Registration number:
Bring Cargo Limited
for the Year Ended 31 December 2024
Bring Cargo Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Bring Cargo Limited
Company Information
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Directors |
R Tutass S E Gibson B Eriksen |
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Company secretary |
S E Gibson |
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Registered office |
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Solicitors |
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Bankers |
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Auditors |
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Bring Cargo Limited
Strategic Report for the Year Ended 31 December 2024
The Directors present their strategic report for the year ended 31 December 2024.
Principal activity
The principal activity of the Company is shipping and freight forwarding agent, trailer operator, terminal, and warehouse keeper.
Fair review of the business
Turnover levels in the year have fallen by roughly 7%, which is symptomatic of the overall market conditions seen in the year with low demand in some markets. Gross margins have been maintained at 28%, however due to the drop in revenue gross profit has dropped in £ terms.
Overall profit levels are down year on year largely driven by the activity levels but strong cost control measures have ensured an excellent pre tax profit of £836k has been secured. All staff should be commended for their efforts during the year in helping to achieve this result with a keen focus on customer satisfaction as well as profitability.
General investment market conditions have helped reduce the pension liability substantially which, along with the healthy net profit achieved, has seen the company balance sheet strengthen to just over £6.6m.
The Directors are confident that the company will continue these positive results in the coming year with excellent results seen in the first half of 2025. The push to open up new avenues of revenue and add on services to existing income streams has yielded good growth in Q1 & Q2 with improvements in sales levels and profitability forecast for the new year.
The Company's key financial and other performance indicators during the year were as follows:
|
Financial KPIs |
Unit |
2024 |
2023 |
|
Company turnover |
£ |
10,387,912 |
11,117,814 |
|
Gross profit margin |
% |
28 |
28 |
|
Operating profit |
£ |
762,859 |
1,019,309 |
|
Net current assets |
£ |
4,180,667 |
4,547,531 |
|
Net assets/(liabilities) (including net pension liability of £1,929,000 (2023: £3,262,000)) |
£ |
6,627,979 |
4,773,522 |
Principal risks and uncertainties
Bring Cargo Limited
Strategic Report for the Year Ended 31 December 2024
Management expects continued pressure on gross profit margins because of currency fluctuations and increased competition from within the marketplace. Other risks and uncertainties are:
• Inflation across the UK is now at much more managable levels than in 2022/2023 however the company doesn’t have any loans or mortgages so Bank of England interest rate increases have minimal negative effects. The vast majority of work carried out is also done on spot quotes so the company can ensure that all current costs are taken into account when quoting for jobs.
• Fuel and energy costs. Unprecedented increases in fuel and energy costs could have an impact on the profit margins going forward as the cost of running the haulage goes up. A fuel surcharge percentage has been implemented and re-charged to customers in line with the additional costs incurred on the fuel.
• Pension Liability: The Company's defined benefit scheme has been closed to new members since 2000 and alternative pension options are now offered with no actuarial liability to the Company. The defined benefit scheme has a liability as disclosed in the accounts, which is under review and discussions with the trustees and the pension regulator regarding future funding proposals. Recent maket conditions have helped reduce the liability with trustees working to secure and improve this position going forwards.
• Competition: The Company has a strong position in its core Scandinavian trailer activities due to a long presence in the market and strong agents. Competition is closely monitored, and innovative measures taken where available to enhance market performance.
• Operational: The Company is dependent upon the continuity of commercial arrangements with customers, suppliers, and agents, which can change due to economic and commercial influences.
Bring Cargo Limited
Strategic Report for the Year Ended 31 December 2024
Approved and authorised by the
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......................................... |
Bring Cargo Limited
Directors' Report for the Year Ended 31 December 2024
The Directors present their report and the financial statements for the year ended 31 December 2024.
Directors of the Company
The directors who held office during the year were as follows:
Financial instruments
Objectives and policies
The Company uses financial instruments, other than derivatives, comprising cash and other liquid resources and various other items such as trade debtors and creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the Company's operations.
The main risk arising from the Company's financial instruments is liquidity risk. The directors review and agree policies for managing this risk and they are summarised below. The policy has remained unchanged from previous periods.
Price risk, credit risk, liquidity risk and cash flow risk
The Company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.
Future developments
The Directors continue to maintain the management policies despite the difficult economic climate and the competitive nature of the industry. They consider that the Company aims to grow and strengthen its position in the next year both from existing and new markets.
Disclosure of information to the auditors
Each Director has taken steps that they ought to have taken as a Director in order to make themselves aware of any relevant audit information and to establish that the Company's auditors are aware of that information. The Directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
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Bring Cargo Limited
Statement of Directors' Responsibilities
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:
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select suitable accounting policies and apply them consistently; |
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• |
make judgements and accounting estimates that are reasonable and prudent; |
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• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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 and in accordance with FRS 102. 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.
Bring Cargo Limited
Independent Auditor's Report to the Members of Bring Cargo Limited
Opinion
We have audited the financial statements of Bring Cargo Limited for the year ended 31 December 2024, which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the 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 FRS 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 31 December 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 Auditor’s 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 of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in this report, we do not express any form of assurance conclusion thereon.
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 course of 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 the other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Directors' Report.
Bring Cargo Limited
Independent Auditor's Report to the Members of Bring Cargo Limited
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 6, 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 is 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.
Auditor 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 an auditor’s report 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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Discussions with management held, including consideration of known or suspected instances of non-compliance. |
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Challenging assumptions and judgements made with significant accounting estimates including the valuation of pension and properties. |
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Identification of key laws and regulations central to the company's operation and review of compliance with such laws. |
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Testing of journal entries and potential areas for management override of systems. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulations. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 auditor's report.
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 an auditor’s report 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.
Bring Cargo Limited
Independent Auditor's Report to the Members of Bring Cargo Limited
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For and on behalf of
26 South Saint Mary's Gate
North East Lincolnshire
DN31 1LW
Bring Cargo Limited
Profit and Loss Account for the Year Ended 31 December 2024
|
Note |
2024 |
2023 |
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Turnover |
|
|
|
|
Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Other operating income |
|
- |
|
|
Operating profit |
762,859 |
1,019,309 |
|
|
Other interest receivable and similar income |
|
|
|
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Interest payable and similar expenses |
( |
( |
|
|
72,748 |
53,361 |
||
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Profit before tax |
|
|
|
|
Tax on profit |
( |
( |
|
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Profit for the financial year |
|
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Bring Cargo Limited
Statement of Comprehensive Income for the Year Ended 31 December 2024
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2024 |
2023 |
|
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Profit for the year |
|
|
|
Surplus on property, plant and equipment revaluation |
|
- |
|
Remeasurement gain/(loss) on defined benefit pension schemes |
|
( |
|
Movement on deferred tax relating to pension liability |
(264,500) |
50,500 |
|
1,244,266 |
(151,500) |
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|
Total comprehensive income for the year |
|
|
Bring Cargo Limited
(Registration number: 01081351)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investment property |
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- |
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Investments |
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Debtors |
|
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|
|
|
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Current assets |
|||
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Stocks |
|
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Debtors |
|
|
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Cash at bank and in hand |
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|
|
|
|
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||
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
|
|
|
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Total assets less current liabilities |
|
|
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets excluding pension asset/(liability) |
8,556,979 |
8,035,522 |
|
|
Net pension liability |
(1,929,000) |
(3,262,000) |
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Net assets |
|
|
|
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Capital and reserves |
|||
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Called up share capital |
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Fair value reserve |
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|
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Retained earnings |
|
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|
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Shareholders' funds |
|
|
Approved and authorised by the
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Bring Cargo Limited
Statement of Changes in Equity for the Year Ended 31 December 2024
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Share capital |
Fair value reserve |
Retained earnings |
Total |
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At 1 January 2024 |
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|
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Profit for the year |
- |
- |
|
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Other comprehensive income |
- |
|
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Total comprehensive income |
- |
|
|
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|
At 31 December 2024 |
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|
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Share capital |
Fair value reserve |
Retained earnings |
Total |
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|
At 1 January 2023 |
|
|
|
|
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Profit for the year |
- |
- |
|
|
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Other comprehensive income |
- |
- |
( |
( |
|
Total comprehensive income |
- |
- |
|
|
|
At 31 December 2023 |
50,000 |
199,432 |
4,524,090 |
4,773,522 |
Bring Cargo Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Accounting policies |
Statement of compliance
Bring Cargo Limited is a private company limited by shares, domicled and incorporated in England and Wales. The Registered Office is Scandic Terminal, North Moss Lane, Stallingborough, DN41 8DD.
The Company's financial statements have been prepared in compliance with FRS 102.
Basis of preparation
The financial statements of Bring Cargo Limited were authorised for issue by the Board of Directors on XXX. The financial statements have been prepared in compliance with FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" as it applies to the financial statements for the period ended 31 December 2024. The financial statements are prepared in sterling which is the functional currency of the Company and are rounded to the nearest pound.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. Increased adoption of cost tariffs into our operational IT System across our markets increases the accuracy of the estimation/actual conversion which gives increased comfort to our estimation process.
The company has an obligation to pay pension benefits to certain employees. The cost of these benefits and the present value of the obligation depend on a number of factors, including; life expectancy, salary increases, asset valuations and the discount rate on corporate bonds.
Management estimates these factors in determining the net pension obligation in the balance sheet. The assumptions reflect historical experience and current trends. For details of assumptions adopted, see note 18.
A deferred tax asset has been included in non current debtors in relation to the defined benefit pension liability. The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Disclosure exemptions
The company has taken advantage of the following disclosure exemptions in prearing these financial statements, as permitted by the FRS 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'':
• the requirements of section 7 Statement of Cash Flows;
• the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
• the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
• the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
• the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Posten Norge AS.
Exemption from preparing group accounts
The financial statements contain information about Bring Cargo Limited as an individual Company and do not contain consolidated financial information as the parent of a group.
The Company is exempt under section 401 of the Companies Act 2006 from the requirement to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Posten Norge AS, a Company incorporated in Norway.
Bring Cargo Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The Company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- and specific criteria have been met for each of the Company's activities.
Foreign currency transactions and balances
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates taxable income.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction, over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Freehold land |
No depreciation |
|
Freehold buildings |
2% per annum of cost or valuation |
|
Plant and machinery |
20% reducing balance, 15 years straight line |
|
Motor vehicles |
25% reducing balance |
|
Fixtures and fittings |
Between 10% and 25% straight line |
Revaluation of properties
Revaluation gains are recognised in other comprehensive income and accumulated in the revaluation reserve, unless they reverse a previous decrease that was recognised in profit or loss. Revaluation losses are also recognised in the revaluation reserve to the extent of a previous revaluation surplus in respect of that asset. Any excess loss is then recorded in profit or loss.
Bring Cargo Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.
Non-current debtors
Non-current debtors relate to deferred tax asset on the defined benefit pension liability.
Stocks
Stocks, which comprises consumables, are stated at the lower of cost and net realisable value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Leases
Tangible fixed assets acquired under finance leases or hire purchase contracts are capitalised at a value equal to the cost incurred by the Company in acquiring the relevant assets and depreciated in the same manner as other tangible fixed assets. The related obligations, net of future finance charges, are included in creditors. Finance charges arising are shown under interest payable in the profit and loss account.
Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Bring Cargo Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Defined benefit pension obligation
Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. Post-employment benefits are recognised in accordance with IAS 19 Employee Benefits. The Company has a defined benefit pension plan that was closed to all new entrants on 31 March 2000.
The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date minus the fair value of plan assets. The defined benefit obligation is measured using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future payments by reference to market yields at the reporting date on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.
Actuarial gains and losses are charged or credited to other comprehensive income in the period in which they arise.
|
Revenue |
The analysis of the Company's Turnover for the year from continuing operations is as follows:
|
2024 |
2023 |
|
|
Rendering of services |
|
|
|
Other operating income |
The analysis of the Company's other operating income for the year is as follows:
|
2024 |
2023 |
|
|
Rental income |
|
- |
|
Operating profit |
Arrived at after charging/(crediting)
|
2024 |
2023 |
|
|
Depreciation expense |
|
|
|
Operating lease expense - rents payable on land and buildings |
|
|
|
Operating lease expense - plant and machinery |
|
|
|
Short term hire - plant and trailers |
|
|
|
Profit on disposal of property, plant and equipment |
( |
( |
|
Interest payable and similar expenses |
|
2024 |
2023 |
|
|
Foreign exchange (gains)/losses |
( |
|
|
Pension scheme net interest costs |
|
|
|
|
|
Bring Cargo Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Staff costs |
The aggregate payroll costs (including Directors' remuneration) were as follows:
|
2024 |
2023 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Pension costs, defined benefit scheme |
|
|
|
Defined benefit scheme, current service costs |
|
|
|
|
|
The average number of persons employed by the Company (including directors) during the year, analysed by category was as follows:
|
2024 |
2023 |
|
|
Directors |
|
|
|
Management and administration |
|
|
|
Operations/cargo handlers |
|
|
|
|
|
|
Directors' remuneration |
The Directors' remuneration for the year was as follows:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Contributions paid to pension schemes |
|
|
|
262,167 |
249,802 |
During the year the number of Directors who were receiving benefits and share incentives was as follows:
|
2024 |
2023 |
|
|
Accruing benefits under defined benefit pension scheme |
|
|
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid Director:
|
2024 |
2023 |
|
|
Remuneration |
146,156 |
145,271 |
|
Company contributions to defined benefit pension schemes |
28,794 |
27,708 |
Bring Cargo Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Auditors' remuneration |
|
2024 |
2023 |
|
|
Audit of the financial statements |
|
|
|
Other fees to auditors |
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All other assurance services |
|
|
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Taxation |
Tax charged/(credited) in the profit and loss account
|
2024 |
2023 |
|
|
Current taxation |
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UK corporation tax |
|
|
|
UK corporation tax adjustment to prior periods |
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|
|
166,471 |
183,892 |
|
|
Deferred taxation |
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Arising from origination and reversal of timing differences |
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|
|
Arising from changes in tax rates and laws |
- |
|
|
Total deferred taxation |
|
|
|
Tax expense in the income statement |
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|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2024 |
2023 |
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|
Profit before tax |
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|
|
Corporation tax at standard rate |
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|
|
Increase in UK and foreign current tax from adjustment for prior periods |
|
|
|
Tax increase from effect of capital allowances and depreciation |
|
|
|
Effect of revenues exempt from taxation |
( |
( |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Deferred tax expense from unrecognised temporary difference from a prior period |
|
|
|
Deferred tax expense relating to changes in tax rates or laws |
- |
|
|
Total tax charge |
|
|
Bring Cargo Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Deferred tax
Deferred tax assets and liabilities
|
2024 |
Asset |
Liability |
|
Accelerated capital allowances |
- |
|
|
Property revaluation |
- |
|
|
Deferred tax asset on pension liability |
|
- |
|
|
|
|
2023 |
Asset |
Liability |
|
Accelerated capital allowances |
- |
|
|
Deferred tax asset on pension liability |
|
- |
|
|
|
|
Tangible assets |
|
Land and buildings |
Fixtures and fittings |
Plant and machinery |
Motor vehicles |
Total |
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|
Cost or valuation |
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At 1 January 2024 |
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Revaluations |
|
- |
- |
- |
|
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Additions |
|
|
|
- |
|
|
Disposals |
- |
- |
( |
- |
( |
|
At 31 December 2024 |
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|
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Depreciation |
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At 1 January 2024 |
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Charge for the year |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Included within the net book value of land and buildings above is £3,242,255 (2023 - £2,528,015) in respect of freehold land and buildings.
Revaluation
Individual Freehold properties are re valued on a triennial basis using a fair value basis, with a surplus or deficit on the book value being charged (or credited) to the balance sheet Retained Earnings. The fair value of the Company's Land and buildings was revalued on 3 September 2024 by an independent valuer. All valuations have been carried out at market value using comparable recent transactions with land valued on an unimproved basis as greenfield land.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £
Bring Cargo Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Investment properties |
|
2024 |
|
|
Additions |
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At 31 December |
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Investment properties are re valued on a triennial basis using a fair value basis, with a surplus or deficit on the book value being charged (or credited) to the profit and loss account.
The fair value of the Company's Land and buildings was revalued on 3 September 2024 by an independent valuer. All valuations have been carried out at market value using comparable recent transactions with land valued on an unimproved basis as greenfield land.
|
Investments |
|
2024 |
2023 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
|
Cost or valuation |
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At 1 January 2024 and 31 December 2024 |
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Provision |
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At 1 January 2024 and 31 December 2024 |
- |
|
Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the Company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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|
2024 |
2023 |
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Subsidiary undertakings |
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Scandic Terminal, North Moss Lane, Stallingborough, N E Lincolnshire, DN41 8DD England |
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Scandic Terminal, North Moss Lane, Stallingborough, N E Lincolnshire, DN41 8DD England |
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Bring Cargo Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Subsidiary undertakings |
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Nor-Cargo Transport Limited The principal activity of Nor-Cargo Transport Limited is |
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Nor-Cargo Limited The principal activity of Nor-Cargo Limited is |
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Stocks |
|
2024 |
2023 |
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Consumables |
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Debtors |
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Current |
Note |
2024 |
2023 |
|
Trade debtors |
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Amounts owed by related parties |
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Other debtors |
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Prepayments |
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Corporation tax asset |
|
- |
|
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Non-current |
2024 |
2023 |
|
Deferred tax on the defined benefit pension liability |
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Cash and cash equivalents |
|
2024 |
2023 |
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Cash at bank |
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Creditors |
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Note |
2024 |
2023 |
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Due within one year |
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Trade creditors |
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Amounts owed to other group undertakings |
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Social security and other taxes |
|
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Outstanding defined contribution pension costs |
- |
|
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Other payables |
|
- |
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Accruals |
|
|
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Corporation tax liability |
- |
193,132 |
|
|
Amounts owed to subsidiary undertakings |
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Bring Cargo Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Deferred tax and other provisions |
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Deferred tax |
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At 1 January 2024 |
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Additional provisions |
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At 31 December 2024 |
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Pension and other schemes |
Defined contribution pension scheme
The Company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the Company to the scheme and amounted to £
Contributions totalling £Nil (2023 - £
The Company operates a pension scheme providing benefits based on final pensionable pay in the UK. The assets of the scheme are held separately from those of the Company, being invested with insurance companies.
A full actuarial valuation was made at 31 March 2023 and identified that the Scheme was in a deficit. As part of the recovery plan the Trustees of the pension scheme and the employer have agreed that an annual contribution of £405,500 will be paid to the Scheme annually in arrears for a period of 9 years from April 2024. The first payment, of £405,500 is therefore due on or before 31 March 2025. The funding shortfall is expected to be eliminated in 10 years from the valuation date, i.e. by 31 March 2033.
The total net income relating to defined benefit schemes for the year recognised in profit or loss as income was £258,000 (2023 - £256,000).
The total net income of £258,000 (2023 - £256,000) is made up of; employer contributions of £448,000 (2023 - £431,000) less current service costs of £40,000 (2023 - £32,000), less past service costs of £Nil (2023 - £Nil), less net interest costs of £133,000 (2023 - £143,000).
The total income/(costs) relating to defined benefit schemes for the year recognised in other comprehensive income as income/(costs) was £1,058,000 (2023 - £(202,000)). The total income of £1,058,000 is made up of; actuarial gains of £1,343,000 (2023 losses- £78,000), add experience adjustments of £90,000 (2023 - less £343,000), less return on scheme assets of £375,000 (2023 - add £219,000).
Reconciliation of scheme assets and liabilities to assets and liabilities recognised
The amounts recognised in the balance sheet are as follows:
|
2024 |
2023 |
|
|
Fair value of scheme assets |
|
|
|
Present value of defined benefit obligation |
( |
( |
|
Defined benefit pension scheme deficit |
( |
( |
Bring Cargo Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Defined benefit obligation
Changes in the defined benefit obligation are as follows:
|
2024 |
|
|
Present value at start of year |
|
|
Current service cost |
|
|
Interest cost |
|
|
Actuarial gains and losses |
( |
|
Benefits paid |
( |
|
Contributions by scheme participants |
|
|
Expenses |
( |
|
Experience adjustments |
( |
|
Present value at end of year |
|
Fair value of scheme assets
Changes in the fair value of scheme assets are as follows:
|
2024 |
|
|
Fair value at start of year |
|
|
Interest income |
|
|
Return on plan assets, excluding amounts included in interest income/(expense) |
( |
|
Employer contributions |
|
|
Contributions by scheme participants |
|
|
Benefits paid |
( |
|
Expenses |
( |
|
Fair value at end of year |
|
Analysis of assets
The major categories of scheme assets are as follows:
|
2024 |
2023 |
|
|
Equity instruments |
|
|
|
Bonds |
|
|
|
Property |
|
|
|
Alternatives/cash products |
370,000 |
318,000 |
|
|
|
Return on scheme assets
|
2024 |
2023 |
|
|
Return on scheme assets |
|
|
The pension scheme has not invested in any of the Company's own financial instruments or in properties or other assets used by the Company.
Bring Cargo Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Principal actuarial assumptions
The principal actuarial assumptions at the balance sheet date are as follows:
|
2024 |
2023 |
|
|
Discount rate |
5.20 |
4.35 |
|
Future salary increases |
|
|
|
Future pension increases - Category A |
|
|
|
Future pension increases - Category B |
|
|
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Inflation |
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Post retirement mortality assumptions
|
2024 |
2023 |
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Years |
Years |
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Current UK pensioners at retirement age - male |
21.3 |
21.4 |
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Current UK pensioners at retirement age - female |
23.8 |
23.8 |
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Future UK pensioners at retirement age - male |
22.6 |
22.6 |
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Future UK pensioners at retirement age - female |
25.3 |
25.2 |
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Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
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|
No. |
£ |
No. |
£ |
|
|
|
|
50,000 |
|
50,000 |
Rights, preferences and restrictions
|
Ordinary Shares have the following rights, preferences and restrictions: |
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Reserves |
Called up share capital
Share capital comprises of the value of issued share capital at par.
Fair value reserve
The fair value reserve is made up of previous revaluations adopted, less deferred tax recognised on this revaluation.
Retained earnings
Retained earnings consists of profits made by the Company attributable to the shareholders of the Company.
The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:
Bring Cargo Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Revaluation reserve |
Retained earnings |
Total |
|
|
Gain on property, plant and equipment revaluation |
|
- |
|
|
Remeasurement gain/(loss) on defined benefit pension schemes |
- |
793,500 |
793,500 |
|
|
|
|
|
|
|
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The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:
|
Retained earnings |
Total |
|
|
Remeasurement gain/(loss) on defined benefit pension schemes |
(151,500) |
(151,500) |
|
|
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Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Operating leases - lessor
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
- |
|
Later than one year and not later than five years |
|
- |
|
|
- |
|
Related party transactions |
The Company has taken advantage of the exemption in section 33 of FRS 102 'Related Party Disclosures' from disclosing transactions with other members of the group.
|
Parent and ultimate parent undertaking |
The Company's immediate parent is
The ultimate controlling party is