Company registration number 03848153 (England and Wales)
MARTRADE LOGISTICS UK HOLDING LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
MARTRADE LOGISTICS UK HOLDING LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
MARTRADE LOGISTICS UK HOLDING LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
$
$
$
$
Non-current assets
Investments
3
825
825
Current assets
Trade and other receivables
5
165,922
163,164
Cash and cash equivalents
1,887
1,936
167,809
165,100
Current liabilities
6
(119,401)
(109,199)
Net current assets
48,408
55,901
Net assets
49,233
56,726
Equity
Called up share capital
825
825
Retained earnings
7
48,408
55,901
Total equity
49,233
56,726
The director of the company has elected not to include a copy of the income statement within the financial statements.
true
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 and signed by the director and authorised for issue on 22 September 2022
Mr J Abraham
Director
Company Registration No. 03848153
MARTRADE LOGISTICS UK HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
1
Accounting policies
Company information
Martrade Logistics UK Holding Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
24 Old Queen Street, Westminster, London, SW1H 9HP.
1.1
Accounting convention
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 $.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
A
t the time of approving the financial statements
,
t
he director has a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he director continues to adopt the going concern basis of accounting in preparing the financial statements.
As part of the above assessment the director has fully considered the impact of the Covid-19 global pandemic on both the company and wider Group.
At this time the company retains the support of the
Group, and both the company and
G
roup continue to trade albeit
experiencing delays compared to what
would normally be expected. The director remain
s
confident that Covid-19 will not have a significant impact on both the company and
Group
as a whole
.
1.3
Revenue
Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT
.
Revenue
represents
service fees and management charges receivable on ordinary operations exclusive of VAT.
Revenue from contracts for services is recognised when there is a right to sales consideration under the contract. Where work on a contract for services is in progress at the end of an accounting period, the estimated unbilled realisable invoice value of work performed up to the balance sheet date is included in turnover and as accrued revenue in the balance sheet.
1.4
Non-current investments
Interests in subsidiaries
are
stated
at cost
less provision for diminution in value.
1.5
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.
MARTRADE LOGISTICS UK HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 3 -
1.6
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.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are measured at transaction price including transaction costs
less any impairment.
Loans and receivables
Loans and receivables are measured at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or
when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.
Basic financial liabilities
Basic financial liabilities, including
trade and other payables
, bank loans, loans from
fellow group companies 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.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade payables
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts 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.
Other financial liabilities
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.
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.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
MARTRADE LOGISTICS UK HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
1.8
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated at the exchange
rate
ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
1.9
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the companies Act 2006 not to prepare group accounts.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
3
Fixed asset investments
2021
2020
$
$
Investments
825
825
Movements in non-current investments
Shares in group undertakings
$
Cost or valuation
At 1 January 2021 & 31 December 2021
825
Carrying amount
At 31 December 2021
825
At 31 December 2020
825
MARTRADE LOGISTICS UK HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 5 -
4
Subsidiaries
Details of the company's subsidiaries at 31 December 2021 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Martrade Shipping Services UK Limited
UK
Shipping and forwarding agent
Ordinary
100.00
0
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
$
$
Martrade Shipping Services UK Limited
(4,402)
(500,169)
5
Trade and other receivables
2021
2020
Amounts falling due within one year:
$
$
Amounts owed by group undertakings
161,595
161,595
Other receivables
4,327
1,569
165,922
163,164
6
Current liabilities
2021
2020
$
$
Trade payables
466
Amounts owed to group undertakings
112,936
97,084
Other payables
5,999
12,115
119,401
109,199
7
Retained earnings
2021
2020
$
$
At the beginning of the year
55,901
69,802
Loss for the year
(7,493)
(13,901)
At the end of the year
48,408
55,901
MARTRADE LOGISTICS UK HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
Senior Statutory Auditor:
Frank Harling
Statutory Auditor:
Ward Williams
9
Parent company
The company's immediate parent company is Martrade Shipping + Transport GmbH, a company incorporated in Germany with limited liability.
In the directors' opinion the company's ultimate parent company is IQ Martrade Holding and Managementgesellschaft mbH, a company incorporated in Germay with limited liability. A copy of its group accounts, which include the company, are available from Amtsgericht Duesseldorf, Muhlenstrasse 34, 40213 Duesseldorf, Germany.