REGISTERED NUMBER: 08448852 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
BREEZELINE INTERNATIONAL GROUP LIMITED |
REGISTERED NUMBER: 08448852 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
BREEZELINE INTERNATIONAL GROUP LIMITED |
BREEZELINE INTERNATIONAL GROUP LIMITED (REGISTERED NUMBER: 08448852) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
For The Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Consolidated Income Statement | 8 |
Consolidated Other Comprehensive Income | 9 |
Consolidated Balance Sheet | 10 |
Company Balance Sheet | 11 |
Consolidated Statement of Changes in Equity | 12 |
Company Statement of Changes in Equity | 13 |
Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Financial Statements | 17 |
BREEZELINE INTERNATIONAL GROUP LIMITED |
COMPANY INFORMATION |
For The Year Ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Statutory Auditors |
Leonard House |
5 - 7 Newman Road |
Bromley |
Kent |
BR1 1RJ |
BREEZELINE INTERNATIONAL GROUP LIMITED (REGISTERED NUMBER: 08448852) |
GROUP STRATEGIC REPORT |
For The Year Ended 31 December 2023 |
The directors present their strategic report of the company and the group for the year ended 31 December 2023. |
REVIEW OF BUSINESS |
During the current year, the level of turnover has increased by 3%. The gross profit margin has increased from 12.65% in the previous year to 14.25% for the current year. |
The Group profit for the year before taxation was £5,047,813 (2022: £4,982,145). |
RESERVES |
Retained reserves of £9,458,847 at the year end indicated an increase of 44% compared with the previous year. |
CASH FLOW AND LIQUIDITY |
Cash flow was in line with expectations, with a net increase in cash of £1,609,357. The group's net current assets ratio was 1.47 at the year end (2022: 1.26). |
ON BEHALF OF THE BOARD: |
BREEZELINE INTERNATIONAL GROUP LIMITED (REGISTERED NUMBER: 08448852) |
REPORT OF THE DIRECTORS |
For The Year Ended 31 December 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of the provision of consultancy services in the international transportation industry. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 December 2023 was £383,764. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
POLITICAL DONATIONS AND EXPENDITURE |
The donations made in the year were not political in nature. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
BREEZELINE INTERNATIONAL GROUP LIMITED (REGISTERED NUMBER: 08448852) |
REPORT OF THE DIRECTORS |
For The Year Ended 31 December 2023 |
AUDITORS |
The auditors, Crane & Partners, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BREEZELINE INTERNATIONAL GROUP LIMITED |
Opinion |
We have audited the financial statements of Breezeline International Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The 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 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 UK, including the FRC'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 and 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. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our 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. |
In connection with our audit of the financial statements, 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 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BREEZELINE INTERNATIONAL GROUP LIMITED |
Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors 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 Report of the Directors. |
We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page three, 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 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BREEZELINE INTERNATIONAL GROUP LIMITED |
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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Based on our understanding of the group and the industry in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to those laws which have a direct impact on the preparation of the financial statements, such as the Companies Act 2006 and tax legislation. |
We evaluated management's 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 manipulate financial results and potential management bias towards accounting estimates. |
Audit procedures included discussions with management, challenging assumptions made by management in their significant accounting estimates, and identifying and testing journal entries posted with unusual account combinations. |
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material fraud is higher than the risk of not detecting one resulting from error, as fraud may be deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. |
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 Report of the Auditors. |
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 2006. Our 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 a Report of the Auditors 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. |
for and on behalf of |
Chartered Accountants & Statutory Auditors |
Leonard House |
5 - 7 Newman Road |
Bromley |
Kent |
BR1 1RJ |
BREEZELINE INTERNATIONAL GROUP LIMITED (REGISTERED NUMBER: 08448852) |
CONSOLIDATED INCOME STATEMENT |
For The Year Ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 121,276,523 | 117,293,311 |
Cost of sales | 103,988,858 | 102,461,440 |
GROSS PROFIT | 17,287,665 | 14,831,871 |
Administrative expenses | 12,075,966 | 9,622,614 |
OPERATING PROFIT | 4 | 5,211,699 | 5,209,257 |
Interest receivable and similar income | 7,189 | - |
5,218,888 | 5,209,257 |
Interest payable and similar expenses | 5 | 171,075 | 227,112 |
PROFIT BEFORE TAXATION | 5,047,813 | 4,982,145 |
Tax on profit | 6 | 1,364,000 | 571,749 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 3,640,352 | 4,397,595 |
Non-controlling interests | 43,461 | 12,801 |
3,683,813 | 4,410,396 |
BREEZELINE INTERNATIONAL GROUP LIMITED (REGISTERED NUMBER: 08448852) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
For The Year Ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 3,683,813 | 4,410,396 |
OTHER COMPREHENSIVE INCOME |
Currency translation differences | (353,352 | ) | 15,696 |
Income tax relating to other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
(353,352 |
) |
15,696 |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
3,330,461 |
4,426,092 |
Total comprehensive income attributable to: |
Owners of the parent | 3,287,000 | 4,413,292 |
Non-controlling interests | 43,461 | 12,800 |
3,330,461 | 4,426,092 |
BREEZELINE INTERNATIONAL GROUP LIMITED (REGISTERED NUMBER: 08448852) |
CONSOLIDATED BALANCE SHEET |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | 134,797 | 176,062 |
Tangible assets | 10 | 287,811 | 153,967 |
Investments | 11 | 20,000 | 10,000 |
Investment property | 12 | 380,000 | 380,000 |
822,608 | 720,029 |
CURRENT ASSETS |
Debtors | 13 | 29,665,109 | 30,945,200 |
Cash at bank and in hand | 4,527,661 | 3,458,298 |
34,192,770 | 34,403,498 |
CREDITORS |
Amounts falling due within one year | 14 | 23,306,925 | 27,338,292 |
NET CURRENT ASSETS | 10,885,845 | 7,065,206 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
11,708,453 |
7,785,235 |
CREDITORS |
Amounts falling due after more than one year |
15 |
2,133,944 |
1,157,423 |
NET ASSETS | 9,574,509 | 6,627,812 |
CAPITAL AND RESERVES |
Called up share capital | 17 | 132 | 132 |
Retained earnings | 18 | 9,458,847 | 6,555,611 |
SHAREHOLDERS' FUNDS | 9,458,979 | 6,555,743 |
NON-CONTROLLING INTERESTS | 115,530 | 72,069 |
TOTAL EQUITY | 9,574,509 | 6,627,812 |
The financial statements were approved by the Board of Directors and authorised for issue on 7 October 2024 and were signed on its behalf by: |
A M Herbert - Director |
M R Jackson - Director |
BREEZELINE INTERNATIONAL GROUP LIMITED (REGISTERED NUMBER: 08448852) |
COMPANY BALANCE SHEET |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
Investment property | 12 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Retained earnings | 18 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
Company's profit for the financial year | 383,620 | 391,659 |
The financial statements were approved by the Board of Directors and authorised for issue on |
BREEZELINE INTERNATIONAL GROUP LIMITED (REGISTERED NUMBER: 08448852) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
For The Year Ended 31 December 2023 |
Called up |
share | Retained | Non-controlling | Total |
capital | earnings | Total | interests | equity |
£ | £ | £ | £ | £ |
Balance at 1 January 2022 | 132 | 2,534,147 | 2,534,279 | 59,269 | 2,593,548 |
Changes in equity |
Dividends | - | (391,827 | ) | (391,827 | ) | - | (391,827 | ) |
Total comprehensive income | - | 4,413,291 | 4,413,291 | 12,800 | 4,426,091 |
Balance at 31 December 2022 | 132 | 6,555,611 | 6,555,743 | 72,069 | 6,627,812 |
Changes in equity |
Dividends | - | (383,764 | ) | (383,764 | ) | - | (383,764 | ) |
Total comprehensive income | - | 3,287,000 | 3,287,000 | 43,461 | 3,330,461 |
Balance at 31 December 2023 | 132 | 9,458,847 | 9,458,979 | 115,530 | 9,574,509 |
BREEZELINE INTERNATIONAL GROUP LIMITED (REGISTERED NUMBER: 08448852) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
For The Year Ended 31 December 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2022 | ( |
) | ( |
) |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2022 | ( |
) | ( |
) |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2023 | ( |
) | ( |
) |
BREEZELINE INTERNATIONAL GROUP LIMITED (REGISTERED NUMBER: 08448852) |
CONSOLIDATED CASH FLOW STATEMENT |
For The Year Ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 3,593,618 | 2,029,221 |
Interest paid | (171,075 | ) | (227,112 | ) |
Tax paid | (1,062,841 | ) | (503,812 | ) |
Net cash from operating activities | 2,359,702 | 1,298,297 |
Cash flows from investing activities |
Purchase of intangible fixed assets | (10,553 | ) | (40,446 | ) |
Purchase of tangible fixed assets | (255,580 | ) | (75,121 | ) |
Purchase of fixed asset investments | (20,000 | ) | - |
Sale of tangible fixed assets | 2,145 | (93,463 | ) |
Sale of fixed asset investments | 10,000 | - |
Interest received | 7,189 | - |
Net cash from investing activities | (266,799 | ) | (209,030 | ) |
Cash flows from financing activities |
New loans in year | 392,699 | - |
Loan repayments in year | (370,522 | ) | (226,404 | ) |
Amount introduced by directors | - | 10,862 |
Amount withdrawn by directors | (121,959 | ) | - |
Equity dividends paid | (383,764 | ) | (391,827 | ) |
Net cash from financing activities | (483,546 | ) | (607,369 | ) |
Increase in cash and cash equivalents | 1,609,357 | 481,898 |
Cash and cash equivalents at beginning of year |
2 |
2,918,304 |
2,436,406 |
Cash and cash equivalents at end of year |
2 |
4,527,661 |
2,918,304 |
BREEZELINE INTERNATIONAL GROUP LIMITED (REGISTERED NUMBER: 08448852) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
For The Year Ended 31 December 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation | 5,047,813 | 4,982,145 |
Depreciation charges | 122,080 | 88,652 |
Loss on disposal of fixed assets | 1,825 | 106,273 |
Adjustment for exchange differences | (357,665 | ) | 8,749 |
Amortisation | 51,817 | 142,134 |
Finance costs | 171,075 | 227,112 |
Finance income | (7,189 | ) | - |
5,029,756 | 5,555,065 |
Decrease/(increase) in trade and other debtors | 1,280,091 | (4,758,890 | ) |
(Decrease)/increase in trade and other creditors | (2,716,229 | ) | 1,233,046 |
Cash generated from operations | 3,593,618 | 2,029,221 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 December 2023 |
31.12.23 | 1.1.23 |
£ | £ |
Cash and cash equivalents | 4,527,661 | 3,458,298 |
Bank overdrafts | - | (539,994 | ) |
4,527,661 | 2,918,304 |
Year ended 31 December 2022 |
31.12.22 | 1.1.22 |
£ | £ |
Cash and cash equivalents | 3,458,298 | 3,100,413 |
Bank overdrafts | (539,994 | ) | (664,007 | ) |
2,918,304 | 2,436,406 |
BREEZELINE INTERNATIONAL GROUP LIMITED (REGISTERED NUMBER: 08448852) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
For The Year Ended 31 December 2023 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.1.23 | Cash flow | At 31.12.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 3,458,298 | 1,069,363 | 4,527,661 |
Bank overdrafts | (539,994 | ) | 539,994 | - |
2,918,304 | 1,609,357 | 4,527,661 |
Debt |
Debts falling due within 1 year | (1,412,376 | ) | 954,344 | (458,032 | ) |
Debts falling due after 1 year | (1,157,423 | ) | (976,521 | ) | (2,133,944 | ) |
(2,569,799 | ) | (22,177 | ) | (2,591,976 | ) |
Total | 348,505 | 1,587,180 | 1,935,685 |
BREEZELINE INTERNATIONAL GROUP LIMITED (REGISTERED NUMBER: 08448852) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
For The Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Breezeline International Group Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The group financial statements consolidate the financial statements of the company and its subsidiary undertakings made up to 31 December 2021 and its share of the results and post-acquisition reserves of associated undertakings. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Income from freight forwarding is recognised on performance of the contract. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of businesses, is being amortised evenly over its estimated useful life of ten years. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Investment property |
Investment property is shown at historical cost. The directors consider the market value to be in line with the historical cost shown in the accounts. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
BREEZELINE INTERNATIONAL GROUP LIMITED (REGISTERED NUMBER: 08448852) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates defined contribution pensions schemes. Contributions payable to the group's pensions schemes are charged to the profit and loss account in the period to which they relate. |
Employer financed retirement benefit schemes |
The group established an employer financed retirement benefit scheme for the benefit of its officers, employees and their wider families, The Trans Global Projects Limited Employer Financed Retirement Benefit Scheme ("the Scheme"). |
In accordance with UITF 32 "Employee Benefit Trusts and other immediate payment arrangements", the group does not include assets and liabilities of the Scheme on its Balance Sheet to the extent that it considers that it will not retain any future economic benefit from the assets of the Scheme and will not have control of the rights or other access to those future economic benefits. |
3. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 6,710,141 | 4,476,182 |
Other pension costs | 324,858 | 240,065 |
7,034,999 | 4,716,247 |
The average number of employees during the year was as follows: |
2023 | 2022 |
Staff |
2023 | 2022 |
£ | £ |
Directors' remuneration | 126,858 | 126,858 |
Directors' pension contributions to money purchase schemes | 38,642 | 21,241 |
BREEZELINE INTERNATIONAL GROUP LIMITED (REGISTERED NUMBER: 08448852) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Year Ended 31 December 2023 |
3. | EMPLOYEES AND DIRECTORS - continued |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 2 | 2 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Hire of plant and machinery | 905 | 1,061 |
Other operating leases | 586,820 | 569,731 |
Depreciation - owned assets | 122,081 | 88,652 |
Loss on disposal of fixed assets | 1,825 | 106,273 |
Goodwill amortisation | 21,581 | 114,612 |
Computer software amortisation | 30,237 | 27,522 |
Auditors' remuneration | 21,572 | 25,382 |
Foreign exchange differences | 591,129 | (12,649 | ) |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Other interest paid | 171,075 | 227,112 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | 325,836 | 228,247 |
Tax adj | 200 | (48,388 | ) |
Corporation tax of foreign |
subsidiaries | 1,037,964 | 391,890 |
Tax on profit | 1,364,000 | 571,749 |
Tax effects relating to effects of other comprehensive income |
2023 |
Gross | Tax | Net |
£ | £ | £ |
Currency translation differences | (353,352 | ) | - | (353,352 | ) |
BREEZELINE INTERNATIONAL GROUP LIMITED (REGISTERED NUMBER: 08448852) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Year Ended 31 December 2023 |
6. | TAXATION - continued |
2022 |
Gross | Tax | Net |
£ | £ | £ |
Currency translation differences | 15,696 | - | 15,696 |
7. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
8. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Ordinary shares of £0.10 each |
Interim | 383,764 | 391,827 |
9. | INTANGIBLE FIXED ASSETS |
Group |
Computer |
Goodwill | software | Totals |
£ | £ | £ |
COST |
At 1 January 2023 | 1,257,134 | 154,389 | 1,411,523 |
Additions | - | 10,553 | 10,553 |
Disposals | - | (6,990 | ) | (6,990 | ) |
At 31 December 2023 | 1,257,134 | 157,952 | 1,415,086 |
AMORTISATION |
At 1 January 2023 | 1,153,537 | 81,924 | 1,235,461 |
Amortisation for year | 21,581 | 30,237 | 51,818 |
Eliminated on disposal | - | (6,990 | ) | (6,990 | ) |
At 31 December 2023 | 1,175,118 | 105,171 | 1,280,289 |
NET BOOK VALUE |
At 31 December 2023 | 82,016 | 52,781 | 134,797 |
At 31 December 2022 | 103,597 | 72,465 | 176,062 |
BREEZELINE INTERNATIONAL GROUP LIMITED (REGISTERED NUMBER: 08448852) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Year Ended 31 December 2023 |
10. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 | 852,515 | 14,207 | 263,039 | 1,129,761 |
Additions | 194,933 | 22,468 | 38,179 | 255,580 |
Disposals | (48,693 | ) | - | (128,893 | ) | (177,586 | ) |
Exchange differences | 2,859 | - | (1,019 | ) | 1,840 |
At 31 December 2023 | 1,001,614 | 36,675 | 171,306 | 1,209,595 |
DEPRECIATION |
At 1 January 2023 | 740,040 | 14,207 | 221,547 | 975,794 |
Charge for year | 101,122 | 2,247 | 18,712 | 122,081 |
Eliminated on disposal | (46,548 | ) | - | (127,068 | ) | (173,616 | ) |
Exchange differences | (1,315 | ) | - | (1,160 | ) | (2,475 | ) |
At 31 December 2023 | 793,299 | 16,454 | 112,031 | 921,784 |
NET BOOK VALUE |
At 31 December 2023 | 208,315 | 20,221 | 59,275 | 287,811 |
At 31 December 2022 | 112,475 | - | 41,492 | 153,967 |
11. | FIXED ASSET INVESTMENTS |
Group |
Unlisted |
investments |
£ |
COST |
At 1 January 2023 | 10,000 |
Additions | 20,000 |
Disposals | (10,000 | ) |
At 31 December 2023 | 20,000 |
NET BOOK VALUE |
At 31 December 2023 | 20,000 |
At 31 December 2022 | 10,000 |
BREEZELINE INTERNATIONAL GROUP LIMITED (REGISTERED NUMBER: 08448852) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Year Ended 31 December 2023 |
11. | FIXED ASSET INVESTMENTS - continued |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Paddock Wood Business Centre Suite 4, 1-7 Commercial Road, Paddock Wood, Kent, TN12 6EN |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Trans Global Projects Limited |
Registered office: Paddock Wood Business Centre Suite 4, 1-7 Commercial Road, Paddock Wood, Kent, TN12 6EN |
Nature of business: International Freight Management and related |
% |
Class of shares: | holding |
Ordinary £1 | 100.00 |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | 2,837,678 | 2,328,254 |
Profit for the year | 1,178,374 | 1,174,962 |
BREEZELINE INTERNATIONAL GROUP LIMITED (REGISTERED NUMBER: 08448852) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Year Ended 31 December 2023 |
11. | FIXED ASSET INVESTMENTS - continued |
NATCO GmbH Internationale Spedition |
Registered office: Diepenau 2, 28195 Bremen |
Nature of business: Freight management |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | 276,921 | 40,725 |
Profit for the year | 237,025 | 89,093 |
TGP Logistics Pty Ltd |
Registered office: Buidling 5, Lakes Vista Office Park, 2-4 Flinders Parade, Northlakes, QLD 4509 |
Nature of business: Freight Forwarding |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | 333,368 | 233,117 |
Profit for the year | 200,205 | 233,117 |
Natco AG Internationale Transporte |
Registered office: Oberglatterstrasse 35, CH-8153 Rumlang, Switzerland |
Nature of business: Freight management |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | 3,268,271 | 2,374,803 |
Profit for the year | 999,423 | 457,973 |
TGP Brasil Projetos & Transportes Internacionais LTDA |
Registered office: Rua Arandu, 281 - Cj.91, BR-04562-030, Brooklin, São Paulo |
Nature of business: Freight Forwarding |
% |
Class of shares: | holding |
Ordinary | 80.00 |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | 325,804 | 45,573 |
Profit for the year | 411,141 | 89,211 |
BREEZELINE INTERNATIONAL GROUP LIMITED (REGISTERED NUMBER: 08448852) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Year Ended 31 December 2023 |
11. | FIXED ASSET INVESTMENTS - continued |
Trans Global Projects GmbH |
Registered office: Diepenau 2, 28195 Bremen |
Nature of business: Freight management |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | 586,432 | 257,117 |
Profit for the year | 491,137 | 209,397 |
Transglobal Projects Middle East (FZE) |
Registered office: HDS Business Centre, Cluster M, Unit 2503, Jumeirah Lakes Towers, Dubai |
Nature of business: Freight forwarding |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | 2,144,060 | 1,810,064 |
Profit for the year | 554,166 | 1,629,550 |
Trans Global Projects AG |
Registered office: Oberglatterstrasse 35, CH-8153 Rumlang, Switzerland |
Nature of business: Freight forwarding |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | 229,565 | 233,871 |
Profit/(loss) for the year | 25,026 | (11,888 | ) |
Trans Global Holdings (Switzerland) AG |
Registered office: Europastrasse 18, CH-8152 Glattbrugg, Zurich, Switzerland |
Nature of business: Freight forwarding |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | 1,943,558 | 1,914,862 |
Loss for the year | (46,178 | ) | (26,956 | ) |
BREEZELINE INTERNATIONAL GROUP LIMITED (REGISTERED NUMBER: 08448852) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Year Ended 31 December 2023 |
11. | FIXED ASSET INVESTMENTS - continued |
Trans Global Projects Logistics Pty Ltd |
Registered office: Level 6, 37 St Georges Terrace, Perth WA 6000 |
Nature of business: Freight forwarding |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | 1,906,058 | 1,422,003 |
Profit for the year | 909,858 | 586,967 |
TGP Logistics Inc |
Registered office: 16945 Northchase Dr., Suite 1475, Houston, TX 77060 |
Nature of business: Freight forwarding |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | (124,976 | ) | (15,857 | ) |
(Loss)/profit for the year | (147,138 | ) | 603,419 |
NPT Switzerland GmbH |
Registered office: Oberglatterstrasse 35, 8153 Rümlang, Switzerland |
Nature of business: Freight forwarding |
% |
Class of shares: | holding |
Ordinary | 80.00 |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | - | 12,008 |
Profit for the year | - | 128 |
TGP Logistics DMCC |
Registered office: HDS Business Centre, Cluster M, Unit 2503, Jumeirah Lakes Towers, Dubai |
Nature of business: FReight forwarding |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | 345,239 | 364,669 |
BREEZELINE INTERNATIONAL GROUP LIMITED (REGISTERED NUMBER: 08448852) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Year Ended 31 December 2023 |
11. | FIXED ASSET INVESTMENTS - continued |
TGP Projects LLC |
Registered office: PO Box 1932, PC 133, Al Khuwair, Muscat, Sultanate of Oman |
Nature of business: Freight forwarding |
% |
Class of shares: | holding |
Ordinary | 60.00 |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | 125,923 | 151,383 |
Loss for the year | (1,748 | ) | (8,446 | ) |
Trans Global Projects Logistics Pte Limited |
Registered office: 1 Paya Lebar Link, 04-01 Paya Lebar Quarter,Singapore 408533 |
Nature of business: Freight forwarding |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | (57,621 | ) | (57,824 | ) |
Loss for the year | (1,990 | ) | (25,902 | ) |
The group also holds either directly or indirectly a controlling stake in the following entities throughout the current and prior period (unless otherwise stated). |
TGP Azerbaijan LLC |
Registered office: Marine Plaza Premium Offices, Fl.8, Uzeyir Hajibeyli Street 62, Baku - AZ 1010 |
Class of shares: Ordinary |
Holding: 100.00% |
Aggregate capital and reserves (£1,838) |
Loss for the year (£1,843) |
Trans Global Projects BV |
Registered office: Hofplein 20, 3032 AC Rotterdam |
Class of shares: Ordinary |
Holding: 100.00% |
Aggregate capital and reserves (£40,826) |
Loss for the year (£40,826) |
Trans Global Projects Group (SAR) |
Registered office: NJRC Building 5391, 1st Floor, Al Amir Mohammed Bin Saud Street, Dammam 32241 |
Class of shares: Ordinary |
Holding: 100.00% |
Aggregate capital and reserves £89,960 |
Profit for the year £47,259 |
BREEZELINE INTERNATIONAL GROUP LIMITED (REGISTERED NUMBER: 08448852) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Year Ended 31 December 2023 |
12. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 January 2023 |
and 31 December 2023 | 380,000 |
NET BOOK VALUE |
At 31 December 2023 | 380,000 |
At 31 December 2022 | 380,000 |
Fair value at 31 December 2023 is represented by: |
£ |
Valuation in 2023 | 380,000 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade debtors | 21,376,985 | 24,288,830 |
Other debtors | 2,224,254 | 2,499,205 |
Prepayments and accrued income | 6,063,870 | 4,157,165 |
29,665,109 | 30,945,200 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 16) | - | 1,887,037 |
Other loans (see note 16) | 458,032 | 65,333 |
Trade creditors | 12,355,270 | 14,717,515 |
Tax | 529,406 | 228,247 |
Social security and other taxes | 444,440 | 165,448 |
VAT | 211,927 | - | - | - |
Other creditors | 4,457,859 | 5,467,270 |
Directors' current accounts | 817,686 | 939,645 | 3,685 | 3,685 |
Accruals and deferred income | 4,032,305 | 3,867,797 |
23,306,925 | 27,338,292 |
BREEZELINE INTERNATIONAL GROUP LIMITED (REGISTERED NUMBER: 08448852) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Year Ended 31 December 2023 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2023 | 2022 |
£ | £ |
Bank loans (see note 16) | 1,633,055 | 591,201 |
Other loans (see note 16) | 500,889 | 566,222 |
2,133,944 | 1,157,423 |
16. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or | on demand: |
Bank overdrafts | - | 539,994 |
Bank loans | - | 1,347,043 |
Other loans | 458,032 | 65,333 |
458,032 | 1,952,370 |
Amounts falling due between one and | two years: |
Bank loans - 1-2 years | 1,633,055 | 366,696 |
Other loans - 1-2 years | 65,333 | 65,333 |
1,698,388 | 432,029 |
Amounts falling due between two and | five years: |
Bank loans - 2-5 years | - | 224,505 |
Other loans - 2-5 years | 196,000 | 196,000 |
196,000 | 420,505 |
Amounts falling due in more than five | years: |
Repayable by instalments |
Other loans more 5yrs instal | 239,556 | 304,889 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £0.10 | 132 | 132 |
BREEZELINE INTERNATIONAL GROUP LIMITED (REGISTERED NUMBER: 08448852) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Year Ended 31 December 2023 |
18. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 January 2023 | 6,555,611 |
Profit for the year | 3,640,352 |
Dividends | (383,764 | ) |
Currency translation profit on |
reconversion of foreign |
subsidiaries | (353,352 | ) |
At 31 December 2023 | 9,458,847 |
Company |
Retained |
earnings |
£ |
At 1 January 2023 | ( |
) |
Profit for the year |
Dividends | ( |
) |
At 31 December 2023 | ( |
) |
19. | RELATED PARTY DISCLOSURES |
As at the year end, C.B. Charnock was owed £814,000 (2022: £935,960) by the group. |
20. | ULTIMATE CONTROLLING PARTY |
In the opinion of the directors, the ultimate controlling parties as at 31 December 2023 were C B Charnock and J Y Charnock. |