Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-30falsefalse2023-05-01falseThe principal activity od the company during the year was freight forwarding, warehousing and distribution.1817 05777899 2023-05-01 2024-04-30 05777899 2022-05-01 2023-04-30 05777899 2024-04-30 05777899 2023-04-30 05777899 2022-05-01 05777899 5 2023-05-01 2024-04-30 05777899 5 2022-05-01 2023-04-30 05777899 d:CompanySecretary1 2023-05-01 2024-04-30 05777899 d:Director1 2023-05-01 2024-04-30 05777899 d:Director2 2023-05-01 2024-04-30 05777899 d:Director3 2023-05-01 2024-04-30 05777899 d:RegisteredOffice 2023-05-01 2024-04-30 05777899 e:PlantMachinery 2023-05-01 2024-04-30 05777899 e:PlantMachinery 2024-04-30 05777899 e:PlantMachinery 2023-04-30 05777899 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 05777899 e:MotorVehicles 2023-05-01 2024-04-30 05777899 e:MotorVehicles 2024-04-30 05777899 e:MotorVehicles 2023-04-30 05777899 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 05777899 e:FurnitureFittings 2023-05-01 2024-04-30 05777899 e:FurnitureFittings 2024-04-30 05777899 e:FurnitureFittings 2023-04-30 05777899 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 05777899 e:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 05777899 e:CurrentFinancialInstruments 2024-04-30 05777899 e:CurrentFinancialInstruments 2023-04-30 05777899 e:Non-currentFinancialInstruments 2024-04-30 05777899 e:Non-currentFinancialInstruments 2023-04-30 05777899 e:CurrentFinancialInstruments e:WithinOneYear 2024-04-30 05777899 e:CurrentFinancialInstruments e:WithinOneYear 2023-04-30 05777899 e:Non-currentFinancialInstruments e:AfterOneYear 2024-04-30 05777899 e:Non-currentFinancialInstruments e:AfterOneYear 2023-04-30 05777899 e:ReportableOperatingSegment1 2023-05-01 2024-04-30 05777899 e:ReportableOperatingSegment1 2022-05-01 2023-04-30 05777899 f:UnitedKingdom 2023-05-01 2024-04-30 05777899 f:UnitedKingdom 2022-05-01 2023-04-30 05777899 f:RestEuropeOutsideUK 2023-05-01 2024-04-30 05777899 f:RestEuropeOutsideUK 2022-05-01 2023-04-30 05777899 f:RestWorldOutsideUK 2023-05-01 2024-04-30 05777899 f:RestWorldOutsideUK 2022-05-01 2023-04-30 05777899 e:UKTax 2023-05-01 2024-04-30 05777899 e:UKTax 2022-05-01 2023-04-30 05777899 e:ShareCapital 2024-04-30 05777899 e:ShareCapital 2023-04-30 05777899 e:ShareCapital 2022-05-01 05777899 e:CapitalRedemptionReserve 2023-05-01 2024-04-30 05777899 e:CapitalRedemptionReserve 2024-04-30 05777899 e:CapitalRedemptionReserve 2023-04-30 05777899 e:CapitalRedemptionReserve 2022-05-01 05777899 e:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 05777899 e:RetainedEarningsAccumulatedLosses 2024-04-30 05777899 e:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 05777899 e:RetainedEarningsAccumulatedLosses 2023-04-30 05777899 e:RetainedEarningsAccumulatedLosses 2022-05-01 05777899 e:AcceleratedTaxDepreciationDeferredTax 2024-04-30 05777899 e:AcceleratedTaxDepreciationDeferredTax 2023-04-30 05777899 e:RetirementBenefitObligationsDeferredTax 2024-04-30 05777899 e:RetirementBenefitObligationsDeferredTax 2023-04-30 05777899 d:OrdinaryShareClass1 2023-05-01 2024-04-30 05777899 d:OrdinaryShareClass1 2024-04-30 05777899 d:OrdinaryShareClass1 2023-04-30 05777899 d:OrdinaryShareClass2 2023-05-01 2024-04-30 05777899 d:OrdinaryShareClass2 2024-04-30 05777899 d:OrdinaryShareClass2 2023-04-30 05777899 d:FRS102 2023-05-01 2024-04-30 05777899 d:Audited 2023-05-01 2024-04-30 05777899 d:FullAccounts 2023-05-01 2024-04-30 05777899 d:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 05777899 e:WithinOneYear 2024-04-30 05777899 e:WithinOneYear 2023-04-30 05777899 e:BetweenOneFiveYears 2024-04-30 05777899 e:BetweenOneFiveYears 2023-04-30 05777899 e:HirePurchaseContracts e:WithinOneYear 2024-04-30 05777899 e:HirePurchaseContracts e:WithinOneYear 2023-04-30 05777899 e:HirePurchaseContracts e:BetweenOneFiveYears 2024-04-30 05777899 e:HirePurchaseContracts e:BetweenOneFiveYears 2023-04-30 05777899 2 2023-05-01 2024-04-30 05777899 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2024-04-30 05777899 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2023-04-30 iso4217:GBP xbrli:shares xbrli:pure
Registered Number:05777899













COASTAL GLOBAL LOGISTICS LTD






ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024











 
COASTAL GLOBAL LOGISTICS LTD
 

 
COMPANY INFORMATION


Directors
D Humphries 
M Smith 
P Vincent 




Company secretary
M Smith



Registered number
05777899



Registered office
5 Schneider Close

Felixstowe

Suffolk

IP11 3SS




Independent auditor
Sumer Auditco Limited

Fitzroy House

Crown Street

Ipswich

Suffolk

IP1 3LG






 
COASTAL GLOBAL LOGISTICS LTD
 


CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditor's Report
5 - 9
Statement of Comprehensive Income
10
Balance Sheet
11
Statement of Changes in Equity
12
Statement of Cash Flows
13 - 14
Analysis of Net Debt
15
Notes to the Financial Statements
16 - 30


 
COASTAL GLOBAL LOGISTICS LTD
 

 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

Introduction
 
The directors present their strategic report and the audited financial statements for the year ended 30 April 2024.

Business review
 
Coastal Global Logistics Ltd operates within the Global freight forwarding sector. These activities include international transportation of various commodities by sea, air and road, along with various warehousing and cargo distribution offerings on a global scale.
During the financial year the business activities of the Company continued with policies and objectives consistent with previous years in maintaining and developing business opportunities.
The results for the year and the financial position at the year-end were considered good by the directors of the business. Operating profit for the year was £1,539,652 (2023: £1,449,509). Profit for the year, after taxation, amounted to £1,162,553 (2023: £1,168,712).
Key performance indicators generated from detailed monthly management accounts such as departmental profit/loss and margins provide the directors with relevant information from which to review the Company’s performance.
Management continues with its plans to strengthen existing and build new relationships to broaden the customer and service base for the benefit of the business, customers and stakeholders alike.
Customer satisfaction levels will also continue to be monitored and improved to ensure the Company provides excellent service.
The business has continued to provide market leading customer service to our loyal client base, striving to continue to grow despite various economic headwinds affecting our sector. The business continued to invest in its staff, IT systems and sales resources during this time in its ongoing effort to succeed in an increasingly competitive marketplace.


- 1 -



 
COASTAL GLOBAL LOGISTICS LTD
 


STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Principal risks and uncertainties
 
Business Risk
Uncertainties in the Geo-political landscape pose risk to the global economy and in turn our industry. We believe that they continue to pose a potentially negative risk to our business performance throughout 2024/25. 
Price Risk
Costs and sales influenced by our business risks are regularly reviewed and any potential risks, including foreign exchange risks are mitigated as soon as foreseen. 
Credit Risk
All companies who wish to trade on credit terms are subject to credit verification procedures. Trade debtors and creditors are reviewed and monitored on a regular basis. The Company identifies bad debts as a potential risk. Management control systems in place help us to prevent and limit our exposure to such risk.
Liquidity Risk
The Company manages its cash and borrowing requirements in order to minimise interest expense, whilst ensuring that the Company has sufficient liquid resources to meet the operating needs of the business. 
Foreign currency risk
The principal operating currencies of the Company are GBP and USD and identifies foreign exchange as a potential risk. This is mitigated by close monitoring and transactions undertaken in a timely manner. 

Financial key performance indicators
 
The directors regularly review and consider the financial risk management objectives and policies associated with the Company's activities. The Company’s principal key performance indicators include customer statistics, trading statistics and currency risks. The directors also retain close dialogue with our client base to ascertain the general business sentiment of key clients.  The financial key performance indicators include turnover, gross margin and profit before tax, as detailed in the Statement of Comprehensive Income.


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



M Smith
Director
Date: 21 January 2025

- 2 -



 
COASTAL GLOBAL LOGISTICS LTD
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

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 judgments and accounting estimates that are reasonable and prudent;

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 £1,162,553 (2023 - £1,168,712).

Dividends amounting to £1,125,000 (2023 - £1,205,000) were paid in the year.

Directors

The directors who served during the year were:

D Humphries 
M Smith 
P Vincent 


- 3 -



 
COASTAL GLOBAL LOGISTICS LTD
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Future developments

The current Geo-political landscape reflects unrest in key shipping locations in Asia and the Middle East, which continues to disrupt global trade, thereby shaping trading conditions across the markets in which we are active.
This unrest may dissipate in the coming year – however the risk associated with changes in global trading conditions remains constant. The Company strives to cultivate a diverse and growing client base, seeking footholds across a variety of verticals to mitigate the risk of exposure to any one sector or trade lane, combined with significant investment in technology to improve our customer experience and where possible deliver operational efficiencies.
As such the Company is well placed for 2024/25 and we remain positive and look forward to the year ahead.

Financial instruments

The Company operates a confidential invoice discounting facility with Investec and multi-currency trading accounts with NatWest and Lloyds Bank.

Disclosure of information to auditor

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 auditor is 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 auditor is aware of that information.

Post balance sheet events

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

Auditor

On 28 March 2024 our auditor, SB Audit LLP, merged with Sumer Auditco Limited.
Accordingly SB Audit LLP formally resigned as the Company's auditor with the Directors duly appointing Sumer
Auditco Limited to fill the vacancy arising.
The auditor, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the
Companies Act 2006.

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





M Smith
Director
Date: 21 January 2025

- 4 -



 
COASTAL GLOBAL LOGISTICS LTD
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF COASTAL GLOBAL LOGISTICS LTD

Opinion


We have audited the financial statements of Coastal Global Logistics Ltd (the 'Company') for the year ended 30 April 2024, 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 30 April 2024 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 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 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.



- 5 -



 
COASTAL GLOBAL LOGISTICS LTD
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF COASTAL GLOBAL LOGISTICS LTD (CONTINUED)

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. 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.



- 6 -



 
COASTAL GLOBAL LOGISTICS LTD
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF COASTAL GLOBAL LOGISTICS LTD (CONTINUED)

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.



- 7 -



 
COASTAL GLOBAL LOGISTICS LTD
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF COASTAL GLOBAL LOGISTICS LTD (CONTINUED)

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.


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:

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the directors (as required by auditing standards), inspection of the company's regulatory and legal correspondence and discussed with the directors the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. 
The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation, distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
Secondly, the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: health and safety, anti-bribery and corruption, human rights and employment law, GDPR, and British International Freight Association regulations (BIFA). Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. 
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the company complies with such regulations; enquiries of management and those charged with governance concerning any actual or potential litigation or claims, inspection of relevant legal documentation, testing the appropriateness of journal entries and the performance of analytical review to identify any unexpected movements in account balances which may be indicative of fraud.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditor's Report.

- 8 -



 
COASTAL GLOBAL LOGISTICS LTD
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF COASTAL GLOBAL LOGISTICS LTD (CONTINUED)



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 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.





Steven Burgess FCA (Senior Statutory Auditor)
  
for and on behalf of
Sumer Auditco Limited
 
Statutory Auditor
  
Fitzroy House
Crown Street
Ipswich
Suffolk
IP1 3LG

22 January 2025

- 9 -



 
COASTAL GLOBAL LOGISTICS LTD
 

 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£

  

Turnover
  
23,931,980
28,954,428

Cost of sales
  
(21,073,199)
(25,933,508)

Gross profit
  
2,858,781
3,020,920

Distribution costs
  
(10,790)
(13,725)

Administrative expenses
  
(1,308,339)
(1,557,047)

Other operating charges
  
-
(639)

Operating profit
 5 
1,539,652
1,449,509

Interest receivable and similar income
 9 
19,340
8,596

Interest payable and similar expenses
 10 
(3,486)
(7,104)

Profit before tax
  
1,555,506
1,451,001

Tax on profit
 11 
(392,953)
(282,289)

Profit for the financial year
  
1,162,553
1,168,712

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 16 to 30 form part of these financial statements.


- 10 -



 
COASTAL GLOBAL LOGISTICS LTD
REGISTERED NUMBER:05777899


BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
371,029
174,564

  
371,029
174,564

Current assets
  

Debtors: amounts falling due within one year
 14 
3,905,346
3,683,666

Cash at bank and in hand
  
1,244,336
1,729,424

  
5,149,682
5,413,090

Creditors: amounts falling due within one year
 15 
(2,921,420)
(3,034,124)

Net current assets
  
 
 
2,228,262
 
 
2,378,966

Total assets less current liabilities
  
2,599,291
2,553,530

Creditors: amounts falling due after more than one year
 16 
(20,614)
(46,862)

Provisions for liabilities
  

Deferred tax
 18 
(77,676)
(43,220)

Net assets
  
2,501,001
2,463,448


Capital and reserves
  

Called up share capital 
 19 
134
134

Capital redemption reserve
 20 
66
66

Profit and loss account
 20 
2,500,801
2,463,248

  
2,501,001
2,463,448


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



D Humphries
Director
Date: 21 January 2025

The notes on pages 16 to 30 form part of these financial statements.

- 11 -



 
COASTAL GLOBAL LOGISTICS LTD
 


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 May 2022
134
66
2,499,536
2,499,736



Profit for the year
-
-
1,168,712
1,168,712

Dividends: Equity capital
-
-
(1,205,000)
(1,205,000)



At 1 May 2023
134
66
2,463,248
2,463,448



Profit for the year
-
-
1,162,553
1,162,553

Dividends: Equity capital
-
-
(1,125,000)
(1,125,000)


At 30 April 2024
134
66
2,500,801
2,501,001


The notes on pages 16 to 30 form part of these financial statements.

- 12 -



 
COASTAL GLOBAL LOGISTICS LTD
 


STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,162,553
1,168,712

Adjustments for:

Depreciation of tangible assets
53,348
45,768

Profit on disposal of tangible assets
(28,359)
(22,343)

Interest paid
3,486
7,104

Interest received
(19,340)
(8,596)

Taxation charge
392,953
282,289

(Increase)/decrease in debtors
(221,680)
831,578

(Decrease) in creditors
(54,960)
(511,469)

Corporation tax (paid)
(373,839)
(456,555)

Net cash generated from operating activities

914,162
1,336,488


Cash flows from investing activities

Purchase of tangible fixed assets
(291,958)
(72,129)

Sale of tangible fixed assets
70,504
46,000

Interest received
19,340
8,596

HP interest paid
(3,486)
(6,909)

Net cash from investing activities

(205,600)
(24,442)

- 13 -



 
COASTAL GLOBAL LOGISTICS LTD
 


STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024


2024
2023

£
£



Cash flows from financing activities

Repayment of/new finance leases
(68,650)
(51,500)

Dividends paid
(1,125,000)
(1,205,000)

Interest paid
-
(195)

Net cash used in financing activities
(1,193,650)
(1,256,695)

Net (decrease)/increase in cash and cash equivalents
(485,088)
55,351

Cash and cash equivalents at beginning of year
1,729,424
1,674,073

Cash and cash equivalents at the end of year
1,244,336
1,729,424


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,244,336
1,729,424

1,244,336
1,729,424


The notes on pages 16 to 30 form part of these financial statements.


- 14 -



 
COASTAL GLOBAL LOGISTICS LTD
 


ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2024




At 1 May 2023
Cash flows
At 30 April 2024
£

£

£

Cash at bank and in hand

1,729,424

(485,088)

1,244,336

Debt due within 1 year

-

(11,009)

(11,009)

Finance leases

(104,761)

68,650

(36,111)


1,624,663
(427,447)
1,197,216

The notes on pages 16 to 30 form part of these financial statements.

- 15 -



 
COASTAL GLOBAL LOGISTICS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Coastal Global Logistics Ltd (the "Company") is a private company limited by shares and incorporated and domiciled in England, registration number 05777899. The address of the registered office is 5 Schneider Close, Felixstowe, Suffolk, IP11 3SS.

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 judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

Despite challenges including disruption at shipping lanes and ports and increases in costs, the Company has recorded excellent results for the year. This has resulted in the Company not having to utilise the invoice discounting facility available to it and leaves the Company in a strong cash position to continue trading. There are no plans for any significant capital expenditure and the directors have ensured that the Company remains able to adapt to changes in the market place.

Based on this, the directors have concluded that they have a reasonable expectation that the Company will have adequate resources to continue in operational existence for the foreseeable future, being at least twelve months from the date of signing these financial statements. The directors continue to adopt the going concern basis of accounting in preparing these financial statements.

 
2.3

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.


- 16 -



 
COASTAL GLOBAL LOGISTICS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Rendering of services

Revenue 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 revenue 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 above conditions are satisfied when the service is complete, which is generally upon completion of delivery.

 
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.

 
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.

 
2.7

Interest income

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


- 17 -



 
COASTAL GLOBAL LOGISTICS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.8

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 accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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.

 
2.10

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.


- 18 -



 
COASTAL GLOBAL LOGISTICS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
25%
reducing balance

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.

 
2.11

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.

 
2.12

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.

 
2.13

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.

 
2.14

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.
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.
 

- 19 -



 
COASTAL GLOBAL LOGISTICS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.14
Financial instruments (continued)


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 payments
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 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.

 

- 20 -



 
COASTAL GLOBAL LOGISTICS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.14
Financial instruments (continued)

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.

 
2.15

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 judgements, 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 estimates.
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 a period of revision and future periods where the revision affects both current and future periods. 
The significant area of judgement is the recoverability of trade debtors.


- 21 -



 
COASTAL GLOBAL LOGISTICS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Turnover

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


2024
2023
£
£

Freight forwarding
23,931,980
28,954,428

23,931,980
28,954,428


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
23,216,015
26,303,241

Rest of Europe
80,077
104,549

Rest of the world
635,888
2,546,638

23,931,980
28,954,428



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
21,946
95,269

Other operating lease rentals
36,450
23,376

Depreciation of fixed assets
53,348
45,768


6.


Auditor's remuneration

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


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
13,000
11,800

- 22 -



 
COASTAL GLOBAL LOGISTICS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

7.


Employees

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


2024
2023
£
£

Wages and salaries
878,740
1,021,243

Social security costs
87,045
115,173

Cost of defined contribution scheme
55,763
55,277

1,021,548
1,191,693


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


        2024
        2023
            No.
            No.







Employees
18
17


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
427,050
621,356

Company contributions to defined contribution pension schemes
46,321
46,321

473,371
667,677


During the year retirement benefits were accruing to 3 directors (2023 - 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £361,765 (2023 - £433,730).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £16,321 (2023 - £16,321).


9.


Interest receivable

2024
2023
£
£


Other interest receivable
19,340
8,596


- 23 -



 
COASTAL GLOBAL LOGISTICS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
-
195

Finance leases and hire purchase contracts
3,486
6,909

3,486
7,104


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
358,497
281,548


Total current tax
358,497
281,548

Deferred tax


Origination and reversal of timing differences
34,456
577

Changes to tax rates
-
164

Total deferred tax
34,456
741


Taxation on profit on ordinary activities
392,953
282,289

- 24 -



 
COASTAL GLOBAL LOGISTICS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19.49%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,555,506
1,451,001


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19.49%)
388,877
282,800

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
4,076
3,263

Income not taxable
-
(3,937)

Tax rate changes
-
163

Total tax charge for the year
392,953
282,289

Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

2024
2023
£
£


Equity dividends
1,125,000
1,205,000


- 25 -



 
COASTAL GLOBAL LOGISTICS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

13.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 May 2023
82,809
259,678
19,526
362,013


Additions
7,647
284,311
-
291,958


Disposals
-
(110,078)
-
(110,078)



At 30 April 2024

90,456
433,911
19,526
543,893



Depreciation


At 1 May 2023
68,165
103,614
15,670
187,449


Charge for the year on owned assets
4,945
47,438
965
53,348


Disposals
-
(67,933)
-
(67,933)



At 30 April 2024

73,110
83,119
16,635
172,864



Net book value



At 30 April 2024
17,346
350,792
2,891
371,029



At 30 April 2023
14,644
156,064
3,856
174,564

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


2024
2023
£
£



Motor vehicles
31,245
88,026


- 26 -



 
COASTAL GLOBAL LOGISTICS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

14.


Debtors

2024
2023
£
£


Trade debtors
2,947,150
2,705,368

Other debtors
928,204
959,616

Prepayments and accrued income
29,992
18,682

3,905,346
3,683,666



15.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,036,133
1,081,481

Corporation tax
362,494
377,836

Other taxation and social security
31,527
15,631

Obligations under finance lease and hire purchase contracts
15,497
57,899

Other creditors
17,087
46,573

Accruals and deferred income
1,458,682
1,454,704

2,921,420
3,034,124


Amounts owed under hire purchase contracts are secured against the assets to which they relate.


16.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
20,614
46,862



- 27 -



 
COASTAL GLOBAL LOGISTICS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

17.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
17,094
57,899

Between 1-5 years
21,367
53,459

38,461
111,358


18.


Deferred taxation




2024


£






At beginning of year
(43,220)


Charged to profit or loss
(34,456)



At end of year
(77,676)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(77,946)
(43,642)

Pension surplus
270
422

(77,676)
(43,220)


19.


Share capital

2024
2023
£
£
Authorised, allotted, called up and fully paid



70 (2023 - 70) Ordinary shares of £1.00 each
70
70
64 (2023 - 64) Preference shares of £1.00 each
64
64

134

134



- 28 -



 
COASTAL GLOBAL LOGISTICS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

20.


Reserves

Capital redemption reserve

The capital redemption reserve includes amounts by which the company's issued share capital is reduced following a purchase of own shares.

Profit and loss account

The profit and loss account includes all current and prior year retained profits and losses.


21.


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 and amounted to £55,763 (2023 - £55,277). Contributions totalling £2,768 (2023 - £4,364) were payable to the fund at the balance sheet date and are included in creditors.


22.


Commitments under operating leases

At 30 April 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
37,686
37,686

Later than 1 year and not later than 5 years
27,556
58,493

65,242
96,179


23.


Transactions with directors

During the year the Directors repaid £64,469 (2023 - were advanced £285,297) in respect of interest-free loans. £634,895 (2023 - £699,364) was outstanding as at 30 April 2024. The maximum amount outstanding in the year was £827,753 (2023: £738,339).


- 29 -



 
COASTAL GLOBAL LOGISTICS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

24.


Related party transactions

During the year the Company made sales of £17,301 (2023 - £42,797) and purchases of £2,147,655 (2023 - £1,707,251) from a company under common control. At the year end the Company was owed £34,037 (2023 - £43,647) and owed £201,303 (2023 - £344,765) in trade balances to the company under common control.
During the year the company made purchases of £10,000 (2023 - £9,167) and owed £NIL (2023 - £833) the year end to a company under the control of a related party.
Key management personnel are considered to be the Directors and the remuneration is disclosed in note 8.
During the year, wages were paid to close family members of M Smith and P Vincent amounting to £20,000 (2023: £20,000).


25.


Controlling party

The Company was under the control of its directors throughout the year.
 

- 30 -