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Registered number: NI008586










Ireland Freight Services (UK) Ltd










Annual Report and Financial Statements

For the Year Ended 31 December 2023

 
Ireland Freight Services (UK) Ltd
 

Company Information


Directors
Mrs L Jones 
Mrs T Connell 
Mr S Fleck 




Company secretary
Mr S Fleck



Registered number
NI008586



Registered office
IFS Logistics Park
Antrim

Co Antrim

BT41 4QE




Independent auditors
ASM (B) Ltd
Chartered Accountants & Statutory Auditors

Glendinning House

6 Murray Street

Belfast

BT1 6DN





 
Ireland Freight Services (UK) Ltd
 

Contents



Page
Group Strategic Report
 
 
1
Directors' Report
 
 
2 - 3
Independent Auditors' Report
 
 
4 - 7
Consolidated Statement of Comprehensive Income
 
 
8
Consolidated Balance Sheet
 
 
9
Company Balance Sheet
 
 
10
Consolidated Statement of Changes in Equity
 
 
11
Company Statement of Changes in Equity
 
 
12
Consolidated Statement of Cash Flows
 
 
13 - 14
Consolidated Analysis of Net Debt
 
 
14
Notes to the Financial Statements
 
 
15 - 34


 
Ireland Freight Services (UK) Ltd
 

Group Strategic Report
For the Year Ended 31 December 2023

Introduction
 
The directors present their strategic report for the year ended 31 December 2023  The directors, in preparing their strategic report, have complied with s414C of the Companies Act 2006.  This strategic report has been prepared for the Group as a whole.

Business review
 
Ireland Freight Services (UK) Ltd (the "Company") is the parent of the group (the "Group") that includes IFS Global Logistics Ltd, IFS Courier Express Ltd, IFS Contract Services Ltd, CMASS Ltd, Williames Airfreight Ltd, BRS Air Cargo Ltd, Ticketlink Travel Ltd, Ireland Freight (Road) Services Ltd, Ireland Freight (Forwarding) Services Ltd, IFS Cumbria Ltd and Bravura Developments Limited.  
The principal activity of the group continued to be that of freight contracting.
The directors consider the outcome for the year and the year end financial position to be satisfactory and to have been achieved in a challenging operating environment. 

Principal risks and uncertainties
 
The principal risks facing the Group are credit, margin, regulatory and other financial risks. The Group has appropriate controls in place to manage these risks.
The key business risk and uncertainties affecting the Group are considered to relate to competition from both other local and national freight forwarding contractors, employee retention, the business impact of Brexit including the introduction of the Northern Ireland Protocol on the movement of goods into, out of, or through Northern Ireland and general economic conditions.  
Due to the Group's reputation, standing and position in the market place, the directors are of the opinion that the risks and uncertainties facing the company can be adequately managed.  

Financial key performance indicators
 
The directors consider turnover, gross profit margin, profit before tax and equity shareholders' funds as the main measures of financial performance. Turnover has decreased from £24,138,603 in 2022 to £17.284,739 in 2023.  Gross margin increased from 33.12% to 45.17% in 2023.  Profit before tax decreased from £1,811,009 to £1,458,589 in 2023.  Net assets remain strong at £7,912,052 (2022- £8,275,063).
 


This report was approved by the board on 27 June 2024 and signed on its behalf.



Mr S Fleck
Director

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Page 1

 
Ireland Freight Services (UK) Ltd
 

 
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' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements 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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £873,779 (2022 - £1,196,756).

Dividends paid in the year amounted to £1,157,037 (2022 - £1,373,119).

Directors

The directors who served during the year were:

Mrs L Jones 
Mrs T Connell 
Mr S Fleck 

Future developments

The directors expect that all future developments will relate to the principal activities of the Group.  

Engagement with employees

The Ireland Freight Services (UK) Group are committed to carrying on all its activities in a socially responsible manner, including its ongoing committment to equality and employee participation.

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Ireland Freight Services (UK) Ltd
 

 
Directors' Report (continued)
For the Year Ended 31 December 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no events which affect the Group since the year end.

Auditors

The auditorsASM (B) Ltdwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 27 June 2024 and signed on its behalf.
 





Mr S Fleck
Director

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Ireland Freight Services (UK) Ltd
 

 
Independent Auditors' Report to the Members of Ireland Freight Services (UK) Ltd
 

Opinion


We have audited the financial statements of Ireland Freight Services (UK) Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are 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.


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Page 4

 
Ireland Freight Services (UK) Ltd
 

 
Independent Auditors' Report to the Members of Ireland Freight Services (UK) Ltd (continued)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our 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 this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters 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 Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the 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 the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.


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


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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 Directors' Responsibilities Statement set out on page 2, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


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Page 5

 
Ireland Freight Services (UK) Ltd
 

 
Independent Auditors' Report to the Members of Ireland Freight Services (UK) Ltd (continued)


Auditors' 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 Auditors' 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 Group 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:

We gained an understanding of the legal and regulatory framework applicable to the Group and the parent Company and the industry in which they operate, and considered the risk of acts by the Group and the parent Company that were contrary to applicable laws and regulations, including fraud. We considered the opportunities and incentives that may exist within the Group and the parent Company for fraud and identified the greatest potential for fraud in the following areas: timing of revenue recognition, posting of unusual journals together with complex transactions and subjectivity of valuations used for investment properties and unlisted investments held in the Group.
We designed audit procedures to respond to these risks, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.   Our audit procedures included: specific test over revenue recognition, enquiries of management about their own identification and assessment of risks of irregularities, sample testing of journals posted during the year, verifying the underlying assumptions adopted for the investment property valuations and those for the unlisted investments and a review of areas of judgement for indicators of management bias to address the risks.


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 regulation. 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 Auditors' Report.


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Page 6

 
Ireland Freight Services (UK) Ltd
 

 
Independent Auditors' Report to the Members of Ireland Freight Services (UK) Ltd (continued)


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 2006Our 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 Auditors' 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.





Brian Clerkin (Senior Statutory Auditor)
  
for and on behalf of
ASM (B) Ltd
 
Chartered Accountants & Statutory Auditors
  
Glendinning House
6 Murray Street
Belfast
BT1 6DN

28 June 2024
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Page 7

 
Ireland Freight Services (UK) Ltd
 

Consolidated Statement of Comprehensive Income
For the Year Ended 31 December 2023

2023
2022
Note
£
£

  

Turnover
 4 
17,284,739
24,138,603

Cost of sales
  
(9,478,023)
(16,144,082)

Gross profit
  
7,806,716
7,994,521

Administrative expenses
  
(6,287,326)
(6,192,727)

Other operating income
 5 
72,063
48,191

Operating profit
 6 
1,591,453
1,849,985

Income from fixed assets investments
  
13,771
-

Interest receivable and similar income
 11 
7,038
-

Interest payable and similar expenses
 12 
(153,673)
(38,976)

Profit before taxation
  
1,458,589
1,811,009

Tax on profit
 13 
(315,634)
(323,524)

Profit for the financial year
  
1,142,955
1,487,485

Profit for the year attributable to:
  

Non-controlling interests
  
269,176
290,729

Owners of the parent Company
  
873,779
1,196,756

  
1,142,955
1,487,485

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 15 to 34 form part of these financial statements.

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Page 8

 
Ireland Freight Services (UK) Ltd
Registered number: NI008586

Consolidated Balance Sheet
As at 31 December 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Tangible assets
 15 
631,957
491,068

Investments
 16 
965,897
972,000

Investment property
 17 
2,005,000
2,005,000

  
3,602,854
3,468,068

Current assets
  

Stocks
 18 
529,649
827,453

Debtors: amounts falling due within one year
 19 
3,321,463
4,654,748

Cash at bank and in hand
 20 
5,731,568
5,341,762

  
9,582,680
10,823,963

Creditors: amounts falling due within one year
 21 
(2,489,399)
(3,209,526)

Net current assets
  
 
 
7,093,281
 
 
7,614,437

Total assets less current liabilities
  
10,696,135
11,082,505

Creditors: amounts falling due after more than one year
 22 
(2,555,158)
(2,563,919)

Provisions for liabilities
  

Deferred taxation
 24 
(228,925)
(243,523)

Net assets
  
7,912,052
8,275,063


Capital and reserves
  

Called up share capital 
 25 
99,330
99,330

Share premium account
 26 
66,934
66,934

Capital redemption reserve
 26 
5,670
5,670

Profit and loss account
 26 
6,595,713
6,601,930

Equity attributable to owners of the parent Company
  
6,767,647
6,773,864

Non-controlling interests
  
1,144,405
1,501,199

  
7,912,052
8,275,063


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 June 2024.


Mr S Fleck
Director

The notes on pages 15 to 34 form part of these financial statements.

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Page 9

 
Ireland Freight Services (UK) Ltd
Registered number: NI008586

Company Balance Sheet
As at 31 December 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Tangible assets
 15 
24,693
30,856

Investments
 16 
2,699,769
2,261,901

Investment Property
 17 
650,000
650,000

  
3,374,462
2,942,757

Current assets
  

Debtors: amounts falling due within one year
 19 
331,262
459,247

Cash at bank and in hand
 20 
2,566,102
2,295,132

  
2,897,364
2,754,379

Creditors: amounts falling due within one year
 21 
(276,355)
(190,707)

Net current assets
  
 
 
2,621,009
 
 
2,563,672

Total assets less current liabilities
  
5,995,471
5,506,429

  

Creditors: amounts falling due after more than one year
 22 
(2,523,000)
(2,523,000)

Provisions for liabilities
  

Deferred taxation
 24 
(70,069)
(71,236)

Net assets
  
3,402,402
2,912,193


Capital and reserves
  

Called up share capital 
 25 
99,330
99,330

Capital redemption reserve
 26 
5,670
5,670

Profit and loss account
 26 
3,297,402
2,807,193

  
3,402,402
2,912,193


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 June 2024.


Mr S Fleck
Director

The notes on pages 15 to 34 form part of these financial statements.

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Page 10

 

 
Ireland Freight Services (UK) Ltd


 

Consolidated Statement of Changes in Equity
For the Year Ended 31 December 2023



Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


£
£
£
£
£
£
£



At 1 January 2022
99,330
66,934
5,670
6,438,988
6,610,922
1,203,116
7,814,038





Profit for the year
-
-
-
1,196,756
1,196,756
290,729
1,487,485


Dividends: Equity capital
-
-
-
(1,033,814)
(1,033,814)
-
(1,033,814)


Dividends: Non-controlling interests
-
-
-
-
-
(339,305)
(339,305)


Movement in NCI's following change in shareholding of subsidiary
-
-
-
-
-
346,659
346,659





At 1 January 2023
99,330
66,934
5,670
6,601,930
6,773,864
1,501,199
8,275,063





Profit for the year
-
-
-
873,779
873,779
269,176
1,142,955


Dividends: Equity capital
-
-
-
(879,996)
(879,996)
-
(879,996)


Dividends: Non-controlling interests
-
-
-
-
-
(277,041)
(277,041)


Movement in NCI following further acquisiton of subsidiary shareholding
-
-
-
-
-
(348,929)
(348,929)



At 31 December 2023
99,330
66,934
5,670
6,595,713
6,767,647
1,144,405
7,912,052



The notes on pages 15 to 34 form part of these financial statements.

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Page 11

 
Ireland Freight Services (UK) Ltd
 

Company Statement of Changes in Equity
For the Year Ended 31 December 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
99,330
5,670
2,178,739
2,283,739



Profit for the year
-
-
870,056
870,056

Dividends: Equity capital
-
-
(241,602)
(241,602)



At 1 January 2023
99,330
5,670
2,807,193
2,912,193



Profit for the year
-
-
740,209
740,209

Dividends: Equity capital
-
-
(250,000)
(250,000)


At 31 December 2023
99,330
5,670
3,297,402
3,402,402


The notes on pages 15 to 34 form part of these financial statements.

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Page 12

 
Ireland Freight Services (UK) Ltd
 

Consolidated Statement of Cash Flows
For the Year Ended 31 December 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
1,142,955
1,487,485

Adjustments for:

Amortisation of intangible assets
95,042
138,300

Depreciation of tangible assets
168,594
124,956

Impairments of fixed asset investments
-
7,500

Loss on disposal of tangible assets
815
4,664

Government grants
(9,233)
(5,244)

Interest paid
153,673
38,976

Interest received
(20,809)
-

Taxation charge
315,634
323,524

Decrease/(increase) in stocks
297,804
(340,040)

Decrease in debtors
1,333,285
3,873,532

(Decrease) in creditors
(794,992)
(3,113,583)

Corporation tax (paid)
(226,424)
(617,227)

Net cash generated from operating activities

2,456,344
1,922,843


Cash flows from investing activities

Purchase of tangible fixed assets
(310,298)
(374,616)

Sale of investment properties
-
10,566

Purchase of shares in subsidiary
(443,971)
(831,619)

Government grants received
9,233
5,244

Purchase of fixed asset investments
-
(977,500)

Interest received
26,912
-

Cash acquired with subsidiary
-
35,242

Net cash from investing activities

(718,124)
(2,132,683)
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Page 13

 
Ireland Freight Services (UK) Ltd
 

Consolidated Statement of Cash Flows (continued)
For the Year Ended 31 December 2023


2023
2022

£
£



Cash flows from financing activities

Loans due from/(repaid to) directors
-
(918)

Shares treated as debt - issued
-
2,523,000

Dividends paid
(879,996)
(1,033,814)

Non-controlling interest dividends paid
(277,041)
(339,305)

Interest paid
(191,377)
(1,272)

Net cash used in financing activities
(1,348,414)
1,147,691

Net increase in cash and cash equivalents
389,806
937,851

Cash and cash equivalents at beginning of year
5,341,762
4,403,911

Cash and cash equivalents at the end of year
5,731,568
5,341,762


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
5,731,568
5,341,762

5,731,568
5,341,762



Consolidated Analysis of Net Debt
For the Year Ended 31 December 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

5,341,762

389,806

5,731,568

Debt due after 1 year

(2,523,000)

-

(2,523,000)


2,818,762
389,806
3,208,568

The notes on pages 15 to 34 form part of these financial statements.

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Page 14

 
Ireland Freight Services (UK) Ltd
 

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

1.


General information

Ireland Freight Services (UK) Ltd is a private company limited by shares incorporated in Northern Ireland. The registration number and address of the registered office are given in the company information section of these financial statements.

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 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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

The directors of Ireland Freight Services (UK) Ltd have reviewed the resources available and believe that the Group has adequate resources to continue in operational existence for the foreseeable future.  
The directors believe that it is appropriate to continue to adopt the going concern basis in preparing the financial statements.

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Page 15

 
Ireland Freight Services (UK) Ltd
 

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

2.Accounting policies (continued)

 
2.4

Foreign currency translation

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 the Consolidated Statement of Comprehensive Income.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group 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.

 
2.6

Operating leases: the Group as lessee

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

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Page 16

 
Ireland Freight Services (UK) Ltd
 

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

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.8

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 balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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 balance sheet date.

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Page 17

 
Ireland Freight Services (UK) Ltd
 

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

2.Accounting policies (continued)

 
2.9

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.10

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.

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:

Leasehold improvements
-
Over period of lease
Plant and machinery
-
20% and 33% as appropriate
Fixtures and fittings
-
20%
Office equipment
-
20% and 50% as appropriate
Computer equipment
-
20%

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.

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Page 18

 
Ireland Freight Services (UK) Ltd
 

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

2.Accounting policies (continued)

 
2.11

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the
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Page 19

 
Ireland Freight Services (UK) Ltd
 

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

2.Accounting policies (continued)


2.15
Financial instruments (continued)

recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

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Page 20

 
Ireland Freight Services (UK) Ltd
 

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

2.Accounting policies (continued)

 
2.16

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.

Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the process of applying the group's accounting policies, management have made the following judgements:
 - Considered the fair value of unlisted investments based on their economic viability and expected future financial performance of the assets.
The key sources of estimation uncertainty relate to the determination of carrying value of unlisted investments at fair value through profit and loss. In determining this amount, the Group applies the overriding concept that fair value is the amount for which an asset can be exchanged between knowledgeable willing parties in an arm’s length transaction. The nature, facts and circumstance of each investment drives the valuation methodology.


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Rendering of services
13,541,124
21,426,324

Sale of goods
3,743,615
2,712,279

17,284,739
24,138,603


All turnover arose within the United Kingdom.


5.


Other operating income

2023
2022
£
£

Other operating income
15,400
1,400

Net rents receivable
47,430
41,547

Sundry income
9,233
5,244

72,063
48,191


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Page 21

 
Ireland Freight Services (UK) Ltd
 

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

6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
159,458
277,775

Other operating lease rentals
62,508
59,433


7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
33,455
26,300


8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
3,287,220
3,235,538
2,740,926
2,735,035

Social security costs
368,744
358,384
314,279
310,626

Cost of defined contribution scheme
84,182
83,322
66,345
66,736

3,740,146
3,677,244
3,121,550
3,112,397


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Office and management
27
33
27
33



Freight and operational
73
73
51
53

100
106
78
86

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Page 22

 
Ireland Freight Services (UK) Ltd
 

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

9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
216,079
270,908

216,079
270,908


The highest paid director received remuneration of £184,177 (2022 - £163,628).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2022 - £NIL).


10.


Income from investments

2023
2022
£
£

Income from fixed asset investments
13,771
-

13,771
-







11.


Interest receivable

2023
2022
£
£


Other interest receivable
7,038
-

7,038
-


12.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
887
632

Interest on redeemable preference shares
103,178
9,046

Preference share dividends
46,948
28,658

Other interest payable
2,660
640

153,673
38,976

img7952.png
Page 23

 
Ireland Freight Services (UK) Ltd
 

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

13.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
330,232
280,169


Total current tax

330,232
280,169

Deferred tax


Origination and reversal of timing differences
(14,598)
43,355

Total deferred tax
(14,598)
43,355


Taxation on profit on ordinary activities
315,634
323,524

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19.00%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,458,590
1,811,009


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19.00%)
343,060
344,092

Effects of:


Expenses not deductible for tax purposes
49,244
33,190

Capital allowances for year in excess of depreciation
(24,964)
(50,274)

Non equity dividends
11,042
5,445

R & D expenditure
(48,150)
(52,284)

Deferred tax movement
(14,598)
43,355

Total tax charge for the year
315,634
323,524


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

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Page 24

 
Ireland Freight Services (UK) Ltd
 

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

14.


Intangible assets

Group and Company





Puchased Goodwill

£



Cost


At 1 January 2023
138,300


On acquisition of subsidiaries
95,042



At 31 December 2023

233,342



Amortisation


At 1 January 2023
138,300


Charge for the year on owned assets
95,042



At 31 December 2023

233,342



Net book value



At 31 December 2023
-



At 31 December 2022
-


During the year the group acquired the remaining 33.34% investment in Bravura Developments Limited.  Due to the nature of the investment all goodwill arising has been written off in the year of acquisition.


img704c.png
Page 25

 


 
Ireland Freight Services (UK) Ltd


 

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


15.


Tangible fixed assets


Group







Leasehold improve-ments
Plant and machinery
Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2023
-
460,893
346,613
811,826
88,296
1,707,628


Additions
129,560
2,626
55,974
55,340
66,798
310,298


Disposals
-
-
(24,504)
-
-
(24,504)



At 31 December 2023

129,560
463,519
378,083
867,166
155,094
1,993,422



Depreciation


At 1 January 2023
-
350,347
273,207
507,974
85,032
1,216,560


Charge for the year on owned assets
18,934
28,927
41,570
77,558
1,605
168,594


Disposals
-
-
(23,689)
-
-
(23,689)



At 31 December 2023

18,934
379,274
291,088
585,532
86,637
1,361,465



Net book value



At 31 December 2023
110,626
84,245
86,995
281,634
68,457
631,957



At 31 December 2022
-
110,546
73,406
303,852
3,264
491,068

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Page 26

 
Ireland Freight Services (UK) Ltd
 

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

           15.Tangible fixed assets (continued)


Company






Plant and machinery
Office equipment
Computer equipment
Total

£
£
£
£

Cost or valuation


At 1 January 2023
26,500
5,023
1,844
33,367


Additions
-
-
538
538



At 31 December 2023

26,500
5,023
2,382
33,905



Depreciation


At 1 January 2023
-
2,327
184
2,511


Charge for the year on owned assets
5,300
1,005
396
6,701



At 31 December 2023

5,300
3,332
580
9,212



Net book value



At 31 December 2023
21,200
1,691
1,802
24,693



At 31 December 2022
26,500
2,696
1,660
30,856







16.


Fixed asset investments

Group





Unlisted investments
Other fixed asset investments
Total

£
£
£



Cost or valuation


At 1 January 2023
2,000
970,000
972,000


Revaluations
-
(6,103)
(6,103)



At 31 December 2023
2,000
963,897
965,897




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Page 27

 
Ireland Freight Services (UK) Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023
Company





Investments in subsidiary companies
Other fixed asset investments
Total

£
£
£



Cost or valuation


At 1 January 2023
1,291,901
970,000
2,261,901


Additions
443,971
-
443,971


Revaluations
-
(6,103)
(6,103)



At 31 December 2023
1,735,872
963,897
2,699,769





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

IFS Global Logistics Ltd
Ordinary
85%
IFS Courier Express Ltd
Ordinary
85%
IFS Contract Services Ltd
Ordinary
85%
CMASS Ltd
Ordinary
74.8%
BRS Air Cargo Ltd
Ordinary
85%
Williames Airfreight Ltd
Ordinary
85%
IFS Cumbria Ltd
Ordinary
100%
Ireland Freight (Road) Services Ltd
Ordinary
100%
Ticketlink Travel Ltd
Ordinary
100%
Linkslade Properties Ltd
Ordinary
85%
Ireland Freight (Forwarding) Services Ltd
Ordinary
85%
Bravura Developments Limited
Ordinary
100%

The address of the registered office for these subsidiary undertakings with the exception of the following is IFS Logistics Park, Seven Mile Straight, Antrim, BT41 4QE.
The addess of the registered office of IFS Cumbria Ltd is 51 Rae Street, Dumfries, Scotland, DG1 1JD.

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Ireland Freight Services (UK) Ltd
 

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

17.


Investment property

Group


Freehold investment property

£



Valuation


At 1 January 2023
2,005,000



At 31 December 2023
2,005,000

The 2023 valuations were made by the Directors, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
1,402,478
1,402,478

1,402,478
1,402,478

Company





Freehold investment property

£



Valuation


At 1 January 2023
650,000



At 31 December 2023
650,000

The 2023 valuations were made by the Directors, on an open market value for existing use basis.

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Page 29

 
Ireland Freight Services (UK) Ltd
 

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

18.


Stocks

Group
Group
2023
2022
£
£

Finished goods and goods for resale
529,649
827,453

529,649
827,453


The difference between purchase price or production cost of stocks and their replacement cost is not material.


19.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
2,847,765
3,852,566
-
-

Amounts owed by group undertakings
-
-
328,028
264,778

Other debtors
271,488
613,607
3,234
194,469

Prepayments and accrued income
202,210
188,575
-
-

3,321,463
4,654,748
331,262
459,247



20.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
5,731,568
5,341,762
2,566,102
2,295,132

5,731,568
5,341,762
2,566,102
2,295,132


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Ireland Freight Services (UK) Ltd
 

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

21.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Trade creditors
786,975
980,924
-
484

Amounts owed to group undertakings
-
-
70,442
70,442

Corporation tax
280,232
176,424
28,521
-

Other taxation and social security
187,721
117,737
128,908
86,171

Other creditors
1,179,356
1,905,044
33,984
21,610

Accruals and deferred income
55,115
29,397
14,500
12,000

2,489,399
3,209,526
276,355
190,707


Disclosure of the terms and conditions attached to the non-equity shares is made in note 25.


22.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Government grants received
32,158
40,919
-
-

Share capital treated as debt
2,523,000
2,523,000
2,523,000
2,523,000

2,555,158
2,563,919
2,523,000
2,523,000


Disclosure of the terms and conditions attached to the non-equity shares is made in note 25.




23.


Financial instruments

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
6,697,465
6,313,762
3,529,999
3,265,132




Financial assets measured at fair value through profit or loss comprise cash and cash equivalents and unlisted investments.

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Page 31

 
Ireland Freight Services (UK) Ltd
 

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

24.


Deferred taxation


Group



2023
2022


£

£






At beginning of year
(243,523)
(125,168)


Charged to profit or loss
14,598
(43,355)


Arising on business combinations
-
(75,000)



At end of year
(228,925)
(243,523)

Company


2023
2022


£

£






At beginning of year
(71,236)
(70,675)


Charged to profit or loss
1,167
(561)



At end of year
(70,069)
(71,236)

The provision for deferred taxation is made up as follows:

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Accelerated capital allowances
(135,195)
(101,136)
(319)
(1,486)

Revaluation gains
(94,712)
(144,750)
(69,750)
(69,750)

Other timing differences
982
2,363
-
-

(228,925)
(243,523)
(70,069)
(71,236)


25.


Share capital

2023
2022
£
£
Shares classified as equity

Allotted, called up and fully paid



99,328 (2022 - 99,328) Ordinary shares of £1.00 each
99,328
99,328
1 (2022 - 1) A Ordinary share of £1.00
1
1
1 (2022 - 1) B Ordinary share of £1.00
1
1

99,330

99,330
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Page 32

 
Ireland Freight Services (UK) Ltd
 

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

25.Share capital (continued)


2023
2022
£
£
Shares classified as debt

Allotted, called up and fully paid



2,523,000 (2022- 2,523,000) Preference shares of £1.00 each
2,523,000
2,523,000


The preference shares are redeemable at par by the company at any time by giving 6 months notice in writing.  These shares carry a 4% coupon which is payable annually on 31 December in respect of the 12 months ending on that date provided there are profits available for distribution.


26.


Reserves

Share premium account

The share premium account represents the premium arising on the issue of shares net of issue costs.

Capital redemption reserve

The capital redemption reserve is a non-distributable reserve that represents paid up share capital previously redeemed by the company.

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.


27.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £84,182 (2022: £83,322). Contributions totaling £3,927 (2022: £18,902) were payable to the fund at the balance sheet date.


28.


Commitments under operating leases

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


Group
Group
2023
2022
£
£

Not later than 1 year
316,263
185,693

Later than 1 year and not later than 5 years
615,037
387,132

931,300
572,825
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Page 33

 
Ireland Freight Services (UK) Ltd
 

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

29.


Controlling party

The ultimate controlling party during the year was the Estate of Mr W Anderson (Deceased).

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Page 34