ACCOUNTS - Final Accounts

Operating profit

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

Registered number: 01855274

JAMES CARGO SERVICES LTD

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

JAMES CARGO SERVICES LTD

COMPANY INFORMATION

Directors	S St. J Edwards
	D L Edwards
	L M Edwards
	V Edwards
	S J Obank
	M St. J Edwards


Registered number	01855274


Registered office	3 Brook Business Centre
	Cowley Mill Road
	Uxbridge
	United Kingdom
	UB8 2FX


Independent auditor	Barnes Roffe Audit Limited
	Chartered Accountants & Statutory Auditors
	3 Brook Business Centre
	Cowley Mill Road
	Uxbridge
	Middlesex
	UB8 2FX

JAMES CARGO SERVICES LTD

CONTENTS

	Page
Strategic report	1
Directors' report	2 - 3
Independent auditor's report	4 - 8
Statement of comprehensive income	9
Statement of financial position	10 - 11
Statement of changes in equity	12 - 13
Statement of cash flows	14 - 15
Analysis of net debt	16
Notes to the financial statements	17 - 38

JAMES CARGO SERVICES LTD

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction

The directors present their strategic report for the year ended 31 December 2024.

Business review

As directors we aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. The review is consistent with the size and nature of the business and is written in the context of the risks and uncertainties the company faces.
The company continue to provide professional freight logistics internationally. We consider that the company's key performance indicators are those that communicate the financial performance and strength of the company as a whole, these being gross turnover, gross profit and gross profit margin.
The year ended 31 December 2024 has been a positive year overall with the company continuing to add to its assets.

Principal risks and uncertainties

The company trades with only recognised, creditworthy third parties. It is the company's policy that all customer who wish to trade on credit terms are subject to vetting procedures. In addition, receivable balances are monitored on an ongoing basis with the result that the company's exposure to bad debts is not significant.
Currency risk
The company is exposed to foreign exchange risk on transactions. Management monitor exchange rates in order to minimise foreign exchange risk.

Financial key performance indicators

The key performance indicators (KPI) of the reviewed by the board are in the main the following:

		2024	2023
		£	£

Turnover	15,202,161	12,949,528
Gross profit	4,222,190	3,714,910
Gross profit margin	28%	29%

This report was approved by the board on 29 September 2025 and signed on its behalf.

D L Edwards

Director

Page 1

JAMES CARGO SERVICES LTD

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' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

∙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 to 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.

Going concern assumption

The directors note that the company is trading adequately and has sufficient working capital and other finance available to continue trading for a period of not less than 12 months from the date of approval of these financial statements. As such, the directors believe that there are no significant uncertainties in their assessment of whether the business is a going concern and therefore have prepared the accounts on a going concern basis.

Results and dividends

The profit for the year, after taxation, amounted to £38,885 (2023 - £193,264).

During the current and prior year, no dividends were declared or paid.

Directors

The directors who served during the year were:

S St. J Edwards

D L Edwards

L M Edwards

V Edwards

S J Obank

M St. J Edwards

Page 2

JAMES CARGO SERVICES LTD

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Matters covered in the Strategic Report

The company has chosen, in accordance with section 414C of the Companies Act 2006, to set out the following information which would otherwise be required to be contained in the director's report within the strategic report:

∙Business review

∙Principal risks and uncertainties

∙Currency risks

∙Financial key performance indicators

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditor

After the year end, Barnes Roffe LLP resigned as auditors due to the transfer if its audit business and its successor, Barnes Roffe Audit Limited, was appointed by the directors under section 485 of the Companies Act 2006.

This report was approved by the board on 29 September 2025 and signed on its behalf.

D L Edwards

Director

Page 3

JAMES CARGO SERVICES LTD

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JAMES CARGO SERVICES LTD

Opinion

We have audited the financial statements of James Cargo Services Ltd (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity and the related notes, 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 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 United Kingdom, including the Financial Reporting Council'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.

Page 4

JAMES CARGO SERVICES LTD

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JAMES CARGO SERVICES LTD (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic report and the 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 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 Directors' report.

We have nothing to report in respect of the following matters in relation to which 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.

Page 5

JAMES CARGO SERVICES LTD

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JAMES CARGO SERVICES LTD (CONTINUED)

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 2, 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's 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 Auditors' 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.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows:

∙The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

∙We identified the laws and regulations applicable to the company through discussion with directors and other management, and from our commercial knowledge and experience of the relevant sector;

∙The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, are as follows:

i) Companies Act 2006.
ii) FRS 102.
iii) Tax legislation
iv) Employment legislation
v) Health and safety legislation
vi) Environmental legislation

∙We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and reviewing supporting evidence where applicable; and

∙Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified. The audit team remained alert to instances of non-compliance throughout the audit.

Page 6

JAMES CARGO SERVICES LTD

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JAMES CARGO SERVICES LTD (CONTINUED)

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:

∙Making enquiries of management as to where they consider there was susceptibility to fraud and their knowledge of actual suspected and alleged fraud;

∙Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;

∙Reviewing the financial statements and testing the disclosures against supporting documentation;

∙Performing analytical procedures to identify any unusual or unexpected trends or anomalies;

∙Inspecting and testing journal entries to identify unusual or unexpected transactions;

∙Assessing whether judgement and assumptions made in determining significant accounting estimates, were indicative of management bias; and

∙Investigating the rationale behind significant transactions, or transactions that are unusual or outside the company’s usual course of business.

The areas that we identified as being susceptible to misstatement through fraud were:

∙Management bias in the estimates and judgements made;

∙Management override of controls; and

∙Posting of unusual journals or transactions.

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 regulation. 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.

Page 7

JAMES CARGO SERVICES LTD

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JAMES CARGO SERVICES LTD (CONTINUED)

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.

Mark Hancock (Senior statutory auditor)

for and on behalf of

Barnes Roffe Audit Limited

Charted Accountants & Statutory Auditors

3 Brook Business Centre

Cowley Mill Road

Uxbridge

Middlesex

UB8 2FX

29 September 2025

Page 8

JAMES CARGO SERVICES LTD

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	Restated 2023
Note	£	£


Turnover	4	15,202,161	12,949,528
Cost of sales		(10,979,971)	(9,234,618)
Gross profit		4,222,190	3,714,910
Administrative expenses		(4,655,336)	(4,283,665)
Other operating income	5	769,710	838,437
Fair value movements		-	7,511
Operating profit	6	336,564	277,193
Income from fixed assets investments		165	143
(Loss)/profit on disposal of investments		(15,622)	-
Interest payable and similar expenses	11	(67,681)	(43,592)
Profit before tax		253,426	233,744
Tax on profit	12	(214,541)	(40,480)
Profit for the financial year		38,885	193,264


Total comprehensive income for the year		38,885	193,264

The notes on pages 17 to 38 form part of these financial statements.

Page 9

JAMES CARGO SERVICES LTD

REGISTERED NUMBER: 01855274

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		Restated 2023
Note	£	£	£	£

Fixed assets
Intangible assets	13		88,976		66,820
Tangible assets	14		269,310		355,641
Investments	15		170,346		170,346
Investment property	16		280,737		280,737
			809,369		873,544
Current assets
Stocks	17	15,760		15,530
Debtors: amounts falling due after more than one year	18	2,362,219		2,306,464
Debtors: amounts falling due within one year	18	6,414,056		7,772,413
Current asset investments	19	44,306		59,928
Cash at bank and in hand	20	199,925		124,987
		9,036,266		10,279,322
Creditors: amounts falling due within one year	21	(7,305,846)		(8,595,881)
Net current assets			1,730,420		1,683,441
Total assets less current liabilities			2,539,789		2,556,985
Creditors: amounts falling due after more than one year	22		(184,181)		(350,535)
Provisions for liabilities
Deferred tax			(110,273)		-
Net assets			2,245,335		2,206,450

Capital and reserves
Called up share capital	27	12,002	12,002
Capital redemption reserve	28	1,716	1,716
Investment property reserve	28	196,469	196,469
Other reserves	28	2,284	2,284
Profit and loss account	28	2,032,864	1,993,979
		2,245,335	2,206,450

Page 10

JAMES CARGO SERVICES LTD

REGISTERED NUMBER: 01855274

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 DECEMBER 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 September 2025.

D L Edwards

Director

The notes on pages 17 to 38 form part of these financial statements.

Page 11


		JAMES CARGO SERVICES LTD

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Capital redemption reserve	Investment property reserve	Other reserves	Profit and loss account	Total equity
	£	£	£	£	£	£
At 1 January 2024 (restated)	12,002	1,716	196,469	2,284	1,993,979	2,206,450
Comprehensive income for the year
Profit for the year	-	-	-	-	38,885	38,885
Total comprehensive income for the year	-	-	-	-	38,885	38,885
At 31 December 2024	12,002	1,716	196,469	2,284	2,032,864	2,245,335

The notes on pages 17 to 38 form part of these financial statements.

Page 12


		JAMES CARGO SERVICES LTD

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2023

	Called up share capital	Capital redemption reserve	Investment property reserve	Other reserves	Profit and loss account	Total equity
	£	£	£	£	£	£
At 1 January 2023 (restated)	12,002	1,716	196,469	2,284	1,800,715	2,013,186
Comprehensive income for the year
Profit for the year	-	-	-	-	193,264	193,264
Total comprehensive income for the year	-	-	-	-	193,264	193,264
Total transactions with owners	-	-	-	-	-	-
At 31 December 2023	12,002	1,716	196,469	2,284	1,993,979	2,206,450

The notes on pages 17 to 38 form part of these financial statements.

Page 13

JAMES CARGO SERVICES LTD

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

			2024	2023
			£	£

Cash flows from operating activities
Profit for the financial year	38,885	193,264
Adjustments for:
Amortisation of intangible assets	22,844	1,713
Depreciation of tangible assets	135,720	182,798
Loss on disposal of tangible assets	(4,463)	(1,917)
Interest payable	67,681	43,592
Investment income receivable	(165)	(143)
Taxation charge	214,541	40,480
(Increase)/decrease in stocks	(230)	1,729
Decrease in debtors	1,257,602	1,046,780
(Decrease) in creditors	(1,158,097)	(1,880,119)
Net fair value losses/(gains) recognised in P&L	-	(7,511)
Corporation tax paid	(40,060)	(44,569)
Net cash (used in)/generated from operating activities	534,258	(423,903)

Cash flows from investing activities
Purchase of intangible fixed assets	-	(68,533)
Purchase of tangible fixed assets	(64,926)	(203,919)
Sale of tangible fixed assets	20,000	1,917
Sale of listed investments	15,622	-
HP interest paid	(3,068)	(2,692)
Dividends received	165	143
Net cash used in investing activities	(32,207)	(273,084)
Cash flows from financing activities
Repayment of loans	(155,833)	(197,932)
Repayment of finance leases	(10,521)	54,275
Interest paid	(64,613)	(40,900)
Net cash used in financing activities	(230,967)	(184,557)
Net decrease in cash and cash equivalents	271,084	(881,544)
Cash and cash equivalents at beginning of year	(230,264)	651,280
Cash and cash equivalents at the end of year	40,820	(230,264)

Page 14

JAMES CARGO SERVICES LTD

STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

		2024	2023
		£	£

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	199,925	124,987
Bank overdrafts	(159,105)	(355,251)
	40,820	(230,264)

The notes on pages 17 to 38 form part of these financial statements.

Page 15

JAMES CARGO SERVICES LTD

FOR THE YEAR ENDED 31 DECEMBER 2024


At 1 January 2024 Restated	Cash flows	At 31 December 2024
£	£	£

Cash at bank and in hand	124,987	74,938	199,925
Bank overdrafts	(355,251)	196,146	(159,105)
Debt due after 1 year	(308,611)	155,833	(152,778)
Debt due within 1 year	(155,833)	-	(155,833)
Finance leases	(54,275)	10,521	(43,754)
	(748,983)	437,438	(311,545)

The notes on pages 17 to 38 form part of these financial statements.

Page 16

JAMES CARGO SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

James Cargo Services Limited is a company limited by shares, incorporated in England and Wales. The address of the registered office is 3 Brook Business Centre, Cowley Mill Road, Cowley, Uxbridge, UB8 2FX.
The company specialises in freight forwarding.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Going concern

The directors have taken consideration of the impact of inflationary pressures in the economy and the withdrawal of the United Kingdom from the Europe on the business. The directors note that the company is trading adequately and has sufficient working capital and other finance available to continue trading for a period of not less than 12 months from the Statement of financial position date. As such, the directors believe that there are no significant uncertainties in their assessment of whether the business is a going concern and therefore have prepared the accounts on a going concern basis.

Page 17

JAMES CARGO SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

2.4

Revenue

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.

Revenue represents income from the provision of rental properties and other services provided by the company. Rental revenue is recognised over the respective lease term. Revenue relating to other services is recognised when the service is provided.

Page 18

JAMES CARGO SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight-line basis over the lease term.

2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

2.7

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.8

Borrowing costs

All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.

2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 19

JAMES CARGO SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the revaluation model, intangible assets shall be carried at a revalued amount, being its fair value at the date of revaluation less any subsequent accumulated amortisation and subsequent impairment losses - provided that the fair value can be determined by reference to an active market.
Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting date.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of comprehensive income over its useful economic life of 3 years.

Page 20

JAMES CARGO SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.12

Tangible fixed assets

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.

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:

Leasehold improvements	-	Straight line over the lease
Plant and machinery	-	15% on cost
Motor vehicles	-	25% on cost
Fixtures and fittings	-	at varying rates on cost

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 in the Statement of comprehensive income.

2.13

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.

2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period.

Page 21

JAMES CARGO SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of comprehensive income.

2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.20

Financial instruments

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes 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.

Page 22

JAMES CARGO SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.20

Financial instruments (continued)

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Page 23

JAMES CARGO SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.20

Financial instruments (continued)

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

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

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 24

JAMES CARGO SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from their estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised, if the revision affects only that year, or in the year of the revision and future years if the revision affects both the current and future periods.

Key sources of estimation

∙Recoverability of debtors
Aged debtors reports identify aged balances which require provisions. Management provide for the amount they anticipate as being irrecoverable.

∙Valuation of fixed asset investments
The valuation of the investments represents a material figure in the financial statements and is subject to a number of estimates and judgements. The directors assess the investments for impairment regularly with reference to market factors and are confident that the investments are not stated in excess of its open market value.

Turnover

The total turnover of the company for the year and prior period have been derived from its principal activity that is wholly undertaken in the United Kingdom.

5.	Other operating income
		2024	2023
		£	£

Net rents receivable	769,710	838,437
	769,710	838,437

Page 25

JAMES CARGO SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Depreciation on owned assets	135,720	182,798
Exchange differences	11,925	6,556
Other operating lease rentals	1,162,575	660,791

7.	Auditors' remuneration
		2024	2023
		£	£


	Fees payable to the Company’s auditor for the audit of the Company’s financial statements	13,500	14,200

Wages and salaries	1,943,345	1,949,904
Social security costs	200,992	198,596
Cost of defined contribution scheme	54,785	50,168
	2,199,122	2,198,668

The average monthly number of employees, including the directors, during the year was as follows:

			2024	2023
			No.	No.

			59	57

Page 26

JAMES CARGO SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

9.	Directors' remuneration
		2024	2023
		£	£

Directors' emoluments	229,271	228,925
Company contributions to defined contribution pension schemes	1,321	2,915
	230,592	231,840

	During the year retirement benefits were accruing to 3 directors (2023 - 2) in respect of defined contribution pension schemes.
	The highest paid director received remuneration of £98,000 (2023 - £98,000).
	The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,321 (2023 - £1,321).

10.	Income from investments
		2024	2023
		£	£


(Loss) on disposals of listed investments	(15,622)	-
Income from fixed assets and dividends	165	143
	(15,457)	143

11.	Interest payable and similar expenses
		2024	2023
		£	£

Bank interest payable	49,169	40,826
Other loan interest payable	15,022	-
Finance leases and hire purchase contracts	3,068	2,692
Other interest payable	422	74
	67,681	43,592

Page 27

JAMES CARGO SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Corporation tax
Current tax on profits for the year	90,808	40,480
Adjustments in respect of previous periods	13,460	-
Total current tax	104,268	40,480

Origination and reversal of timing differences

110,273


		214,541	40,480

Profit on ordinary activities before tax

253,426

233,744

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%)	63,357	54,930
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	1,927	765
(Accelerated)/decelerated capital allowance for the year	63,106	(2,423)
Prior year tax	13,460	-
Other timing differences leading to an increase in taxation	72,732	(12,758)
Non-taxable income	(41)	(34)
Total tax charge for the year	214,541	40,480

Factors that may affect future tax charges

There are no significant factors that may materially affect future tax charges.

Page 28

JAMES CARGO SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

13.	Intangible assets

	Development expenditure	Goodwill	Total
	£	£	£
Cost
At 1 January 2024	68,533	46,995	115,528
Additions	45,000	-	45,000
At 31 December 2024	113,533	46,995	160,528
Amortisation
At 1 January 2024	1,713	46,995	48,708
Charge for the year on owned assets	22,844	-	22,844
At 31 December 2024	24,557	46,995	71,552
Net book value
At 31 December 2024	88,976	-	88,976
At 31 December 2023	66,820	-	66,820

Page 29

JAMES CARGO SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

14.	Tangible fixed assets

	Leasehold improvements	Plant and machinery	Motor vehicles	Fixtures and fittings	Total
	£	£	£	£	£
Cost or valuation
At 1 January 2024	356,078	451,952	345,897	337,199	1,491,126
Additions	26,627	25,024	-	13,275	64,926
Disposals	-	(138,191)	-	-	(138,191)
At 31 December 2024	382,705	338,785	345,897	350,474	1,417,861
Depreciation
At 1 January 2024	285,465	322,358	255,502	272,160	1,135,485
Charge for the year on owned assets	23,165	39,481	27,405	45,669	135,720
Disposals	-	(122,654)	-	-	(122,654)
At 31 December 2024	308,630	239,185	282,907	317,829	1,148,551
Net book value
At 31 December 2024	74,075	99,600	62,990	32,645	269,310
At 31 December 2023	70,613	129,594	90,395	65,039	355,641

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2024	2023
	£	£


Motor vehicles	43,375	56,595
	43,375	56,595

Page 30

JAMES CARGO SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

15.	Fixed asset investments

		Other investments
		£
	Cost or valuation
	At 1 January 2024	170,346
	At 31 December 2024	170,346

16.	Investment property

		Freehold investment property
		£
	Valuation
	At 1 January 2024	280,737
	At 31 December 2024	280,737

The 2024 valuations were made by the directors, who are not qualified property professionals, on an open market value for existing use basis.

17.	Stocks
		2024	2023
		£	£

Raw materials and consumables	15,760	15,530
	15,760	15,530

Page 31

JAMES CARGO SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

18.	Debtors
		2024	Restated 2023
		£	£

Due after more than one year
Other debtors	2,362,219	2,306,464
	2,362,219	2,306,464

					2024	Restated 2023
					£	£

Due within one year
Trade debtors	2,193,913	1,644,204
Other debtors	3,538,058	5,674,358
Prepayments and accrued income	682,085	453,851
	6,414,056	7,772,413

19.	Current asset investments
		2024	2023
		£	£

Listed investments	44,306	59,928
	44,306	59,928

The market value of the listed investments at 31 December 2024 was £44,306 (2023 - £59,928).

20.	Cash and cash equivalents
		2024	2023
		£	£

Cash at bank and in hand	199,925	124,987
Less: bank overdrafts	(159,105)	(355,251)
	40,820	(230,264)

Page 32

JAMES CARGO SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

21.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Bank overdrafts	159,105	355,251
Bank loans	155,833	155,833
Trade creditors	5,219,630	4,635,649
Corporation tax	104,688	40,480
Other taxation and social security	163,483	111,217
Obligations under finance lease and hire purchase contracts	12,351	12,351
Other creditors	1,188,879	2,839,692
Accruals and deferred income	301,877	445,408
	7,305,846	8,595,881

Bank loans and overdrafts are secured by a fixed and floating charge over the assets of the company.
Obligations under finance leases and hire purchases contracts are secured against the assets to which they relate.

22.	Creditors: Amounts falling due after more than one year
		2024	2023
		£	£

Bank loans	152,778	308,611
Net obligations under finance leases and hire purchase contracts	31,403	41,924
	184,181	350,535

Bank overdrafts and loans are secured by a fixed and floating charge over the assets of the company.
Obligations under finance leases and hire purchases contracts are secured against the assets to which they relate.

Page 33

JAMES CARGO SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Amounts falling due within one year
Bank loans	155,833	155,833
Amounts falling due 1-2 years
Bank loans	91,667	155,833
Amounts falling due 2-5 years
Bank loans	61,111	152,778

	308,611	464,444

Within one year	12,351	12,351
Between 1-5 years	31,403	41,924
	43,754	54,275

25.	Financial instruments
		2024	2023
		£	£

	Financial assets
	Financial assets measured at fair value through profit or loss	44,306	59,928

Financial assets that are debt instruments measured at fair value comprise current asset investments.

Page 34

JAMES CARGO SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

26.	Deferred taxation

		2024
		£

	Charged to the Statement of comprehensive income	110,273
	At end of year	110,273

The deferred taxation balance is made up as follows:
	2024	2023
	£	£

Accelerated capital allowances	63,107	-
Pension surplus	(1,951)	-
Investment property revaluation	49,117	-
	110,273	-

Page 35

JAMES CARGO SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

27.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

12,000 Ordinary shares of £1.00 each	12,000	12,000
175 Ordinary A shares of £0.01 each	2	2

	12,002	12,002

The Ordinary £1 shares and Ordinary “A” £0.01 shares are separate classes of shares for the purpose of declaration of dividends. The declaration of dividend in respect of one class of share shall not compel a dividend at the same rate to be declared in respect of any other class of shares.
The Ordinary £1 shares are entitled to a priority capital payment of £25.52 per share in advance of payments in respect of the Ordinary "A" £0.01 shares, but are not entitled to any further capital distribution.
The Ordinary £1 and Ordinary “A” £0.01 shares rank pari passu in all other respects.

28.

Reserves

Capital redemption reserve

The capital redemption reserve is a non-distributable reserve into which amounts are transferred following the redemption or purchase of a company's own shares.

Investment property revaluation reserve

The investment property revaluation reserve includes the revaluation of any fixed asset investment property revaluations.

Other reserves

The other reserve relates to a capital contribution into the company.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.

29.	Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £53,464 (2023 - £50,168). There were pension contributions outstanding at the year end of £7,804 (2023 - £8,072).

Page 36

JAMES CARGO SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024


Not later than 1 year	972,739	972,739
Later than 1 year and not later than 5 years	2,941,639	3,441,639
Later than 5 years	853,979	1,326,718
	4,768,357	5,741,096

					2024	2023
					£	£


Not later than 1 year	5,071	5,071
Later than 1 year and not later than 5 years	9,455	14,526
	14,526	19,597

31.	Transactions with directors

Included within other debtors due within one year is an amount due from one of the directors, S J Obank, of £9,950 (2023 - £9,950). During the year, the director withdrew £Nil (2023 - £Nil) and repaid £Nil (2023 - £Nil).

Included within other debtors due within one year is an amount due from one of the directors, S Edwards, of £36,325 (2023 - £36,424). During the year, the director withdrew £105,609 (2023 - £133,033) and repaid £105,708 (2023 - £Nil).

No interest is accruing or payable on either of the above loans.

Page 37

JAMES CARGO SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

32.

Related party transactions

Included in other creditors due within one year are loans from the directors amounting to £72,815 (2023 - £103,567).

Included in other creditors due within one year is a loan from a close relative of a director amounting to £4,263 (2023 - £45,678).

During the year, the company made sales of £Nil (2023 - £Nil) to, and purchases of £Nil (2023 - £Nil) from, an entity under common control. Included in other creditors due within one year are amounts owed to the entity under common control of £Nil (2023 - £2,163,170).

During the year, the company made sales of £Nil (2023 - £Nil) to, and purchases of £1,524,648 (2023 - £514,406) from, an entity under common control. At the reporting date, an amount of £374,569 (2023 - £85,983) was payable to the entity under common control.

During the year, the company made sales of £Nil (2023 - £Nil) to, and purchases of £Nil (2023 - £Nil) from, an entity under common control. Included in other debtors due within more than one year are loans to entities under common control of £5,465,404 (2023 - £7,328,475) of which £3,058,185 (2023 - £5,144,044) is due within one year and £2,407,219 (2023 - £2,184,431) is due in more then one year.

33.	Security and charges

HSBC Bank Plc has a fixed charge, over book and other debts, goodwill, uncalled capital and intellectual property and a floating charge over all other assets.
HSBC Bank Plc has an unlimited multilateral guarantee, from James Cargo Fulfilment Ltd and James Cargo Services Limited.
HSBC Bank Plc has a debenture including fixed charge, over all present freehold and leasehold property; first fixed charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and first floating charge over all assets and undertaking both present and future.

34.	Post balance sheet events

There have been no significant events affecting the Company since the year end.

35.	Prior year adjustment

The opening balance of other debtors, has been restated as at 1 January 2023, with an effect of a decrease in other debtors of £113,585 with a corresponding decrease in opening reserves.

36.	Controlling party

The controlling parties of the company are the trustees of the JCS Ltd Director's Trust.

Page 38