EMS Cargo Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01309488 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

EMS CARGO LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A Attwood

C S Mills

R P Moynihan

SECRETARY:

C S Mills

REGISTERED OFFICE:

2nd Floor, Boulton House

17-21 Chorlton Street

Manchester

M1 3HY

REGISTERED NUMBER:

01309488 (England and Wales)

ACCOUNTANTS:

Connaughton & Co

2nd Floor, Boulton House

17-21 Chorlton Street

Manchester

M1 3HY

FIXED ASSETS

Tangible assets

4

11,661

13,396

Investments

5

2

2

11,663

13,398

CURRENT ASSETS

Debtors

6

1,624,832

840,546

Cash at bank

810,705

431,535

2,435,537

1,272,081

CREDITORS

Amounts falling due within one year

7

1,852,065

948,541

NET CURRENT ASSETS

583,472

323,540

TOTAL ASSETS LESS CURRENT LIABILITIES

595,135

336,938

CREDITORS

Amounts falling due after more than one year

8

(244,747

)

(40,935

)

PROVISIONS FOR LIABILITIES

10

(1,975

)

(2,252

)

NET ASSETS

348,413

293,751

CAPITAL AND RESERVES

Called up share capital

11

3,279

3,279

Capital redemption reserve

12

9,221

9,221

Retained earnings

12

335,913

281,251

SHAREHOLDERS' FUNDS

348,413

293,751

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company 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 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 June 2021 and were signed on its behalf by:

R P Moynihan - Director

1.	STATUTORY INFORMATION

EMS Cargo Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 Companies Act 2006. 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 cost and 15% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Investments

Investments held as fixed assets are shown at cost less provisions for their impairment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2019 - 24 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2020

287,363

Additions

3,681

At 31 December 2020

291,044

DEPRECIATION

At 1 January 2020

273,967

Charge for year

5,416

At 31 December 2020

279,383

NET BOOK VALUE

At 31 December 2020

11,661

At 31 December 2019

13,396

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 January 2020

and 31 December 2020

2

NET BOOK VALUE

At 31 December 2020

2

At 31 December 2019

2

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade debtors

979,234

700,136

Other debtors

4,737

12,387

VAT

43,170

47,372

Prepayments and accrued income

597,691

80,651

1,624,832

840,546

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Bank loans and overdrafts

46,120

19,065

Trade creditors

1,673,783

808,418

Tax

16,684

19,909

Social security and other taxes

15,623

16,241

Other creditors

-

5,250

Accruals and deferred income

99,855

79,658

1,852,065

948,541

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.20

31.12.19

£

£

Bank loans - 1-2 years

61,608

40,935

Bank loans - 2-5 years

133,780

-

Bank loans - more than 5 years by instalments

49,359

-

244,747

40,935

Amounts falling due in more than five years:

Repayable by instalments

Bank loans - more than 5 years by instalments

49,359

-

The bank loans are secured by way of a debenture held over the assets of the company.

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.20

31.12.19

£

£

Within one year

31,177

13,530

Between one and five years

9,014

33,189

40,191

46,719

10.	PROVISIONS FOR LIABILITIES

31.12.20

31.12.19

£

£

Deferred tax

1,975

2,252

Deferred

tax

£

Balance at 1 January 2020

2,252

Accelerated capital allowances

(277

)

Balance at 31 December 2020

1,975

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.20

31.12.19

value:

£

£

3,279

Ordinary

£1

3,279

3,279

12.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1 January 2020

281,251

9,221

290,472

Profit for the year

66,581

66,581

Dividends

(11,919

)

(11,919

)

At 31 December 2020

335,913

9,221

345,134