Company Registration No. 04983353 (England and Wales)
TRANSCARGO SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
FILLETED ACCOUNTS
Tavistock House South
Tavistock Square
Rayner Essex LLP
London
Chartered Accountants
WC1H 9LG
TRANSCARGO SERVICES LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
TRANSCARGO SERVICES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2020
31 December 2020
- 1 -
2020
2019
Notes
$
$
$
$
Fixed assets
Tangible assets
4
20,396
27,604
Investments
5
220
220
20,616
27,824
Current assets
Debtors
6
811,994
851,811
Cash at bank and in hand
58,018
1,598,892
870,012
2,450,703
Creditors: amounts falling due within one year
7
(49,841)
(773,191)
Net current assets
820,171
1,677,512
Net assets
840,787
1,705,336
Capital and reserves
Called up share capital
300,003
300,003
Profit and loss reserves
8
540,784
1,405,333
Total equity
840,787
1,705,336
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 28 September 2021 and are signed on its behalf by:
Ms T Bondarenko
Director
Company Registration No. 04983353
TRANSCARGO SERVICES LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2020
31 December 2020
- 2 -
1
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
2
Accounting policies
Company information
Transcargo Services Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
4 Devonshire Street, Suite G4, London, W1W 5DT.
2.1
Basis of preparation
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
US Dollars
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest
Dollar
.
The financial statements have been prepared on the historical cost convention, and in accordance with applicable accounting standards. The principal accounting policies adopted are set out below.
2.2
Going concern
In adopting the going concern basis for preparing the financial statements, the directors have considered the business activities and the company's principle risks and uncertainties, including those arising from the current Covid-19 pandemic and the government's response to it. The company meets its day-to-day working capital requirements through use of its cash and banking facilities, and support from its parent company and ultimate shareholder.
true
In assessing the appropriateness of the going concern assumption, the directors have prepared detailed cash flow forecasts for the company, and considered these alongside those for the wider Group in order to consider all group cash flows. In the modelled forecast scenarios the directors are satisfied that the company can continue to operate within its current cash and other facilities. However, the directors acknowledge that the environment is continuously changing and, as such, projecting the impacts of COVID-19 is challenging.
The financial statements do not include adjustments that would result if the company were unable to continue as a going concern
TRANSCARGO SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2
Accounting policies
(Continued)
- 3 -
2.3
Turnover
Turnover represents amounts receivable for goods and services
supplied during the year
net of VAT and trade discounts.
Revenue from
transportation of gas
is recognised when
transportation is complete
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue also includes the total amount receivable for the provision of rental plant and equipment to customers net of returns and VAT. Rental revenue is recognised on a straight-line basis over the period of the rental contract. Because a rental contract can extend financial reporting period ends, the Company records accrued revenue (unbilled rental revenue) and deferred revenue at the beginning and end of each reporting period so that rental revenue is appropriately stated in the financial statements.
Revenue from rental equipment delivery and collection is recognised when delivery or collection has occurred and is reported as revenue.
2.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Office equipment
5 Years Straight Line
Fixtures, fittings & equipment
5 Years Straight Line
Branch Assets
6 Years Straight Line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
2.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
2.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
TRANSCARGO SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
2
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including trade and other payables, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future receipts discounted at a market rate of interest.
Trade payables are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. Accounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade payables are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
2.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
2.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
TRANSCARGO SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
2
Accounting policies
(Continued)
- 5 -
2.9
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
2.10
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
2.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
5
15
TRANSCARGO SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 6 -
4
Tangible fixed assets
Plant and machinery etc
Branch Assets
Total
$
$
$
Cost
At 1 January 2020
90,015
72,007
162,022
Additions
4,907
4,907
At 31 December 2020
90,015
76,914
166,929
Depreciation and impairment
At 1 January 2020
66,152
68,266
134,418
Depreciation charged in the year
9,292
2,823
12,115
At 31 December 2020
75,444
71,089
146,533
Carrying amount
At 31 December 2020
14,571
5,825
20,396
At 31 December 2019
23,863
3,741
27,604
5
Fixed asset investments
2020
2019
$
$
Other investments other than loans
220
220
6
Debtors
2020
2019
Amounts falling due within one year:
$
$
Trade debtors
3,720
Corporation tax recoverable
22,224
Amounts owed by group undertakings
280,419
Other debtors
531,575
825,867
811,994
851,811
TRANSCARGO SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 7 -
7
Creditors: amounts falling due within one year
2020
2019
$
$
Trade creditors
38,037
14,578
Amounts owed to group undertakings
574,975
Other creditors
11,804
183,638
49,841
773,191
8
Profit and loss reserves
This reserve includes all current and prior period retained profits and losses.
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2019
$
$
448,064
512,073
10
Related party transactions
The following amounts were outstanding at the reporting end date:
2020
2019
Amounts due to related parties
$
$
Other related parties
-
574,975
2020
2019
Amounts due from related parties
$
$
Other related parties
280,419
-