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REGISTERED NUMBER: 02541472 (England and Wales)









Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 30 September 2024

for

Cargo Overseas Limited

Cargo Overseas Limited (Registered number: 02541472)






Contents of the Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


Cargo Overseas Limited

Company Information
for the Year Ended 30 September 2024







DIRECTORS: Mr P D Curran
Mr S R Clarke
Mr P Smith
Mr S G Horan
Mr C Claridge





SECRETARY: Mr P D Curran





REGISTERED OFFICE: Floats Road
Roundthorne Industrial Estate
Wythenshawe
Manchester
M23 9NJ





REGISTERED NUMBER: 02541472 (England and Wales)





AUDITORS: Harts Limited
Chartered Accountants and Statutory Auditors
Westminster House
10 Westminster Road
Macclesfield
Cheshire
SK10 1BX

Cargo Overseas Limited (Registered number: 02541472)

Strategic Report
for the Year Ended 30 September 2024

The directors present their strategic report for the year ended 30 September 2024.

PRINCIPAL ACTIVITIES AND BUSINESS REVIEW
The principal activity of the business is that of an international freight forwarder. This involves arranging the transportation of goods internationally, including customs formalities.

The directors are pleased to present another successful year's results. The business has seen a significant increase in turnover, with the turnover increasing from £55.368m in 2023 to £57.04m in the year under review. This growth has been achieved despite a large fluctuations of international freight rates. The Company has continued investing in technology. We are offering our customers new and innovative solutions to improve the efficiency of their supply chain.

The Company's key financial and other performance indicators during the year were as follows:

Unit 2024 2023
Turnover £'000 57,040 55,368
Gross Profit % 19.9 22.1
Net Profit % 6.4 8.7
Receivable Days 55 32


The business' overhead has increased in the year under review with further investment in digital technology.

During the year in review the company has embarked on its ESG journey. We are committed to reducing our carbon footprint as well as helping our customers to de-carbonize their supply chain. We are not just committed to reducing our environmental impact, we are also dedicated to the social aspect of ESG. During the year in review, we have implemented a shadow board to increase visibility and communication within the company. Another initiative we are trialling is a 4-day work week. The aim of this is to improve employee wellbeing without compromising on productivity.

PRINCIPAL RISKS AND UNCERTAINTIES
We expect freight rates to fluctuate and increase due to geopolitical factors in the Red Sea region and the vessel diversions that have been implemented in response to this. The war in Ukraine continues to cause disruption. Gross profit percentage has decreased from 22.1% to 19.9%. The additional complexity in arranging logistics solutions has resulted in a higher cost being placed on freight forwarding businesses to continue to minimise disruption.

The company continues to face challenges in managing foreign exchange fluctuations in light of the current political uncertainty. The directors continue to monitor the situation closely and take steps to hedge financial exposure.

The effect of UK leaving the European Union has increased the work required by the operations of the business. The flow of freight around Europe has slowed down due to additional controls and regulation, which have also increased operational costs.

As the world grows more reliant on digital platforms the company intends to continue to make significant investment in technology to provide digital freight forwarding solutions to our customers. This involves the use of technology to provide competitive instant pricing and real time information regarding their supply chain.

FUTURE DEVELOPMENTS
We continue to invest heavily in digitisation to improve the efficiency of our operations. This means software that allows more real time information into the supply chain for the benefit of our customers. We also have developed software systems to automate tasks which are historically manual and time consuming, this will continue into the coming years.

Cargo Overseas Limited (Registered number: 02541472)

Strategic Report
for the Year Ended 30 September 2024


We expect freight rates to remain volatile in the coming year. The market will remain very competitive and we intend to invest in our sales team to get our offerings to a larger customer base.

ON BEHALF OF THE BOARD:



Mr P D Curran - Director


25 June 2025

Cargo Overseas Limited (Registered number: 02541472)

Report of the Directors
for the Year Ended 30 September 2024

The directors present their report with the financial statements of the company for the year ended 30 September 2024.

DIVIDENDS
The total distribution of dividends for the year ended 30 September 2024 was £3,000,000 (2023: £6,151,077).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report.

Mr P D Curran
Mr S R Clarke
Mr P Smith

Other changes in directors holding office are as follows:

Mr D P McCluskey - resigned 15 July 2024
Mr N J Draper - resigned 4 January 2024

Mr S G Horan and Mr C Claridge were appointed as directors after 30 September 2024 but prior to the date of this report.

MATTERS COVERED IN THE STRATEGIC REPORT
As permitted by S414c(11) of Companies Act 2006, the director has elected to disclose information, required to be in the director's report by schedule 7 of the 'Large and Medium-sized Companies, and Groups (Accounts and Reports) Regulation 2008, in the Strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 of 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 judgements and accounting estimates that are reasonable and prudent;
-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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Cargo Overseas Limited (Registered number: 02541472)

Report of the Directors
for the Year Ended 30 September 2024


AUDITORS
The auditors, Harts Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr P D Curran - Director


25 June 2025

Report of the Independent Auditors to the Members of
Cargo Overseas Limited

Opinion
We have audited the financial statements of Cargo Overseas Limited (the 'company') for the year ended 30 September 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 September 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Cargo Overseas Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

Our approach was as follows:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (UK GAAP and the Companies Act 2006) and employment law. In addition the Company has to comply with laws and regulations relating to its operations and health and safety.

We understood how Cargo Overseas Limited is complying with those frameworks by making inquiries of management and confirmation, to identify any non-compliance with laws and regulations.

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by discussion with directors to understand where it's considered there was a susceptibility to fraud. We considered the controls that the Company has established to address risks identified, or that otherwise prevent, deter and detect fraud.

To address the risk of fraud through management bias and override of controls, we performed analytical procedures to identify any unusual or unexpected relationships; investigated the rationale behind significant or unusual transactions; and tested journal entries to identify unusual transactions.

Report of the Independent Auditors to the Members of
Cargo Overseas Limited


There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Material misstatement that arises due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations that could materially impact the financial statements. Taking into accounts our understanding of the Company, our procedures involved enquires of management and focussed testing as appropriate with consideration to risk assessment.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




David Taylor BFP FCA (Senior Statutory Auditor)
for and on behalf of Harts Limited
Chartered Accountants and Statutory Auditors
Westminster House
10 Westminster Road
Macclesfield
Cheshire
SK10 1BX

25 June 2025

Cargo Overseas Limited (Registered number: 02541472)

Income Statement
for the Year Ended 30 September 2024

30.9.24 30.9.23
Notes £    £   

TURNOVER 4 57,040,440 55,368,407

Cost of sales (45,678,430 ) (43,152,928 )
GROSS PROFIT 11,362,010 12,215,479

Administrative expenses (7,704,516 ) (7,434,675 )
3,657,494 4,780,804

Other operating income 63,990 37,867
OPERATING PROFIT 6 3,721,484 4,818,671


Interest payable and similar expenses 8 (3,396 ) (1,861 )
PROFIT BEFORE TAXATION 3,718,088 4,816,810

Tax on profit 9 (992,891 ) (1,099,890 )
PROFIT FOR THE FINANCIAL YEAR 2,725,197 3,716,920

Cargo Overseas Limited (Registered number: 02541472)

Other Comprehensive Income
for the Year Ended 30 September 2024

30.9.24 30.9.23
Notes £    £   

PROFIT FOR THE YEAR 2,725,197 3,716,920


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

2,725,197

3,716,920

Cargo Overseas Limited (Registered number: 02541472)

Balance Sheet
30 September 2024

30.9.24 30.9.23
Notes £    £   
FIXED ASSETS
Intangible assets 11 157,118 238,642
Tangible assets 12 189,875 263,010
346,993 501,652

CURRENT ASSETS
Debtors 13 16,544,442 6,212,145
Cash at bank 4,579,108 5,135,433
21,123,550 11,347,578
CREDITORS
Amounts falling due within one year 14 (14,917,165 ) (5,008,986 )
NET CURRENT ASSETS 6,206,385 6,338,592
TOTAL ASSETS LESS CURRENT LIABILITIES 6,553,378 6,840,244

PROVISIONS FOR LIABILITIES 17 (10,918 ) (22,981 )
NET ASSETS 6,542,460 6,817,263

CAPITAL AND RESERVES
Called up share capital 18 12,500 12,500
Retained earnings 19 6,529,960 6,804,763
SHAREHOLDERS' FUNDS 6,542,460 6,817,263

The financial statements were approved by the Board of Directors and authorised for issue on 25 June 2025 and were signed on its behalf by:





Mr P D Curran - Director


Cargo Overseas Limited (Registered number: 02541472)

Statement of Changes in Equity
for the Year Ended 30 September 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 October 2022 12,500 9,238,920 9,251,420

Changes in equity
Dividends - (6,151,077 ) (6,151,077 )
Total comprehensive income - 3,716,920 3,716,920
Balance at 30 September 2023 12,500 6,804,763 6,817,263

Changes in equity
Dividends - (3,000,000 ) (3,000,000 )
Total comprehensive income - 2,725,197 2,725,197
Balance at 30 September 2024 12,500 6,529,960 6,542,460

Cargo Overseas Limited (Registered number: 02541472)

Notes to the Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

Cargo Overseas 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. STATEMENT OF COMPLIANCE

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" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d).

The parent company is Venture Asset Management Limited. The consolidated financial statements are available on request from the registered office.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

- Tangible fixed assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annual and may vary depending on a number of factors. In re-assessing asset lives, factors such as technical innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

- Determination whether the leases entered into the company as lessee are operating leases and not finance leases. These decisions depend on an assessment of whether the risk and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

- Determination that there are no indicators of the impairment of the companies tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future performance of that unit.

- Determination of recoverability of trade debtors. A specific provision is made against certain debts where in the opinion of the directors the debt is not fully recoverable.

Cargo Overseas Limited (Registered number: 02541472)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

3. ACCOUNTING POLICIES - continued

Turnover
The turnover shown in the statement of income and retained earnings represents amounts invoiced during the year, upon delivery of goods to the customer, exclusive of value added tax. Income is recognised at the point goods arrive at their destination.

Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of businesses, is being amortised evenly over the estimated useful life of ten years.

Air Systems - acquired in 2011 for £150,000
Avian - acquired in 2013 for £46,305
Eurobase - acquired in 2014 for £160,000
McMillans - acquired in 2015 for £150,000
Quantum - acquired 2019 for £75,607

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost
Computer equipment - 20% on cost

Impairment of Fixed Assets
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 amount exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, where 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 which are largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash generated units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


Cargo Overseas Limited (Registered number: 02541472)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

3. ACCOUNTING POLICIES - continued
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

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.


Cargo Overseas Limited (Registered number: 02541472)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

3. ACCOUNTING POLICIES - continued
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
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities dominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

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 profit or loss in the period to which they relate.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company has the ability to trade in the future with support from the directors and other connected companies. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

30.9.24 30.9.23
£    £   
Air 9,900,961 11,260,775
Sea 33,466,387 28,960,492
Road 11,224,308 10,249,760
Other 2,448,784 4,897,380
57,040,440 55,368,407

Cargo Overseas Limited (Registered number: 02541472)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

4. TURNOVER - continued

An analysis of turnover by geographical market is given below:

30.9.24 30.9.23
£    £   
United Kingdom 45,744,379 47,063,146
Rest of the World 11,296,061 8,305,261
57,040,440 55,368,407

5. EMPLOYEES AND DIRECTORS
30.9.24 30.9.23
£    £   
Wages and salaries 3,621,118 3,525,590
Social security costs 582,816 589,699
Other pension costs 332,734 312,474
4,536,668 4,427,763

The average number of employees during the year was as follows:
30.9.24 30.9.23

Directors 5 5
Operations 59 57
Finance 10 10
Sales 10 12
IT 3 2
87 86

30.9.24 30.9.23
£    £   
Directors' remuneration 713,057 707,753
Directors' pension contributions to money purchase schemes 48,197 47,947

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 5

Information regarding the highest paid director is as follows:
30.9.24 30.9.23
£    £   
Emoluments etc 336,547 336,546
Pension contributions to money purchase schemes 10,200 10,200

Cargo Overseas Limited (Registered number: 02541472)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30.9.24 30.9.23
£    £   
Depreciation - owned assets 78,892 72,079
Profit on disposal of fixed assets - (27,525 )
Goodwill amortisation 43,187 46,520
Development costs amortisation 38,337 38,338
Foreign exchange differences (26,036 ) 33,273

7. AUDITORS' REMUNERATION
30.9.24 30.9.23
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

22,437

31,060

8. INTEREST PAYABLE AND SIMILAR EXPENSES
30.9.24 30.9.23
£    £   
Other interest payable 3,396 1,861

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.9.24 30.9.23
£    £   
Current tax:
UK corporation tax 1,000,793 1,081,785
(Over) Under provision in prior year 4,161 5,572
Total current tax 1,004,954 1,087,357

Deferred tax:
Deferred tax (12,234 ) 12,533
Prior year adjustment 171 -
Total deferred tax (12,063 ) 12,533

Tax on profit 992,891 1,099,890

Cargo Overseas Limited (Registered number: 02541472)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

9. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

30.9.24 30.9.23
£    £   
Profit before tax 3,718,088 4,816,810
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 22%)

929,522

1,059,698

Effects of:
Expenses not deductible for tax purposes 59,037 33,116
Adjustments to tax charge in respect of previous periods 4,161 5,572
previous periods

Deferred tax 171 1,504

deduction


Total tax charge 992,891 1,099,890

10. DIVIDENDS
30.9.24 30.9.23
£    £   
Ordinary shares of £1 each
Interim 3,000,000 6,151,077

11. INTANGIBLE FIXED ASSETS
Development
Goodwill costs Totals
£    £    £   
COST
At 1 October 2023
and 30 September 2024 581,912 191,686 773,598
AMORTISATION
At 1 October 2023 474,255 60,701 534,956
Amortisation for year 43,187 38,337 81,524
At 30 September 2024 517,442 99,038 616,480
NET BOOK VALUE
At 30 September 2024 64,470 92,648 157,118
At 30 September 2023 107,657 130,985 238,642

Cargo Overseas Limited (Registered number: 02541472)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

12. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 October 2023 208,083 27,525 166,026 401,634
Additions 5,757 - - 5,757
At 30 September 2024 213,840 27,525 166,026 407,391
DEPRECIATION
At 1 October 2023 74,163 1,720 62,741 138,624
Charge for year 39,513 6,882 32,497 78,892
At 30 September 2024 113,676 8,602 95,238 217,516
NET BOOK VALUE
At 30 September 2024 100,164 18,923 70,788 189,875
At 30 September 2023 133,920 25,805 103,285 263,010

13. DEBTORS
30.9.24 30.9.23
£    £   
Amounts falling due within one year:
Trade debtors 8,447,217 4,538,561
Amounts owed by group undertakings 411,452 583,554
Other debtors 6,944,784 720,606
VAT 107,486 71,875
Prepayments and accrued income 221,123 297,549
16,132,062 6,212,145

Amounts falling due after more than one year:
Other debtors 412,380 -

Aggregate amounts 16,544,442 6,212,145

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Trade creditors 3,673,175 (1,408,438 )
Amounts owed to group undertakings 1,920,411 1,800
Corporation tax 425,260 578,225
Social security and other taxes 126,496 120,374
Other creditors 23,876 22,196
Accruals and deferred income 8,747,947 5,694,829
14,917,165 5,008,986

Cargo Overseas Limited (Registered number: 02541472)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
30.9.24 30.9.23
£    £   
Within one year 110,902 134,227
Between one and five years 89,029 223,772
199,931 357,999

Lease payments recognised as an expense during the year are £431,590 (2023: £420,082).

16. SECURED DEBTS

The company is operating a duty deferment account, whereby, HMRC effectively gives agents credit for a certain time period to pay their customs charges, so a guarantee from an approved bank, Barclays Bank PLC, is currently in place as security.

17. PROVISIONS FOR LIABILITIES
30.9.24 30.9.23
£    £   
Deferred tax 10,918 22,981

Deferred
tax
£   
Balance at 1 October 2023 22,981
Credit to Income Statement during year (12,234 )
Prior year adjustment 171
Balance at 30 September 2024 10,918

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.9.24 30.9.23
value: £    £   
12,500 Ordinary £1 12,500 12,500

There are no restrictions on these shares.

19. RESERVES
Retained
earnings
£   

At 1 October 2023 6,804,763
Profit for the year 2,725,197
Dividends (3,000,000 )
At 30 September 2024 6,529,960

Cargo Overseas Limited (Registered number: 02541472)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

20. OTHER FINANCIAL COMMITMENTS

Cargo Overseas Ltd is the financial guarantor as per the tenancy lease agreement of Trilogy Freight Ltd, a related party. As per the latest tenancy agreement of Trilogy Freight Limited, the rent was £350,000 per annum and the expiry of the tenancy agreement was in October 2026.

21. ULTIMATE CONTROLLING PARTY

The controlling party is Venture Asset Management Limited.

The ultimate controlling party is VAM Will Trust.

The consolidated financial statements are available upon request from the registered office of the controlling party, Venture Asset Management Limited. The company is registered at the address:

Floats Road
Manchester
England,
M23 9NJ