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Registered number: 06956776










PRO CARRIER LIMITED (FORMERLY KNOWN AS DG INTERNATIONAL GROUP LIMITED)










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED)
 
 
COMPANY INFORMATION


Directors
R P Lucas 
I R Liddell 
D Barry 
J M Appleby 




Registered number
06956776



Registered office
Prestige House, Radford Business Centre
Radford Way

Billericay

Essex

CM12 0BZ




Independent auditors
MHA

Moorgate House

201 Silbury Boulevard

Milton Keynes

Buckinghamshire

MK9 1LZ





 
PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED)
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 5
Independent Auditors' Report
 
6 - 8
Statement of Comprehensive Income
 
9
Balance Sheet
 
10 - 11
Statement of Changes in Equity
 
12
Statement of Cash Flows
 
13 - 14
Analysis of Net Debt
 
15
Notes to the Financial Statements
 
16 - 36


 
PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED)
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
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.

Business review
 
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.

2023
2022
2021
        £
        £
        £
Turnover


104,215,243

142,093,157
 
148,166,026
 
Margin £


19,911,186

17,898,994
 
19,120,421
 
Margin %


19.1%

12.6%
 
12.9%
 

2023 saw container rates back to pre-pandemic rates resulting in the decline in Turnover. However, the mix of the business continues to move towards the e-commerce cross-border solution increasing significantly the margin% with further movement anticipated during FY24. This is due to the active decision of the Board to grow the e-commerce business and market it accordingly.
In view of the competitive market the Company operates, in the directors are pleased with the overall performance of the company in 2023.

Page 1

 
PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED)
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Principal risks and uncertainties
 
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.

Business development

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.

Directors' statement of compliance with duty to promote the success of the Company
 
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.





..........................................
R P Lucas
Director

..........................................
I R Liddell
Director

Page 2

 
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.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 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 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £1,369,492 (2022 - £473,131).

Directors

The directors who served during the year were:

R P Lucas 
I R Liddell 
D Barry 
J M Appleby 

Streamlined Energy and Carbon Reporting

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. 

Page 3

 
PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED)
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


2023
2022
Total Energy consumption (kWh)

2,519,839

2,541,684
 
Emissions from combustion of gas (Scope 1) (tCO2e)

276

269
 
Emissions from transport (Scope 1) (tCO2e)

126

150
 
Emissions from purchased electricity (Scope 2) (tCO2e)

71

59
 
Emissions from electricity for Evs (Scope 2) (tCO2e)

3

3
 
Emissions from business travel in employee-owned vehicles where the company is responsible for purchasing the fuel or electricity (Scope 3) (tCO2e)


31

31
 
Total gross emissions (tCO2e)

506

512
 
tCO2e per £m turnover

5

4
 

Quantification and Reporting Methodology: 
The boundaries of this report are based on operational control. We report our emissions with reference to the latest Greenhouse Gas Protocol Corporate Accounting and Reporting Standard (GHG Protocol). In accordance with the 2018 Regulations, the energy use and associated greenhouse gas emissions are for those within the UK only that come under the operational control boundary. Therefore, energy use and emissions are alignedwith financial reporting for the UK subsidiaries and exclude the non-UK based subsidiaries that would not qualify under the 2018 Regulations in their own right. 
The 2023 UK Government GHG Conversion Factors for Company Reporting published by the Department for Energy Security and Net Zero are used to convert energy use in our operations to emissions of CO2e. Carbon emission factors for purchased electricity calculated according to the ‘location-based grid average’ method. This reflects the average emission of the grid where the energy consumption occurs. Data sources include billing, invoices and internal systems. For company vans, litres data was provided and has been used. For employee mileage claims, miles travelled, engine size and fuel type were known and have been used against the relevant conversion factors. Data was unavailable for the electric company cars and therefore we have assumed the same figure as in 2022. Lutterworth's electricity consumption has been estimated using floor area against the CIBSE 2021 factor for a standard air-conditioned office with typical electricity use. 
Where monthly electricity data was unavailable, estimations have been made using actual consumption data (this was the case for Billericay & Laindon). Gas consumption was benchmarked using floor area for Lutterworth against the CIBSE 2021 factor for a standard airconditioned office with typical gas consumption. The same applies for Laindon but against the factor for a distribution warehouse with typical gas usage. 
Intensity Ratio 
We have chosen to report our gross emissions against £m turnover. This figure is as follows:
4.9 tCO2e per £m turnover
Energy Efficiency Action: 
No specific energy efficiency actions have been taken during the 2023 reporting period.

Page 4

 
PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED)
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsMHAwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 1 November 2024 and signed on its behalf.
 





................................................
R P Lucas
Director
................................................
I R Liddell 
Director

Page 5

 
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)
 

Opinion


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 policiesThe 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).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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.


Conclusions relating to going concern


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.


Page 6

 
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)


Other information


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 ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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.


Matters on which we are required to report by exception
 

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.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
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)


Auditors' responsibilities for the audit of the financial statements
 

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.


Use of our 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 2006Our 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.





Simon Knibbs MA FCA (Senior Statutory Auditor)
for and on behalf of MHA, Statutory Auditor
Milton Keynes, United Kingdom

Date: 
 
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313).
1 November 2024
Page 8

 
PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED)
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023


2023
2022
Note
£
£

  

Turnover
 4 
104,215,243
142,093,157

Cost of sales
  
(84,304,057)
(124,194,163)

Gross profit
  
19,911,186
17,898,994

Administrative expenses
  
(17,799,156)
(16,783,459)

Operating profit
 5 
2,112,030
1,115,535

Interest receivable and similar income
 9 
-
9,388

Interest payable and similar expenses
 10 
(214,413)
(252,211)

Profit before tax
  
1,897,617
872,712

Tax on profit
 11 
(528,125)
(399,581)

Profit for the financial year
  
1,369,492
473,131

Other comprehensive income for the year
  

Tax relating to other comprehensive income
  
-
(75,872)

Total comprehensive income for the year
  
1,369,492
397,259

The notes on pages 16 to 36 form part of these financial statements.

Page 9

 
PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED)
REGISTERED NUMBER: 06956776

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 13 
4,140,433
3,462,674

Tangible assets
 14 
3,691,428
3,171,542

Investments
 15 
155,337
104

  
7,987,198
6,634,320

Current assets
  

Debtors: amounts falling due within one year
 16 
19,365,266
20,887,931

Cash at bank and in hand
 17 
280,219
1,891,293

  
19,645,485
22,779,224

Creditors: amounts falling due within one year
 18 
(21,712,455)
(22,390,656)

Net current (liabilities)/assets
  
 
 
(2,066,970)
 
 
388,568

Total assets less current liabilities
  
5,920,228
7,022,888

Creditors: amounts falling due after more than one year
 19 
(843,391)
(52,604)

Provisions for liabilities
  

Deferred tax
 21 
(1,345,144)
(1,240,242)

Net assets
  
 
 
3,731,693
 
 
5,730,042


Capital and reserves
  

Called up share capital 
 22 
6
6

Revaluation reserve
 23 
948,400
948,400

Profit and loss account
 23 
2,783,287
4,781,636

  
3,731,693
5,730,042


Page 10

 
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: 




................................................
R P Lucas
................................................
I R Liddell
Director
Director


Date: 1 November 2024
Date: 1 November 2024

The notes on pages 16 to 36 form part of these financial statements.

Page 11

 
PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED)
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
6
1,024,272
4,308,505
5,332,783



Profit for the year
-
-
473,131
473,131

Tax relating to other comprehensive income
-
(75,872)
-
(75,872)



At 1 January 2023
6
948,400
4,781,636
5,730,042



Profit for the year
-
-
1,369,492
1,369,492

Dividends: Equity capital
-
-
(3,367,841)
(3,367,841)


Total transactions with owners
-
-
(3,367,841)
(3,367,841)


At 31 December 2023
6
948,400
2,783,287
3,731,693


The notes on pages 16 to 36 form part of these financial statements.

Page 12

 
PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED)
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
1,369,492
473,131

Adjustments for:

Amortisation of intangible assets
492,927
364,055

Depreciation of tangible assets
536,316
395,872

Loss on disposal of tangible assets
-
11,000

Interest paid
214,413
252,211

Interest received
-
(9,388)

Taxation charge
528,125
399,581

Decrease in debtors
1,438,027
13,448,998

Decrease in amounts owed by groups
84,638
-

Increase/(decrease) in creditors
6,644,980
(9,654,752)

Decrease in amounts owed to groups
(7,844,149)
-

Corporation tax paid
-
(710,192)

Impairment of investments in subsidiaries
-
336

Net cash generated from operating activities

3,464,769
4,970,852


Cash flows from investing activities

Purchase of intangible fixed assets
(1,170,686)
(1,335,807)

Purchase of tangible fixed assets
(33,694)
(490,274)

Sale of tangible fixed assets
-
7,292

Purchase of share in joint ventures
(155,233)
-

Interest received
-
9,388

Net cash from investing activities

(1,359,613)
(1,809,401)
Page 13

 
PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED)
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


2023
2022

£
£



Cash flows from financing activities

Repayment of finance leases
(133,976)
(129,539)

Dividends paid
(3,367,841)
-

Interest paid
(212,242)
(252,211)

HP interest paid
(2,171)
-

Amount withdrawn by directors
-
(1,063,854)

Net cash used in financing activities
(3,716,230)
(1,445,604)

Net (decrease)/increase in cash and cash equivalents
(1,611,074)
1,715,847

Cash and cash equivalents at beginning of year
1,891,293
175,446

Cash and cash equivalents at the end of year
280,219
1,891,293


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
280,219
1,891,293

280,219
1,891,293


The notes on pages 16 to 36 form part of these financial statements.

Page 14

 
PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED)
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023






At 1 January 2023
Cash flows
Acquisition and disposal of joint venture
Repayment of finance leases
At 31 December 2023
£

£

£

£

£

Cash at bank and in hand

1,891,293

(1,455,841)

(155,233)

-

280,219

Finance leases

(154,250)

-

-

(888,532)

(1,042,782)


1,737,043
(1,455,841)
(155,233)
(888,532)
(762,563)

The notes on pages 16 to 36 form part of these financial statements.

Page 15

 
PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

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

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Going concern

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.

Page 16

 
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)

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

The company generates freight forwarding revenue by purchasing transportation capacity from independent ocean transportation providers and reselling that capacity to customers. Revenues are recognised in the period services are rendered by reference to the stage of completion of the services and the satisfaction of various milestones, as the performance obligation is fulfilment times. To account for this in a consistent manner, revenue is recognised for 3 months following the period end for all freight contracts commenced within the period.
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.

Page 17

 
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)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 18

 
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)

 
2.7

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
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.

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Pensions

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.

Page 19

 
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)

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Company can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.12

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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:

Software
-
7 - 10 years

Page 20

 
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)

 
2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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:

Freehold property
-
Over 50 years
Long-term leasehold property
-
Over 50 years
Plant and machinery
-
20%
Fixtures and fittings
-
20%
Computer equipment
-
10% - 20%
Motor vehicles
-
33%

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.

 
2.14

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

Page 21

 
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)

 
2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.16

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

 
2.17

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.18

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.19

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.20

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.21

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Page 22

 
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)


2.21
Financial instruments (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
Page 23

 
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)


2.21
Financial instruments (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.

 
2.22

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these activities.
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.

Page 24

 
PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Air
5,464,536
4,796,301

Parcels
49,099,362
36,003,891

Road
1,643,681
1,676,839

Sea
26,226,348
81,567,933

VAT/Duty
21,751,756
18,048,193

Other income
29,560
-

104,215,243
142,093,157


During the year, revenues of £8,337,220 (2022: £11,367,453) related to sales outside of the UK.


5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Difference on foreign exchange
(82,297)
66,120

Loss on disposal of tangible fixed assets
-
11,000

Other operating lease rentals
1,007,627
873,703

Impairment of trade receivables
120,847
1,343,666

Impairment of fixed asset investments
-
336


6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditorfor the audit of the Company's financial statements.
39,167
50,900

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 25

 
PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
8,640,519
8,078,387

Social security costs
1,018,156
1,048,151

Cost of defined contribution scheme
295,304
253,888

9,953,979
9,380,426


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
4
4



Employees
150
147

154
151


8.


Directors' remuneration

2023
2022
£
£

Directors' remuneration
523,305
323,932

Pension cotributions
17,800
16,346

541,105
340,278


During the year retirement benefits were accruing to 2 directors (2022 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £300,123 (2022 - £201,923).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £6,500 (2022 - £10,096).

Remuneration paid to Key Management Personnel in the year was £390,454 (2022: £323,932)
Company contributions to defined contribution pension schemes in respect of Key Management
Personnel was £18,938 (2022: £16,346).

Page 26

 
PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Interest receivable

2023
2022
£
£


Interest income
-
9,388


10.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
36,155
243,628

Other loan interest payable
145,883
5,700

Hire purchase interest payable
2,171
-

Interest on lease liabilities
30,204
2,883

214,413
252,211


11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
423,223
-


423,223
-


Total current tax
423,223
-

Deferred tax


Origination and reversal of timing differences
104,126
233,941

Changes to tax rates
-
165,640

Adjustment in respect of prior periods
776
-

Total deferred tax
104,902
399,581


Tax on profit
528,125
399,581
Page 27

 
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)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 23.52% (2022 -  19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,897,617
872,712


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
474,404
165,815

Effects of:


Tax effect of expenses that are not deductible in determining taxable profit
72,679
56,349

Capital allowances in advance of depreciation
(100,989)
(78,536)

Deferred tax adjustment in respect of prior years
776
-

Deferred tax movement
104,126
227,970

Other timing differences leading to an increase in taxation
(22,871)
1,717

Losses carried back
-
26,266

Total tax charge for the year
528,125
399,581


Factors that may affect future tax charges

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.  


12.


Dividends

2023
2022
£
£


Dividend paid
3,367,841
-

Page 28

 
PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Intangible assets




Computer software

£



Cost


At 1 January 2023
4,173,661


Additions - internal
1,170,686



At 31 December 2023

5,344,347



Amortisation


At 1 January 2023
710,987


Charge for the year on owned assets
492,927



At 31 December 2023

1,203,914



Net book value



At 31 December 2023
4,140,433



At 31 December 2022
3,462,674



Page 29

 


 
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






Freehold property
Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£
£
£



Cost or valuation


At 1 January 2023
2,150,001
37,444
639,913
408,466
233,212
1,320,611
4,789,647


Additions
9,711
-
892,845
21,724
74,184
57,738
1,056,202



At 31 December 2023

2,159,712
37,444
1,532,758
430,190
307,396
1,378,349
5,845,849



Depreciation


At 1 January 2023
77,739
2,018
422,932
55,991
133,100
926,325
1,618,105


Charge for the year on owned assets
38,517
708
146,758
142,190
45,808
162,335
536,316



At 31 December 2023

116,256
2,726
569,690
198,181
178,908
1,088,660
2,154,421



Net book value



At 31 December 2023
2,043,456
34,718
963,068
232,009
128,488
289,689
3,691,428



At 31 December 2022
2,072,262
35,426
216,981
352,475
100,112
394,286
3,171,542

Page 30

 
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)

On the 16th July 2020, a property the Company owns was revalued to £2,150,000. The valuation was carried out by an independend chartered surveyor firm. The valuation was based on an onsite visit, square footage and location. The value of the property if carried under cost model would be £885,467. Management deem the current valuation to be appropriate.





The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Freehold
2,043,456
2,072,262

Long leasehold
34,718
35,426

2,078,174
2,107,688


The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Software
166,257
197,919

Plant and machinery
880,717
-

Motor vehicles
242,314
353,983

Furniture, fittings and equipment
2,500
5,833

1,291,788
557,735



Page 31

 
PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Fixed asset investments





Investments in subsidiary companies
Investment in joint ventures
Total

£
£
£



Cost or valuation


At 1 January 2023
440
-
440


Additions
-
155,233
155,233



At 31 December 2023

440
155,233
155,673



Impairment


At 1 January 2023
336
-
336



At 31 December 2023

336
-
336



Net book value



At 31 December 2023
104
155,233
155,337



At 31 December 2022
104
-
104


Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Pro Carrier Europe Limited (previously known as Procarrier Ltd)
Prestige House, Radford Business Centre, Radford Way, Billericay, Essex, CM12 0BZ
Ordinary
100%

Page 32

 
PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Debtors

2023
2022
£
£


Trade debtors
12,630,782
12,895,127

Other debtors
1,522,443
2,352,982

Prepayments and accrued income
4,656,770
5,084,551

Tax recoverable
555,271
555,271

19,365,266
20,887,931


Trade debtors are stated after provisions for impairment of £107,205 (2022: £207,290).
Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

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.




17.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
280,219
1,891,293


Page 33

 
PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
9,211,207
10,623,362

Amounts owed to group undertakings
133,259
7,977,408

Corporation tax
782,704
359,481

Other taxation and social security
353,212
325,758

Obligations under finance lease and hire purchase contracts
199,391
101,646

Other creditors
3,982,423
78,780

Accruals and deferred income
7,050,259
2,924,221

21,712,455
22,390,656


Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
Net obligations under finance lease and hire purchase contracts totalling £199,391 (2022: £101,646) are secured against the assets to which they relate. 


19.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
843,391
52,604


Net obligations under finance lease and hire purchase contracts totalling £843,391 (2022: £52,604) are secured against the assets to which they relate. 


20.


Finance lease obligations


Future minimum lease payments due under finance lease are as follows:

2023
2022
£
£


Within one year
199,391
101,646

In two to five years
843,391
52,604

1,042,782
154,250

Page 34

 
PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


Deferred taxation




2023
2022


£

£






At beginning of year
1,240,242
764,789


Charged to profit or loss
104,902
399,581


Charged to other comprehensive income
-
75,872



At end of year
1,345,144
1,240,242

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
1,041,864
931,263

Revaluations
316,217
316,135

Short term timing differences
(12,937)
(7,156)

1,345,144
1,240,242


22.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



6 (2022 - 6) Ordinary shares of £1.00 each
6
6

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital



23.


Reserves

Revaluation reserve

Revaluation reserve relates to the upward revaluation of tangible fixed assets included in freehold property.

Profit and loss account

Profit and loss account includes all current and previous period retained profits and losses net of dividends.

Page 35

 
PRO CARRIER LIMITED (PREVIOUSLY KNOWN AS DG INTERNATIONAL GROUP LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

24.


Pension commitments

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.


25.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
194,600
381,642

Later than 1 year and not later than 5 years
15,167
278,000

209,767
659,642


26.


Related party transactions

During the year, sales to entities with joint control or significant influence totalled £134,722 (2022 - £268,839). As at the year end, the Company was owed £33,718 (2022 - £118,356). The balance is  included within other debtors.
During the year, purchases from the entities with joint control or significant influence totalled £2,711,023 (2022 - £47,367,979). As at the year end, the Company owed £NIL (2022 - £7,977,408). 


27.


Controlling party

There is no ultimate controlling party.

 
Page 36