Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED)
COMPANY INFORMATION
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PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED)
CONTENTS
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PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED)
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The director’s aim is to present a balanced and comprehensive review of the development and performance of the business during the year and its position at year end. The review is consistent with the size and non-complex nature of the business and is written in the context of the risk and uncertainties faced.
The Company continues to offer freight forwarding services primarily from China to the UK as well as a cross border e-commerce solution first established in FY20 and continuing to experience significant growth year on year.
The Company changed its name on the 5th of January 2024 to Pro Carrier Limited from DG International Group Limited to represent the full suite of logistics services the company offers. The Company’s head office is located in Billericay, Essex. This property is Freehold. Throughout 2023 The company has leased space within a purpose-built combined office and warehouse facility located in Laindon, Essex and a leased unit in Haydock Park for the cross-border e-commerce solution. Additionally, the Company has a sales office in the Midlands and a further leased administration office in Heathrow. Post year end the company relocated the warehouse from Laindon to larger premises in Tilbury, Essex. Pro Carrier Ltd reaches customers online via www.weareprocarrier.com. The Company continues its strategy to invest into new software to ensure that we maintain competitive advantage over the services we offer. Key performance indicators The key financial performance indicators are those that communicate the financial performance and strength of the Company as a whole, these being turnover and gross margin.
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PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED)
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors have considered the principal risks and uncertainties facing the Company which continue to be actively monitored.
Foreign currency risk The Company’s principal foreign currency exposures arise from trading with overseas companies. Foreign currency bank accounts are maintained, and forward contracts are taken out in foreign currencies where thought necessary. Credit risk All customers who wish to trade on credit terms are subject to credit verification procedures. Receivable balances and credit limits are monitored on an ongoing basis and provision made for doubtful debts at an early stage. Brexit The Company has acted to mitigate the risks of Brexit and with the maintenance of efficient IT systems is confident it will maintain its profitability and position in the marketplace.
The strategy of the Company is to create long term value for shareholders and employment for all staff for the foreseeable future.
The Company is committed to provide high-quality, value for money logistical solutions using only best in class service providers to deliver our customer needs which remains our primary goal and key to future and continued success. Future growth is assisted by the development of the Company’s own market leading technology to support the cross-border operation.
The directors consider that they have complied in all matters with respect their c172(1) duties.
The directors acknowledge that the long-term success of the Group is dependent on the way it works with Key stakeholders.
This report was approved by the board on 1 November 2024 and signed on its behalf.
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PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED)
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present their report and the financial statements for the year ended 31 December 2023.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £1,369,492 (2022 - £473,131).
The directors who served during the year were:
In line with the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 our energy use and greenhouse gas (GHG) emissions are set out below.
The data relates to UK emissions for the 12-month period from 1 January 2023 to 31 December 2023.
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PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED)
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED)
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
There have been no significant events affecting the Company since the year end.
The auditors, MHA, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED)
We have audited the financial statements of Pro Carrier Limited (previously known as DG International Group Limited) (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED) (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED) (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
• Enquiry of management and those charged with governance around actual and potential litigation and claims;
• Enquiry of staff to identify any instances of non-compliance with laws and regulations; • Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness and reviewing accounting estimates for bias; • Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of MHA, Statutory Auditor
Date:
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313).
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PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED)
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED)
REGISTERED NUMBER: 06956776
BALANCE SHEET
AS AT 31 DECEMBER 2023
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PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED)
REGISTERED NUMBER: 06956776
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 36 form part of these financial statements.
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PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED)
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED)
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
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PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED)
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED)
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023
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PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Pro Carrier Limited is a private company, limited by shares, registered in England and Wales. The registered office address and registration number can be found on the company information page and the nature of the Company's operation and its principal activity are set out in the Strategic Report.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Directors have performed a robust analysis of future cashflows, based on these assessments and having a regard to the Group and financial resources available to the company, the Directors still believe it’s appropriate to adopt the going concern basis in the preparation and disclosures made within these financial statements.
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PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Consideration for ancillary services such as logistics revenue is measured at the fair value of consideration received or receivables and is recognised upon completion of the services.
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PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in other creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
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PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
The estimated useful lives range as follows:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
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PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
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PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are
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PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. The directors do not believe that there have been judgements (apart from those involving estimates) made in the process of applying the above accounting policies that have had a significant effect on amounts recognised in the financial statements.
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PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
11.Taxation (continued)
In the Spring Budget 2021, the UK Government announced that from 1 April 2023 the corporation tax rate would increase to 25% (rather than remaining at 19%, as previously enacted). This new law was substantively enacted on 24 May 2021. For the financial year ended 31 December 2023, the current weighted averaged tax rate was 23.52%.
Deferred taxes at the balance sheet date have been measured using these enacted tax rates and reflected in these financial statements.
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PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
14.Tangible fixed assets (continued)
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PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Included within other debtors due within one year is a 1.85% interest-bearing loan to Ryan Paul Lucas, a director, amounting to £Nil (2022 - £1,358,615). Amounts repaid during the year totalled £1,358,615.
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PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Revaluation reserve
Profit and loss account
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PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund amounted to £295,304 (2022 - £253,888). Contributions totalling £51,750 (2022 - £42,272) were payable to the fund at the balance sheet date and are included in creditors.
There is no ultimate controlling party.
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