REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 June 2024 |
for |
Paulmart Limited |
Trading as |
Action International Freight Forwarders |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 June 2024 |
for |
Paulmart Limited |
Trading as |
Action International Freight Forwarders |
Paulmart Limited (Registered number: 02483105) |
Trading as Action International Freight Forwarders |
Contents of the Financial Statements |
for the year ended 30 June 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Chartered Accountants' Report | 10 |
Paulmart Limited |
Trading as Action International Freight Forwarders |
Company Information |
for the year ended 30 June 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
St George's Court |
Winnington Avenue |
Northwich |
Cheshire |
CW8 4EE |
Paulmart Limited (Registered number: 02483105) |
Trading as Action International Freight Forwarders |
Balance Sheet |
30 June 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Revaluation reserve |
Retained earnings |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Paulmart Limited (Registered number: 02483105) |
Trading as Action International Freight Forwarders |
Balance Sheet - continued |
30 June 2024 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Paulmart Limited (Registered number: 02483105) |
Trading as Action International Freight Forwarders |
Notes to the Financial Statements |
for the year ended 30 June 2024 |
1. | STATUTORY INFORMATION |
Paulmart Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover is the amount of revenue derived from the provision of services falling within the company's ordinary activities after deduction of trade discounts and value-added tax. |
Turnover is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods delivered on behalf of third party customers, net of returns, discounts and rebates allowed by the company and value added taxes. |
Where the consideration receivable in cash or cash equivalents is deferred, and the arrangement constitutes a financing transaction, the fair value of the consideration is measured as the present value of all future receipts using the imputed rate of interest. |
The company recognises turnover under British International Freight Association ("BIFA") rules so when (a) the significant risks and rewards of transporting the goods have been transferred to the buyer; (b) the company retains no continuing managerial involvement or effective control over the goods; (c) the amount of turnover and costs can be measured reliably; (d) it is probable that future economic benefits will flow to the entity. |
Tangible fixed assets |
Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. On transition to FRS 102 in the year ended 30 June 2016, the company took advantage of the one-off election to revalue the freehold property which subsequently became its deemed cost. |
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows: |
Freehold property - 2% on cost |
Fixtures and fittings - 10% on cost |
Computer equipment - 15% on cost |
Freehold land is not depreciated. |
Paulmart Limited (Registered number: 02483105) |
Trading as Action International Freight Forwarders |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate. |
Short term debtors and creditors |
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the income statement. |
Share capital |
Ordinary A, B Non-voting and Ordinary D shares are classed as equity. |
Distributions to equity holders |
Dividends are recognised as a liability in the financial statements in the period in which the dividends are approved by the company's shareholders. These amounts are recognised in the statement of changes in equity. |
Cash and cash equivalents |
Cash and cash equivalents includes cash in hand, cash held with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. |
Investments |
Listed investments are recognised in the financial statements at fair value. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Paulmart Limited (Registered number: 02483105) |
Trading as Action International Freight Forwarders |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 July 2023 |
and 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
Cost or valuation at 30 June 2024 is represented by: |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
Valuation in 2009 | 126,575 | - | 126,575 |
Valuation in 2015 | 59,999 | - | 59,999 |
Cost | 133,426 | 187,927 | 321,353 |
320,000 | 187,927 | 507,927 |
If Freehold property had not been revalued it would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 133,425 | 133,425 |
Aggregate depreciation | 60,419 | 57,750 |
Freehold property was valued on an open market basis on 24 September 2015 by Parkinson . |
On transition to FRS 102 in the year ended 30 June 2016, the company took advantage of the one-off election to revalue the freehold property. It was subsequently measured under the cost model using fair value at the transition date as deemed cost. |
Paulmart Limited (Registered number: 02483105) |
Trading as Action International Freight Forwarders |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST OR VALUATION |
At 1 July 2023 |
Additions |
Revaluations |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
Cost or valuation at 30 June 2024 is represented by: |
Other |
investments |
£ |
Valuation in 2020 | 145,369 |
Valuation in 2021 | 147,279 |
Valuation in 2022 | 89,185 |
Valuation in 2023 | 138,398 |
Valuation in 2024 | 203,899 |
724,130 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Amounts owed by group undertakings are repayable on demand and attract interest at 0%. |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Paulmart Limited (Registered number: 02483105) |
Trading as Action International Freight Forwarders |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
10. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax |
Deferred tax |
£ |
Balance at 1 July 2023 |
Credit to Income Statement during year | ( |
) |
Balance at 30 June 2024 |
Deferred tax is provided on temporary differences between the net book value of tangible fixed assets and the tax written down values as a result of accelerated capital allowances. |
Deferred tax is provided on temporary differences between the valuation of the freehold property and the deemed cost as a result of the revaluation. |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
1,008 | A Ordinary | £1 | 1,008 | 1,008 |
2 | B Non-voting | £1 | 2 | 2 |
336 | D Ordinary | £1 | 336 | 336 |
1,346 | 1,346 |
The A Ordinary and D Ordinary shares each carry one voting right, have no restrictions on dividends declared and have full right on a capital contribution. |
The B Non-voting shares do not entitle the holder to any right to receive notice of, attend, or vote at any general meeting of the company. There are no restrictions on dividends declared. |
12. | RELATED PARTY DISCLOSURES |
During the year, the company made purchases of £152,657 (2023: £113,500) from a company under common control. At the year end, the company owed the related party £8,263 (2023: £5,420) which is repayable under normal business terms. |
13. | ULTIMATE PARENT COMPANY |
Action Import and Export Group Limited is the ultimate parent company. |
The ultimate controlling party is considered to be the Action International Group Employee Ownership Trust who owns 95% of the shares in the parent company. |
Paulmart Limited (Registered number: 02483105) |
Trading as Action International Freight Forwarders |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
14. | EMPLOYEE OWNERSHIP TRUST |
On 1 March 2023, the shareholders of the parent company, Action Import and Export Group Limited elected to sell 95% of their shares to the Company's employees through the mechanism of an Employee Ownership Trust. As a result of this transaction, Paulmart Limited made an initial contribution of £1,010,000, through Action Import and Export Group Limited to the former shareholders. |
Paulmart Limited and its parent, Action Import and Export Group Limited, are guarantors for loan notes issued on behalf of the trust known as "The Action International Group Employee Ownership Trust". There are loan notes authorised of up to £12.5m but at the year end, £7.6m loan notes were issued. There is a fixed and floating charge over the assets of the company in relation to the loan notes. |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Paulmart Limited |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Paulmart Limited for the year ended 30 June 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Paulmart Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Paulmart Limited and state those matters that we have agreed to state to the Board of Directors of Paulmart Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Paulmart Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Paulmart Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Paulmart Limited. You consider that Paulmart 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 financial statements of Paulmart 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 financial statements. |
Chartered Accountants |
St George's Court |
Winnington Avenue |
Northwich |
Cheshire |
CW8 4EE |