Silverfin false false 31/01/2024 01/02/2023 31/01/2024 S Barton 01/01/2020 A M J Karim 01/04/2022 S Lipski 01/02/2006 C Ogden 01/10/2021 M Ogden 02/12/1996 17 October 2024 The principal activity of the company continued to be that of courier services. 03274787 2024-01-31 03274787 bus:Director1 2024-01-31 03274787 bus:Director2 2024-01-31 03274787 bus:Director3 2024-01-31 03274787 bus:Director4 2024-01-31 03274787 bus:Director5 2024-01-31 03274787 2023-01-31 03274787 core:CurrentFinancialInstruments 2024-01-31 03274787 core:CurrentFinancialInstruments 2023-01-31 03274787 core:ShareCapital 2024-01-31 03274787 core:ShareCapital 2023-01-31 03274787 core:RetainedEarningsAccumulatedLosses 2024-01-31 03274787 core:RetainedEarningsAccumulatedLosses 2023-01-31 03274787 core:ComputerSoftware 2023-01-31 03274787 core:ComputerSoftware 2024-01-31 03274787 core:LeaseholdImprovements 2023-01-31 03274787 core:PlantMachinery 2023-01-31 03274787 core:Vehicles 2023-01-31 03274787 core:FurnitureFittings 2023-01-31 03274787 core:ComputerEquipment 2023-01-31 03274787 core:LeaseholdImprovements 2024-01-31 03274787 core:PlantMachinery 2024-01-31 03274787 core:Vehicles 2024-01-31 03274787 core:FurnitureFittings 2024-01-31 03274787 core:ComputerEquipment 2024-01-31 03274787 2022-01-31 03274787 core:AcceleratedTaxDepreciationDeferredTax 2024-01-31 03274787 core:AcceleratedTaxDepreciationDeferredTax 2023-01-31 03274787 bus:OrdinaryShareClass1 2024-01-31 03274787 core:WithinOneYear 2024-01-31 03274787 core:WithinOneYear 2023-01-31 03274787 core:BetweenOneFiveYears 2024-01-31 03274787 core:BetweenOneFiveYears 2023-01-31 03274787 2023-02-01 2024-01-31 03274787 bus:FilletedAccounts 2023-02-01 2024-01-31 03274787 bus:SmallEntities 2023-02-01 2024-01-31 03274787 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 03274787 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 03274787 bus:Director1 2023-02-01 2024-01-31 03274787 bus:Director2 2023-02-01 2024-01-31 03274787 bus:Director3 2023-02-01 2024-01-31 03274787 bus:Director4 2023-02-01 2024-01-31 03274787 bus:Director5 2023-02-01 2024-01-31 03274787 core:ComputerSoftware core:TopRangeValue 2023-02-01 2024-01-31 03274787 core:LeaseholdImprovements core:TopRangeValue 2023-02-01 2024-01-31 03274787 core:PlantMachinery core:TopRangeValue 2023-02-01 2024-01-31 03274787 core:Vehicles core:TopRangeValue 2023-02-01 2024-01-31 03274787 core:FurnitureFittings core:TopRangeValue 2023-02-01 2024-01-31 03274787 core:ComputerEquipment core:TopRangeValue 2023-02-01 2024-01-31 03274787 2022-02-01 2023-01-31 03274787 core:ComputerSoftware 2023-02-01 2024-01-31 03274787 core:LeaseholdImprovements 2023-02-01 2024-01-31 03274787 core:PlantMachinery 2023-02-01 2024-01-31 03274787 core:Vehicles 2023-02-01 2024-01-31 03274787 core:FurnitureFittings 2023-02-01 2024-01-31 03274787 core:ComputerEquipment 2023-02-01 2024-01-31 03274787 core:CurrentFinancialInstruments 2023-02-01 2024-01-31 03274787 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 03274787 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 03274787 (England and Wales)

CHAIN SUPPLY MANAGEMENT AND LOGISTICS LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar

CHAIN SUPPLY MANAGEMENT AND LOGISTICS LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

CHAIN SUPPLY MANAGEMENT AND LOGISTICS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 January 2024
CHAIN SUPPLY MANAGEMENT AND LOGISTICS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 129,378 113,826
Tangible assets 4 23,474 38,225
152,852 152,051
Current assets
Debtors 5 1,820,622 2,067,077
Cash at bank and in hand ( 51,035) 1,465
1,769,587 2,068,542
Creditors: amounts falling due within one year 6 ( 1,755,235) ( 2,079,493)
Net current assets/(liabilities) 14,352 (10,951)
Total assets less current liabilities 167,204 141,100
Provision for liabilities 7 ( 10,032) ( 17,016)
Net assets 157,172 124,084
Capital and reserves
Called-up share capital 8 50,000 50,000
Profit and loss account 107,172 74,084
Total shareholder's funds 157,172 124,084

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Chain Supply Management and Logistics Limited (registered number: 03274787) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

M Ogden
Director

17 October 2024

CHAIN SUPPLY MANAGEMENT AND LOGISTICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
CHAIN SUPPLY MANAGEMENT AND LOGISTICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Chain Supply Management and Logistics Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 35 Ballards Lane, London, N3 1XW, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Comprehensive Income in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The company operates a defined contribution scheme. The amount charged to the Statement of Comprehensive Income in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software 4 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 4 years straight line
Plant and machinery 4 years straight line
Vehicles 4 years straight line
Fixtures and fittings 4 years straight line
Computer equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Comprehensive Income over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from other third parties, loans to and from related parties.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 48 44

3. Intangible assets

Computer software Total
£ £
Cost
At 01 February 2023 813,694 813,694
Additions 92,539 92,539
At 31 January 2024 906,233 906,233
Accumulated amortisation
At 01 February 2023 699,868 699,868
Charge for the financial year 76,987 76,987
At 31 January 2024 776,855 776,855
Net book value
At 31 January 2024 129,378 129,378
At 31 January 2023 113,826 113,826

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £ £
Cost
At 01 February 2023 83,472 12,225 4,250 41,491 59,160 200,598
Additions 4,302 0 0 0 669 4,971
At 31 January 2024 87,774 12,225 4,250 41,491 59,829 205,569
Accumulated depreciation
At 01 February 2023 56,390 11,465 4,250 39,640 50,628 162,373
Charge for the financial year 14,064 760 0 529 4,369 19,722
At 31 January 2024 70,454 12,225 4,250 40,169 54,997 182,095
Net book value
At 31 January 2024 17,320 0 0 1,322 4,832 23,474
At 31 January 2023 27,082 760 0 1,851 8,532 38,225

5. Debtors

2024 2023
£ £
Trade debtors 1,205,641 1,216,128
Prepayments and accrued income 41,257 31,059
VAT recoverable 59,965 48,883
Other debtors 513,759 771,007
1,820,622 2,067,077

Trade debtors have been pledged as security against amounts due in respect of financed receivables.

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank overdrafts 734,374 695,212
Trade creditors 560,269 684,978
Amounts owed to group undertakings 338 338
Accruals 229,790 235,222
Taxation and social security 119,184 116,962
Other creditors 111,280 346,781
1,755,235 2,079,493

The invoice discounting facility of £734,374 (2023: £695,212) is secured by way of a fixed and floating charge over the assets of the company, including trade debtors.

7. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 17,016) ( 23,906)
Credited to the Profit and Loss Account 6,984 6,890
At the end of financial year ( 10,032) ( 17,016)

The deferred taxation balance is made up as follows:

2024 2023
£ £
Accelerated capital allowances ( 10,032) ( 17,016)

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
50,000 Ordinary shares of £ 1.00 each 50,000 50,000

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 145,234 178,216
between one and five years 19,997 175,949
165,231 354,165

Other financial commitments

On 13 May 2015 the company, together with Sandrair International Limited, M O Holdings Limited and Abingdon Freight Forwarding Agency Limited (each "a Chargor"), entered into a debenture in favour of Barclays Bank Plc ("the Bank") to secure all present and future liabilities and obligations of each Chargor to the Bank, whether actual or contingent and whether owed jointly or severally or in any other capacity. The assets of the Chargor in respect of which they granted to the Bank a fixed and floating charge to secure their respective liabilities and obligations.

Pensions

The company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 4,894 4,767

10. Related party transactions

Other related party transactions

2024 2023
£ £
Included within creditors are amounts owed to the group undertakings, due from the parent company. This balance is unsecured and interest free and repayable on demand with no fixed repayment terms. 338 338
Included within other creditors is a balance due to companies with a common director. This balance is unsecured and interest free and repayable on demand with no fixed repayment terms. 106,387 153,228
Included within other debtors is a balance due from companies with a common director. This balance is unsecured and interest free and repayable on demand with no fixed repayment terms. 482,649 768,673