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REGISTERED NUMBER: 03341666 (England and Wales)












Unaudited Financial Statements

for the Year Ended 31 January 2024

for

Inter Global Forwarding Limited

Inter Global Forwarding Limited (Registered number: 03341666)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Inter Global Forwarding Limited

Company Information
for the Year Ended 31 January 2024







DIRECTORS: Mr C B Goreham
Mr A D Ions





REGISTERED OFFICE: 17 Queens Lane
Newcastle upon Tyne
Tyne and Wear
NE1 1RN





REGISTERED NUMBER: 03341666 (England and Wales)





ACCOUNTANTS: Evelyn Partners
17 Queens Lane
Newcastle upon Tyne
Tyne and Wear
NE1 1RN

Inter Global Forwarding Limited (Registered number: 03341666)

Balance Sheet
31 January 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 494,084 513,313
494,084 513,313

CURRENT ASSETS
Debtors 7 817,973 997,105
Cash at bank 416,028 415,723
1,234,001 1,412,828
CREDITORS
Amounts falling due within one year 8 (839,625 ) (916,791 )
NET CURRENT ASSETS 394,376 496,037
TOTAL ASSETS LESS CURRENT
LIABILITIES

888,460

1,009,350

CREDITORS
Amounts falling due after more than one
year

9

(291,973

)

(325,266

)

PROVISIONS FOR LIABILITIES (4,585 ) (5,509 )
NET ASSETS 591,902 678,575

CAPITAL AND RESERVES
Called up share capital 10 10
Profit and loss account 591,892 678,565
591,902 678,575

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 October 2024 and were signed on its behalf by:




Mr C B Goreham - Director



Mr A D Ions - Director


Inter Global Forwarding Limited (Registered number: 03341666)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

Inter Global Forwarding Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of value added tax.

Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expense recognised will be recovered.

Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business.

Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Goodwill Amortisation - 10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new
estimates.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 25% on cost
Motor vehicles - 25% on reducing balance

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.


Inter Global Forwarding Limited (Registered number: 03341666)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

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.

Leasing
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2023 - 16 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2023
and 31 January 2024 160,000
AMORTISATION
At 1 February 2023
and 31 January 2024 160,000
NET BOOK VALUE
At 31 January 2024 -
At 31 January 2023 -

Inter Global Forwarding Limited (Registered number: 03341666)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

6. TANGIBLE FIXED ASSETS
Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 February 2023 520,524 63,097 38,938 6,998 629,557
Additions - 4,845 - - 4,845
At 31 January 2024 520,524 67,942 38,938 6,998 634,402
DEPRECIATION
At 1 February 2023 39,746 48,191 25,142 3,165 116,244
Charge for year 10,410 9,257 3,449 958 24,074
At 31 January 2024 50,156 57,448 28,591 4,123 140,318
NET BOOK VALUE
At 31 January 2024 470,368 10,494 10,347 2,875 494,084
At 31 January 2023 480,778 14,906 13,796 3,833 513,313

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 686,070 878,221
Other debtors 131,903 118,884
817,973 997,105

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 41,818 41,818
Finance leases 2,596 6,299
Trade creditors 730,705 759,149
Taxation and social security 51,099 43,607
Other creditors 13,407 65,918
839,625 916,791

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 291,973 324,582
Finance leases - 684
291,973 325,266

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 333,791 366,400

The company's bank loans and overdrafts are secured by fixed and floating charges on the assets of the company.

Inter Global Forwarding Limited (Registered number: 03341666)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 January 2024 and 31 January 2023:

2024 2023
£    £   
Mr C B Goreham
Balance outstanding at start of year 29,898 29,898
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 29,898 29,898

Mr A D Ions
Balance outstanding at start of year 36,832 36,832
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 36,832 36,832

The above loans are unsecured, interest free and repayable on demand.