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Registered number: 02973993
Cargo Management & Logistics Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Strategic Report 1
Directors' Report 2—3
Independent Auditor's Report 4—6
Income Statement 7
Statement of Comprehensive Income 8
Statement of Financial Position 9
Statement of Changes in Equity 10
Statement of Cash Flows 11
Notes to the Statement of Cash Flows 12
Notes to the Financial Statements 13—19
Page 1
Strategic Report
The directors present their strategic report for the year ended 31 March 2024.
Review of the Business
Overall business activities in 2023/24 reduced by 25% compared to the previous year. The decline in business represents more normal freight activity levels in South & East Africa, as post covid-19 pent-up demand in the previous year (2022/23) increased to an unstainable level going forward. Despite the decrease in activities, the company concentrated on improving operation performance in the marketplace and high-quality customer service for our main customers, in particular Bulk Metal Exports. Accordingly, the overall gross margin achieved further improved to 11.70% (from 10.60% in 2022/23), which somewhat compensated for the decline in business activities.
Key KPI's
2024
2023
$
$
Revennue
28.188m
37.771m
Gross profit
3.307m
3.999m
Profit before taxation
1.951m
2.665m
Principal Risks and Uncertainties
The Directors have a strong emphasis on risk management which endeavours to identify and manage all business risks.
Strategic and Commercial Risk.
There are risks of changes to the competitive and/or economic environment. This is mitigated by a robust strategy and planning process, and regular monitoring of the economic and competitive environment.
Financial Risk.
There is a risk of reducing business value or earning capacity as well as risk of inadequate cash flow to meet financial obligations. This risk is mitigated by proactive management of the business plan, regular monitoring of cash flows and close relationships with important stakeholders within the business.
Operational Risk
There is a risk of losses arising from inadequate or failed internal processes, from personnel and/or from external events. These are mitigated by regularly monitoring the business risk register against occurring events and business continuity planning.
On behalf of the board
M McIntyre
Director
4th October 2024
Page 1
Page 2
Directors' Report
The directors present their report and the financial statements for the year ended 31 March 2024.
Principal Activity
The company's principal activity continues to be that of the organisation of cargo transport on behalf of customers to and from East, Central and Southern Africa.
Directors
The directors who held office during the year were as follows:
M McIntyre
L Lynch
Reporting Currency
The reporting currency for the financial statements for the year ended 31 March 202 is US dollars. The company has used the following Sterling: US dollar rates in the reporting of its results:
Year end rate used at 31 March 2024 - $1.25
Year end rate used at 31 March 2023 - $1.23
All translation differences arising from the conversion from Sterling to US dollars have been taken to the Profit and Loss reserve.
Statement of Directors' Responsibilities
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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). 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 the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, 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 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 directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved:
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
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Independent Auditors
The auditors, McKenzies Chartered Accountants, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
M McIntyre
Director
4th October 2024
Page 3
Page 4
Independent Auditor's Report
Opinion
We have audited the financial statements of Cargo Management & Logistics Limited for the year ended 31 March 2024 which comprise the Income Statement, Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit/(loss) 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 Auditor's 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 UK, including the FRC'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 entity's ability to continue as a going concern for a period of at least 12 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.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's 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. In connection with our audit of the financial statements, 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 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.
Opinions 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and 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 or 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.
Page 4
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Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 2—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.
Auditor's 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 auditor's 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 
Identifying and assessing risks related to irregularities:
We assessed the susceptibility of the company's financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and updating our understanding of the sector in which the company operates.
Laws and regulations of direct significance in the context of the company include The Companies Act 2006, and UK Tax legislation.
Audit response to risks identified:
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.
During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner's review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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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 2006. Our audit work has been undertaken so that we might state to the company's members those matters that we are required to state to them in an auditor's 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.
C E McCoy BA FCA (Senior Statutory Auditor)
for and on behalf of McKenzies Chartered Accountants , Statutory Auditor
4th October 2024
McKenzies Chartered Accountants
2 Station Road West
Oxted
Surrey
RH8 9EP
Page 6
Page 7
Income Statement
2024 2023
Notes $ $
TURNOVER 3 28,188,385 37,771,513
Cost of sales (24,880,485 ) (33,771,566 )
GROSS PROFIT 3,307,900 3,999,947
Administrative expenses (1,618,599 ) (1,431,110 )
Other operating income 51,688 60,224
OPERATING PROFIT 5 1,740,989 2,629,061
Other interest receivable and similar income 10 210,942 36,506
PROFIT BEFORE TAXATION 1,951,931 2,665,567
Tax on Profit 11 (484,581 ) (516,210 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 1,467,350 2,149,357
The notes on pages 12 to 19 form part of these financial statements.
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Statement of Comprehensive Income
2024 2023
$ $
PROFIT FOR THE FINANCIAL YEAR 1,467,350 2,149,357
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 1,467,350 2,149,357
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Statement of Financial Position
Registered number: 02973993
2024 2023
Notes $ $ $ $
FIXED ASSETS
Tangible Assets 12 62,676 65,390
62,676 65,390
CURRENT ASSETS
Stocks 13 1,026,430 1,192,033
Debtors 14 3,799,788 3,043,866
Cash at bank and in hand 9,306,379 9,613,412
14,132,597 13,849,311
Creditors: Amounts Falling Due Within One Year 15 (7,035,737 ) (7,327,303 )
NET CURRENT ASSETS (LIABILITIES) 7,096,860 6,522,008
TOTAL ASSETS LESS CURRENT LIABILITIES 7,159,536 6,587,398
PROVISIONS FOR LIABILITIES
Deferred Taxation 17 (11,897 ) (16,492 )
NET ASSETS 7,147,639 6,570,906
CAPITAL AND RESERVES
Called up share capital 19 90,500 90,500
Income Statement 7,057,139 6,480,406
SHAREHOLDERS' FUNDS 7,147,639 6,570,906
On behalf of the board
M McIntyre
Director
4th October 2024
The notes on pages 12 to 19 form part of these financial statements.
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Statement of Changes in Equity
Share Capital Income Statement Total
$ $ $
As at 1 April 2022 90,500 5,199,081 5,289,581
Profit for the year and total comprehensive income - 2,149,357 2,149,357
Dividends paid - (868,032) (868,032)
As at 31 March 2023 and 1 April 2023 90,500 6,480,406 6,570,906
Profit for the year and total comprehensive income - 1,467,350 1,467,350
Dividends paid - (890,617) (890,617)
As at 31 March 2024 90,500 7,057,139 7,147,639
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Statement of Cash Flows
2024 2023
Notes $ $
Cash flows from operating activities
Net cash generated from operations 1 1,154,973 5,892,738
Tax paid (757,081 ) (258,546 )
Net cash generated from operating activities 397,892 5,634,192
Cash flows from investing activities
Purchase of tangible assets (25,250 ) -
Interest received 210,942 36,506
Net cash generated from investing activities 185,692 36,506
Cash flows from financing activities
Equity dividends paid (890,617 ) (868,032 )
(Decrease)/increase in cash and cash equivalents (307,033 ) 4,802,666
Cash and cash equivalents at beginning of year 2 9,613,412 4,810,746
Cash and cash equivalents at end of year 2 9,306,379 9,613,412
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Notes to the Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations
2024 2023
$ $
Profit for the financial year 1,467,350 2,149,357
Adjustments for:
Tax on profit 484,581 516,210
Interest income (210,942 ) (36,506 )
Depreciation of tangible assets 27,964 34,563
Movements in working capital:
Decrease in stocks 165,603 19,400
(Increase)/decrease in trade and other debtors (755,922 ) 2,923,424
(Decrease)/increase in trade and other creditors (23,661 ) 286,290
Net cash generated from operations 1,154,973 5,892,738
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2024 2023
$ $
Cash at bank and in hand 9,306,379 9,613,412
3. Analysis of changes in net funds
As at 1 April 2023 Cash flows As at 31 March 2024
$ $ $
Cash at bank and in hand 9,613,412 (307,033) 9,306,379
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Notes to the Financial Statements
1. General Information
Cargo Management & Logistics Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02973993 . The registered office is CML House, 8a Station Road West, Oxted, RH8 9EP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
For standard customer contracts, turnover is recognised when the contract is completed, otherwise the revenue is recognised on the date of the invoice.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 4% on cost
Fixtures & Fittings 20% on cost
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
2.6. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
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2.7. Financial Instruments
i) Financial assets
Basic financial assets, including trade and other receivables, and cash and bank balances, are initially recognised at transaction price, 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.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.  If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price.
Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
ii) Financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, and loans from fellow Group companies are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.9. Reporting currency
The reporting currency for the financial statements is US dollars. Any differences arising from translation are transferred directly to the Profit and Loss reserve.
The Balance Sheet rate used for monetary items at 31 March 2024 was $1.25 (2023 - $1.23).
2.10. Contract cost accruals
Contract cost accruals are made in respect of uninvoiced costs for services supplied under the income recognition policy. The accruals are reversed on receipt of invoices from suppliers. Accruals made for which no invoice is received are written back to the profit & loss account after a four year year period, unless in the opinion of the Directors there is evidence to the contrary and a claim for costs is still likely under the terms of the service contract.
3. Turnover
Analysis of turnover by geographical market is as follows:
2024 2023
$ $
Rest of the world 28,188,385 37,771,513
28,188,385 37,771,513
4. Other Operating Income
2024 2023
$ $
Rental income 21,688 30,224
Other operating income 30,000 30,000
51,688 60,224
5. Operating Profit
The operating profit is stated after charging:
2024 2023
$ $
Depreciation of tangible fixed assets 27,964 34,563
6. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2024 2023
$ $
Audit Services
Audit of the company's financial statements 9,850 9,375
Other Services
Taxation compliance service 1,812 1,718
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7. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2024 2023
$ $
Wages and salaries 839,234 724,903
Social security costs 85,570 83,749
Other pension costs 77,234 71,755
1,002,038 880,407
8. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2024 2023
Office and administration 5 5
Operations 6 7
11 12
9. Directors' remuneration
2024 2023
$ $
Emoluments 165,052 151,252
Company contributions to money purchase pension schemes 4,840 4,840
169,892 156,092
The number of directors to whom retirement benefits were accruing was as follows:
2024 2023
Money purchase pension schemes 1 1
10. Interest Receivable and Similar Income
2024 2023
$ $
Deposit account interest 203,151 32,555
Other interest received 7,791 3,951
210,942 36,506
11. Tax on Profit
The tax charge on the profit for the year was as follows:
Tax Rate 2024 2023
2024 2023 $ $
Current tax
UK Corporation Tax 25.0% 19.0% 489,176 517,861
Deferred Tax
Deferred taxation (4,595 ) (1,651 )
Total tax charge for the period 484,581 516,210
...CONTINUED
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The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
2024 2023
$ $
Profit before tax 1,951,931 2,665,567
Tax on profit at 25% (UK standard rate) 487,993 506,458
Goodwill/depreciation not allowed for tax 553 6,625
Expenses not deductible for tax purposes 392 292
Short term timing differences (4,595 ) (1,651 )
Foreign tax rates 238 4,486
Total tax charge for the period 484,581 516,210
12. Tangible Assets
Land & Property
Leasehold Fixtures & Fittings Total
$ $ $
Cost
As at 1 April 2023 385,438 229,084 614,522
Additions - 25,250 25,250
As at 31 March 2024 385,438 254,334 639,772
Depreciation
As at 1 April 2023 346,798 202,334 549,132
Provided during the period 14,615 13,349 27,964
As at 31 March 2024 361,413 215,683 577,096
Net Book Value
As at 31 March 2024 24,025 38,651 62,676
As at 1 April 2023 38,640 26,750 65,390
13. Stocks
2024 2023
$ $
Finished goods 1,026,430 1,192,033
14. Debtors
2024 2023
$ $
Due within one year
Trade debtors 3,721,245 2,962,390
Other debtors 78,543 81,476
3,799,788 3,043,866
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15. Creditors: Amounts Falling Due Within One Year
2024 2023
$ $
Trade creditors 6,155,715 6,207,687
Other creditors 500,000 500,000
Corporation tax 249,956 517,861
Taxation and social security 70,783 60,550
Accruals and deferred income 59,283 41,205
7,035,737 7,327,303
17. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
$ $
Other timing differences 11,897 16,492
18. Provisions for Liabilities
Deferred Tax Total
$ $
As at 1 April 2023 16,492 16,492
Utilised (4,595 ) (4,595)
Balance at 31 March 2024 11,897 11,897
19. Share Capital
2024 2023
Allotted, called up and fully paid $ $
50,000 Ordinary Shares of £ 1.00 each 90,500 90,500
20. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
$ $
Not later than one year 31,980 31,980
Later than one year and not later than five years 114,595 114,595
146,575 146,575
21. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was $77,234 (2023: $71,755).
At the statement of financial position date contributions of $NIL were due to the fund and are included in creditors.
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22. Dividends
2024 2023
$ $
On equity shares:
Interim dividend paid 890,617 868,032
23. Related Party Disclosures
Liam Lynch & Co: A company in which L Lynch has an interest
2024
2023
$
$
Purchases
216,692
210,160
Cargo Management Logistics (Zambia) Ltd: The directors hold a minority interest in this company.
2024
2023
$
$
Management charges
30,000
30,000
Amount due to related party
500,000
500,000
The $500,000 loan is interest free and repayable on demand.
24. Controlling Parties
The company's immediate parent undertaking is Cargo Management and Logistics Holdings Ltd .
The ultimate parent undertaking is Cargo Management and Logistics Holdings Ltd (incorporated in England & Wales). Its registered office is CML House, 8a Station Road West, Oxted, Surrey, RH8 9EP .
Copies of the group accounts may be obtained from the company's registered office.
The company's ultimate controlling party is Mr M McIntyre by virtue of his majority interest in the share capital of the company.
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