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Company registration number: 01365278
Clan International Transport Services Limited
Filleted financial statements
31 December 2023
Clan International Transport Services Limited
Contents
Directors and other information
Directors responsibilities statement
Statement of financial position
Notes to the financial statements
Clan International Transport Services Limited
Directors and other information
Directors P G Neylon
R A Cowley
Secretary P Rangari
Company number 01365278
Registered office 126 Fairlie Road
Slough
Berkshire
SL1 4PY
Auditor Leftley Rowe & Company
Second Floor
87 Kenton Road
Harrow
Middlesex
HA3 0AH
Bankers Barclays Bank Plc
Slough Business Centre
PO Box 756
Berkshire
SL1 4SG
Clan International Transport Services Limited
Directors responsibilities statement
Year ended 31 December 2023
The directors are responsible for preparing the directors report and the 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 (United Kingdom Accounting Standards and applicable law). Under company law the directors 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 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 judgments and accounting estimates that are reasonable and prudent; and
- 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.
Clan International Transport Services Limited
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 31,726 8,949
_______ _______
31,726 8,949
Current assets
Debtors 6 1,149,119 1,888,495
Cash at bank and in hand 124,189 70,762
_______ _______
1,273,308 1,959,257
Creditors: amounts falling due
within one year 7 ( 2,242,496) ( 2,848,983)
_______ _______
Net current liabilities ( 969,188) ( 889,726)
_______ _______
Total assets less current liabilities ( 937,462) ( 880,777)
_______ _______
Net liabilities ( 937,462) ( 880,777)
_______ _______
Capital and reserves
Called up share capital 8 2,000 2,000
Profit and loss account ( 939,462) ( 882,777)
_______ _______
Shareholders deficit ( 937,462) ( 880,777)
_______ _______
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.
These financial statements were approved by the board of directors and authorised for issue on 05 March 2025 , and are signed on behalf of the board by:
P G Neylon
Director
Company registration number: 01365278
Clan International Transport Services Limited
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 126 Fairlie Road, Slough, Berkshire, SL1 4PY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company shows a position of net liabilities at the Balance Sheet date. The parent company has confirmed that it will continue to support the company with its working capital requirements for a period of at least twelve months from the date of approval of these financial statements. The directors therefore continue to prepare the financial statements on the going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
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.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Short leasehold property - Over life of lease
Plant and machinery - 20% straight line per annum
Fittings fixtures and equipment - 33% straight line per annum
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 20 (2022: 11 ).
5. Tangible assets
Short leasehold property Plant and machinery Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 1 January 2023 7,460 32,848 13,071 53,379
Additions 24,025 1,805 2,829 28,659
_______ _______ _______ _______
At 31 December 2023 31,485 34,653 15,900 82,038
_______ _______ _______ _______
Depreciation
At 1 January 2023 414 32,848 11,168 44,430
Charge for the year 4,624 150 1,108 5,882
_______ _______ _______ _______
At 31 December 2023 5,038 32,998 12,276 50,312
_______ _______ _______ _______
Carrying amount
At 31 December 2023 26,447 1,655 3,624 31,726
_______ _______ _______ _______
At 31 December 2022 7,046 - 1,903 8,949
_______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 680,502 1,379,792
Other debtors 468,617 508,703
_______ _______
1,149,119 1,888,495
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 350,136 477,746
Amounts owed to group undertakings and undertakings in which the company has a participating interest 1,712,488 1,950,322
Social security and other taxes 29,446 14,405
Other creditors 150,426 406,510
_______ _______
2,242,496 2,848,983
_______ _______
8. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 2,000 2,000 2,000 2,000
_______ _______ _______ _______
9. Summary audit opinion
The auditor's report for the year dated 13 March 2025 was unqualified.
The senior statutory auditor was Christopher Andrews ACA for and on behalf of Leftley Rowe & Company
10. Ultimate parent undertaking
The ultimate parent company is Fullers Holdings Limited, a company incorporated in England and Wales.
11. Going concern
The company has made losses following the Covid-19 pandemic and shows a position of net liabilities at the Balance Sheet date. The parent company has confirmed that it will continue to support the company by not demanding repayment of amounts owed for a period of at least twelve months from the date of approval of these financial statements. The directors therefore consider that the company remains a going concern.