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REGISTERED NUMBER: 02483105 (England and Wales)






















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: C E Buist
P Murphy
C Murphy
J Buist





SECRETARY: C E Buist





REGISTERED OFFICE: Active Court
237 Liverpool Road
Birkdale
Southport
Lancashire
PR8 4PJ





REGISTERED NUMBER: 02483105 (England and Wales)





ACCOUNTANTS: Bennett Brooks & Co Limited
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 4 304,375 322,485
Investments 5 724,130 520,231
1,028,505 842,716

CURRENT ASSETS
Debtors 6 1,888,653 1,318,237
Cash at bank and in hand 1,157,460 2,423,295
3,046,113 3,741,532
CREDITORS
Amounts falling due within one year 7 (1,415,543 ) (1,548,692 )
NET CURRENT ASSETS 1,630,570 2,192,840
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,659,075

3,035,556

CREDITORS
Amounts falling due after more than one year 8 (175,000 ) (275,000 )

PROVISIONS FOR LIABILITIES 10 (20,471 ) (24,943 )
NET ASSETS 2,463,604 2,735,613

CAPITAL AND RESERVES
Called up share capital 11 1,346 1,346
Revaluation reserve 172,650 176,381
Retained earnings 2,289,608 2,557,886
2,463,604 2,735,613

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

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


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 18 March 2025 and were signed on its behalf by:




P Murphy - Director



C E Buist - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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 20 (2023 - 20 ) .

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 320,000 187,927 507,927
DEPRECIATION
At 1 July 2023 51,200 134,242 185,442
Charge for year 6,400 11,710 18,110
At 30 June 2024 57,600 145,952 203,552
NET BOOK VALUE
At 30 June 2024 262,400 41,975 304,375
At 30 June 2023 268,800 53,685 322,485

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 520,231
Additions 131,139
Revaluations 72,760
At 30 June 2024 724,130
NET BOOK VALUE
At 30 June 2024 724,130
At 30 June 2023 520,231

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 1,705,143 1,091,180
Amounts owed by group undertakings 36,555 22,346
Other debtors 146,955 204,711
1,888,653 1,318,237

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 100,000 100,000
Trade creditors 717,556 307,153
Taxation and social security 251,228 301,261
Other creditors 346,759 840,278
1,415,543 1,548,692

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£ £
Bank loans 175,000 275,000

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 275,000 375,000

10. PROVISIONS FOR LIABILITIES
2024 2023
£ £
Deferred tax 20,471 24,943

Deferred tax
£
Balance at 1 July 2023 24,943
Credit to Income Statement during year (4,472 )
Balance at 30 June 2024 20,471

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.






Bennett Brooks & Co Limited
Chartered Accountants
St George's Court
Winnington Avenue
Northwich
Cheshire
CW8 4EE


18 March 2025