Caseware UK (AP4) 2023.0.135 2023.0.135 2023-07-312023-07-31truetruetrue2023-01-0136falseNo description of principal activity36falsetrue 07438723 2023-01-01 2023-07-31 07438723 2022-01-01 2022-12-31 07438723 2023-07-31 07438723 2022-12-31 07438723 c:Director3 2023-01-01 2023-07-31 07438723 d:PlantMachinery 2023-01-01 2023-07-31 07438723 d:PlantMachinery 2023-07-31 07438723 d:PlantMachinery 2022-12-31 07438723 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-07-31 07438723 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-01-01 2023-07-31 07438723 d:MotorVehicles 2023-01-01 2023-07-31 07438723 d:MotorVehicles 2023-07-31 07438723 d:MotorVehicles 2022-12-31 07438723 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-07-31 07438723 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-01-01 2023-07-31 07438723 d:ComputerEquipment 2023-01-01 2023-07-31 07438723 d:ComputerEquipment 2023-07-31 07438723 d:ComputerEquipment 2022-12-31 07438723 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-07-31 07438723 d:ComputerEquipment d:LeasedAssetsHeldAsLessee 2023-01-01 2023-07-31 07438723 d:OwnedOrFreeholdAssets 2023-01-01 2023-07-31 07438723 d:LeasedAssetsHeldAsLessee 2023-01-01 2023-07-31 07438723 d:CurrentFinancialInstruments 2023-07-31 07438723 d:CurrentFinancialInstruments 2022-12-31 07438723 d:Non-currentFinancialInstruments 2023-07-31 07438723 d:Non-currentFinancialInstruments 2022-12-31 07438723 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 07438723 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 07438723 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-31 07438723 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 07438723 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-07-31 07438723 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 07438723 d:ShareCapital 2023-07-31 07438723 d:ShareCapital 2022-12-31 07438723 d:RetainedEarningsAccumulatedLosses 2023-07-31 07438723 d:RetainedEarningsAccumulatedLosses 2022-12-31 07438723 d:AcceleratedTaxDepreciationDeferredTax 2023-07-31 07438723 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 07438723 c:OrdinaryShareClass1 2023-01-01 2023-07-31 07438723 c:OrdinaryShareClass1 2023-07-31 07438723 c:OrdinaryShareClass1 2022-12-31 07438723 c:FRS102 2023-01-01 2023-07-31 07438723 c:Audited 2023-01-01 2023-07-31 07438723 c:FullAccounts 2023-01-01 2023-07-31 07438723 c:PrivateLimitedCompanyLtd 2023-01-01 2023-07-31 07438723 d:HirePurchaseContracts d:WithinOneYear 2023-07-31 07438723 d:HirePurchaseContracts d:WithinOneYear 2022-12-31 07438723 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-07-31 07438723 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-12-31 07438723 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-07-31 07438723 2 2023-01-01 2023-07-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07438723









WORLD FREIGHT TRANSPORT LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 JULY 2023

 
WORLD FREIGHT TRANSPORT LIMITED
REGISTERED NUMBER: 07438723

BALANCE SHEET
AS AT 31 JULY 2023

31 July
As restated
31 December
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
523,743
499,750

  
523,743
499,750

Current assets
  

Debtors: amounts falling due within one year
 5 
871,049
829,623

Cash at bank and in hand
 6 
311,268
289,025

  
1,182,317
1,118,648

Creditors: amounts falling due within one year
 7 
(767,762)
(636,421)

Net current assets
  
 
 
414,555
 
 
482,227

Total assets less current liabilities
  
938,298
981,977

Creditors: amounts falling due after more than one year
  
(323,621)
(453,911)

Provisions for liabilities
  

Deferred tax
  
(57,426)
(23,857)

  
 
 
(57,426)
 
 
(23,857)

Net assets
  
557,251
504,209


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
557,151
504,109

  
557,251
504,209


Page 1

 
WORLD FREIGHT TRANSPORT LIMITED
REGISTERED NUMBER: 07438723
    
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2023

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

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

The Company has opted not to file the statement of 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 9 October 2024.




M R Seabrook
Director

The notes on pages 3 to 13 form part of these financial statements.

Page 2

 
WORLD FREIGHT TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023

1.


General information

World Freight Transport Limited is a private company, limited by shares and incorporated in England and Wales, United Kingdom, with a registration number 07438723. The address of the registered office is Admiral House, 853 London Road, West Thurrock, Essex, RM20 3LG. The company's principal activity is that of freight management. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement 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 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 Seabrook Holdings Limited as at 31 July 2023 and these financial statements may be obtained from Companies House.

Page 3

 
WORLD FREIGHT TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.3

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'.

 
2.4

Revenue

Revenue from freight forwarding services
The provision for freight forwarding services include land freight. Revenue is earned when the company acts as a freight consolidator in respect of land freight services. In both cases, the company acts as an indirect carrier and therefore revenue is recognised when the services are rendered, which coincide with the date of departure.

 
2.5

Interest income

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

 
2.6

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.

 
2.7

Borrowing costs

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

Page 4

 
WORLD FREIGHT TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.8

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.

 
2.9

Current and deferred taxation

The tax expense for the period 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 5

 
WORLD FREIGHT TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

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

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

Depreciation is provided on the following basis:

Plant and machinery
-
5 - 10 years straight line
Motor vehicles
-
4 years straight line
Computer equipment
-
4 years 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.

 
2.11

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.

 
2.12

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.

 
2.13

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 6

 
WORLD FREIGHT TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.14

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.

 
2.15

Financial instruments

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

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.

 
Page 7

 
WORLD FREIGHT TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)


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.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the period was 36 (2022 - 36).

Page 8

 
WORLD FREIGHT TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023

4.


Tangible fixed assets







Plant and machinery
Motor vehicles
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
92,475
566,018
-
658,493


Additions
-
106,000
1,585
107,585


Disposals
-
(25,500)
-
(25,500)



At 31 July 2023

92,475
646,518
1,585
740,578



Depreciation


At 1 January 2023
43,022
115,721
-
158,743


Charge for the period on owned assets
351
20,489
396
21,236


Charge for the period on financed assets
4,121
45,485
-
49,606


Disposals
-
(12,750)
-
(12,750)



At 31 July 2023

47,494
168,945
396
216,835



Net book value



At 31 July 2023
44,981
477,573
1,189
523,743



At 31 December 2022
49,453
450,297
-
499,750


5.


Debtors

31 July
As restated
31 December
2023
2022
£
£


Trade debtors
687,031
685,393

Amounts owed by group undertakings
87,474
81,266

Other debtors
22,179
27,525

Prepayments and accrued income
74,365
35,439

871,049
829,623


Page 9

 
WORLD FREIGHT TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023

6.


Cash and cash equivalents

31 July
As restated
31 December
2023
2022
£
£

Cash at bank and in hand
311,268
289,025

311,268
289,025



7.


Creditors: Amounts falling due within one year

31 July
As restated
31 December
2023
2022
£
£

Trade creditors
434,925
341,212

Amounts owed to group undertakings
23,838
-

Corporation tax
67,837
65,815

Obligations under finance lease and hire purchase contracts
155,878
58,892

Other creditors
70,319
95,129

Accruals and deferred income
14,965
75,373

767,762
636,421



8.


Creditors: Amounts falling due after more than one year

31 July
31 December
2023
2022
£
£

Bank loans
-
32,551

Net obligations under finance leases and hire purchase contracts
323,621
421,360

323,621
453,911


Page 10

 
WORLD FREIGHT TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023

9.


Loans


Analysis of the maturity of loans is given below:


31 July
31 December
2023
2022
£
£


Amounts falling due 1-2 years

Bank loans
-
32,551


-
32,551



-
32,551



10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

31 July
31 December
2023
2022
£
£


Within one year
155,879
58,892

Between 1-5 years
323,621
476,983

479,500
535,875


11.


Deferred taxation






2023


£






At beginning of year
(23,857)


Charged to profit or loss
(33,569)



At end of year
(57,426)

Page 11

 
WORLD FREIGHT TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023
 
11.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

31 July
31 December
2023
2022
£
£


Accelerated capital allowances
(57,426)
(23,857)

(57,426)
(23,857)


12.


Share capital

31 July
31 December
2023
2022
£
£
Allotted, called up and fully paid



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



13.


Prior year adjustment

Balances owed to related parties have been reclassed in the prior year comparatives so they are disclosed as such. 
The prior year overdraft balance has been reclassed and netted off against cash and cash equivalents. This is due to the balance not actually being an overdraft.


14.


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 amounts to £11,921 (2022: £20,809).
Contributions totalling £4,965 (2022: £4,229) were payable to the fund at the balance sheet date.

Page 12

 
WORLD FREIGHT TRANSPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023

15.


Related party transactions

At the year end the following balances were due (to)/from related parties:


31 July
31 December
2023
2022
£
£

Entities with control
81,000
-
Entities under common control
(16,934)
81,266
Other related parties
1,732
-
65,798
81,266


16.


Controlling party

The ultimate parent company is Seabrook Holdings Limited, a company registered in England and Wales.
The ultimate controlling party is M Seabrook by virtue of his majority shareholding in the ultimate parent company.


17.


Auditors' information

The auditors' report on the financial statements for the period ended 31 July 2023 was unqualified.

The audit report was signed on 9 October 2024 by Laura Ambrose (Senior statutory auditor) on behalf of Haslers.

 
Page 13