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Registration number: 03506948

Eagle Cargo Services Limited

trading as Eagle Cargo Services Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Eagle Cargo Services Limited

trading as Eagle Cargo Services Ltd

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Balance Sheet

4 to 5

Notes to the Unaudited Financial Statements

6 to 12

 

Eagle Cargo Services Limited

trading as Eagle Cargo Services Ltd

Company Information

Directors

Mr Ashok K S Patel

Mr Vikash Patel

Company secretary

Mrs N Patel

Registered office

Ecs House
3B Lamson Road
Rainham
Essex
RM13 9YY

Accountants

Tahas & Co Ltd
Certified Accountants & Tax Advisors
Suite 3, Second Floor
760 Eastern Avenue
Newbury Park
London
IG2 7HU

 

Eagle Cargo Services Limited

trading as Eagle Cargo Services Ltd

Directors' Report for the Year Ended 31 May 2024

The directors present their report and the financial statements for the year ended 31 May 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr Ashok K S Patel

Mr Vikash Patel

Principal activity

The principal activity of the company is shipping and forwarding agents

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 10 February 2025 and signed on its behalf by:
 

.........................................
Mr Ashok K S Patel
Director

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Eagle Cargo Services Limited

trading as Eagle Cargo Services Ltd
for the Year Ended 31 May 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Eagle Cargo Services Limited for the year ended 31 May 2024 as set out on pages 4 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Eagle Cargo Services Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Eagle Cargo Services Limited and state those matters that we have agreed to state to the Board of Directors of Eagle Cargo Services Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Eagle Cargo Services Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Eagle Cargo Services Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Eagle Cargo Services Limited. You consider that Eagle Cargo Services Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Eagle Cargo Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Tahas & Co Ltd
Certified Accountants & Tax Advisors
Suite 3, Second Floor
760 Eastern Avenue
Newbury Park
London
IG2 7HU

10 February 2025

 

Eagle Cargo Services Limited

trading as Eagle Cargo Services Ltd

(Registration number: 03506948)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

977,844

599,960

Current assets

 

Debtors

6

2,516,912

2,050,606

Cash at bank and in hand

 

1,096,028

1,128,229

 

3,612,940

3,178,835

Creditors: Amounts falling due within one year

7

(1,493,501)

(1,492,695)

Net current assets

 

2,119,439

1,686,140

Total assets less current liabilities

 

3,097,283

2,286,100

Creditors: Amounts falling due after more than one year

7

(741,064)

(312,107)

Provisions for liabilities

(230,115)

-

Net assets

 

2,126,104

1,973,993

Capital and reserves

 

Called up share capital

8

103

103

Retained earnings

2,126,001

1,973,890

Shareholders' funds

 

2,126,104

1,973,993

For the financial year ending 31 May 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 10 February 2025 and signed on its behalf by:
 

 

Eagle Cargo Services Limited

trading as Eagle Cargo Services Ltd

(Registration number: 03506948)
Balance Sheet as at 31 May 2024

.........................................
Mr Ashok K S Patel
Director

 

Eagle Cargo Services Limited

trading as Eagle Cargo Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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:
Ecs House
3B Lamson Road
Rainham
Essex
RM13 9YY
United Kingdom

These financial statements were authorised for issue by the Board on 10 February 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 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Eagle Cargo Services Limited

trading as Eagle Cargo Services Ltd

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

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.

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 income 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

Furniture and fittings

25% on reducing balance

Commercial Van

25% on reducing balance

Improvements to property

25% on reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Eagle Cargo Services Limited

trading as Eagle Cargo Services Ltd

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

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Eagle Cargo Services Limited

trading as Eagle Cargo Services Ltd

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

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 19 (2023 - 18).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

219,056

93,399

 

Eagle Cargo Services Limited

trading as Eagle Cargo Services Ltd

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

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Improvements to property
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 June 2023

512,602

404,959

57,384

-

974,945

Additions

7,950

472,690

-

116,300

596,940

At 31 May 2024

520,552

877,649

57,384

116,300

1,571,885

Depreciation

At 1 June 2023

333,545

34,554

6,886

-

374,985

Charge for the year

46,064

142,769

1,148

29,075

219,056

At 31 May 2024

379,609

177,323

8,034

29,075

594,041

Carrying amount

At 31 May 2024

140,943

700,326

49,350

87,225

977,844

At 31 May 2023

179,057

370,405

50,498

-

599,960

 

Eagle Cargo Services Limited

trading as Eagle Cargo Services Ltd

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

6

Debtors

Current

2024
£

2023
£

Trade debtors

1,567,136

1,115,345

Prepayments

5,390

10,099

Other debtors

944,386

925,162

 

2,516,912

2,050,606

 

Eagle Cargo Services Limited

trading as Eagle Cargo Services Ltd

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

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

1,249,969

1,231,272

Taxation and social security

38,249

7,951

Accruals and deferred income

68,605

57,605

Other creditors

136,678

195,867

1,493,501

1,492,695

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

741,064

312,107

Non-current loans and borrowings

2024
£

2023
£

HP and finance lease liabilities

741,064

312,107

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

Class B of £1 each

1

1

1

1

Class C of £1 each

1

1

1

1

Class D of £1 each

1

1

1

1

103

103

103

103