Registered number
NI639735
Clonlum Cargo Associates Limited
Filleted Accounts
31 December 2024
Clonlum Cargo Associates Limited
Registered number: NI639735
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 3,591 4,892
Current assets
Debtors 4 8,293 6,726
Cash at bank and in hand 19,472 11,759
27,765 18,485
Creditors: amounts falling due within one year 5 (6,259) (4,099)
Net current assets 21,506 14,386
Net assets 25,097 19,278
Capital and reserves
Called up share capital 300 300
Profit and loss account 24,797 18,978
Shareholder's funds 25,097 19,278
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Malcolm Knox
Director
Approved by the board on 12 March 2025
Clonlum Cargo Associates Limited
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Fixtures & Fittings
£
Cost
At 1 January 2024 7,605
Additions 275
At 31 December 2024 7,880
Depreciation
At 1 January 2024 2,713
Charge for the year 1,576
At 31 December 2024 4,289
Net book value
At 31 December 2024 3,591
At 31 December 2023 4,892
4 Debtors 2024 2023
£ £
Trade debtors 7,993 6,426
Other debtors 300 300
8,293 6,726
5 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 4,040 1,986
Other creditors 2,219 2,113
6,259 4,099
6 Events after the reporting date
There have been no events since the balance sheet date which would require the financial statements to be re-stated.
7 Contingent liabilities
As far as the director is aware there are no contingent liabilities at 31st December 2024 not provided for in the accounts.
8 Controlling party
The company is wholly owned by Mr Malcolm Knox.
9 Other information
Clonlum Cargo Associates Limited is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
38 Chapel Road
Killeavey
Newry
Co. Down
BT35 8JY
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