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Registration number: 03421745

Carry Cargo International Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Carry Cargo International Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Carry Cargo International Limited

(Registration number: 03421745)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

           

Fixed assets

   

 

Tangible assets

4

 

6,957

 

10,193

Investments

5

 

-

 

-

   

6,957

 

10,193

Current assets

   

 

Debtors

6

1,329,205

 

1,170,786

 

Cash at bank and in hand

 

60,254

 

135,333

 

 

1,389,459

 

1,306,119

 

Creditors: Amounts falling due within one year

7

(604,198)

 

(525,708)

 

Net current assets

   

785,261

 

780,411

Total assets less current liabilities

   

792,218

 

790,604

Creditors: Amounts falling due after more than one year

7

 

(62,500)

 

(112,500)

Provisions for liabilities

 

(1,700)

 

(2,312)

Net assets

   

728,018

 

675,792

Capital and reserves

   

 

Called up share capital

8

168

 

168

 

Retained earnings

727,850

 

675,624

 

Shareholders' funds

   

728,018

 

675,792

For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Carry Cargo International Limited

(Registration number: 03421745)
Balance Sheet as at 31 August 2024

Approved and authorised by the director on 30 January 2025
 

.........................................
R J Grimes
Director

 

Carry Cargo International Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Ricketts House
Stourton Business Park
Wakefield Rd
Leeds
LS10 1DS

These financial statements were authorised for issue by the director on 30 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including the disclosure and presentation requirements of Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company's functional and presentation currency is pound sterling.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

The company recognises revenue when the amount of revenue can be measured reliably and it is probable that future economic benefits will flow to the entity.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Carry Cargo International Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Tax

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

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% reducing balance

Office equipment

33% reducing balance

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Carry Cargo International Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables, 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 for a similar asset. 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 and any subsequent reversal is recognised in profit or loss.

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) 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.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that 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 for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 8 (2023 - 9).

 

Carry Cargo International Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Office equipment
£

Total
£

Cost or valuation

At 1 September 2023

38,229

64,744

102,973

At 31 August 2024

38,229

64,744

102,973

Depreciation

At 1 September 2023

36,297

56,483

92,780

Charge for the year

483

2,753

3,236

At 31 August 2024

36,780

59,236

96,016

Carrying amount

At 31 August 2024

1,449

5,508

6,957

At 31 August 2023

1,932

8,261

10,193

5

Investments

Subsidiaries

£

Cost or valuation

At 1 September 2023

2

At 31 August 2024

2

Provision

At 1 September 2023

2

At 31 August 2024

2

Carrying amount

At 31 August 2024

-

6

Debtors

Current

2024
£

2023
£

Trade debtors

577,062

419,917

Amounts owed by related parties

677,759

693,059

Prepayments

68,523

49,896

Other debtors

5,861

7,914

 

1,329,205

1,170,786

 

Carry Cargo International Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

7

Creditors

2024
£

2023
£

Due within one year

Loans and borrowings

75,573

50,000

Trade creditors

462,368

405,952

Taxation and social security

53,581

17,448

Accruals and deferred income

4,699

32,421

Other creditors

7,977

19,887

604,198

525,708

2024
£

2023
£

Due after one year

Loans and borrowings

62,500

112,500

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary 'A' shares of £1 each

40

40

40

40

Ordinary 'B' shares of £1 each

40

40

40

40

Ordinary 'C' shares of £1 each

15

15

15

15

Ordinary 'D' shares of £1 each

5

5

5

5

Ordinary shares of £1 each

68

68

68

68

168

168

168

168

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £125,164 (2023 - £30,106). The financial commitment is in respect of operating leases.

10

Parent and ultimate parent undertaking

The company's immediate parent is Carry Cargo Limited, incorporated in England and Wales.