve months from the date of signing these financial statements, and they therefore continue to adopt the going concern basis of accounting in preparing these financial statements.

Page 3

 
NTG AIR & OCEAN (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided and the company has discharged its responsibilities, being the departure date for export services and arrival date for import services and when all of the following conditions are satisfied:
 
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Warehouse revenue is recognised over the period in which the services are provided.

 
2.4

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

 
NTG AIR & OCEAN (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 5

 
NTG AIR & OCEAN (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20 to 33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. 

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price.
Page 6

 
NTG AIR & OCEAN (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Financial instruments

The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from and to related parties.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

  
2.14

Invoice discounting

The company had an invoice discounting arrangement. The amounts owed by customers to the company were included within trade debtors and the amount owed to the invoice discounting company was included within creditors. The amount owed to the invoice discounting company represented the difference between the amounts advanced by the discounting company and the invoices discounted. The interest element of the invoice discounting charges and other related costs were recognised as they accrued and were included in the statement of income and retained earnings with other interest charges. 


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In applying the company's accounting policies, the Directors are required to make judgements, estimates and assumptions. These are continually evaluated and are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of revision and future periods, if the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are:
Anticipated freight costs
The directors make an estimate of the anticipated freight income and associated costs for all contracts.


4.


Employees

The average monthly number of employees during the year was 15 (2022 - 16).

Page 7

 
NTG AIR & OCEAN (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Dividends

2023
2022
£
£


Ordinary dividend voted
641,641
4,504,000


Dividends to be repaid
(155,000)
-

486,641
4,504,000

During the period the directors declared a dividend which exceeded the company’s distributable reserves. This was realised by the directors and subsequently £155,000 was repaid by the shareholders on 13 May 2024. £15,500 is recognised within other debtors and £139,500 within amounts owed by group undertakings.


6.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 January 2023
230,237


Additions
4,812



At 31 December 2023

235,049



Depreciation


At 1 January 2023
211,082


Charge for the year on owned assets
12,338



At 31 December 2023

223,420



Net book value



At 31 December 2023
11,629



At 31 December 2022
19,155

Page 8

 
NTG AIR & OCEAN (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Debtors

2023
2022
£
£


Trade debtors
584,620
1,228,444

Amounts owed by group undertakings
139,500
135,169

Other debtors
172,320
228,281

Prepayments and accrued income
115,837
74,070

1,012,277
1,665,964


Included within Trade debtors is £Nil (2022 - £1,002,798) which is receivable through the company's invoice discounting facility. 
Included within Other debtors Is £Nil (2022 - £31,903) receivable from the company's invoice discounting facility. 


8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
182,762
17,960

Trade creditors
673,510
726,365

Amounts owed to group undertakings
32,070
126,158

Corporation tax
-
19,064

Other taxation and social security
30,032
15,917

Proceeds of factored debts
-
120,055

Other creditors
5,180
3,985

Accruals and deferred income
112,901
117,622

1,036,455
1,147,126


Proceeds of factored debts are secured by a fixed and floating charge over the company's assets.

Page 9

 
NTG AIR & OCEAN (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Deferred taxation




2023


£






At beginning of year
2,358


Charged to profit or loss
(937)



At end of year
1,421

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
661
2,358

Other timing difference
760
-

1,421
2,358


10.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company  in an independently administered fund. The pension cost charge represents contributions payable by the company  to the fund and amounted to £11,839 (2022 - £11,330). Contributions totalling £5,180 (2022 - £2,543) were payable to the fund at the reporting date and are included in creditors.


11.


Commitments under operating leases

At 31 December 2023 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
201,730
218,757

Later than 1 year and not later than 5 years
80,251
269,099

281,981
487,856

Page 10

 
NTG AIR & OCEAN (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Related party transactions

The company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

During the year an advance was made to S Smith, a director, amounting to £460. This was fully repaid by the year end.
 
At the year end there was an amount included in other debtors owed by Smartchimp Holdings Ltd (a company controlled by S Smith) amounting to £15,000 (2022 - £Nil).


13.


Controlling party

The parent company and ultimate controlling party is NTG Nordic Transport Group A/S. NTG Nordic Transport Group A/S is incorporated in Denmark, registered office Hammerholen 47, DK-2650 Hvidovre, Denmark

The smallest and largest group to consolidate these financial statements is NTG Nordic Transport Group A/S. Their accounts are available from the Danish Central Business Register.

14.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 17 September 2024 by John Atkins ACA FCCA (Senior Statutory Auditor) on behalf of Larking Gowen LLP.

 
Page 11