Caseware UK (AP4) 2023.0.135 2023.0.135 falsetrue29truetruetruetrue2023-01-01falsetrue27false 05491176 2023-01-01 2023-12-31 05491176 2022-01-01 2022-12-31 05491176 2023-12-31 05491176 2022-12-31 05491176 2022-01-01 05491176 3 2023-01-01 2023-12-31 05491176 3 2022-01-01 2022-12-31 05491176 4 2023-01-01 2023-12-31 05491176 4 2022-01-01 2022-12-31 05491176 d:Director1 2023-01-01 2023-12-31 05491176 d:Director1 2023-12-31 05491176 d:Director2 2023-01-01 2023-12-31 05491176 d:Director2 2023-12-31 05491176 d:Director3 2023-01-01 2023-12-31 05491176 d:Director3 2023-12-31 05491176 d:Director4 2023-01-01 2023-12-31 05491176 d:Director4 2023-12-31 05491176 d:Director5 2023-01-01 2023-12-31 05491176 d:Director5 2023-12-31 05491176 d:RegisteredOffice 2023-01-01 2023-12-31 05491176 e:Buildings 2023-01-01 2023-12-31 05491176 e:Buildings e:LongLeaseholdAssets 2023-01-01 2023-12-31 05491176 e:Buildings e:LongLeaseholdAssets 2023-12-31 05491176 e:Buildings e:LongLeaseholdAssets 2022-12-31 05491176 e:PlantMachinery 2023-01-01 2023-12-31 05491176 e:PlantMachinery 2023-12-31 05491176 e:PlantMachinery 2022-12-31 05491176 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05491176 e:FurnitureFittings 2023-01-01 2023-12-31 05491176 e:OfficeEquipment 2023-01-01 2023-12-31 05491176 e:OfficeEquipment 2023-12-31 05491176 e:OfficeEquipment 2022-12-31 05491176 e:OfficeEquipment e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05491176 e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05491176 e:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 05491176 e:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 05491176 e:CurrentFinancialInstruments 2023-12-31 05491176 e:CurrentFinancialInstruments 2022-12-31 05491176 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 05491176 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 05491176 e:ReportableOperatingSegment1 2023-01-01 2023-12-31 05491176 e:ReportableOperatingSegment1 2022-01-01 2022-12-31 05491176 f:UnitedKingdom 2023-01-01 2023-12-31 05491176 f:UnitedKingdom 2022-01-01 2022-12-31 05491176 f:RestEuropeOutsideUK 2023-01-01 2023-12-31 05491176 f:RestEuropeOutsideUK 2022-01-01 2022-12-31 05491176 f:RestWorldOutsideUK 2023-01-01 2023-12-31 05491176 f:RestWorldOutsideUK 2022-01-01 2022-12-31 05491176 e:UKTax 2023-01-01 2023-12-31 05491176 e:UKTax 2022-01-01 2022-12-31 05491176 e:ShareCapital 2023-12-31 05491176 e:ShareCapital 2022-12-31 05491176 e:ShareCapital 2022-01-01 05491176 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 05491176 e:RetainedEarningsAccumulatedLosses 2023-12-31 05491176 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 05491176 e:RetainedEarningsAccumulatedLosses 2022-12-31 05491176 e:RetainedEarningsAccumulatedLosses 2022-01-01 05491176 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 05491176 e:AcceleratedTaxDepreciationDeferredTax 2022-12-31 05491176 d:OrdinaryShareClass1 2023-01-01 2023-12-31 05491176 d:OrdinaryShareClass1 2023-12-31 05491176 d:OrdinaryShareClass1 2022-12-31 05491176 d:FRS102 2023-01-01 2023-12-31 05491176 d:Audited 2023-01-01 2023-12-31 05491176 d:FullAccounts 2023-01-01 2023-12-31 05491176 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05491176 e:WithinOneYear 2023-12-31 05491176 e:WithinOneYear 2022-12-31 05491176 e:BetweenOneFiveYears 2023-12-31 05491176 e:BetweenOneFiveYears 2022-12-31 05491176 e:MoreThanFiveYears 2023-12-31 05491176 e:MoreThanFiveYears 2022-12-31 05491176 e:PatentsTrademarksLicencesConcessionsSimilar e:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 05491176 2 2023-01-01 2023-12-31 05491176 e:PatentsTrademarksLicencesConcessionsSimilar e:OwnedIntangibleAssets 2023-01-01 2023-12-31 05491176 g:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 05491176










C.A.R.S. United Kingdom Limited










Annual report and financial statements

For the year ended 31 December 2023

 
C.A.R.S. United Kingdom Limited
 

Company Information


Directors
Mr C Palmer 
Mr S Arora 
Mr J R Walker (appointed 31 January 2024)




Company number
05491176



Registered office
Arlington House
West Station Business Park

Spital Road

Maldon

Essex

CM9 6FF




Business address
The Old Airfield Site
Bury Road

Chedburgh

Suffolk

United Kingdom

IP29 4UQ






Auditor
Kreston Reeves LLP
Statutory Auditor and Chartered Accountants

2nd Floor

168 Shoreditch High Street

London

E1 6RA





 
C.A.R.S. United Kingdom Limited
 

Contents



Page
Strategic report
 
1
Directors' report
 
2
Directors' responsibilities statement
 
3
Independent auditors' report
 
4 - 7
Statement of comprehensive income
 
8
Balance sheet
 
9
Statement of changes in equity
 
10
Notes to the financial statements
 
11 - 23

 
C.A.R.S. United Kingdom Limited
 

Strategic report
For the year ended 31 December 2023

The directors present the strategic report for the year ended 31 December 2023.

Business review
 
The directors report that turnover and profit are consistent with pre-COVID levels of activity. The directors are though mindful of the inflationary effects of the war in Ukraine; and the consequences of the conflict in the Middle East, most especially its impact on shipping through the Red Sea.

Principal risks and uncertainties
 
The niche market in which the company operates requires the company to constantly review its pricing, cost of sales, and administrative expenses. The company is always seeking new income streams.

Financial key performance indicators
 
All the company's key performance indicators remain satisfactory and the balance sheet shows the company is in a strong financial position


This report was approved by the board.



Mr J R Walker
Director
Date: 16 August 2024
Page 1

 
C.A.R.S. United Kingdom Limited
 

 
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.

Principal activity

The principal activity of the company continued to be that of freight forwarding.

Results and dividends

The profit for the year, after taxation, amounted to £3,447,362 (2022 - £3,335,314).

Dividends of £5,711,197 (2022: £180,000) were paid during the year.

Directors

The directors who served during the year were:

Mr J N Barker (resigned 31 January 2024)
Mrs J L Carson (resigned 31 January 2023)
Mr C Palmer (appointed 8 February 2023)
Mr S Arora (appointed 31 January 2023)

Future developments

The company will continue its performance within the forwarding agency services market and seek opportunities to grow its market share and customer base and to expand its operations into these and associated markets.

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'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's auditors are aware of that information.

Post balance sheet events

The company has had no post balance sheet events.

Auditors

Under section 487(2) of the Companies Act 2006Kreston Reeves LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 16 August 2024 and signed on its behalf.
 





Mr J R Walker
Director

Page 2

 
C.A.R.S. United Kingdom Limited
 

Directors' responsibilities statement
For the year ended 31 December 2023

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 of the profit or loss of the Company for that period.

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

select suitable accounting policies for the Company'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 Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 3

 
C.A.R.S. United Kingdom Limited
 

 
Independent auditors' report to the members of C.A.R.S. United Kingdom Limited
 

Opinion


We have audited the financial statements of C.A.R.S. United Kingdom Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Balance sheet, the 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 Company's affairs as at 31 December 2023 and of its 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 Company 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 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.


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.


Page 4

 
C.A.R.S. United Kingdom Limited
 

 
Independent auditors' report to the members of C.A.R.S. United Kingdom Limited (continued)


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 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 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
the 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 3, 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 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 Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
C.A.R.S. United Kingdom Limited
 

 
Independent auditors' report to the members of C.A.R.S. United Kingdom Limited (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 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:
Based on our understanding of the company and industry, and through discussion with the directors and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to health and safety, anti-bribery and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase or decrease revenue or expenditure, management bias in accounting estimates and judgemental areas of the financial statements such as freight and other accruals. Audit procedures performed by the engagement team included:
 
Review of significant and unusual transactions and evaluation of the underlying financial rationale supporting the transactions;
Identifying and testing journal entries, in particular any manual entries made at the year end for financial statement preparation;
Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations (including health and safety) and fraud;
Assessment of identified fraud risk factors;
Challenging assumptions and judgments made by management in its significant accounting estimates;
Checking and reperforming the reconciliation of key control accounts;
Performing analytical procedures to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and
Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business.

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.


As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:


Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Page 6

 
C.A.R.S. United Kingdom Limited
 

 
Independent auditors' report to the members of C.A.R.S. United Kingdom Limited (continued)


Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.


We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


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.





Robert Sellers FCCA (Senior statutory auditor)
  
for and on behalf of
Kreston Reeves LLP
 
Statutory Auditor
Chartered Accountants
  
London

22 August 2024
Page 7

 
C.A.R.S. United Kingdom Limited
 

Statement of comprehensive income
For the year ended 31 December 2023

2023
2022
Note
£
£

  

Turnover
 4 
25,589,823
32,125,282

Cost of sales
  
(16,812,123)
(24,062,240)

Gross profit
  
8,777,700
8,063,042

Administrative expenses
  
(4,411,654)
(3,826,842)

Other operating income
 5 
-
4,400

Operating profit
 6 
4,366,046
4,240,600

Interest receivable and similar income
 10 
126,255
14,569

Interest payable and similar expenses
 11 
(40,201)
(20,701)

Profit before tax
  
4,452,100
4,234,468

Tax on profit
 13 
(1,004,738)
(899,154)

Profit for the financial year
  
3,447,362
3,335,314

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

The notes on pages 11 to 23 form part of these financial statements.

Page 8

 
C.A.R.S. United Kingdom Limited
Registered number: 05491176

Balance sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 14 
3,532
-

Tangible assets
 15 
103,828
116,927

  
107,360
116,927

Current assets
  

Debtors
 16 
5,045,020
9,271,295

Cash at bank and in hand
 17 
2,928,808
3,897,990

  
7,973,828
13,169,285

Creditors: amounts falling due within one year
 18 
(5,456,734)
(8,404,188)

Net current assets
  
 
 
2,517,094
 
 
4,765,097

Total assets less current liabilities
  
2,624,454
4,882,024

Provisions for liabilities
  

Deferred tax
 19 
(16,250)
(9,985)

Net assets
  
2,608,204
4,872,039


Capital and reserves
  

Called up share capital 
 20 
100
100

Profit and loss account
  
2,608,104
4,871,939

  
2,608,204
4,872,039


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




Mr J R Walker
Director
Date: 16 August 2024

The notes on pages 11 to 23 form part of these financial statements.

Page 9

 
C.A.R.S. United Kingdom Limited
 

Statement of changes in equity
For the year ended 31 December 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
100
1,716,625
1,716,725



Profit for the year
-
3,335,314
3,335,314

Dividends
-
(180,000)
(180,000)



At 1 January 2023
100
4,871,939
4,872,039


Comprehensive income for the year

Profit for the year
-
3,447,362
3,447,362

Dividends
-
(5,711,197)
(5,711,197)


At 31 December 2023
100
2,608,104
2,608,204


Share capital
This represents the nominal value of shares that have been issued by the company.
Profit and loss account
This reserve comproises all current and prior period retained profit and losses after deducting any distributions made to the company's shareholders.

Page 10

 
C.A.R.S. United Kingdom Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

1.


General information

C.A.R.S. United Kingdom Limited is a private company limited by shares incorporated in England and Wales with the registration number 05491176. The address of the registered office is Arlington House, West Station Business Park, Spital Road, Maldon, Essex, CM9 6FF.  The address of the principal place of business is The Old Airfield Site, Bury Road, Chedburgh, Suffolk, IP29 4UQ.  The principal activity of the company continued to be that of freight forwarding.

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

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 Global Critical Logistics Limited as at 31 December 2023 and these financial statements may be obtained from Companies House.

 
2.3

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.  Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Page 11

 
C.A.R.S. United Kingdom Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
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 comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.5

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 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 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.

 
2.6

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.

Page 12

 
C.A.R.S. United Kingdom Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

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.

  
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred. 

 
2.10

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.

 
2.11

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.

Page 13

 
C.A.R.S. United Kingdom Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.12

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.

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.

 
2.13

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.

Depreciation is provided on the following basis:

Freehold improvements
-
2%
straight line
Leasehold improvements
-
33%
straight line
Plant and machinery
-
20%
reducing balance
Fixtures, fittings & equipment
-
20%
reducing balance
Motor vehicles
-
25%
reducing balance

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.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

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.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 14

 
C.A.R.S. United Kingdom Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.17

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

  
2.18

Financial instruments

The Company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.19

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.

Page 15

 
C.A.R.S. United Kingdom Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires the directors to make judgments, estimates and assumptions that can affect the amounts reported for assets and liabilities, and the results for the year. The nature of estimation is such though that actual outcomes could differ significantly from those estimates.
The following judgments have had the most significant impact on amounts recognised in the financial statements:
Tangible fixed assets
The company has recognised tangible fixed assets with a carrying value of £103,828 at the reporting date (see note 15). These assets are stated at their cost less provision for depreciation and impairment. The company’s accounting policy sets out the approach to calculating depreciation for immaterial assets acquired. For material assets such as land and buildings the company determines at acquisition reliable estimates for the useful life of the asset, its residual value and decommissioning costs. These estimates are based upon such factors as the expected use of the acquired asset and market conditions. At subsequent reporting dates the directors consider whether there are any factors such as technological advancements or changes in market conditions that indicate a need to reconsider the estimates used.
Where there are indicators that the carrying value of tangible assets may be impaired the company undertakes tests to determine the recoverable amount of assets. These tests require estimates of the fair value of assets less cost to sell and of their value in use. Wherever possible the estimate of the fair value of assets is based upon observable market prices less incremental cost for disposing of the asset. The value in use calculation is based upon a discounted cash flow model, based upon the company’s forecasts for the foreseeable future which do not include any restructuring activities that the company is not yet committed to or significant future investments that will enhance the asset’s performance. The recoverable amount is most sensitive to the discount rate used for the discounted cash flow model as well expected future cash flows and the growth rate used for extrapolation purposes.


4.


Turnover

An analysis of the company's turnover is as follows:


2023
2022
£
£

Turnover analysed by class of business

Freight forwarding
25,589,823
32,125,282


Analysis of turnover by country of destination:

2023
2022
£
£

Turnover analysed by geographical market

United Kingdom
11,767,174
11,243,199

Rest of Europe
1,705,855
8,031,570

Rest of the world
12,116,794
12,850,513

25,589,823
32,125,282


Page 16

 
C.A.R.S. United Kingdom Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

5.


Other operating income

2023
2022
£
£

Insurance claims receivable
-
3,400

Sundry income
-
1,000

-
4,400



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
136,704
(248,611)

Other operating lease rentals
445,128
483,084


7.


Auditors' remuneration

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


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
16,425
-


8.


Employees

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


2023
2022
£
£

Wages and salaries
1,560,939
1,235,468

Social security costs
179,624
142,189

Cost of defined contribution scheme
188,066
140,012

1,928,629
1,517,669


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


        2023
        2022







Directors
1
2



Staff
28
25

29
27

Page 17

 
C.A.R.S. United Kingdom Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

9.


Directors' remuneration

2023
2022
£
£

Remuneration for qualifying services
26,208
107,988

Company pension contributions to defined contribution schemes
2,872
40,000

29,080
147,988


During the year retirement benefits were accruing to 1 director (2022 - 1) in respect of defined contribution pension schemes.


10.


Interest receivable and similar income

2023
2022
£
£



Interest on bank deposits
126,255
14,569


11.


Interest payable and similar expenses

2023
2022
£
£



Interest on bank overdrafts and loans
203
13,912

Other interest
39,998
6,789

40,201
20,701


12.


Dividends

2023
2022
£
£


Ordinary shares
5,711,197
180,000

Page 18

 
C.A.R.S. United Kingdom Limited
 

 
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
998,473
821,466

Adjustments in respect of previous periods
-
74,266


998,473
895,732


Deferred tax


Origination and reversal of timing differences
6,265
3,422


Tax on profit
1,004,738
899,154

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - higher than) the effective rate of corporation tax in the UK of 23.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
4,452,100
4,234,468


Profit on ordinary activities multiplied by the effective rate of corporation tax in the UK of 23.5% (2022 - 19%)
1,047,158
804,549

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
38,834
57,845

Capital allowances for year in excess of depreciation
8,100
2,074

Adjustments to tax charge in respect of prior periods
-
74,266

Other differences leading to an increase (decrease) in the tax charge
372
821

Group relief
(89,726)
(40,401)

Total tax charge for the year
1,004,738
899,154


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 19

 
C.A.R.S. United Kingdom Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

14.


Intangible assets




Computer software

£



Cost


Additions
4,239



At 31 December 2023

4,239



Amortisation


Charge for the year
707



At 31 December 2023

707



Net book value



At 31 December 2023
3,532



At 31 December 2022
-



Page 20

 
C.A.R.S. United Kingdom Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

15.


Tangible fixed assets





Improvements to property
Plant and machinery
Fixtures, fittings & equipment
Total

£
£
£
£



Cost


At 1 January 2023
110,726
143,967
108,799
363,492


Additions
-
8,419
2,902
11,321


Disposals
-
(3,527)
(5,220)
(8,747)



At 31 December 2023

110,726
148,859
106,481
366,066



Depreciation


At 1 January 2023
93,046
78,577
74,942
246,565


Charge for the year
408
14,150
7,079
21,637


Disposals
-
(2,948)
(3,016)
(5,964)



At 31 December 2023

93,454
89,779
79,005
262,238



Net book value



At 31 December 2023
17,272
59,080
27,476
103,828



At 31 December 2022
17,680
65,390
33,857
116,927


16.


Debtors

2023
2022
£
£


Trade debtors
1,454,216
2,329,292

Amounts owed by group undertakings
3,206,849
2,854,788

Other debtors
261,627
3,770,108

Prepayments and accrued income
122,328
317,107

5,045,020
9,271,295



17.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
2,928,808
3,897,990


Page 21

 
C.A.R.S. United Kingdom Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

18.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
305,505
978,073

Amounts owed to group undertakings
2,560,274
2,184,314

Corporation tax
-
895,732

Other taxation and social security
50,881
47,330

Other creditors
773,417
957,866

Accruals and deferred income
1,766,657
3,340,873

5,456,734
8,404,188



19.


Deferred taxation




2023
2022


£

£




Balances:


At beginning of year
(9,985)
(6,563)


Charged to profit or loss
(6,265)
(3,422)



At end of year
(16,250)
(9,985)

2023
2022
£
£



Accelerated capital allowances
(16,250)
(9,985)


20.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100

The company has one class of ordinary share which carry equal voting rights, equal rights to dividends and other distributions and equal rights in a winding up. There are no specific redemption rights


Page 22

 
C.A.R.S. United Kingdom Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

21.


 Operating lease commitments

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
£
£


Within one year
275,050
25,050

Between two and five years
1,000,000
-

Later than 5 years
1,000,000
-

2,275,050
25,050


22.


Related party transactions

The company has taken advantage of the exemption from disclosing related party transactions with its fellow group members provided by paragraph 33.5 of FRS 102, Section 33 as its ultimate UK parent undertaking Global Critical Logistics Limited publishes consolidated financial statements.
During the year amounts were paid on behalf of the Directors of the company.  As at 31 December 2023 £Nil (2022: £15,690) was owed to the company.
During the year C.A.R.S. United Kingdom made purchases of £42,500 (2022: £25,000) from BB Performance Limited whose sole director is Ben Barker, the son of Jeremy Barker. 
During the year amounts were paid on behalf of shareholders of the company.  As at 31 December 2023 £Nil (2022: £2,168,943) was owed to the company.


23.


Ultimate controlling party

The company's immediate parent company is C.A.R.S. Holdings Limited, a company registered in England and Wales, whose registered office is Arlington House, West Station Business Park, Spital Road, Maldon, Essex CM9 6FF.
The smallest group in which the results of the company are consolidated is that headed by Global Critical Logistics Limited. The consolidated financial statements of this company are publicly available from the Registrar of Companies.

Page 23