ACCOUNTS - Final Accounts

ACCOUNTS - Final Accounts

INTRADCO CARGO SERVICES LIMITED - Company Information

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Registered number: 02200670









INTRADCO CARGO SERVICES LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2021
 
INTRADCO CARGO SERVICES LIMITED
 

CONTENTS



Page
Balance Sheet
 
 
1 - 2
Statement of Changes in Equity
 
 
3
Notes to the Financial Statements
 
 
4 - 13

 
INTRADCO CARGO SERVICES LIMITED
REGISTERED NUMBER: 02200670

BALANCE SHEET
AS AT 31 DECEMBER 2021

2021
2021
2020
2020
Note
£
£
£
£

Fixed assets
  

Intangible assets
 4 
22,516
22,516

Tangible assets
 5 
574,534
547,484

  
597,050
570,000

Current assets
  

Debtors: amounts falling due after more than one year
 6 
12,813
-

Debtors: amounts falling due within one year
 6 
5,730,249
338,574

Cash at bank and in hand
 7 
1,182,454
2,279,502

  
6,925,516
2,618,076

Creditors: amounts falling due within one year
 8 
(5,790,018)
(1,193,858)

Net current assets
  
 
 
1,135,498
 
 
1,424,218

Total assets less current liabilities
  
1,732,548
1,994,218

Provisions for liabilities
  

Deferred tax
 9 
(128,166)
(58,290)

  
 
 
(128,166)
 
 
(58,290)

Net assets
  
1,604,382
1,935,928


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
1,603,382
1,934,928

  
1,604,382
1,935,928


Page 1
 
INTRADCO CARGO SERVICES LIMITED
REGISTERED NUMBER: 02200670
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2021

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 March 2022.



C McMullen
Director

The notes on pages 4 to 13 form part of these financial statements.

Page 2
 
INTRADCO CARGO SERVICES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2021
1,000
1,934,928
1,935,928


Comprehensive income for the year

Profit for the year
-
668,454
668,454
Total comprehensive income for the year
-
668,454
668,454

Dividends: Equity capital
-
(1,000,000)
(1,000,000)


Total transactions with owners
-
(1,000,000)
(1,000,000)


At 31 December 2021
1,000
1,603,382
1,604,382



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2020


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2020
1,000
1,346,048
1,347,048


Comprehensive income for the year

Profit for the year
-
1,088,880
1,088,880
Total comprehensive income for the year
-
1,088,880
1,088,880

Dividends: Equity capital
-
(500,000)
(500,000)


Total transactions with owners
-
(500,000)
(500,000)


At 31 December 2020
1,000
1,934,928
1,935,928


The notes on pages 4 to 13 form part of these financial statements.

Page 3
 
INTRADCO CARGO SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1.


General information

Intradco Cargo Services Limited is a private company, limited by shares and incorporated in England and Wales, United Kingdom, with a registration number 02200670. The address of the registered office is 3 City Place, Beehive Ring Road, Gatwick, West Sussex, RH6 OPA. The principal activity of the company is freight transport.

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 judgement in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Chapman Freeborn Holdings Limited as at 31 December 2021 and these financial statements may be obtained from the Company's registered office.

Page 4
 
INTRADCO CARGO SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

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.

 
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:

Revenue is recognised at the completion of a flight.

 
2.5

Operating leases: the Company as lessee

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

 
2.6

Finance costs

Finance costs are charged to profit or loss 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.

 
2.7

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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 5
 
INTRADCO CARGO SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.8

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 balance sheet 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 balance sheet 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 balance sheet date.

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.10

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.

Page 6
 
INTRADCO CARGO SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
straight line
Motor vehicles
-
20%
straight line
Office equipment
-
25%
straight line

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 profit or loss.

 
2.11

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.

 
2.12

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.

 
2.13

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.

 
2.14

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 7
 
INTRADCO CARGO SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

3.


Employees

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


        2021
        2020
            No.
            No.







Sales staff
10
8



Administration staff
2
1



Directors
2
2

14
11


4.


Intangible assets




Website

£



Cost


At 1 January 2021
22,516



At 31 December 2021

22,516






Net book value



At 31 December 2021
22,516



At 31 December 2020
22,516



Page 8
 
INTRADCO CARGO SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2021
1,359,801
71,953
9,181
1,440,935


Additions
173,210
40,715
4,389
218,314


Disposals
-
(30,244)
-
(30,244)



At 31 December 2021

1,533,011
82,424
13,570
1,629,005



Depreciation


At 1 January 2021
849,889
39,205
4,357
893,451


Charge for the year on owned assets
168,761
14,599
2,607
185,967


Disposals
-
(24,947)
-
(24,947)



At 31 December 2021

1,018,650
28,857
6,964
1,054,471



Net book value



At 31 December 2021
514,361
53,567
6,606
574,534



At 31 December 2020
509,912
32,748
4,824
547,484

Page 9
 
INTRADCO CARGO SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

6.


Debtors

2021
2020
£
£

Due after more than one year

Other debtors
12,813
-

12,813
-


2021
2020
£
£

Due within one year

Trade debtors
3,044,801
133,714

Amounts owed by group undertakings
-
28,075

Other debtors
1,128,115
25,164

Prepayments and accrued income
1,557,333
151,621

5,730,249
338,574



7.


Cash and cash equivalents

2021
2020
£
£

Cash at bank and in hand
1,182,454
2,279,502

1,182,454
2,279,502



8.


Creditors: Amounts falling due within one year

2021
2020
£
£

Trade creditors
216,655
184,144

Amounts owed to group undertakings
787,699
128,306

Corporation tax
220,269
235,073

Other taxation and social security
20,313
19,833

Other creditors
281,968
589

Accruals and deferred income
4,263,114
625,913

5,790,018
1,193,858


Page 10
 
INTRADCO CARGO SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

9.


Deferred taxation




2021


£






At beginning of year
(58,290)


Charged to profit or loss
(69,876)



At end of year
(128,166)

The provision for deferred taxation is made up as follows:

2021
2020
£
£


Accelerated capital allowances
(128,166)
(58,290)

(128,166)
(58,290)


10.


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 £35,514 (2020: £25,882).  There were no contributions outstanding as at the year end (2020: £nil).

Page 11
 
INTRADCO CARGO SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

11.


Related party transactions

During the year transactions with the following related parties occurred:
Chapman Freeborn Aviation Services FZE       *
Chapman Freeborn Airmarketing Gmbh       *
Chapman Freeborn Airchartering Limited       *
Chapman Freeborn International Limited       Intermediate parent company 
Chapman Freeborn Airchartering Inc                                                           *
Chapman Freeborn Airchartering (South Africa) Pty Ltd     *
Magma Aviation Limited                                                                               *
Chapman Freeborn Airchartering Limited                                          Subsidiary of Zeusbond
Chapman Freeborn Holdings Limited        Ultimate UK parent company
Zeusbond Limited           Immediate parent company
Chapman Freeborn Aviation Services FZCO                                              *
Chapman Freeborn Airchartering SL        *
Chapman Freeborn Airchartering Consulting (Shanghai) Co Ltd    *
* Fellow subsidiaries of the Chapman Freeborn International Limited Group. 
During the year the company sold to and purchased from the above fellow subsidiaries. Sales totalled £129,545 (2020: £234,224), and purchases totalled £916,242 (2020: £1,285,365).
All expenses incurred in Chapman Freeborn Airchartering Limited were recharged to Intradco in the year, amounting to £17,562.
At the year-end the following amounts were due from / (to) related parties:


2021
2020
£
£

Chapman Freeborn Holdings Limited
-
(4,500)
Chapman Freeborn International Limited
(681,166)
(3,494)
Chapman Freeborn Airchartering Limited
(6,098)
27,361
Chapman Freeborn Airchartering Inc
(143)
(8,212)
Zeusbond Limited
(49,000)
(49,000)
Magma Aviation Limited
-
713
Chapman Freeborn Airmarketing GmbH
-
(59,599)
Chapman Freeborn International Limited
(43,424)
(3,502)
Chapman Freeborn Aviation Services FZCO
(7,614)
-
(787,445)
(100,233)


12.


Guarantees

A cross guarantee and debenture is in place in favour of the company's bankers between this company and the following group companies: Chapman Freeborn Airchartering (China) Limited, Chapman Freeborn Airchartering Limited, Chapman Freeborn Holdings Limited and Chapman Freeborn International Limited.

Page 12
 
INTRADCO CARGO SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

13.


Controlling party

The immediate parent company is Zeusbond Limited, a company incorporated in England and Wales.
The ultimate parent company is Procyone FZE, a company incorporated in United Arab Emirates. 
The ultimate controlling party is Mr G Ziemelis by virtue of his shareholding in the ultimate parent company.


14.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2021 was unqualified.

The audit report was signed on 25 March 2022 by Christina Georgiou (Senior Statutory Auditor) on behalf of Haslers.

 
Page 13