REGISTERED NUMBER: 06467967 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2015

FOR

GNEWT CARGO LIMITED

Page

Company Information

1

Report of the Directors

2

Profit and Loss Account

3

Balance Sheet

4

Notes to the Financial Statements

5

DIRECTORS:

Mr S N Clarke

Mr M J Linnecar

Mr G Oliver

Mr I R Pain

REGISTERED OFFICE:

19-20 Bourne Court

Southend Road

Woodford Green

Essex

IG8 8HD

REGISTERED NUMBER:

06467967 (England and Wales)

ACCOUNTANTS:

Raffingers Stuart

Chartered Certified Accountants

19-20 Bourne Court

Southend Road

Woodford Green

Essex

IG8 8HD

The directors present their report with the financial statements of the company for the year ended 31 January 2015.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 February 2014 to the date of this

report.

Mr S N Clarke

Mr M J Linnecar

Other changes in directors holding office are as follows:

Mr D H C Abbott - resigned 5 December 2014

Mr A J M Cripwell - resigned 5 December 2014

Mr G Oliver - appointed 5 December 2014

Mr I R Pain - appointed 5 December 2014

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating

to small companies.

ON BEHALF OF THE BOARD:

Mr M J Linnecar - Director

31 July 2015

TURNOVER

2,549,849

1,003,726

Cost of sales

1,730,004

802,889

GROSS PROFIT

819,845

200,837

Administrative expenses

781,330

147,730

38,515

53,107

Other operating income

71,300

36,250

OPERATING PROFIT

2

109,815

89,357

Interest receivable and similar income

1

7

109,816

89,364

Interest payable and similar charges

9,448

-

PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION

100,368

89,364

Tax on profit on ordinary activities

3

21,215

16,958

PROFIT FOR THE FINANCIAL YEAR

79,153

72,406

FIXED ASSETS

Intangible assets

5

-

-

Tangible assets

6

237,334

93,848

237,334

93,848

CURRENT ASSETS

Debtors

7

625,868

86,856

Cash at bank and in hand

71,900

43,618

697,768

130,474

CREDITORS

Amounts falling due within one year

8

741,696

85,268

NET CURRENT (LIABILITIES)/ASSETS

(43,928

)

45,206

TOTAL ASSETS LESS CURRENT LIABILITIES

193,406

139,054

PROVISIONS FOR LIABILITIES

9

45,349

14,790

NET ASSETS

148,057

124,264

CAPITAL AND RESERVES

Called up share capital

10

100

100

Profit and loss account

11

147,957

124,164

SHAREHOLDERS' FUNDS

148,057

124,264

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2015 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The financial statements were approved by the Board of Directors on 31 July 2015 and were signed on its behalf by:

Mr M J Linnecar - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

20% on reducing balance

Computer equipment

-

20% on cost

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Intangible assets

The company did not amortise the development cost as the directors are of the opinion that the asset has an

indefinite life.

2.	OPERATING PROFIT

The operating profit is stated after charging:

2015

2014

£

£

Depreciation - owned assets

28,469

24,396

Loss on disposal of fixed assets

1,830

-

Directors' remuneration

33,660

26,711

3.

TAXATION

Analysis of the tax charge

The tax charge on the profit on ordinary activities for the year was as follows:

2015

2014

£

£

Current tax:

UK corporation tax

(9,344

)

9,344

Overprovision of tax

-

(176

)

Total current tax

(9,344

)

9,168

Deferred tax:

Origination and reversal of timing differences

30,559

7,790

Tax on profit on ordinary activities

21,215

16,958

UK corporation tax was charged at 20%) in 2014.

4.

DIVIDENDS

2015

2014

£

£

Ordinary shares of £1 each

Interim

-

49,823

D Ordinary shares of £1 each

Interim

4,167

-

C Ordinary shares of £1 each

Interim

4,167

-

B Ordinary shares of £1 each

Interim

23,513

-

A Ordinary shares of £1 each

Interim

23,513

-

55,360

49,823

5.	INTANGIBLE FIXED ASSETS

Development

costs

£

COST

At 1 February 2014

and 31 January 2015

11,000

AMORTISATION

At 1 February 2014

and 31 January 2015

11,000

NET BOOK VALUE

At 31 January 2015

-

At 31 January 2014

-

6.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 February 2014

1,296

9,596

156,519

-

167,411

Additions

-

49,547

156,955

2,633

209,135

Disposals

-

-

(43,350

)

-

(43,350

)

At 31 January 2015

1,296

59,143

270,124

2,633

333,196

DEPRECIATION

At 1 February 2014

800

5,390

67,373

-

73,563

Charge for year

186

7,470

20,418

395

28,469

Eliminated on disposal

-

-

(6,170

)

-

(6,170

)

At 31 January 2015

986

12,860

81,621

395

95,862

NET BOOK VALUE

At 31 January 2015

310

46,283

188,503

2,238

237,334

At 31 January 2014

496

4,206

89,146

-

93,848

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2015

2014

£

£

Trade debtors

368,719

79,356

Other debtors

257,149

7,500

625,868

86,856

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2015

2014

£

£

Trade creditors

46,075

358

Taxation and social security

208,263

54,628

Other creditors

487,358

30,282

741,696

85,268

9.	PROVISIONS FOR LIABILITIES

2015

2014

£

£

Deferred tax

Accelerated capital allowances

45,349

14,790

Deferred

tax

£

Balance at 1 February 2014

14,790

Deferred tax charge for the

30,559

year

Balance at 31 January 2015

45,349

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

£

NIL

D Ordinary

£1

-

15

NIL

C Ordinary

£1

-

15

NIL

B Ordinary

£1

-

35

NIL

A Ordinary

£1

-

35

1,000

10p Ordinary

10p

100

-

100

100

11.

RESERVES

Profit

and loss

account

£

At 1 February 2014

124,164

Profit for the year

79,153

Dividends

(55,360

)

At 31 January 2015

147,957

12.	RELATED PARTY DISCLOSURES

The company is not under the control of any one individual party.

During the year, DX Network Services Ltd, a company controlled by DX (Group) plc, acquired 49.8% of the

company's issued share capital.

At the balance sheet date, the company owed £150,000 to DX Network Services Ltd.

During the year, the company paid dividends of £55,360 (2014 - £49,823) to the directors.