Caseware UK (AP4) 2023.0.135 2023.0.135 2023-01-01truetruetruetrue22truefalseNo description of principal activity21truetruefalse NI602491 2023-01-01 2023-12-31 NI602491 2022-01-01 2022-12-31 NI602491 2023-12-31 NI602491 2022-12-31 NI602491 2022-01-01 NI602491 c:Director2 2023-01-01 2023-12-31 NI602491 d:OfficeEquipment 2023-01-01 2023-12-31 NI602491 d:OfficeEquipment 2023-12-31 NI602491 d:OfficeEquipment 2022-12-31 NI602491 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 NI602491 d:ComputerEquipment 2023-01-01 2023-12-31 NI602491 d:ComputerEquipment 2023-12-31 NI602491 d:ComputerEquipment 2022-12-31 NI602491 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 NI602491 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 NI602491 d:CurrentFinancialInstruments 2023-12-31 NI602491 d:CurrentFinancialInstruments 2022-12-31 NI602491 d:CurrentFinancialInstruments 2 2023-12-31 NI602491 d:CurrentFinancialInstruments 2 2022-12-31 NI602491 d:Non-currentFinancialInstruments 2023-12-31 NI602491 d:Non-currentFinancialInstruments 2022-12-31 NI602491 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 NI602491 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 NI602491 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 NI602491 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 NI602491 d:ShareCapital 2023-12-31 NI602491 d:ShareCapital 2022-12-31 NI602491 d:RetainedEarningsAccumulatedLosses 2023-12-31 NI602491 d:RetainedEarningsAccumulatedLosses 2022-12-31 NI602491 c:FRS102 2023-01-01 2023-12-31 NI602491 c:Audited 2023-01-01 2023-12-31 NI602491 c:FullAccounts 2023-01-01 2023-12-31 NI602491 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI602491 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 NI602491 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 NI602491 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 NI602491 f:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: NI602491










CMASS LTD










Financial statements

Information for filing with the registrar

For the Year Ended 31 December 2023

 
CMASS LTD
Registered number: NI602491

Balance Sheet
As at 31 December 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
346,597
302,760

  
346,597
302,760

Current assets
  

Stocks
  
529,649
827,453

Debtors: amounts falling due within one year
 5 
609,457
641,258

Cash at bank and in hand
  
1,972,736
1,161,190

  
3,111,842
2,629,901

Creditors: amounts falling due within one year
 6 
(737,314)
(791,940)

Net current assets
  
 
 
2,374,528
 
 
1,837,961

Total assets less current liabilities
  
2,721,125
2,140,721

Creditors: amounts falling due after more than one year
 7 
(32,158)
(40,919)

Provisions for liabilities
  

Deferred tax
 8 
(78,610)
(65,460)

Net assets
  
2,610,357
2,034,342


Capital and reserves
  

Called up share capital 
  
1,232
1,232

Profit and loss account
  
2,609,125
2,033,110

  
2,610,357
2,034,342


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 comprehensive income 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 on 27 June 2024.



G R Hanna
Director

The notes on pages 2 to 9 form part of these financial statements.

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Page 1

 
CMASS LTD
 

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

1.


General information

CMASS 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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Ireland Freight Services (UK) Limited as at 31 December 2023 and these financial statements may be obtained from Companies House. Second Floor, The Linenhall, 32-38 Linenhall St, Belfast BT2 8BG.

 
2.3

Going concern

The directors of CMASS Limited have reviewed the resources available, including those from the wider Ireland Freight Services (UK) Group, and believe that the company has adequate resources to continue in operational existence for the foreseeable future.
Accordingly, CMASS Limited continues to adopt the going concern basis in preparing the financial statements.

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Page 2

 
CMASS LTD
 

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

2.Accounting policies (continued)

 
2.4

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company 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 Company 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.

 
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.

 
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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

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Page 3

 
CMASS LTD
 

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

2.Accounting policies (continued)

 
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 balance sheet 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 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; 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 balance sheet date.

 
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.

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:

Furniture and office equipment
-
20% straight line
Computer equipment
-
20% straight line

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

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 includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

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Page 4

 
CMASS LTD
 

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

2.Accounting policies (continued)

 
2.10

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 Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

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 Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans 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.

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Page 5

 
CMASS LTD
 

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

2.Accounting policies (continued)

 
2.11

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.12

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
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.

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


3.


Employees

The average monthly number of employees, including directors, during the year was 21 (2022 - 22).

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CMASS LTD
 

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

4.


Tangible fixed assets





Furniture and office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
805,341
79,742
885,083


Additions
55,340
66,260
121,600



At 31 December 2023

860,681
146,002
1,006,683



Depreciation


At 1 January 2023
504,186
78,138
582,324


Charge for the year on owned assets
76,553
1,209
77,762



At 31 December 2023

580,739
79,347
660,086



Net book value



At 31 December 2023
279,942
66,655
346,597



At 31 December 2022
301,156
1,604
302,760


5.


Debtors

2023
2022
£
£


Trade debtors
565,903
603,135

Other debtors
43,554
38,123

609,457
641,258


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Page 7

 
CMASS LTD
 

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

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
32,376
54,657

Amounts owed to group undertakings
37,829
6,251

Corporation tax
142,879
-

Other taxation and social security
58,813
31,076

Other creditors
430,227
689,056

Accruals and deferred income
34,948
10,658

Share capital treated as debt
242
242

737,314
791,940



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Government grants received
32,158
40,919

32,158
40,919



8.


Deferred taxation




2023
2022


£

£






At beginning of year
(65,460)
(16,818)


Charged to profit or loss
(13,150)
(48,642)



At end of year
(78,610)
(65,460)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(78,610)
(65,460)

(78,610)
(65,460)

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Page 8

 
CMASS LTD
 

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

9.


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 £17,837 (2022 - £16,586) . Contributions totalling £nil (2022 - £nil) were payable to the fund at the balance sheet date and are included in creditors.


10.


Controlling party

CMASS Ltd is a subsidiary of its parent undertaking, IFS Global Logistics Ltd.  The ultimate holding company is Ireland Freight Services (UK) Ltd, a company incorporated in Northern Ireland (NI008586) and is the parent entity of the largest and smallest group of which the company is a member and for which consolidated group financial statements are prepared.  Copies of the group financial statements can be obtained from Companies House.  The ultimate controlling party is the Estate of Mr W Anderson (Deceased).


11.


Auditors' information

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

The audit report was signed on 28 June 2024 by Brian Clerkin (Senior Statutory Auditor) on behalf of ASM (B) Ltd.


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