Financial Statements
For the financial year ended 31 December 2024
Registered number: 02930328
Company information
Independent auditor's report to the members of Harbour International Freight Limited
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 'Responsibilities of the auditor 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 United Kingdom, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. 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.
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 the date 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.
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Independent auditor's report to the members of Harbour International Freight Limited (continued)
Other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's report thereon, including the Directors' report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the 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 in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements, and
∙the Directors' report has been prepared in accordance with applicable legal requirements.
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Independent auditor's report to the members of Harbour International Freight Limited (continued)
Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 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, management is 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 management either intend to liquidate the company or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the company's financial reporting process.
The objectives of an auditor 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 their 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.
A further description of an auditor's 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.
A further description of an auditor's 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.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to employment legislation, health and safety legislation and road safety authority, and we considered the extent to which non-compliance might have a material effect on the financial statements. Wealso considered those laws and regulations that have a direct impact on the preparation of the financial statementssuch as the local law, the Companies Act 2006 and UK tax legislation. We evaluated management’s incentives andopportunities for fraudulent manipulation of the financial statements (including the risk of override of controls),and determined that the principal risks were related to posting inappropriate journal entries to manipulate financialperformance and management bias through judgements and assumptions in significant accounting estimates, inparticular in relation to significant one-off or unusual transactions. We apply professional scepticism through theaudit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccuratedisclosures in the financial statements.
Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to employment legislation, health and safety legislation and road safety authority, and we considered the extent to which non-compliance might have a material effect on the financial statements. Wealso considered those laws and regulations that have a direct impact on the preparation of the financial statementssuch as the local law, the Companies Act 2006 and UK tax legislation. We evaluated management’s incentives andopportunities for fraudulent manipulation of the financial statements (including the risk of override of controls),and determined that the principal risks were related to posting inappropriate journal entries to manipulate financialperformance and management bias through judgements and assumptions in significant accounting estimates, inparticular in relation to significant one-off or unusual transactions. We apply professional scepticism through theaudit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccuratedisclosures in the financial statements.
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Independent auditor's report to the members of Harbour International Freight Limited (continued)
Responsibilities of the auditor for the audit of the financial statements (continued)
In response to these principal risks, our audit procedures included but were not limited to:
• enquiries of management on the policies and procedures in place regarding compliance with laws and
regulations, including consideration of known or suspected instances of non-compliance and whether they
have knowledge of any actual, suspected or alleged fraud;
• inspection of the company's legal invoices and review of minutes of board meetings during the year to
corroborate enquiries made;
• gaining an understanding of the internal controls established to mitigate risk related to fraud;
• discussion amongst the engagement team in relation to the identified laws and regulations and regarding the
risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent
manipulation of financial statements throughout the audit;
• identifying and testing journal entries to address the risk of inappropriate journals and management override
of controls;
• designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;
• challenging assumptions and judgements made by management in their significant accounting estimates such
estimating useful lives of depreciable assets and impairment of trade and other debtors; and
• review of the financial statement disclosures to underlying supporting documentation and inquiries of
management.
The auditor communicates with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control
that may be identified during the audit.
regulations, including consideration of known or suspected instances of non-compliance and whether they
have knowledge of any actual, suspected or alleged fraud;
• inspection of the company's legal invoices and review of minutes of board meetings during the year to
corroborate enquiries made;
• gaining an understanding of the internal controls established to mitigate risk related to fraud;
• discussion amongst the engagement team in relation to the identified laws and regulations and regarding the
risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent
manipulation of financial statements throughout the audit;
• identifying and testing journal entries to address the risk of inappropriate journals and management override
of controls;
• designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;
• challenging assumptions and judgements made by management in their significant accounting estimates such
estimating useful lives of depreciable assets and impairment of trade and other debtors; and
• review of the financial statement disclosures to underlying supporting documentation and inquiries of
management.
The auditor communicates with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control
that may be identified during the audit.
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.
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.
for and on behalf of
Chartered Accountants
Statutory Audit Firm
Date:
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Statement of financial position
As at 31 December 2024
The directors have taken advantage of the exemption contained in section 444(1) of the Companies Act 2006 from filing the Directors' report and Statement of comprehensive income.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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Statement of changes in equity
For the financial year ended 31 December 2024
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Notes to the financial statements
For the financial year ended 31 December 2024
Harbour International Freight Limited (the "company") is a private company limited by shares incorporated in the United Kingdom under the number 02930328. The company's registered office is 4 Merlin Park, Trafford Park, Manchester, M32 0SZ.
The principal activity of the company is transport, warehousing and logistics.
The principal activity of the company is transport, warehousing and logistics.
2.Accounting policies
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).
The following principal accounting policies have been applied:
Functional and presentation currency
Transactions and balances
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Notes to the financial statements
For the financial year ended 31 December 2024
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
Rental income is charged to the Statement of comprehensive income on a straight line basis over the lease term.
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Notes to the financial statements
For the financial year ended 31 December 2024
2.Accounting policies (continued)
The current corporation 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 income.
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Notes to the financial statements
For the financial year ended 31 December 2024
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to the Statement of comprehensive income during the period in which they are incurred.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within 'operating expenses' or 'other operating income' in the Statement of comprehensive income.
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Notes to the financial statements
For the financial year ended 31 December 2024
2.Accounting policies (continued)
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Notes to the financial statements
For the financial year ended 31 December 2024
Management evaluates its judgements on an ongoing basis. Management bases its judgements on historical experience and various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates under different assumption or conditions.
The following estimates and judgements are considered important to the portrayal of the company’s financial position:
Adequate allowance and provisions are made for specific accounts where objective evidence of impairment exists. The company evaluates these accounts based on available facts and circumstances affecting the recoverability of the accounts, including, but not limited to, the length of the company’s relationship with its contracting parties, contracting parties’ current credit status, average age of accounts, settlement experience, and historical loss experience. The total amount of trade debtors net of provision is £1,025,137 (2023: £1,043,519).
The carrying value of non-financial assets is assessed for impairment based on the presence of impairment indicators – where events or changes in circumstances indicate that the carrying amount may not be recoverable. This is done by comparing the asset’s carrying value to the higher of its value in use and fair value less costs to sell. Any shortfall is recorded as an impairment charge. The asset’s value in use is assessed based on estimates of future cash flows discounted appropriately. Fair value less costs to sell is estimated using a valuation process.
The company estimates the useful lives of tangible fixed assets based on the period over which the assets are expected to be available for use. The estimated useful lives are reviewed periodically and are updated if expectations differ from previous estimates due to physical wear and tear, technical or commercial obsolescence and legal or other limits on the use of the assets. The net book value of tangible fixed assets at year end is £458,632 (2023: £438,136).
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Notes to the financial statements
For the financial year ended 31 December 2024
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Notes to the financial statements
For the financial year ended 31 December 2024
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