REGISTERED NUMBER: OC305510 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2025

for

Cargo Asset LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

P Mullee

C Ryan

REGISTERED OFFICE:

122 Feering Hill

Feering

Colchester

Essex

CO5 9PY

REGISTERED NUMBER:

OC305510 (England and Wales)

ACCOUNTANTS:

Granite Morgan Smith Limited

122 Feering Hill

Feering

Colchester

Essex

CO5 9PY

FIXED ASSETS

Tangible assets

4

109,302

189,358

CURRENT ASSETS

Debtors

5

95,561

43,532

Cash at bank

10,868

35,599

106,429

79,131

CREDITORS

Amounts falling due within one year

6

116,035

109,872

NET CURRENT LIABILITIES

(9,606

)

(30,741

)

TOTAL ASSETS LESS CURRENT LIABILITIES

99,696

158,617

CREDITORS

Amounts falling due after more than one year

7

99,696

154,976

NET ASSETS ATTRIBUTABLE TO MEMBERS

-

3,641

LOANS AND OTHER DEBTS DUE TO MEMBERS

8

-

3,641

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

8

-

3,641

Amounts due from members

5

(64,860

)

(18,941

)

(64,860

)

(15,300

)

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2025.

The members acknowledge their responsibilities for:

(a)	ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 9 December 2025 and were signed by:

C Ryan - Designated member

1.	STATUTORY INFORMATION

Cargo Asset LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance and 20% on reducing balance

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2024 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2024

and 31 March 2025

370,711

DEPRECIATION

At 1 April 2024

181,353

Charge for year

80,056

At 31 March 2025

261,409

NET BOOK VALUE

At 31 March 2025

109,302

At 31 March 2024

189,358

The llps bankers undertook a review with regards the value of the freehold property included within the accounts. The report was dated 9th March 2015 but made available to the members during that year. The members consider it prudent to realign the carrying value of the property in line with this report and therefore restated the value as at 1st April 2015 by means of an impairment provision.

The historical cost net book value as at 31st March 2021 was £494,574 and amortisation for the year would be £13,367.

The Fixed Assets of the company are let under operating leases.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade debtors

30,212

24,102

Other debtors

65,349

19,430

95,561

43,532

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Hire purchase contracts

55,281

49,152

Trade creditors

261

112

Amounts owed to group undertakings

21,866

21,866

Taxation and social security

9,998

10,113

Other creditors

28,629

28,629

116,035

109,872

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.25

31.3.24

£

£

Hire purchase contracts

99,696

154,976

8.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members rank equally with debts due to unsecured creditors in the event of a winding up.

There is no provision for specific legally enforceable protection afforded to creditors in such an event.

There are no restrictions or limitations on the ability of the members to reduce the amount of ‘Members’ other interests'.

9.	POST BALANCE SHEET EVENTS

No events have occurred since the balance sheet date that need to be brought to the attention of any third parties.