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REGISTERED NUMBER: 04946740 (England and Wales)










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: P P De Backer





SECRETARY: Mrs M Wells





REGISTERED OFFICE: Laxton House
Crabtree Office Village
Egham
Surrey
TW20 8RY





REGISTERED NUMBER: 04946740 (England and Wales)





ACCOUNTANTS: Crick Heitman Ltd
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 - 854

CURRENT ASSETS
Debtors 5 590,634 708,597
Cash at bank 31,336 42,008
621,970 750,605
CREDITORS
Amounts falling due within one year 6 2,284,453 2,777,198
NET CURRENT LIABILITIES (1,662,483 ) (2,026,593 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(1,662,483

)

(2,025,739

)

CAPITAL AND RESERVES
Called up share capital 51,000 51,000
Retained earnings (1,713,483 ) (2,076,739 )
SHAREHOLDERS' FUNDS (1,662,483 ) (2,025,739 )

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.

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 15 November 2024 and were signed by:





P P De Backer - Director


Cargofin Limited (Registered number: 04946740)

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

1. STATUTORY INFORMATION

Cargofin 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.

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.

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 1 (2023 - 1 ) .

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 1,709
DEPRECIATION
At 1 April 2023 855
Charge for year 854
At 31 March 2024 1,709
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 854

5. DEBTORS
31.3.24 31.3.23
£    £   
Amounts falling due within one year:
Trade debtors 120,822 137,313
Other debtors 118,121 94,072
238,943 231,385

Amounts falling due after more than one year:
Deferred tax 351,691 477,212

Aggregate amounts 590,634 708,597

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 1,937 1,451
Taxation and social security 4,878 4,922
Other creditors 2,277,638 2,770,825
2,284,453 2,777,198

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.