ASAP Cargo Limited
Financial Statements
31 May 2024
Company Registration Number: NI064810
ASAP Cargo Limited
Financial Statements
Year ended 31 May 2024
Contents
Page
Officers and professional advisers 1
Directors' report 2
Strategic report 4
Independent auditor's report to the members 6
Income statement 12
Statement of comprehensive income 13
Statement of financial position 14
Statement of changes in equity 15
Statement of cash flows 16
Notes to the financial statements 17
ASAP Cargo Limited
Officers and Professional Advisers
Directors Mr M J Adamson
Mr S Davidson
Mr C Gilbert
Secretary Mrs J Adamson
Auditors William Wilson
Chartered Accountants & Registered Auditor
25 Shore Road
Holywood
BT18 9HX
Registered office Larne Logistics Park
Drumahoe Road
Millbrook
Larne
Northern Ireland
BT40 2SN
Bankers Danske Bank
Donegall Square West
Belfast
BT1 6JS
ASAP Cargo Limited
Directors' Report
Year ended 31 May 2024
The directors present their report and financial statements for the year ended 31 May 2024.
Directors
The following persons served as directors during the year:
Mr M J Adamson
Mr S Davidson
Mr C Gilbert (appointed 18 December 2023)
Dividends
Interim dividends of £585,000 were paid during the year. The directors do not recommend the payment of a final dividend.
Directors' responsibilities
The directors are responsible for preparing the report and financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102 and applicable law). Under company law the directors of a company 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 and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to auditors
Each person who was a director at the time this report was approved confirms that:
so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and
he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board on 18 February 2025 and signed on its behalf.
Mr M J Adamson
Director
Registered office:
Larne Logistics Park
Drumahoe Road
Millbrook
Larne
Northern Ireland
BT40 2SN
ASAP Cargo Limited
Strategic Report
Year ended 31 May 2024
Introduction
The directors present their strategic report of the company for the year ended 31 May 2024.
Principal Activities
The principal activity of the company continued to be that of freight forwarding.
Business Review
The directors aim to present a balanced and comprehensive review of the development and performance during theperiod and its position as at 31 May 2024. The directors' review is consistent with the size and nature of the business and is written in the context of the risks and uncertainties the company faces.

The directors consider the key performance indicators are those that communicate the financial performance and strength of the company as a whole, with these being turnover, gross profit margin, operating profit and net assets.

The directors are satisfied with the results for the year which has seen an increase in turnover of 15.95% in the year from £12.6m in 2023 to £14.6m, generating a gross profit of £4.8m (2023: £3.9m) at a gross profit margin of 33% (2023: 31%).

Operating profit for the year has decreased from £1.87m in 2023 to £1.49m.

The company continues to have a strong cash flow and a continued strong net asset position of £3.49m (2023: £3.15m).
Principal risks and uncertainties
The directors consider that the principal risks and uncertainties facing the company are:
Economic Risk
The impact of:
- Rises in interest rates and inflation increases
- Wage inflation and sub-contractor costs
- Fuel and road user costs and legislation

The directors work closely with suppliers, customers and advisors to carefully manage these risks.
Competition Risk
Competition risk is managed through close attention to customer service, continued investment in equipment and the provision of quality services.
Foreign Exchange risk
As the company operates within the European Union it is susceptible to movements in foreign currency rates primarily regarding the Euro.

The company manages foreign exchange risk by continuing to work closely with the company's foreign exchange advisers.
Development and performance
The directors plan to continue to develop their core freight forwarding business. The directors are committed to continued capital investment and customer focus, to ensure they remain at the forefront of freight forwarding in the UK and Ireland.
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.
This report was approved by the board of directors on 18 February 2025 and signed on behalf of the board by:
Mr M J Adamson
Director
Registered office:
Larne Logistics Park
Drumahoe Road
Millbrook
Larne
Northern Ireland
BT40 2SN
ASAP Cargo Limited
Independent Auditor's Report to the Members of ASAP Cargo Limited
Year ended 31 May 2024
Opinion
We have audited the financial statements of ASAP Cargo Limited for the year ended 31 May 2024 which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard applicable in the UK and the 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 31 May 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis of opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 director with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The 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:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC and the company’s legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the director and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
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.
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters 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.
Mr William Wilson 18 February 2025
Senior Statutory Auditor
For and on behalf of
William Wilson Chartered Accountants
Chartered Accountants and Statutory Auditor
25 Shore Road
Holywood
BT18 9HX
ASAP Cargo Limited
Income Statement
Year ended 31 May 2024
Notes 2024 2023
£ £
Turnover 3 14,625,782 12,614,124
Cost of sales (9,790,411) (8,712,282)
Gross profit 4,835,371 3,901,842
Administrative expenses (3,344,459) (2,035,205)
Operating profit 4 1,490,912 1,866,637
Gain/(loss) on revaluation of investments 28,682 (261)
Income from investments 1,757 -
Interest receivable 14,460 113
Interest payable 7 (49,398) (45,187)
Profit on ordinary activities before taxation 1,486,413 1,821,302
Tax on profit on ordinary activities 8 (563,249) (397,458)
Profit for the financial year 923,164 1,423,844
ASAP Cargo Limited
Statement of Comprehensive Income
Year ended 31 May 2024
Notes 2024 2023
£ £
Profit for the financial year 923,164 1,423,844
Other comprehensive income - -
Total comprehensive income for the year 923,164 1,423,844
ASAP Cargo Limited
Statement of Financial Position
31 August 2023
2024 2023
£ £
Notes
Fixed assets
Intangible assets 9 171,228 214,035
Tangible assets 10 3,819,697 3,169,968
Investments 11 315,321 286,639
4,306,246 3,670,642
Current assets
Debtors 12 2,502,257 1,811,716
Cash at bank and in hand 766,406 1,135,357
3,268,663 2,947,073
Creditors: amounts falling due within one year 13 (3,142,967) (2,474,445)
Net current assets 125,696 472,628
Total assets less current liabilities 4,431,942 4,143,270
Creditors: amounts falling due after more than one year 14 (483,328) (761,044)
Provisions for liabilities
Deferred taxation 17 (459,591) (231,367)
Net assets 3,489,023 3,150,859
Capital and reserves
Called up share capital 18 1 1
Profit and loss account 19 3,489,022 3,150,858
Members' funds 3,489,023 3,150,859
These financial statements were approved by the board of directors and authorised for issue on 18 February 2025, and are signed on behalf of the board by:
Mr M J Adamson
Director
Company registration number: NI064810
ASAP Cargo Limited
Statement of Changes in Equity
Year ended 31 May 2024
Share Profit Total
capital and loss
account
£ £ £
At 1 June 2022 1 2,753,014 2,753,015
Profit for the financial year - 1,423,844 1,423,844
Dividends - (1,026,000) (1,026,000)
At 31 May 2023 1 3,150,858 3,150,859
At 1 June 2023 1 3,150,858 3,150,859
Profit for the financial year - 923,164 923,164
Dividends - (585,000) (585,000)
At 31 May 2024 1 3,489,022 3,489,023
ASAP Cargo Limited
Statement of Cash Flows
Year ended 31 May 2024
Notes 2024 2023
£ £
Operating activities
Profit for the financial year 923,164 1,423,844
Adjustments for:
(Gain)/loss on revaluation of investments (28,682) 261
Income from investments (1,757) -
Interest receivable (14,460) (113)
Interest payable 49,398 45,187
Tax on profit on ordinary activities 563,249 397,458
Depreciation 308,300 245,508
Amortisation of goodwill 42,807 42,807
(Increase)/decrease in debtors (690,541) 200,834
Increase/(decrease) in creditors 606,241 (483,613)
1,757,719 1,872,173
Dividends received 1,757 -
Interest received 14,460 113
Interest paid (40,184) (42,138)
Interest element of finance lease payments (9,214) (3,049)
Corporation tax paid (278,747) (257,186)
Cash generated by operating activities 1,445,791 1,569,913
Investing activities
Payments to acquire tangible fixed assets (958,029) (294,066)
Cash used in investing activities (958,029) (294,066)
Financing activities
Equity dividends paid (585,000) (1,026,000)
Proceeds from new loans - (308,400)
Repayment of loans (228,038) (196,944)
Capital element of finance lease payments (43,675) 172,692
Cash used in financing activities (856,713) (1,358,652)
Net cash used
Cash generated by operating activities 1,445,791 1,569,913
Cash used in investing activities (958,029) (294,066)
Cash used in financing activities (856,713) (1,358,652)
Net cash used (368,951) (82,805)
Cash and cash equivalents at 1 June 1,135,357 1,218,162
Cash and cash equivalents at 31 May 766,406 1,135,357
Cash and cash equivalents comprise:
Cash at bank 766,406 1,135,357
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
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Land and buildings 10% straight line
Leasehold improvements 10% straight line
Motor vehicles 10% straight line
Plant and machinery 10% straight line
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
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