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Company No: 01129767 (England and Wales)

ABINGDON FREIGHT FORWARDING AGENCY LIMITED

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

ABINGDON FREIGHT FORWARDING AGENCY LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

ABINGDON FREIGHT FORWARDING AGENCY LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 January 2024
ABINGDON FREIGHT FORWARDING AGENCY LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 39,042 35,434
Tangible assets 4 169,262 103,601
Investments 5 10,000 10,000
218,304 149,035
Current assets
Debtors 6 1,451,386 1,992,462
Cash at bank and in hand 14,831 93
1,466,217 1,992,555
Creditors: amounts falling due within one year 7 ( 850,395) ( 1,395,364)
Net current assets 615,822 597,191
Total assets less current liabilities 834,126 746,226
Creditors: amounts falling due after more than one year 8 ( 47,945) 0
Provision for liabilities 9 ( 33,058) ( 17,507)
Net assets 753,123 728,719
Capital and reserves
Called-up share capital 10 200,000 200,000
Profit and loss account 553,123 528,719
Total shareholder's funds 753,123 728,719

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 Abingdon Freight Forwarding Agency Limited (registered number: 01129767) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

M Ogden
Director

16 October 2024

ABINGDON FREIGHT FORWARDING AGENCY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
ABINGDON FREIGHT FORWARDING AGENCY 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

Abingdon Freight Forwarding Agency 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 the revaluation of freehold properties and to include investment properties and 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:

Land and buildings 4 years straight line
Plant and machinery 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.

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 banks and 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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 29 29

3. Intangible assets

Computer software Total
£ £
Cost
At 01 February 2023 163,239 163,239
Additions 26,246 26,246
At 31 January 2024 189,485 189,485
Accumulated amortisation
At 01 February 2023 127,805 127,805
Charge for the financial year 22,638 22,638
At 31 January 2024 150,443 150,443
Net book value
At 31 January 2024 39,042 39,042
At 31 January 2023 35,434 35,434

4. Tangible assets

Land and buildings Plant and machinery Total
£ £ £
Cost
At 01 February 2023 114,569 284,365 398,934
Additions 8,948 130,360 139,308
Disposals 0 ( 33,245) ( 33,245)
At 31 January 2024 123,517 381,480 504,997
Accumulated depreciation
At 01 February 2023 83,090 212,243 295,333
Charge for the financial year 13,526 55,857 69,383
Disposals 0 ( 28,981) ( 28,981)
At 31 January 2024 96,616 239,119 335,735
Net book value
At 31 January 2024 26,901 142,361 169,262
At 31 January 2023 31,479 72,122 103,601

5. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 February 2023 10,000 10,000
At 31 January 2024 10,000 10,000
Carrying value at 31 January 2024 10,000 10,000
Carrying value at 31 January 2023 10,000 10,000

The unlisted investments are held at fair value with changes in value going through profit or loss. The value of these investments are measured by using the quoted price in the active market. If the investments were stated on an historical cost basis rather than a fair value basis, the amounts would be £6,250 (2023: £6,250).

6. Debtors

2024 2023
£ £
Trade debtors 565,780 832,627
Amounts owed by group undertakings 503,682 498,227
Prepayments and accrued income 37,392 94,404
Corporation tax 8,371 0
Other debtors 336,161 567,204
1,451,386 1,992,462

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

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 302,295 498,887
Accruals 44,009 32,367
Taxation and social security 42,372 38,968
Obligations under finance leases and hire purchase contracts 15,831 0
Other creditors 445,888 825,142
850,395 1,395,364

The invoice discounting facility of £260,199 (2023: £316,670) is secured by way of a fixed and floating charge over the assets of the company, including trade debtors.

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Obligations under finance leases and hire purchase contracts 47,945 0

9. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 17,507) ( 27,602)
(Charged)/credited to the Profit and Loss Account ( 15,551) 10,095
At the end of financial year ( 33,058) ( 17,507)

The deferred taxation balance is made up as follows:

2024 2023
£ £
Accelerated capital allowances ( 33,428) ( 17,902)
Short term timing differences 370 395
( 33,058) ( 17,507)

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
200,000 Ordinary shares of £ 1.00 each 200,000 200,000

11. Financial commitments

Commitments

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

2024 2023
£ £
within one year 307,198 199,588
between one and five years 219,741 228,241
526,939 427,829

Other financial commitments

On 13 May 2015 the company, together with Sandrair International Limited, M O Holdings Limited and Chain Supply Management 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 Chargors 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) 4,354 4,557

12. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2024 2023
£ £
Included within amounts owed by group undertakings is a balance owed by parent company. This balance is unsecured and interest free and repayable on demand with no fixed repayment terms. 503,682 498,227

Other related party transactions

2024 2023
£ £
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. 181,335 477,041
Included within other debtors is a balance owed by companies with a common director. This balance is unsecured and interest free and repayable on demand with no fixed repayment terms. 335,194 469,159
Included within trade 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. 911 0