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 director is 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. |
|
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 the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
● |
the strategic report and the director's 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 director's report. |
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: |
● |
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
● |
the financial statements are not in agreement with the accounting records and returns; or |
● |
certain disclosures of directors’ remuneration specified by law are not made; or |
● |
we have not received all the information and explanations we require for our audit. |
|
Responsibilities of directors |
As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends 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. |
|
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: |
|
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
|
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the company through discussions with the director and other management, and from our commercial knowledge and experience of the haulage and freight sector; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation; - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
|
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
ASAP Cargo Limited |
|
Notes to the Accounts |
|
Year ended 31 May 2024 |
|
1 |
General information |
|
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Larne Logistics Park, Drumahoe Road, Millbrook, Larne, Northern Ireland, BT40 2SN. |
|
|
Statement of compliance |
|
These financial statements have been prepared in compliance with FRS 102, "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. |
|
2 |
Summary of significant accounting policies |
|
|
Basis of preparation |
|
The financial statements have been prepared under the historical cost basis , as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through the profit and loss. |
|
|
The finanical statements are prepared in sterling, which is the functional currency of the entity. |
|
|
Going concern |
|
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
|
|
Judgements and key sources of estimation uncertainty |
|
The preparation of the financial statements requires management to make judgements, estimates and assumptions that reflect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
|
|
In preparing these financial statements, the directors have made the following judgements: |
|
|
- Determine whether leases entered into the by company either as a lessor or lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis. |
|
|
- Determine whether there are indicators of impairment of the company's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset. |
|
|
Revenue recognition |
|
Turnover is measured at the fair value of the consideration received or receivable for goods supplied or services rendered, net of discounts and Value Added Tax. |
|
|
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. |
|
|
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered. |
|
|
Intangible fixed assets |
|
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
|
|
Goodwill |
|
|
10 years straight line |
|
|
Tangible assets |
|
Fixtures and fittings |
20% reducing balance |
|
|
Investments |
|
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
|
|
Impairment of fixed assets |
|
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. |
|
|
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. |
|
|
Trade and other debtors |
|
Trade and other debtors that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment. Those that are receivable after more than one year or that constitute a financing transaction are recorded initially at fair value less transaction costs and subsequently at amortised cost, net of impairment. |
|
|
Cash and cash equivalents |
|
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term high liquidity investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. |
|
|
Trade and other creditors |
|
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of the discounting would be immaterial, in which case they are stated at cost. |
|
|
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 or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. |
|
|
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. |
|
|
Provisions |
|
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. |
|
|
Provisions are initially measured at the best estimate of the amount requires to settle the obligation at the reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in the profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in the profit or loss in the period it arises. |
|
|
Financial instruments |
|
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. |
|
|
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
|
|
Leased assets |
|
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
|
|
Pensions |
|
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. |
|
3 |
Analysis of turnover |
2024 |
|
2023 |
£ |
£ |
|
|
Services rendered |
14,625,782 |
|
12,614,124 |
|
|
|
|
|
|
|
|
|
|
|
By geographical market: |
|
|
UK |
12,285,657 |
|
11,983,419 |
|
Europe |
1,462,578 |
|
630,705 |
|
North America |
146,258 |
|
- |
|
Rest of world |
731,289 |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,625,782 |
|
12,614,124 |
|
|
4 |
Operating profit |
2024 |
|
2023 |
£ |
£ |
|
This is stated after charging: |
|
|
Depreciation of owned fixed assets |
288,600 |
|
235,775 |
|
Depreciation of assets held under finance leases and hire purchase contracts |
|
19,700 |
|
9,733 |
|
Operating lease rentals - plant and machinery |
61,842 |
|
66,377 |
|
Operating lease rentals - land and buildings |
174,356 |
|
104,098 |
|
Auditors' remuneration for audit services |
10,000 |
|
6,500 |
|
|
|
|
|
|
|
|
|
|
5 |
Directors' emoluments |
2024 |
|
2023 |
£ |
£ |
|
|
Emoluments |
320,793 |
|
117,196 |
|
Company contributions to defined contribution pension plans |
60,660 |
|
8,020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
381,453 |
|
125,216 |
|
|
|
|
|
|
|
|
|
|
|
Number of directors to whom retirement benefits accrued: |
2024 |
|
2023 |
Number |
Number |
|
|
Defined contribution plans |
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
6 |
Staff costs |
2024 |
|
2023 |
£ |
£ |
|
|
Wages and salaries |
1,862,199 |
|
1,519,263 |
|
Other pension costs |
143,680 |
|
69,436 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,005,879 |
|
1,588,699 |
|
|
|
|
|
|
|
|
|
|
|
Average number of employees during the year |
2024 |
|
2023 |
Number |
Number |
|
|
Administration |
36 |
|
28 |
|
Distribution |
11 |
|
11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
47 |
|
39 |
|
|
|
|
|
|
|
|
|
|
7 |
Interest payable |
2024 |
|
2023 |
£ |
£ |
|
|
Bank loans and overdrafts |
40,024 |
|
42,138 |
|
Other loans |
160 |
|
- |
|
Finance charges payable under finance leases and hire purchase contracts |
|
9,214 |
|
3,049 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
49,398 |
|
45,187 |
|
|
|
|
|
|
|
|
|
|
8 |
Taxation |
2024 |
|
2023 |
£ |
£ |
|
Analysis of charge in period |
|
Current tax: |
|
UK corporation tax on profits of the period |
330,182 |
|
278,907 |
|
Adjustments in respect of previous periods |
4,843 |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
335,025 |
|
278,907 |
|
|
Deferred tax: |
|
Origination and reversal of timing differences |
228,224 |
|
118,551 |
|
|
|
|
|
|
|
|
|
|
|
Tax on profit on ordinary activities |
563,249 |
|
397,458 |
|
|
|
|
|
|
|
|
|
|
|
Factors affecting tax charge for period |
|
The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows: |
|
|
|
|
|
|
|
2024 |
|
2023 |
£ |
£ |
|
Profit on ordinary activities before tax |
1,486,413 |
|
1,821,302 |
|
|
|
|
|
|
|
|
|
|
|
Standard rate of corporation tax in the UK |
25% |
|
19% |
|
£ |
£ |
|
Profit on ordinary activities multiplied by the standard rate of corporation tax |
|
371,603 |
|
346,047 |
|
|
Effects of: |
|
Expenses not deductible for tax purposes |
3,666 |
|
56,015 |
|
Capital allowances for period in excess of depreciation |
(48,134) |
|
- |
|
Adjustments to tax charge in respect of previous periods |
4,843 |
|
- |
|
Other elements |
- |
|
(137,137) |
|
Amortisation charge |
10,702 |
|
- |
|
Change in tax rate |
- |
|
13,982 |
|
Other income and gains |
(7,655) |
|
- |
|
|
|
|
|
|
|
|
|
|
|
Current tax charge for period |
335,025 |
|
278,907 |
|
|
9 |
Intangible fixed assets |
Goodwill |
|
Total |
£ |
£ |
|
|
Cost |
|
At 1 June 2023 |
428,070 |
|
428,070 |
|
|
|
|
|
|
|
|
|
|
|
At 31 May 2024 |
428,070 |
|
428,070 |
|
|
|
|
|
|
|
|
|
|
|
Amortisation |
|
At 1 June 2023 |
214,035 |
|
214,035 |
|
Provided during the year |
42,807 |
|
42,807 |
|
|
|
|
|
|
|
|
|
|
|
At 31 May 2024 |
256,842 |
|
256,842 |
|
|
|
|
|
|
|
|
|
|
|
Carrying amount |
|
|
At 31 May 2024 |
171,228 |
|
171,228 |
|
|
|
|
|
|
|
|
|
|
|
At 31 May 2023 |
214,035 |
|
214,035 |
|
|
|
|
|
|
|
|
|
|
|
Goodwill has been written off in equal annual instalments over its estimated economic life of 10 years. |
|
|
10 |
Tangible fixed assets |
|
|
Land and buildings etc |
|
Plant and machinery etc |
|
Motor vehicles |
|
Total |
|
|
At cost |
|
At cost |
|
At cost |
£ |
£ |
£ |
£ |
|
Cost or valuation |
|
At 1 June 2023 |
2,683,440 |
|
679,484 |
|
707,310 |
|
4,070,234 |
|
Additions |
627,645 |
|
270,384 |
|
60,000 |
|
958,029 |
|
|
|
|
|
|
|
|
|
|
|
At 31 May 2024 |
3,311,085 |
|
949,868 |
|
767,310 |
|
5,028,263 |
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 June 2023 |
438,937 |
|
197,072 |
|
264,257 |
|
900,266 |
|
Charge for the year |
162,054 |
|
79,795 |
|
66,451 |
|
308,300 |
|
|
|
|
|
|
|
|
|
|
|
At 31 May 2024 |
600,991 |
|
276,867 |
|
330,708 |
|
1,208,566 |
|
|
|
|
|
|
|
|
|
|
|
Carrying amount |
|
|
At 31 May 2024 |
2,710,094 |
|
673,001 |
|
436,602 |
|
3,819,697 |
|
|
At 31 May 2023 |
2,244,503 |
|
482,412 |
|
443,053 |
|
3,169,968 |
|
|
|
|
|
|
|
|
|
|
|
Land and buildings comprise: |
|
|
|
|
Land and buildings |
|
Property improvements |
|
Total |
£ |
£ |
£ |
|
Cost or valuation |
|
At 1 June 2023 |
2,545,955 |
|
137,485 |
|
2,683,440 |
|
Additions |
- |
|
627,645 |
|
627,645 |
|
|
|
|
|
|
|
|
|
|
|
At 31 May 2024 |
2,545,955 |
|
765,130 |
|
3,311,085 |
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 June 2023 |
434,364 |
|
4,573 |
|
438,937 |
|
Charge for the year |
130,255 |
|
31,799 |
|
162,054 |
|
|
|
|
|
|
|
|
|
|
|
At 31 May 2024 |
564,619 |
|
36,372 |
|
600,991 |
|
|
|
|
|
|
|
|
|
|
|
Carrying amount |
|
|
At 31 May 2024 |
1,981,336 |
|
728,758 |
|
2,710,094 |
|
|
At 31 May 2023 |
2,111,591 |
|
132,912 |
|
2,244,503 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
2023 |
£ |
£ |
|
|
Carrying value of plant, machinery and motor vehicles included above held under finance leases and hire purchase contracts |
|
177,300 |
|
308,350 |
|
|
|
|
|
|
|
|
|
|
11 |
Investments |
|
Other |
investments |
£ |
|
Cost |
|
At 1 June 2023 |
286,639 |
|
Revaluation |
28,682 |
|
|
|
|
|
|
|
|
|
|
|
At 31 May 2024 |
315,321 |
|
|
12 |
Debtors |
2024 |
|
2023 |
£ |
£ |
|
|
Trade debtors |
2,426,203 |
|
1,763,229 |
|
Other debtors |
20,000 |
|
9,750 |
|
Prepayments and accrued income |
56,054 |
|
38,737 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,502,257 |
|
1,811,716 |
|
|
|
|
|
|
|
|
|
|
13 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
£ |
£ |
|
|
Bank loans |
199,964 |
|
188,036 |
|
Obligations under finance lease and hire purchase contracts |
39,400 |
|
45,325 |
|
Trade creditors |
1,806,922 |
|
1,204,629 |
|
Corporation tax |
335,185 |
|
278,907 |
|
Other taxes and social security costs |
20,024 |
|
102,110 |
|
Other creditors |
44 |
|
345 |
|
Accruals and deferred income |
741,428 |
|
655,093 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,142,967 |
|
2,474,445 |
|
|
|
|
|
|
|
|
|
|
|
Northern Bank Limited hold a floating charge over the assets of the company together with a mortgage over the property held by the company at Drumahoe Industrial Estate, Drumahoe Road, Larne, County Antrim. |
|
14 |
Creditors: amounts falling due after one year |
2024 |
|
2023 |
£ |
£ |
|
|
Bank loans |
370,011 |
|
609,977 |
|
Obligations under finance lease and hire purchase contracts |
113,317 |
|
151,067 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
483,328 |
|
761,044 |
|
|
|
|
|
|
|
|
|
|
15 |
Loans |
2024 |
|
2023 |
£ |
£ |
|
Analysis of maturity of debt: |
|
Within one year or on demand |
199,964 |
|
188,038 |
|
Between one and two years |
125,795 |
|
199,964 |
|
Between two and five years |
244,217 |
|
366,052 |
|
After five years |
- |
|
43,960 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
569,976 |
|
798,014 |
|
|
|
|
|
|
|
|
|
|
|
16 |
Obligations under finance leases and hire purchase |
2024 |
|
2023 |
|
contracts |
£ |
£ |
|
|
Amounts payable: |
|
Within one year |
39,400 |
|
45,325 |
|
Within two to five years |
113,317 |
|
151,067 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
152,717 |
|
196,392 |
|
|
|
|
|
|
|
|
|
|
17 |
Deferred taxation |
2024 |
|
2023 |
£ |
£ |
|
|
Accelerated capital allowances |
459,591 |
|
231,367 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
2023 |
£ |
£ |
|
|
At 1 June |
231,367 |
|
112,816 |
|
Charged to the profit and loss account |
228,224 |
|
118,551 |
|
|
|
|
|
|
|
|
|
|
|
At 31 May |
459,591 |
|
231,367 |
|
|
18 |
Share capital |
Nominal |
|
2024 |
|
2024 |
|
2023 |
value |
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
Ordinary shares |
£1 each |
|
|
|
1 |
|
1 |
|
|
|
|
|
|
|
|
|
|
|
19 |
Profit and loss account |
2024 |
|
2023 |
£ |
£ |
|
|
At 1 June |
3,150,858 |
|
2,753,014 |
|
Profit for the financial year |
923,164 |
|
1,423,844 |
|
Dividends |
(585,000) |
|
(1,026,000) |
|
|
|
|
|
|
|
|
|
|
|
At 31 May |
3,489,022 |
|
3,150,858 |
|
|
|
|
|
|
|
|
|
|
20 |
Reconciliation of net debt |
|
|
1 June 2023 |
Cash flows |
|
Non-cash changes |
|
31 May 2024 |
£ |
£ |
£ |
£ |
|
|
Cash and cash equivalents |
1,135,537 |
|
(369,131) |
|
- |
|
766,406 |
|
|
|
|
|
|
|
|
|
|
|
|
1,135,537 |
|
(369,131) |
|
- |
|
766,406 |
|
|
Borrowings: |
|
Bank loans |
(798,013) |
|
228,038 |
|
- |
|
(569,975) |
|
Finance lease/HP |
(196,392) |
|
43,675 |
|
- |
|
(152,717) |
|
|
|
|
|
|
|
|
|
|
|
|
(994,405) |
|
271,713 |
|
- |
|
(722,692) |
|
|
|
|
|
|
|
|
|
|
|
Net debt |
141,132 |
|
(97,418) |
|
- |
|
43,714 |
|
|
|
|
|
|
|
|
|
|
21 |
Dividends |
2024 |
|
2023 |
£ |
£ |
|
|
Dividends on ordinary shares (note 19) |
585,000 |
|
1,026,000 |
|
|
22 |
Other financial commitments |
|
|
Total future minimum lease payments under non-cancellable operating leases: |
|
|
|
Land and buildings |
|
Land and buildings |
Other |
Other |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
£ |
£ |
£ |
£ |
|
Falling due: |
|
within one year |
254,269 |
|
174,356 |
|
56,530 |
|
50,439 |
|
within two to five years |
1,394,844 |
|
1,300,402 |
|
69,313 |
|
56,701 |
|
in over five years |
1,235,018 |
|
1,583,729 |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
2,884,131 |
|
3,058,487 |
|
125,843 |
|
107,140 |
|
|
|
|
|
|
|
|
|
|
23 |
Loans to/(from) directors |
|
Description and conditions |
B/fwd |
Paid |
Repaid |
C/fwd |
£ |
£ |
£ |
£ |
|
Mr M J Adamson |
|
Interest free and repayable on demand |
(345) |
|
585,302 |
|
(585,000) |
|
(43) |
|
|
Mr S Davidson |
|
Interest free and repayable on demand |
- |
|
20,000 |
|
- |
|
20,000 |
|
|
|
|
|
|
|
|
|
|
|
|
(345) |
|
605,302 |
|
(585,000) |
|
19,957 |
|
|
|
|
|
|
|
|
|
|
|
24 |
Guarantees |
|
|
The Department of Business Energy Industrial Strategy has given guarantees in respect of the CBILS loan. The balance of this loan at the balance sheet date was £139,915 (2023: £244,465). |
|
|
At the balance sheet there was a bond held with Danske Bank in respect of HMRC which guaranteed an amount up to £52,000. |
|
25 |
Controlling party |
|
|
Mr M J Adamson, a director of the company, is deemed to be the controlling party due to owning 100% of the issued share capital. |
|
26 |
Presentation currency |
|
|
The financial statements are presented in Sterling. |
|
27 |
Legal form of entity and country of incorporation |
|
|
ASAP Cargo Limited is a private company limited by shares and incorporated in Northern Ireland. |
|
28 |
Principal place of business |
|
|
The address of the company's principal place of business and registered office is: |
|
|
Larne Logistics Park |
|
Drumahoe Road |
|
Millbrook |
|
Larne |
|
Northern Ireland |
|
BT40 2SN |