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Seko Omni-Channel Logistics Limited

Registered number: 08773821
Annual report
For the year ended 31 December 2021

 
SEKO OMNI-CHANNEL LOGISTICS LIMITED
 
 
COMPANY INFORMATION


Directors
K O'Brien 
M White 




Registered number
08773821



Registered office
30 Old Bailey

London

EC4M 7AU




Independent auditor
Mazars LLP
Chartered Accountants & Statutory Auditor

2nd Floor

6 Sutton Plaza

Sutton Court Road

Sutton

Surrey

SM1 4FS





 
SEKO OMNI-CHANNEL LOGISTICS LIMITED
 

CONTENTS



Page
Strategic Report
1 - 3
Directors' Report
4 - 6
Independent Auditor's Report
7 - 10
Statement of Comprehensive Income
11
Balance Sheet
12
Statement of Changes in Equity
13
Notes to the Financial Statements
14 - 29

 
SEKO OMNI-CHANNEL LOGISTICS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021

Introduction
 
The directors present their strategic report for Seko Omni-Channel Logistics Limited (the "Company") for the year ended 31 December 2021.
Principal activity
Seko Omni-Channel Logistics Limited are a leading provider of customer focused supply chain management and logistics solutions.

Business review
 
We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end.
We consider that our key financial performance indicators are those that communicate the financial performance and strength of the Company as a whole, these being Turnover, Gross profit, Operating profit and Profit before tax.


2021
2020
        £
        £
Turnover

23,731,432

20,206,373

Gross profit

5,544,101

5,989,084

Operating profit

1,522,867

1,857,901

Profit before tax

1,505,868

1,850,448


In 2021 the turnover increased by 17%, due to increased trade with existing clients and some new business wins. There has been a significant increase in the cost of labour, driven by impact of UK minimum wage rise increases and resultant effect throughout the payroll, an increase in demand for labour in Distribution warehouses to cope with demand from E-commerce growth (accelerated by the Covid-19 pandemic) and reduced available labour from the EU as staff decided to return to EU following Brexit. While Seko has utilised the IT systems that the Company continues to develop, and this helped to increase labour efficiency, the full cost impact has not been able to be fully transferred to customers and so reduced profits which has enabled business to increase profit before tax by £345k (18%) vs 2020.
Seko has a strong future growth plan, to support this, Seko continues to invest in our staff and further develop and support our IT systems. The expectation is that this investment will enable the labour to become even more efficient, which is key in a labour driven business, given the UK legislated increases UK minimum wage and scarcity of available staff given the UK’s current low unemployment. 
The expectation for 2022 will be to continue to grow the revenue and continue to improve cost efficiency to deliver a profit before tax in excess of £2m for the full year.
May YTD results of 2022 have shown Profit before tax of 746k which is 3% higher than the same period last year.  
The Company is well positioned for strong expected growth over the next 5 years.

- 1 -

 
SEKO OMNI-CHANNEL LOGISTICS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021

Principal risks and uncertainties
 
The Company’s activities expose it to a variety of financial risks – market risk (including currency risk and interest rate risk) and credit risk. The Company’s overall risk management focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Company’s performance.
Competitive pressures and current economic climate in the market are a continuing risk to the Company, which could result in price reductions. The Company manages this risk by providing and implementing innovative new services together with greater value added services to its key clients and by maintaining strong relationships with customers.
Market risk
The Company's sales are primarily denominated in Sterling. However some accounts are billed in US Dollars and Euros and so the Company is therefore exposed to the movement in exchange rates on sales and purchases that are denominated in other currencies. This risk is assessed on an ongoing basis. The Company does not use derivative financial instruments to manage currency exposure and, as such, no hedge accounting is applied. 
The Company has no external borrowings and thus interest rate risk is low. 
Credit risk 
Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. Credit checks are performed on all customers requiring credit. The receivable balances are monitored on an ongoing basis and provision is made for doubtful debts where necessary. 
Liquidity risk 
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. We aim to mitigate liquidity risk by managing cash generation by our operations and applying cash collection targets 
Fair value 
There is no material difference between the fair value of the Company's financial assets and liabilities and their carrying value in the balance sheet. 

The withdrawal of the United Kingdom from the European Union

New trading arrangements between the United Kingdom and the European Union took effect on 31 December 2020. In general, tariffs and quotas on trade have not been introduced, although administrative complications and regulatory restrictions have reduced the freedom of cross-border trade. The Company is carefully monitoring the practical application of the new trading arrangements by regulatory authorities, to better understand what the eventual impact on its business will be. The process of determining these effects is ongoing, and has also been delayed by the suspension of certain sectors of economic activity in response to the COVID-19 pandemic.

COVID-19

The COVID-19 pandemic continues to affect the UK and global economies however the recent lifting of social restrictions by the government means the directors anticipate the UK and global economies to return to growth in due course. It is not possible to predict how quickly and to what degree this may happen. The priorities of the directors remain to comply with any remaining regulatory requirements to the fullest extent possible, and to maintain the safety and well-being of the Company's personnel.

- 2 -

 
SEKO OMNI-CHANNEL LOGISTICS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021


This report was approved by the board and signed on its behalf by:



K O'Brien
Director

Date: 11 August 2022
- 3 -

 
SEKO OMNI-CHANNEL LOGISTICS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021

The directors present their report and the audited financial statements for Seko Omni-Channel Logistics Limited (the "Company") for the year ended 31 December 2021.

Principal activity

Seko Omni-Channel Logistics Limited are a leading provider of customer focused supply chain management and logistics solutions. 

Results and dividends

The profit for the year, after taxation, amounted to £1,214,559 (2020: profit of £1,494,291).

The directors do not recommend the payment of a dividend (2020: £nil).

Directors

The directors who served during the year and to the date of this report were:

K O'Brien 
M White 

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

- 4 -

 
SEKO OMNI-CHANNEL LOGISTICS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021

Third party indemnities

Seko Logistics Group Limited has procured insurance to provide indemnity cover for all directors in respect of the cost of defending claims against the, and third party liabilities. These are all third party indemnity provisions for the purpose of the Companies Act 2006 and are all currently in force. 

Matters covered in the Strategic Report

As permitted by Paragraph 1A of Schedule 7 to the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 certain matters which are required to be disclosed in the Directors' Report have been omitted as they are included in the Strategic Report on pages 1 to 3. These matters relate to business review and principal risks and uncertainties.

Going concern

The results of the Company are set out in the Statement of Comprehensive Income above. The financial position of the Company, its liquidity position and its cash flows are reflected in the Balance Sheet.
The directors have assessed the current and forecasted trading activity and expected forecasted cashflows and have concluded that there is certainty that the company is expected to be able to continue to meet its obligations as they arise for the foreseeable future. The period that the directors have paid particular attention to was a period of no less than 12 months from the date of approval.
Potential sources of uncertainty noted by the directors include the withdrawal of the United Kingdom from the European Union, and Coronavirus and the COVID-19 pandemic. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Future developments

The Company does not foresee significant changes in trading levels or margins for the foreseeable future. 

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware; and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

On 24 February 2022 Russian Forces entered Ukraine, resulting in Western Nation reactions including announcements of sanctions against Russia and Russian interests worldwide and an economic ripple effect on the global economy. The directors have carried out an assessment of the potential impact of Russian Forces entering Ukraine on the business, including the impact of mitigation measures and uncertainties, and have concluded that this is a non-adjusting post balance sheet event.
- 5 -

 
SEKO OMNI-CHANNEL LOGISTICS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021


Auditor

The auditor, Mazars LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf by:
 




K O'Brien
Director

Date: 11 August 2022
- 6 -

 
SEKO OMNI-CHANNEL LOGISTICS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SEKO OMNI-CHANNEL LOGISTICS LIMITED
 

Opinion

We have audited the financial statements of Seko Omni-Channel Logistics Limited (the ‘Company’) for the year ended 31 December 2021 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

give a true and fair view of the state of the Company’s affairs as at 31 December 2021 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our Auditor’s Report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
- 7 -

 
SEKO OMNI-CHANNEL LOGISTICS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SEKO OMNI-CHANNEL LOGISTICS LIMITED
 

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:
 
the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
- 8 -

 
SEKO OMNI-CHANNEL LOGISTICS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SEKO OMNI-CHANNEL LOGISTICS LIMITED
 

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless either the directors intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements. 
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. 
Based on our understanding of the company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation, non-compliance with implementation of government support schemes relating to COVID-19. 
To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
 Inquiring of management and, where appropriate, those charged with governance, as to whether the                                                     company is in compliance with laws and regulations, and discussing their policies and procedures                                        regarding compliance with laws and regulations;
 Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
 Communicating identified laws and regulations to the engagement team and remaining alert to any                                                 indications of non-compliance throughout our audit; and
 Considering the risk of acts by the company which were contrary to applicable laws and regulations,                                                                        including fraud.  
We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Companies Act 2006. 
 
- 9 -

 
SEKO OMNI-CHANNEL LOGISTICS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SEKO OMNI-CHANNEL LOGISTICS LIMITED
 


In addition, we evaluated the directors’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to revenue recognition (which we pinpointed to the assertion of cut-off), and significant one-off or unusual transactions. 
 
Our audit procedures in relation to fraud included but were not limited to:

Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
Gaining an understanding of the internal controls established to mitigate risks related to fraud;
Discussing amongst the engagement team the risks of fraud; and
Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of the audit report

This report is made solely to the Company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body for our audit work, for this report, or for the opinions we have formed.




  
Gerhard Bonthuys (Senior statutory auditor)
for and on behalf of Mazars LLP
 
Chartered Accountants & Statutory Auditor 
2nd Floor
6 Sutton Plaza
Sutton Court Road
Sutton
Surrey
SM1 4FS

30 August 2022
- 10 -

 
SEKO OMNI-CHANNEL LOGISTICS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2021

2021
2020
Note
£
£

  

Turnover
 4 
23,731,432
20,206,373

Cost of sales
  
(18,187,331)
(14,217,289)

Gross profit
  
5,544,101
5,989,084

Administrative expenses
  
(4,021,234)
(4,257,926)

Other operating income
 5 
-
126,743

Operating profit
 6 
1,522,867
1,857,901

Interest payable and similar expenses
 9 
(16,999)
(7,453)

Profit before tax
  
1,505,868
1,850,448

Tax on profit
 10 
(291,309)
(356,157)

Profit for the financial year
  
1,214,559
1,494,291

Other comprehensive income
  
-
-

  

Total comprehensive income for the year
  
1,214,559
1,494,291

The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.

The notes on pages 14 to 29 form part of these financial statements.
- 11 -

 
SEKO OMNI-CHANNEL LOGISTICS LIMITED
REGISTERED NUMBER: 08773821

BALANCE SHEET
AS AT 31 DECEMBER 2021

2021
2020
Note
£
£

Fixed assets
  

Intangible assets
 11 
975,292
896,167

Tangible assets
 12 
1,051,123
518,610

  
2,026,415
1,414,777

Current assets
  

Debtors: Amounts falling due within one year
 13 
6,598,457
4,319,941

Creditors: Amounts falling due within one year
 14 
(6,148,868)
(4,675,744)

Net current assets/(liabilities)
  
 
 
449,589
 
 
(355,803)

Total assets less current liabilities
  
2,476,004
1,058,974

Provisions for liabilities
  

Deferred tax
 15 
(179,363)
23,108

  
 
 
(179,363)
 
 
23,108

Net assets
  
2,296,641
1,082,082


Capital and reserves
  

Called up share capital 
 16 
1,000
1,000

Profit and loss account
 17 
2,295,641
1,081,082

Total equity
  
2,296,641
1,082,082


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




K O'Brien
Director

Date: 11 August 2022

The notes on pages 14 to 29 form part of these financial statements.
- 12 -

 
SEKO OMNI-CHANNEL LOGISTICS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2020
1,000
(413,209)
(412,209)


Comprehensive income for the year

Profit for the year
-
1,494,291
1,494,291


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
1,494,291
1,494,291



At 1 January 2021
1,000
1,081,082
1,082,082


Comprehensive income for the year

Profit for the year
-
1,214,559
1,214,559


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
1,214,559
1,214,559


At 31 December 2021
1,000
2,295,641
2,296,641


The notes on pages 14 to 29 form part of these financial statements.
- 13 -

 
SEKO OMNI-CHANNEL LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1.


General information

Seko Omni-Channel Logistics Limited (the "Company”) is a private company, limited by shares and incorporated in England and Wales. The address of its registered office is 30 Old Bailey, London, EC4M 7AU and the principal place of business is Minton Place, Victoria St, Windsor, SL4 1EG. 
 
Seko Omni-Channel Logistics Limited are a leading provider of customer focused supply chain management and logistics solutions. 
 
2.Accounting policies

  
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 applicable legislation as set out in the Companies Act 2006 and Schedule 1 of The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008. These financial statements have been prepared under the historical costs convention.
 
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
These financial statements have been presented in Pounds Sterling and are rounded to the nearest pound, as this is the Company’s functional currency, being the currency of the primary economic environment in which the Company operates. 
The following principal accounting policies have been applied:

 
2.2

Financial reporting standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Seko Logistics Group Limited as at 31 December 2021 and these financial statements may be obtained from Tower Bridge House, St Katharine's Way, London, United Kingdom, E1W 1DD.

- 14 -

 
SEKO OMNI-CHANNEL LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.3

Going concern

The results of the Company are set out in the Statement of Comprehensive Income above. The financial position of the Company, its liquidity position and its cash flows are reflected in the Balance Sheet.
The directors have assessed the current and forecasted trading activity and expected forecasted cashflows and have concluded that there is certainty that the company is expected to be able to continue to meet its obligations as they arise for the foreseeable future. The period that the directors have paid particular attention to was a period of no less than 12 months from the date of approval.
Potential sources of uncertainty noted by the directors include the withdrawal of the United Kingdom from the European Union, and Coronavirus and the COVID-19 pandemic. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

 
2.4

Turnover

Turnover is recognised at the fair value of the consideration received or receivable and represents amounts for the rendering of services in the normal course of business, net of discounts and other sales-related taxes. 
Turnover from warehousing and distribution services. 
Turnover is recognised from the provision of warehousing and distribution services over the period in which the services are provided. 

 
2.5

Current and deferred taxation

The tax expense for the year 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.

- 15 -

 
SEKO OMNI-CHANNEL LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.6

Foreign currency translation

Functional and presentation currency

The Company's functional and presentation currency is Pounds Sterling.

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

All foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'cost of sales'.

 
2.7

Tangible assets

Tangible 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.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
6 years
Computer equipment
-
3 years

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.

- 16 -

 
SEKO OMNI-CHANNEL LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.8

Intangible assets

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.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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.

 Amortisation is provided on the following bases:

Capitalised cost
-
10%
on cost

Amortisation charge for the year is included within 'administrative expenses'.

  
2.9

Impairment of assets

At each reporting date, the Company reviews the carrying value of its assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss.
The recoverable amount of an asset is the higher of fair value less costs to sell and value in use. Value in use is the present value of the future cash flows expected to be derived from the asset. The present value calculation involves estimating the future cash inflows and outflows to be derived from continuing use of the asset, and from its ultimate disposal, applying an appropriate discount rate to those future cash flows.
Where the recoverable amount of an asset is less than the carrying amount, an impairment loss is recognised immediately in profit or loss.
An impairment loss recognised for all assets is reversed in a subsequent year if, and only if, the reasons for the impairment loss have ceased to apply.

 
2.10

Financial instruments

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 and loans to related parties. 

- 17 -

 
SEKO OMNI-CHANNEL LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)


2.10
Financial instruments (continued)

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

 
2.11

Pensions

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.

 
2.12

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

- 18 -

 
SEKO OMNI-CHANNEL LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.13

Borrowing costs

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.

  
2.14

Government grants

The UK government has offered a range of financial support packages to help companies, including government backed financing arrangements, furlough schemes, deferment of VAT payments and, for some sectors, business rates holidays, of the offered schemes, the Group used the furlough scheme and deferral of VAT payments. The income from the furlough scheme has been recognised within 'Other operating income'. They are recognised when the entity has reasonable assurance that they will comply with the conditions attaching the grant, and that the grant will be received.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In applying the Company’s accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors’ judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised, if the revision affects only that year, or in the year of the revision and future years, if the revision affects both current and future years.
3.1 Critical judgements in applying the Company's accounting policies
The critical judgements that the directors have made in the process of applying the Company's accounting policies and that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below.
(i)  Assessing indicators of impairment
In assessing whether there have been any indicators of impairment of assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability. There have been no indicators of impairments identified during the current financial year.
3.2  Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. 
The directors do not consider there to be any key sources of estimation uncertainty.
- 19 -

 
SEKO OMNI-CHANNEL LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

4.


Turnover

An analysis of turnover by class of business is as follows:


2021
2020
£
£

Provision of services
23,731,432
20,206,373


An analysis of the Company's turnover by geographical market is as follows:


2021
2020
£
£



United Kingdom
23,731,250
16,668,254

Europe
-
838,968

United States of America
-
2,663,520

Asia
182
35,631

23,731,432
20,206,373


5.


Other operating income

2021
2020
£
£

Government grants receivable
-
126,743

-
126,743


The government grants receivable of £nil (2020: £126,743) relates to Coronavirus Job Retention Scheme (CJRS) the Company received during the year.


6.


Operating profit

The operating profit is stated after (crediting)/charging:

2021
2020
£
£

Depreciation of tangible assets
242,779
243,306

Amortisation of intangible assets
130,875
109,875

Other operating lease rentals
954,245
954,245

Foreign exchange (gains)/losses
(72)
9,235

Other pension costs
69,879
59,310

- 20 -

 
SEKO OMNI-CHANNEL LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

7.


Auditor's remuneration

2021
2020
£
£


Fees payable to the Company's auditor for the audit of the Company's annual financial statements
15,000
13,390


The Company has taken advantage of the exemption not to disclose amounts paid for non audit services as these are disclosed in the group accounts of the parent Company.


8.


Employees

Staff costs were as follows:


2021
2020
£
£

Wages and salaries
3,789,241
2,878,988

Social security costs
328,276
237,901

Cost of defined contribution scheme
69,879
59,310

4,187,396
3,176,199


The average monthly number of employees, including the directors, during the year was as follows:


        2021
        2020
            No.
            No.







Corporate and accounts
12
12



Operations
87
87

99
99

No directors received any remuneration from the Company during the year (2020: £nil).
The directors fees for the current as well as the previous year are borne by another group company.

- 21 -

 
SEKO OMNI-CHANNEL LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

9.


Interest payable and similar expenses

2021
2020
£
£


Bank interest payable
11,950
8

Other loan interest payable
4,527
6,192

Finance leases and hire purchase contracts
522
1,253

16,999
7,453


10.


Tax on profit


2021
2020
£
£

Corporation tax


Current tax on profits for the year
86,610
388,109

Adjustments in respect of previous periods
2,228
-


Deferred tax


Origination and reversal of timing differences
209,768
(32,992)

Effect of rate changes
(7,297)
1,040

Total deferred tax
202,471
(31,952)


Tax on profit
291,309
356,157
- 22 -

 
SEKO OMNI-CHANNEL LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
 
10.Tax on profit (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2020: higher than)  the standard rate of corporation tax in the UK of19% (2020:19%). The differences are explained below:

2021
2020
£
£


Profit before tax
1,505,868
1,850,448


Profit multiplied by standard rate of corporation tax in the UK of 19% (2020: 19%)
286,115
351,585

Effects of:


Fixed asset timing differences
(41,181)
1,044

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,100
2,488

Adjustments to tax charge in respect of prior periods
2,228
-

Remeasurement of deferred tax for changes in tax rates
43,047
1,040

Total tax charge for the year
291,309
356,157

Factors that may affect future tax charges

The UK Government announced in the 2021 budget that from 1 April 2023, the rate of corporation tax in the United Kingdom will increase from 19% to 25%. Companies with profits of £50,000 or less will continue to be taxed at 19%, which is a new small profits rate. Where taxable profits are between £50,000 and £250,000, the higher 25% rate will apply but with a marginal relief applying as profits increase.

- 23 -

 
SEKO OMNI-CHANNEL LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

11.


Intangible assets




Capitalised costs

£



Cost


At 1 January 2021
1,195,000


Additions
210,000



At 31 December 2021

1,405,000



Amortisation


At 1 January 2021
298,833


Charge for the year
130,875



At 31 December 2021

429,708



Net book value



At 31 December 2021
975,292



At 31 December 2020
896,167



- 24 -

 
SEKO OMNI-CHANNEL LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

12.


Tangible assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost


At 1 January 2021
1,567,027
303,560
1,870,587


Additions
653,302
121,990
775,292



At 31 December 2021

2,220,329
425,550
2,645,879



Depreciation


At 1 January 2021
1,139,773
212,204
1,351,977


Charge for the year
177,549
65,230
242,779



At 31 December 2021

1,317,322
277,434
1,594,756



Net book value



At 31 December 2021
903,007
148,116
1,051,123



At 31 December 2020
427,254
91,356
518,610


13.


Debtors

2021
2020
£
£


Trade debtors
4,092,173
2,461,628

Amounts owed by group companies
1,894,780
1,458,962

Amounts owed by parent company
1,000
1,000

Other debtors
232,061
-

Prepayments and accrued income
378,443
398,351

6,598,457
4,319,941


Trade debtors are stated after a provision for bad debts of £21,619 (2020: £254,993).
Amounts owed by group companies are unsecured, interest-free and payable on demand.

- 25 -

 
SEKO OMNI-CHANNEL LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

14.


Creditors: Amounts falling due within one year

2021
2020
£
£

Trade creditors
1,936,559
1,276,958

Amounts due to group companies
2,155,638
860,356

Corporation tax
-
239,357

Other taxation and social security
211,986
588,015

Other creditors
226,908
233,575

Accruals and deferred income
1,617,777
1,477,483

6,148,868
4,675,744


Amounts due to group companies are unsecured, interest-free and repayable on demand.


15.


Deferred taxation




2021
2020


£

£






At beginning of year
23,108
(8,844)


Charged to Statement of Comprehensive Income
(202,471)
31,952



At end of year
(179,363)
23,108

- 26 -

 
SEKO OMNI-CHANNEL LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
 
15.Deferred taxation (continued)

The deferred tax balance is made up as follows:

2021
2020
£
£


Fixed asset timing differences
(185,126)
(25,694)

Short term timing differences
5,763
48,802

(179,363)
23,108

Comprising:

Deferred tax (liability)/asset
(179,363)
23,108

(179,363)
23,108


The Company has recognised deferred tax assets in respect of all deductible timing differences. There are no amounts unrecognised (2020: £nil). These timing differences are recognised as a deferred asset on the grounds that there is sufficient evidence that the asset will be reversible against suitable future profits.


16.


Called up share capital

2021
2020
£
£
Allotted, called up and not fully paid



1,000 (2020: 1,000) Allocated, called-up and not fully paid shares of £1.00 each
1,000
1,000


The Company has one class of ordinary shares; each share carries one voting right per share but no right to fixed income.



17.


Reserves

Profit and loss account

This reserve represents the cumulative profits and losses.

- 27 -

 
SEKO OMNI-CHANNEL LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

18.


Pension commitments

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 £69,879 (2020: £59,310). Contributions totalling £1,433 (2020: £1,855) were payable to the fund at the balance sheet date and are included in creditors.


19.


Commitments under operating leases

At 31 December 2021 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2021
2020
£
£


Not later than 1 year
1,048,524
1,048,524

Later than 1 year and not later than 5 years
2,301,007
4,194,096

Later than 5 years
-
203,959

3,349,531
5,446,579


20.


Other financial commitments

On 19 April 2021 as security for its loans to the Company, the Company granted RBS Invoice Finance Limited a charge which was fixed over land and intellectual property both present and future, and floating over all assets and undertakings both present and future. The terms of the charge require that its validity shall continue until all liabilities secured by the charge have been satisfied.
- 28 -

 
SEKO OMNI-CHANNEL LOGISTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

21.


Related party transactions

During the year the Company entered into the following transactions with related parties:


2021
2020
£
£

Transactions with group undertakings


Services rendered (by) group undertakings
(1,473,267)
(1,247,463)

Services rendered to group undertakings
1,504,786
1,236,362

At 31 December 2021 the following balances were owed by/(to) related parties:


2021
2020
£
£

Amount due (to)/from group undertakings


Included within creditors
(2,155,638)
(860,356)

Included within debtors
1,894,780
1,458,962

(260,858)
598,606

2021
2020
£
£

Amount due from controlling party


Unpaid share capital
1,000
1,000


22.


Post balance sheet events

On 24 February 2022 Russian Forces entered Ukraine, resulting in Western Nation reactions including announcements of sanctions against Russia and Russian interests worldwide and an economic ripple effect on the global economy. The directors have carried out an assessment of the potential impact of Russian Forces entering Ukraine on the business, including the impact of mitigation measures and uncertainties, and have concluded that this is a non-adjusting post balance sheet event.

23.


Parent undertaking and ultimate controlling party

The ultimate parent company is Seko Global Logistics Network, LLC (SGLN), a company incorporated in the United States of America.
The results of the Company are consolidated by the immediate parent company Seko Logistics Group Limited incorporated in England. The consolidated financial statements of Seko Logistics Group Limited are publicly available and may be obtained from Companies House. 

- 29 -