DCS Freight UK Ltd Filleted accounts for Companies House (small and micro)

DCS Freight UK Ltd Filleted accounts for Companies House (small and micro)

DCS FREIGHT UK LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 10624839
DCS Freight UK Ltd
Filleted Financial Statements
31 December 2022
DCS Freight UK Ltd
Financial Statements
Year ended 31 December 2022
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
DCS Freight UK Ltd
Statement of Financial Position
31 December 2022
2022
2021
(restated)
Note
£
£
£
£
Fixed assets
Tangible assets
5
3,687
3,798
Current assets
Debtors
6
551,871
191,008
Cash at bank and in hand
61,419
80,834
---------
---------
613,290
271,842
Creditors: amounts falling due within one year
7
379,448
97,100
---------
---------
Net current assets
233,842
174,742
---------
---------
Total assets less current liabilities
237,529
178,540
Creditors: amounts falling due after more than one year
8
7,500
10,500
Provisions
Taxation including deferred tax
701
722
---------
---------
Net assets
229,328
167,318
---------
---------
Capital and reserves
Called up share capital
10
399
399
Share premium account
104,351
104,351
Profit and loss account
124,578
62,568
---------
---------
Shareholders funds
229,328
167,318
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
DCS Freight UK Ltd
Statement of Financial Position (continued)
31 December 2022
These financial statements were approved by the board of directors and authorised for issue on 15 December 2023 , and are signed on behalf of the board by:
Mr G Vergano
Director
Company registration number: 10624839
DCS Freight UK Ltd
Notes to the Financial Statements
Year ended 31 December 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is East Anglian Freight Terminal, Parker Avenue, Felixstowe, Suffolk, IP11 4HF.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
15% reducing balance
Office equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2021: 3 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 January 2022 (as restated)
531
5,866
6,397
Additions
–
1,836
1,836
----
-------
-------
At 31 December 2022
531
7,702
8,233
----
-------
-------
Depreciation
At 1 January 2022
18
2,581
2,599
Charge for the year
77
1,870
1,947
----
-------
-------
At 31 December 2022
95
4,451
4,546
----
-------
-------
Carrying amount
At 31 December 2022
436
3,251
3,687
----
-------
-------
At 31 December 2021
513
3,285
3,798
----
-------
-------
6. Debtors
2022
2021
(restated)
£
£
Trade debtors
455,663
83,366
Amounts owed by group undertakings
69,990
78,499
Prepayments and accrued income
7,922
3,088
Director's loan account
6,200
6,200
Other debtors
12,096
19,855
---------
---------
551,871
191,008
---------
---------
7. Creditors: amounts falling due within one year
2022
2021
(restated)
£
£
Bank loans and overdrafts
3,000
3,000
Trade creditors
127,675
59,440
Amounts owed to group undertakings
161,141
11,167
Accruals and deferred income
48,804
550
Corporation tax
37,966
14,589
Other creditors
862
8,354
---------
--------
379,448
97,100
---------
--------
8. Creditors: amounts falling due after more than one year
2022
2021
(restated)
£
£
Bank loans and overdrafts
7,500
10,500
-------
--------
9. Prior period errors
The unaudited financial statements for the period to 31 December 2021 have been restated to reflect a change in the Ordinary B share capital. The Ordinary B share capital issued in the prior period had been incorrectly accounted for as £399 nominal value and £104,251 share premium, which has now been subsequently restated and correctly accounted for as £299 nominal value and £104,351 share premium.
10. Called up share capital
Issued, called up and fully paid
2022
2021
(restated)
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
Ordinary B shares of £ 1 each
299
299
299
299
----
----
----
----
399
399
399
399
----
----
----
----
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2022
2021
(restated)
£
£
Not later than 1 year
5,100
–
Later than 1 year and not later than 5 years
2,301
–
-------
----
7,401
–
-------
----
12. Summary audit opinion
The auditor's report for the year dated 15 December 2023 was unqualified .
The senior statutory auditor was S P Martin , for and on behalf of Edmund Carr LLP .
13. Director's advances, credits and guarantees
At the year end the company was owed £6,200 (2021: £6,200) from its director, Mr G Vergano . The maximum amount outstanding during the year was £6,200 and no interest has been charged on the loan.
14. Related party transactions
During the year the company made sales of £537,012 (2021: £37,758) to group undertakings, incurred purchases of £119,208 (2021: £5,064) from group undertakings and was charged interest of £2,034 on loans owed to group undertakings. At the year end the company was owed £69,990 (2021: £78,499) by and owed £161,141 (2021: £11,167) to group undertakings. All loans from/to group undertakings are unsecured and repayable on demand. During the year the company made sales of £50 (2021: £NIL) to and incurred fees of £NIL (2021: £10,335) in relation to directorship fees for the company's director from related undertakings, of which the company's director is also a director and shareholder.
15. Controlling party
The company is a subsidiary undertaking of U. Del Corona & Scardigli SRL, incorporated in Italy. U. Del Corona & Scardigli SRL, whose registered office address is Scali D'Azeglio 32, 57123 Livorno, Italy, is the ultimate parent undertaking of the smallest and largest group of undertakings for which group accounts are drawn up of which DCS Freight UK Ltd is a member. The consolidated financial statements of the group are not available to the public.