REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
Cargofin Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
Cargofin Limited |
Cargofin Limited (Registered number: 04946740) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Cargofin Limited |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
55 Staines Road West |
Sunbury-on-Thames |
Middlesex |
TW16 7AH |
Cargofin Limited (Registered number: 04946740) |
Balance Sheet |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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. |
The financial statements were approved by the director and authorised for issue on |
Cargofin Limited (Registered number: 04946740) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Cargofin Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The accounts have been prepared on the going concern basis. Whilst the profit and loss account shows a profit for the year of £263,353, the balance sheet shows net liabilities of £2,025,739. The company has received substantial loans from associated entities, which are repayable on demand. |
The director understands that the associated entities will not demand repayment of these loans for at least the next 12 months if this would prevent the company from being able to meet its obligations as they fall due. As with any company placing reliance upon other associated entities for financial support, it is assumed that this will continue and, at the date of approval of these financial statements, the director has no reason to believe it will not do so. Based on these factors the director believes that it remains appropriate to prepare the financial statements on a going concern basis. |
Turnover |
Turnover represents the amounts received or receivable for services provided to customers excluding value added tax and is recognised when the company obtains the right to consideration. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Cargofin Limited (Registered number: 04946740) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
5. | DEBTORS |
31.3.24 | 31.3.23 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Amounts falling due after more than one year: |
Deferred tax |
Aggregate amounts |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
Cargofin Limited (Registered number: 04946740) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
7. | RELATED PARTY DISCLOSURES |
During the year the company recorded transactions with the following associated companies that are under common control: |
Sales to: |
Lodige Systems LLC £464,443 (2023 £343,934)Log IT Gmbh £150,300 (2023 £136,800)Lodige Systems GmbH £nil (2023 £nil)Lodige Industries GmbH £nil (2023 £nil)Lodige (United Kingdom) Ltd £nil (2023 £nil) |
Loan interest charged by:Grootedal GmbH £15,976 (2023 £28,532)Rudolf Lodige Familien GbR £15,777 (2023 £16,220) |
Outstanding trade debtors amount to: |
Lodige Systems LLC £110,022 (2023 £114,813) |
Log IT Gmbh £11,700 (2023 £23,400) |
The outstanding loans are: |
Grootedal GmbH £848,812(2023 £1,458,197)Rudolf Lodige Familien GbR £1,427,626 (2023 £1,311,428) |
8. | ULTIMATE CONTROLLING PARTY |
The directors consider that there is no ultimate controlling party. |