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REGISTERED NUMBER: 10039849 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

International Freight Solutions Ltd.

International Freight Solutions Ltd. (Registered number: 10039849)

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










Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


International Freight Solutions Ltd.

Company Information
for the Year Ended 31 March 2024







DIRECTOR: Mr Paul Michael Johnson



REGISTERED OFFICE: 10 Hydra House
Hydra Business Park
Nether Lane
Sheffield
South Yorkshire
S35 9ZX



REGISTERED NUMBER: 10039849 (England and Wales)



ACCOUNTANTS: Landin Wilcock & Co
Chartered Accountants
68 Queen Street
Sheffield
South Yorkshire
S1 1WR



BANKERS: Virgin Money
66 Fargate
Sheffield
South Yorkshire
S1 2HE

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
International Freight Solutions Ltd.


The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Director's Report are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of International Freight Solutions Ltd. for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of International Freight Solutions Ltd. in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of International Freight Solutions Ltd. and state those matters that we have agreed to state to the director of International Freight Solutions Ltd. in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than International Freight Solutions Ltd. and its director for our work or for this report.

It is your duty to ensure that International Freight Solutions Ltd. has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of International Freight Solutions Ltd.. You consider that International Freight Solutions Ltd. is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of International Freight Solutions Ltd.. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Landin Wilcock & Co
Chartered Accountants
68 Queen Street
Sheffield
South Yorkshire
S1 1WR


20 August 2024

International Freight Solutions Ltd. (Registered number: 10039849)

Balance Sheet
31 March 2024

31/3/24 31/3/23
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 5,782 4,989
5,782 4,989

CURRENT ASSETS
Debtors 6 104,873 104,192
Cash at bank 46,758 48,088
151,631 152,280
CREDITORS
Amounts falling due within one year 7 (77,622 ) (73,752 )
NET CURRENT ASSETS 74,009 78,528
TOTAL ASSETS LESS CURRENT LIABILITIES 79,791 83,517

CREDITORS
Amounts falling due after more than one
year

8

(16,000

)

(24,000

)

PROVISIONS FOR LIABILITIES (1,099 ) (948 )
NET ASSETS 62,692 58,569

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 62,592 58,469
62,692 58,569

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

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

The director acknowledges his 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.

International Freight Solutions Ltd. (Registered number: 10039849)

Balance Sheet - continued
31 March 2024


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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 August 2024 and were signed by:





Mr Paul Michael Johnson - Director


International Freight Solutions Ltd. (Registered number: 10039849)

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


1. STATUTORY INFORMATION

International Freight Solutions Ltd. 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. ACCOUNTING POLICIES

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

Turnover
Turnover represents amounts chargeable, net of valued added tax, in respect of the sale of freight
services to customers. Revenue is recognised when services are rendered, goods are
delivered or work is complete.

Revenue from services is recognised when:
- the company has transferred to a buyer the significant risks and rewards of ownership of the goods and services;
- the company retains neither continuing management involvement to a degree usually associated
with ownership nor effective control of the goods and services sold;
- the amount of revenue can be measured reliably;
- it is probable that the economic benefits associated with the transaction will flow to the company;
- the costs to be incurred in respect of the transaction can be measured reliably; and
- the stage of completion of the transaction at the balance sheet date can be measured reliably
Amounts received in advance are recorded as accrued liabilities until services are rendered to
customers or goods are delivered.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of five years.

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 the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - 20% on cost
Computer equipment - 25% on cost

Tangible fixed assets are initially measured at cost. Subsequently, they are measured at cost less accumulated depreciation and impairment losses.

Financial instruments
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the asset of the company after deducting all of its liabilities.


International Freight Solutions Ltd. (Registered number: 10039849)

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


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Government grants
The company has applied the accruals model when accounting for government grants which are received by the company relating to income, expenses or assets.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 2,650
AMORTISATION
At 1 April 2023
and 31 March 2024 2,650
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

International Freight Solutions Ltd. (Registered number: 10039849)

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


5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 April 2023 1,074 8,041 9,115
Additions 370 2,453 2,823
At 31 March 2024 1,444 10,494 11,938
DEPRECIATION
At 1 April 2023 144 3,982 4,126
Charge for year 251 1,779 2,030
At 31 March 2024 395 5,761 6,156
NET BOOK VALUE
At 31 March 2024 1,049 4,733 5,782
At 31 March 2023 930 4,059 4,989

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/3/23
£    £   
Trade debtors 97,440 94,957
Other debtors 7,433 9,235
104,873 104,192

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/3/23
£    £   
Bank loans and overdrafts 8,000 8,000
Trade creditors 56,542 52,064
Taxation and social security 11,553 11,039
Other creditors 1,527 2,649
77,622 73,752

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31/3/24 31/3/23
£    £   
Bank loans 16,000 24,000

9. SECURED DEBTS

The bank loan is unsecured as it is part of the Bounce Back Loan Scheme.

International Freight Solutions Ltd. (Registered number: 10039849)

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


10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

31/3/24 31/3/23
£    £   
Mr Paul Michael Johnson
Balance outstanding at start of year 980 620
Amounts advanced 23,900 28,027
Amounts repaid (24,900 ) (27,667 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (20 ) 980