Caseware UK (AP4) 2023.0.135 2023.0.135 2023-07-312023-07-31truetruefalsetrue2023-01-01No description of principal activity78falsetrue 04328158 2023-01-01 2023-07-31 04328158 2022-01-01 2022-12-31 04328158 2023-07-31 04328158 2022-12-31 04328158 c:Director3 2023-01-01 2023-07-31 04328158 d:Buildings d:ShortLeaseholdAssets 2023-01-01 2023-07-31 04328158 d:Buildings d:ShortLeaseholdAssets 2023-07-31 04328158 d:Buildings d:ShortLeaseholdAssets 2022-12-31 04328158 d:Buildings d:ShortLeaseholdAssets d:PriorPeriodIncreaseDecrease 2023-01-01 2023-07-31 04328158 d:FurnitureFittings d:PriorPeriodIncreaseDecrease 2023-01-01 2023-07-31 04328158 d:FurnitureFittings 2023-01-01 2023-07-31 04328158 d:FurnitureFittings 2023-07-31 04328158 d:FurnitureFittings 2022-12-31 04328158 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-07-31 04328158 d:OwnedOrFreeholdAssets 2023-01-01 2023-07-31 04328158 d:CurrentFinancialInstruments 2023-07-31 04328158 d:CurrentFinancialInstruments 2022-12-31 04328158 d:Non-currentFinancialInstruments 2023-07-31 04328158 d:Non-currentFinancialInstruments 2022-12-31 04328158 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 04328158 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 04328158 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-31 04328158 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 04328158 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-07-31 04328158 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 04328158 d:ShareCapital 2023-07-31 04328158 d:ShareCapital 2022-12-31 04328158 d:RetainedEarningsAccumulatedLosses 2023-07-31 04328158 d:RetainedEarningsAccumulatedLosses 2022-12-31 04328158 d:AcceleratedTaxDepreciationDeferredTax 2023-07-31 04328158 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 04328158 c:FRS102 2023-01-01 2023-07-31 04328158 c:Audited 2023-01-01 2023-07-31 04328158 c:FullAccounts 2023-01-01 2023-07-31 04328158 c:PrivateLimitedCompanyLtd 2023-01-01 2023-07-31 04328158 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-07-31 04328158 2 2023-01-01 2023-07-31 04328158 d:PriorPeriodErrorIncreaseDecrease 2023-01-01 2023-07-31 iso4217:GBP xbrli:pure

Registered number: 04328158









WORLD FREIGHT CONSULTANTS LTD









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 JULY 2023

 
WORLD FREIGHT CONSULTANTS LTD
REGISTERED NUMBER: 04328158

BALANCE SHEET
AS AT 31 JULY 2023

31 July
As restated
31 December
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
30,288
32,501

  
30,288
32,501

Current assets
  

Stocks
  
335,320
167,157

Debtors: amounts falling due within one year
 6 
1,226,535
695,098

Cash at bank and in hand
 7 
111,134
462,785

  
1,672,989
1,325,040

Creditors: amounts falling due within one year
 8 
(803,553)
(620,810)

Net current assets
  
 
 
869,436
 
 
704,230

Total assets less current liabilities
  
899,724
736,731

Creditors: amounts falling due after more than one year
  
-
(38,335)

Provisions for liabilities
  

Deferred tax
  
(1,449)
-

  
 
 
(1,449)
 
 
-

Net assets
  
898,275
698,396


Capital and reserves
  

Called up share capital 
  
300
300

Profit and loss account
  
897,975
698,096

  
898,275
698,396


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
Page 1

 
WORLD FREIGHT CONSULTANTS LTD
REGISTERED NUMBER: 04328158
    
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2023

9 October 2024.

M R Seabrook
Director

The notes on pages 3 to 13 form part of these financial statements.
Page 2

 
WORLD FREIGHT CONSULTANTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023

1.


General information

World Freight Consultants Ltd is a private company, limited by shares and incorporated in England and Wales, United Kingdom, with a registration number 04328158. 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 and sale of motor vehicles.

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 CONSULTANTS LTD
 
 
 
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 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.

This entity organises the freight movement for their customers where it is delivered to overseas locations. They also purchase and sell second hand vehicles which are transported globally using the freight service.

Page 4

 
WORLD FREIGHT CONSULTANTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.5

Operating leases: the Company as lessee

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

 
2.6

Interest income

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

 
2.7

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.

 
2.8

Borrowing costs

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

 
2.9

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.

Page 5

 
WORLD FREIGHT CONSULTANTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.10

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.

 
2.11

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:

Short-term leasehold property
-
5%
Straight line
Fixtures and fittings
-
20%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 6

 
WORLD FREIGHT CONSULTANTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.

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

 
2.13

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.

 
2.14

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.

 
2.15

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.

 
2.16

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.

Page 7

 
WORLD FREIGHT CONSULTANTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.17

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.

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.

Page 8

 
WORLD FREIGHT CONSULTANTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023

2.Accounting policies (continued)


2.17
Financial instruments (continued)


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.

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the period was 7 (2022 - 8).

Page 9

 
WORLD FREIGHT CONSULTANTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023

4.


Tangible fixed assets







Short-term leasehold property
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 January 2023
84,868
52,439
137,307



At 31 July 2023

84,868
52,439
137,307



Depreciation


At 1 January 2023 (as previously stated)
50,572
47,417
97,989


Prior Year Adjustment
3,395
3,421
6,816


At 1 January 2023 (as restated)
53,967
50,838
104,805


Charge for the period on owned assets
1,980
234
2,214



At 31 July 2023

55,947
51,072
107,019



Net book value



At 31 July 2023
28,921
1,367
30,288



At 31 December 2022 (as restated)
30,900
1,601
32,501


5.


Stocks

31 July
31 December
2023
2022
£
£

Motor vehicles
335,320
167,157

335,320
167,157


Page 10

 
WORLD FREIGHT CONSULTANTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023

6.


Debtors

31 July
As restated
31 December
2023
2022
£
£


Trade debtors
557,686
593,106

Amounts owed by group undertakings
519,180
2,165

Other debtors
51,689
98,809

Prepayments and accrued income
97,980
1,018

1,226,535
695,098



7.


Cash and cash equivalents

31 July
As restated
31 December
2023
2022
£
£

Cash at bank and in hand
111,134
462,785

111,134
462,785



8.


Creditors: Amounts falling due within one year

31 July
As restated
31 December
2023
2022
£
£

Trade creditors
565,602
489,925

Amounts owed to group undertakings
-
68,416

Corporation tax
138,602
38,763

Other creditors
30,981
23,706

Accruals and deferred income
68,368
-

803,553
620,810


Page 11

 
WORLD FREIGHT CONSULTANTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023

9.


Creditors: Amounts falling due after more than one year

31 July
As restated 31 December
2023
2022
£
£

Bank loans
-
38,335

-
38,335



10.


Loans


Analysis of the maturity of loans is given below:


31 July
31 December
2023
2022
£
£


Amounts falling due 1-2 years

Bank loans
-
38,335


-
38,335



-
38,335



11.


Deferred taxation






2023


£






Charged to profit or loss
(1,449)



At end of year
(1,449)

Page 12

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

The deferred taxation balance is made up as follows:

31 July
31 December
2023
2022
£
£


Accelerated capital allowances
(1,449)
-

(1,449)
-


12.


Prior year adjustment

Balances owed to related parties have been reclassed in the prior year comparatives so they are disclosed as such. 
Prior year overdraft has been reclassed and netted off against cash and cash equivalents. This is due to the balance not actually being an overdraft.
.
Depreciation b/fwd has been adjusted due to a depreciation charge not being included in the prior year accounts. This has reduced profit by £6,816.


13.


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 £42,339 (2022: £84,004).
Contributions totalling £1,977 (2022: £2,022) were payable to the fund at the balance sheet date. 


14.


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. 

15.


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