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Registered number: 06928277
CMI Logistics Limited
Unaudited
Financial statements
Information for filing with the registrar
For the period ended 31 March 2022
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CMI Logistics Limited
Registered number: 06928277
Balance sheet
As at 31 March 2022
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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Capital redemption reserve
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Page 1
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CMI Logistics Limited
Registered number: 06928277
Balance sheet (continued)
As at 31 March 2022
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
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 by:
................................................
T Gregory
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The notes on pages 4 to 10 form part of these financial statements.
Page 2
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CMI Logistics Limited
Statement of changes in equity
For the period ended 31 March 2022
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Capital redemption reserve
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Dividends: Equity capital
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Dividends: Equity capital
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The notes on pages 4 to 10 form part of these financial statements.
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Page 3
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CMI Logistics Limited
Notes to the financial statements
For the period ended 31 March 2022
CMI Logistics Limited is a private company, limited by share capital, and incorporated in the United Kingdom, registration number 06928277. The registered office address which is also the principal place of business of the company was Sapphire House, Albion Mills Albion Road, Greengates, Bradford, West Yorkshire, BD10 9TQ.
The company has changed its year end from December to March in line with the group year end.
The financial statements are presented in sterling and are rounded to the nearest £1.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
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Foreign currency translation
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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.
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. Revenue from freight and courier services is recognised in the period in which the services are provided.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
Interest income is recognised in profit or loss using the effective interest method.
Page 4
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CMI Logistics Limited
Notes to the financial statements
For the period ended 31 March 2022
2.Accounting policies (continued)
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.
All borrowing costs are recognised in profit or loss in the period in which they are incurred.
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.
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Current and deferred taxation
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The tax expense for the period 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.
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.
Page 5
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CMI Logistics Limited
Notes to the financial statements
For the period ended 31 March 2022
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a straight line and reducing balance basis. .
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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.
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Cash and cash equivalents
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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.
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.
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.
Page 6
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CMI Logistics Limited
Notes to the financial statements
For the period ended 31 March 2022
2.Accounting policies (continued)
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.
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.
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The average monthly number of employees, including directors, during the period was 12 (2020 - 13).
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Page 7
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CMI Logistics Limited
Notes to the financial statements
For the period ended 31 March 2022
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Charge for the period on owned assets
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Amounts owed by group and related companies
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Prepayments and accrued income
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Page 8
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CMI Logistics Limited
Notes to the financial statements
For the period ended 31 March 2022
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group and related companies
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Other taxation and social security
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Accruals and deferred income
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Page 9
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CMI Logistics Limited
Notes to the financial statements
For the period ended 31 March 2022
Capital redemption reserve
The capital redemption reserve comprises of shares bought back by the company. This reserve is non-distributable.
Profit and loss account
The profit and loss account comprises of all current and prior period retained profits and losses after deducting any distributions made to the company's shareholders. This is a distributable reserve.
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 £236,093 (2020 - £303,825). Contributions totalling £1,215 (2020 - £nil) were payable to the fund at the balance sheet date and are included in creditors
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Related party transactions
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All related party transactions within the group have been conducted at arms-length and on a market rate basis.
During the year CMI Logistics Limited, under its license agreement, has incurred license fees of £750,000 (2020 - £Nil) to Shift Group Limited for the use of the software and services. Shift Group Limited is a related company through a close family connection between the two companies' majority owners. At the year end the amount owed to Shift Group Limited was £750,000 (2020 - £Nil).
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The company was sold by the previous shareholders to Shift Portfolio 1 Limited during the period on the 26 October 2021.
The company is controlled by it's parent company, Shift Portfolio 1 Limited. Shift Portfolio 1 Limited is then 100% owned by SGP1 Limited, the ultimate controlling company.
The group headed by SGP1 Limited, qualify as small as set out in section 383 of the Companies Act 2006 and is therefore considered eligible for exemption to prepare consolidated accounts.
Page 10
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