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COMPANY REGISTRATION NUMBER: 08435640
Ginair Cargo Limited
Filleted Unaudited Financial Statements
For the year ended
30 April 2024
Ginair Cargo Limited
Financial Statements
Year ended 30 April 2024
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 7
Ginair Cargo Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
64,045
4,156
Current assets
Debtors
7
188,513
147,899
Cash at bank and in hand
481,898
457,037
---------
---------
670,411
604,936
Creditors: amounts falling due within one year
8
228,182
199,534
---------
---------
Net current assets
442,229
405,402
---------
---------
Total assets less current liabilities
506,274
409,558
Creditors: amounts falling due after more than one year
9
9,448
---------
---------
Net assets
496,826
409,558
---------
---------
Capital and reserves
Called up share capital
10
100
100
Profit and loss account
496,726
409,458
---------
---------
Shareholders funds
496,826
409,558
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Ginair Cargo Limited
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 29 January 2025 , and are signed on behalf of the board by:
Mrs Emma Louise Barak
Director
Company registration number: 08435640
Ginair Cargo Limited
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit D2, Dolphin Estate, Windmill Road West, Sunbury-On-Thames, Middlesex, TW16 7HE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in UK sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest UK pound.
Trade receivables
Trade receivable do not carry any interest and are stated at their original invoice value as reduced by appropriate allowances for estimated irrecoverable amounts.
Trade payables
Trade payables do not carry any interest and are stated at their original invoice value.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income. In this case, tax is recognised in other comprehensive income. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor Vehicles
-
25% reducing balance
Fixtures, Fittings & Equipment
-
25% straight line
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2023: 7 ).
5. Intangible assets
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
10,000
--------
Amortisation
At 1 May 2023 and 30 April 2024
10,000
--------
Carrying amount
At 30 April 2024
--------
At 30 April 2023
--------
6. Tangible assets
Motor vehicles
Fixtures, Fittings & Equipment
Total
£
£
£
Cost
At 1 May 2023
17,275
17,275
Additions
62,371
2,283
64,654
Disposals
( 1,792)
( 1,792)
--------
--------
--------
At 30 April 2024
62,371
17,766
80,137
--------
--------
--------
Depreciation
At 1 May 2023
13,119
13,119
Charge for the year
2,599
2,167
4,766
Disposals
( 1,793)
( 1,793)
--------
--------
--------
At 30 April 2024
2,599
13,493
16,092
--------
--------
--------
Carrying amount
At 30 April 2024
59,772
4,273
64,045
--------
--------
--------
At 30 April 2023
4,156
4,156
--------
--------
--------
7. Debtors
2024
2023
£
£
Trade debtors
171,620
136,992
Other debtors
16,893
10,907
---------
---------
188,513
147,899
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
178,688
143,484
Social security and other taxes
41,104
53,151
Other creditors
8,390
2,899
---------
---------
228,182
199,534
---------
---------
Secured creditors include hire purchase contracts of £3,099 (2023: £Nil). The hire purchase liabilities are secured over the assets acquired.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
9,448
-------
----
Secured creditors include hire purchase contracts of £9,448 (2023: £Nil). The hire purchase liabilities are secured over the assets acquired.
10. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
294
1,764
Later than 1 year and not later than 5 years
294
----
-------
294
2,058
----
-------