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REGISTERED NUMBER: 10090751 (England and Wales)



















Boasso Global Limited

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31st December 2022






Boasso Global Limited (Registered number: 10090751)







Contents of the Consolidated Financial Statements

for the year ended 31st December 2022





Page



Company Information  

1



Group Strategic Report  

2



Report of the Directors  

4



Report of the Independent Auditors  

6



Consolidated Statement of Comprehensive Income

9



Consolidated Balance Sheet  

10



Company Balance Sheet  

11



Consolidated Statement of Changes in Equity  

12



Company Statement of Changes in Equity  

13



Consolidated Cash Flow Statement  

14



Notes to the Consolidated Cash Flow Statement

15



Notes to the Consolidated Financial Statements

17




Boasso Global Limited


Company Information

for the year ended 31st December 2022









DIRECTORS:

J Troy


J Wilson







REGISTERED OFFICE:

Limerick Road


Dormanstown


Redcar


Cleveland


TS10 5JU







REGISTERED NUMBER:

10090751 (England and Wales)







AUDITORS:

Smailes Goldie


Chartered Accountants


Statutory Auditor


Regent's Court


Princess Street


Hull


East Yorkshire


HU2 8BA


Boasso Global Limited (Registered number: 10090751)


Group Strategic Report

for the year ended 31st December 2022


The directors present their strategic report of the company and the group for the year ended 31st December 2022.


REVIEW OF BUSINESS

During 2022 global economic prospects worsened significantly, predominantly due to Russia's invasion of Ukraine in the first quarter. This crisis unfolded while the global economy was on a mending path but had not yet fully recovered from the COVID-19 pandemic. Beyond the immediate humanitarian impacts, the war has severely set back the global recovery, slowing growth and increasing inflation even further. With Russia being a major supplier of oil, gas and metals, the current decline in the supply of these commodities has driven their prices up sharply. These effects are felt widely in Europe and the UK.


PERFORMANCE OF BUSINESS

With the Company's primary function being an administrative holding company for the UK and European businesses which it owns; it's group accounts have been influenced by the adversities faced in 2022. In particular our Depot function has experienced rising costs of energy and finite resources. In response we are monitoring energy usage at each of the depots and implementing better practises to optimise efficient consumption and obtain energy savings. Moreover, our Transport function has been heavily influenced by rising fuel costs and higher costs of owning and operating vehicles. Despite these economic challenges, as a group we have acted proactively to provide our customers with a high-quality service and build the foundations to achieve promising results. We have also entered an exciting era under new ownership with the prospect of becoming a larger and more connected company.


Our parent Company, Boasso Global Inc, headquarted in Tampa, Florida, was sold in the fourth quarter of 2022 by private equity firm Apax Partners LLP to Kohlberg Kravis Roberts & Co (KKR). Our new owner, KKR, is fully supportive of our pursuit of strategic acquisitions in the worldwide markets and growth across our existing footprint. This is evidenced by the February 2023 merger of Boasso Global and Quala which will expand our global footprint, enhance connectivity to Customers and bring more opportunities to employees.


In the UK and Europe we continue to grow both organically and through selective acquisitions of businesses which fit our model and can add value. This can be evidenced by the acquisitions we completed during 2022 of Frans de Wit BV, headquarted in Moerdijk, Netherlands between the ports of Rotterdam and Antwerp. Frans de Wit is a company which provides ISO tank container transportation and depot services of chemicals and refrigerant gases. In addition we acquired Transportes Paz Ciria S.L. located in Parets, Spain. This is a company which provides a transport business focused primarily on ISO tank work and has extensive experience in the chemical sector, hauling speciality products including pressurized gas & MDI/TDI. Moving forward we will continue to focus our resources on seeking potential opportunities for expansion, increasing our UK and European coverage while realising synergies with our already-established and reputable depots of Boasso Global.


PRINCIPLE RISKS AND UNCERTAINTIES

The principal risks and uncertainties facing the company may be broadly grouped into categories of financial, commercial and regulatory.


Even before the war inflation had risen significantly with many central banks tightening monetary policy. The international spill over from the war has driven costs higher and this has been felt across the group, in particular the costs of energy, fuel, labour, material and owning and operating vehicles. To maintain a strong financial position going forward we are focused on reducing energy consumption, using our group position to seek more favourable rates with suppliers, monitoring and improving our efficiencies of fuel consumption.


The group operates in a competitive market and is committed to delivering a service that adds value to our customers and through training and investment aims to ensure sustainable future growth. We are mindful that financial pressures on us also affect our customers and suppliers and as such we continue to implement strong financial disciplines to manage the risk.


Safety, Health, Environmental and Quality ("SHEQ") issues are a major focus of the Company and we take a proactive stance and also recognise the need for ongoing review and investment. Our aim is to ensure we set and achieve high standards for our employees, customers and stakeholders and reduce the environmental impact of our actions. We hold all relevant regulatory permits and ensure these are properly managed and maintained.


Boasso Global Limited (Registered number: 10090751)


Group Strategic Report

for the year ended 31st December 2022



Given the above the Directors consider the operating loss as reported to be a satisfactory outcome.


The directors acknowledge their requirement under the Companies Act 2006 to report the principal risks and uncertainties of the businesses together with a comprehensive analysis of development and performance using financial key performance indicators. Given the competitive commercial environment the directors are of the opinion that disclosure of any further information would be prejudicial to the growth and future performance of the group and as such have taken the decision to limit disclosure to that provided in the financial statements and to the information provided above.


OUTLOOK OF BUSINESS

For the outlook of the business over the next 12 months we anticipate that even with inflation being brought under control by the central banks we will still experience a similar trend of heightened costs and slow economic growth. As a result, all businesses are likely to feel the impact of financial pressures. Therefore, we plan to respond diligently to ensure we remain competitive and maintain performance.


As we align to our strategic outlook with our new owners, the decision was made to cease operations at our Amiens Depot in September 2023. As a tank wash operator and one of our smaller entities the closure is not expected to negatively impact our group results. We will continue to look for opportunities to expand our European footprint.


SECTION 172(1) STATEMENT

The directors have considered the matters set out in section 172 (1) (a) to (f) when performing their duty to

promote the success of the company and the group. The directors continue to ensure that any business decisions consider the long-term impact on all key stakeholders. This includes when evaluating acquisition and growth opportunities.  During the period there has been a strong focus on the continued integration of previous acquisitions to ensure that going forward the business can function in a single consistent manner. This integration promotes employee development and allows supplier and customer relationships to be elevated to a group level. Environmental issues continue to be a major focus of the business and are a key consideration as the Board compiles its strategy. The board encourages sharing of best practices between group companies to ensure the business operates at the highest possible standard and endeavours for all members to be treated fairly.


In addition, the directors consider the company's employees, suppliers and customers to be integral to its continued success. The directors have reported on engagement with employees, suppliers, customers and others within the Report of the Directors.


ON BEHALF OF THE BOARD:






J Wilson - Director



28th September 2023


Boasso Global Limited (Registered number: 10090751)


Report of the Directors

for the year ended 31st December 2022


The directors present their report with the financial statements of the company and the group for the year ended 31st December 2022.


DIVIDENDS

No dividends will be distributed for the year ended 31st December 2022.


EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.


DIRECTORS

The directors shown below have held office during the whole of the period from 1st January 2022 to the date of this report.


J Troy

J Wilson


DISABLED EMPLOYEES

The company gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a disabled person. Where existing employees become disabled, it is the company's policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training and career development and promotion to disabled employees wherever appropriate.


EMPLOYEE INVOLVEMENT

During the year, the policy of providing employees with information about the company has been continued through internal media methods in which employees have also been encouraged to present their suggestions and views on the company's performance. Regular meetings are held between local management and employees to allow a free flow of information and ideas.


ENGAGEMENT WITH EMPLOYEES

The directors make use of the senior management teams throughout the group to ensure that all employees are kept up to date with key and relevant information which may concern them as employees. Each group location consults its employees as necessary when making material decisions which may affect them. Employees are encouraged to have an interest in the performance of the company and a general awareness of the group's performance.


ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

The directors continuously consider key stakeholder relationships and develops them through the senior management team. The group considers relationships with customers and suppliers on a global scale and maintains strong relationships at a local and group level. Organic and acquisitive group actions take into consideration these business relationships.


STREAMLINED ENERGY AND CARBON REPORTING

The company consumes less than 40,000 kWh of energy each year, therefore energy efficiency disclosures under the Streamlined Energy and Carbon Reporting regulations ("SECR") are not included. On a consolidated basis there is no additional disclosure on the basis that all subsidiary companies are not required to report under the SECR in their own right due to either being non- large companies or consuming less than 40,000 kWh of energy annually.



Boasso Global Limited (Registered number: 10090751)


Report of the Directors

for the year ended 31st December 2022


STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 the group and of the profit or loss of the group for that period.  In preparing these financial statements, the directors are required to:


-

select suitable accounting policies and then apply them consistently;

-

make judgements and accounting estimates that are reasonable and prudent;

-

state whether applicable accounting standards have been followed, subject to any material departures

disclosed and explained in the financial statements;

-

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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.


AUDITORS

The auditors,  Smailes Goldie, will be proposed for re-appointment at the forthcoming Annual General Meeting.


ON BEHALF OF THE BOARD:






J Wilson - Director



28th September 2023


Report of the Independent Auditors to the Members of

Boasso Global Limited


Opinion

We have audited the financial statements of Boasso Global Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st December 2022 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 Financial Reporting Standard 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 group's and of the parent company affairs as at 31st December 2022 and of the group's loss 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 Auditors' responsibilities for the audit of the financial statements section of our report.  We are independent of the group 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 group's and the parent 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.


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.


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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-

the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.


Report of the Independent Auditors to the Members of

Boasso Global Limited



Matters on which we are required to report by exception

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


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

-

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-

the parent company 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.


Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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 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 group's and the parent 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 the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.


Auditors' 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 a Report of the Auditors 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 these financial statements.


The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:


Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, tax legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.


We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.


To address the risk of fraud through management bias and override of controls, we:


-


performed analytical procedures to identify any unusual or unexpected relationships;


-


tested journal entries to identify unusual transactions;


-


assessed whether judgements and assumptions made in determining the accounting estimates were

indicative of potential bias; and


-


investigated the rationale behind significant or unusual transactions.



Report of the Independent Auditors to the Members of

Boasso Global Limited



In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:


-


agreeing financial statement disclosures to underlying supporting documentation;


-


enquiring of management as to actual and potential litigation and claims; and


-


reviewing correspondence with relevant regulators and the company's legal advisors.



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 Report of the Auditors.


Use of our 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 a Report of the Auditors 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.





Michael Stocks ACA (Senior Statutory Auditor)

for and on behalf of Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA


28th September 2023


Boasso Global Limited (Registered number: 10090751)


Consolidated Statement of Comprehensive Income

for the year ended 31st December 2022



2022


2021


Notes

£   

£   



TURNOVER

2

67,673,520


42,149,359




Cost of sales

44,018,788


26,743,325



GROSS PROFIT

23,654,732


15,406,034




Administrative expenses

24,910,607


15,223,612



(1,255,875

)

182,422




Other operating income

137,122


69,281



OPERATING (LOSS)/PROFIT

4

(1,118,753

)

251,703




Interest receivable and similar income

17,340


5,171



(1,101,413

)

256,874




Interest payable and similar expenses

5

213,944


355,588



LOSS BEFORE TAXATION

(1,315,357

)

(98,714

)



Tax on loss

6

(241,735

)

651,147



LOSS FOR THE FINANCIAL YEAR

(1,073,622

)

(749,861

)



OTHER COMPREHENSIVE INCOME  


Unrealised exchange gains

281,730


(218,819

)


Income tax relating to other

comprehensive income

-


-



OTHER COMPREHENSIVE INCOME

FOR THE YEAR, NET OF INCOME TAX

281,730


(218,819

)


TOTAL COMPREHENSIVE INCOME

FOR THE YEAR

(791,892

)

(968,680

)



Loss attributable to:

Owners of the parent

(1,014,680

)

(732,870

)


Non-controlling interests

(58,942

)

(16,991

)


(1,073,622

)

(749,861

)



Total comprehensive income attributable to:

Owners of the parent

(732,950

)

(951,689

)


Non-controlling interests

(58,942

)

(16,991

)


(791,892

)

(968,680

)



Boasso Global Limited (Registered number: 10090751)


Consolidated Balance Sheet

31st December 2022



2022

2021



Notes

£   

£   

£   

£   


FIXED ASSETS

Intangible assets

8

21,535,915


12,677,095



Tangible assets

9

18,968,438


14,822,666



Investments

10

-


-



40,504,353


27,499,761




CURRENT ASSETS

Stocks

11

898,912


472,341



Debtors

12

15,202,298


9,837,052



Cash at bank and in hand

8,164,287


3,823,119



24,265,497


14,132,512



CREDITORS

Amounts falling due within one year

13

34,950,098


28,610,580



NET CURRENT LIABILITIES

(10,684,601

)

(14,478,068

)


TOTAL ASSETS LESS CURRENT

LIABILITIES

29,819,752


13,021,693




CREDITORS

Amounts falling due after more than one

year

14

(3,012,367

)

(531,571

)



PROVISIONS FOR LIABILITIES

16

(1,393,715

)

(645,040

)


NET ASSETS

25,413,670


11,845,082




CAPITAL AND RESERVES

Called up share capital

17

9,075,972


9,075,972



Share premium

18

9,636,801


9,636,801



Foreign currency reserve

18

(136,429

)

(418,159

)


Capital contribution reserve

18

14,360,480


-



Retained earnings

18

(7,505,614

)

(6,490,934

)


SHAREHOLDERS' FUNDS

25,431,210


11,803,680




NON-CONTROLLING INTERESTS

19

(17,540

)

41,402



TOTAL EQUITY

25,413,670


11,845,082




The financial statements were approved by the Board of Directors and authorised for issue on 28th September 2023 and were signed on its behalf by:






J Wilson - Director



Boasso Global Limited (Registered number: 10090751)


Company Balance Sheet

31st December 2022



2022

2021



Notes

£   

£   

£   

£   


FIXED ASSETS

Intangible assets

8

-


-



Tangible assets

9

-


-



Investments

10

18,712,773


18,712,773



18,712,773


18,712,773




CURRENT ASSETS

Debtors

12

1,268,043


1,105,594




CREDITORS

Amounts falling due within one year

13

1,402,004


1,185,725



NET CURRENT LIABILITIES

(133,961

)

(80,131

)


TOTAL ASSETS LESS CURRENT

LIABILITIES

18,578,812


18,632,642




CAPITAL AND RESERVES

Called up share capital

17

9,075,972


9,075,972



Share premium

18

9,636,801


9,636,801



Retained earnings

18

(133,961

)

(80,131

)


SHAREHOLDERS' FUNDS

18,578,812


18,632,642




Company's loss for the financial year

(53,830

)

(236

)



The financial statements were approved by the Board of Directors and authorised for issue on 28th September 2023 and were signed on its behalf by:






J Wilson - Director



Boasso Global Limited (Registered number: 10090751)


Consolidated Statement of Changes in Equity

for the year ended 31st December 2022



Called up



share


Retained


Share


Revaluatio


capital


earnings


premium


reserve

£   

£   

£   

£   



Balance at 1st January 2021

9,075,972


(5,774,150

)

9,636,801


16,086




Changes in equity

Total comprehensive income

-


(716,784

)

-


(16,086

)


Balance at 31st December 2021

9,075,972


(6,490,934

)

9,636,801


-




Changes in equity

Total comprehensive income

-


(1,014,680

)

-


-



Balance at 31st December 2022

9,075,972


(7,505,614

)

9,636,801


-




Foreign


Capital



currency


contribution


Non-controlling


Total


reserve


reserve


Total


interests


equity

£   

£   

£   

£   

£   



Balance at 1st January 2021

(199,340

)

-


12,755,369


58,393


12,813,762




Changes in equity

Total comprehensive income

(218,819

)

-


(951,689

)

(16,991

)

(968,680

)


Balance at 31st December 2021

(418,159

)

-


11,803,680


41,402


11,845,082




Changes in equity

Total comprehensive income

281,730


-


(732,950

)

(58,942

)

(791,892

)


Contribution in year

-


13,712,954


13,712,954


-


13,712,954



Exchange movement

-


647,526


647,526


-


647,526



Balance at 31st December 2022

(136,429

)

14,360,480


25,431,210


(17,540

)

25,413,670




Boasso Global Limited (Registered number: 10090751)


Company Statement of Changes in Equity

for the year ended 31st December 2022



Called up



share


Retained


Share


Total


capital


earnings


premium


equity

£   

£   

£   

£   



Balance at 1st January 2021

9,075,972


(79,895

)

9,636,801


18,632,878




Changes in equity

Total comprehensive income

-


(236

)

-


(236

)


Balance at 31st December 2021

9,075,972


(80,131

)

9,636,801


18,632,642




Changes in equity

Total comprehensive income

-


(53,830

)

-


(53,830

)


Balance at 31st December 2022

9,075,972


(133,961

)

9,636,801


18,578,812




Boasso Global Limited (Registered number: 10090751)


Consolidated Cash Flow Statement

for the year ended 31st December 2022



2022


2021


Notes

£   

£   


Cash flows from operating activities

Cash generated from operations

1

6,073,605


(903,394

)


Interest paid

(213,944

)

(355,588

)


Tax paid

(770,587

)

(792,779

)


Net cash from operating activities

5,089,074


(2,051,761

)



Cash flows from investing activities

Purchase of intangible fixed assets

(51,952

)

(94,684

)


Purchase of tangible fixed assets

(3,588,153

)

(1,648,394

)


Purchase of fixed asset investments

(14,121,928

)

(2,950,657

)


Sale of tangible fixed assets

79,769


58,586



Adjustment to acquisition consideration

(13,923

)

-



Interest received

17,340


5,171



Net cash from investing activities

(17,678,847

)

(4,629,978

)



Cash flows from financing activities

New loans in year

3,334,674


21,455,138



Loan repayments in year

-


(14,844,082

)


Capital repayments in year

(184,442

)

(26,621

)


Capital contribution

13,712,954


-



Net cash from financing activities

16,863,186


6,584,435




Increase/(decrease) in cash and cash equivalents

4,273,413


(97,304

)


Cash and cash equivalents at

beginning of year

2

3,823,119


4,002,501



Effect of foreign exchange rate changes

67,755


(82,078

)


Cash and cash equivalents at end of

year

2

8,164,287


3,823,119




Boasso Global Limited (Registered number: 10090751)


Notes to the Consolidated Cash Flow Statement

for the year ended 31st December 2022


1.

RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS


2022


2021

£   

£   



Loss before taxation

(1,315,357

)

(98,714

)



Depreciation charges

6,755,405


4,845,315




Profit on disposal of fixed assets

(44,081

)

(4,986

)



Movement in exchange rates

(26,912

)

321,969




Finance costs

213,944


355,588




Finance income

(17,340

)

(5,171

)


5,565,659


5,414,001




Increase in stocks

(128,166

)

(98,324

)



Increase in trade and other debtors

(302,833

)

(1,368,370

)



Increase/(decrease) in trade and other creditors

938,945


(4,850,701

)



Cash generated from operations

6,073,605


(903,394

)



2.

CASH AND CASH EQUIVALENTS



The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:



Year ended 31st December 2022


31.12.22


1.1.22

£   

£   



Cash and cash equivalents

8,164,287


3,823,119




Year ended 31st December 2021


31.12.21


1.1.21

£   

£   



Cash and cash equivalents

3,823,119


4,002,501





3.

ANALYSIS OF CHANGES IN NET FUNDS



At 1.1.22

Cash flow

At 31.12.22

£   

£   

£   



Net cash



Cash at bank and in hand

3,823,119


4,341,168


8,164,287



3,823,119


4,341,168


8,164,287




Debt


Finance leases

(216,936

)

184,442


(32,494

)


(216,936

)

184,442


(32,494

)



Total

3,606,183


4,525,610


8,131,793




Boasso Global Limited (Registered number: 10090751)


Notes to the Consolidated Cash Flow Statement

for the year ended 31st December 2022


4.

ACQUISITION OF BUSINESS



£




Purchase of fixed asset investments




Acquisition of subsidiaries


14,152,125




Cash on completion


(30,196

)




14,121,929







At 31st


On


Foreign

Cash


At 31st




December


acquisition


exchange

flow


December




2021



2022




£


£


£

£


£




Stocks


472,341


284,893


13,512

128,166


898,912



Debtors


9,837,052


4,813,204


180,264

357,688


15,188,208



Creditors


6,847,844


4,440,652


389,387

938,944


12,616,827



Boasso Global Limited (Registered number: 10090751)


Notes to the Consolidated Financial Statements

for the year ended 31st December 2022


1.

ACCOUNTING POLICIES



Basis of preparing the financial statements


Boasso Global Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.



The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 "The Financial Reporting Standard Applicable in the UK and Republic of Ireland" (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.



The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.



Basis of consolidation


The group accounts consolidate the accounts of the Company and all its subsidiary undertakings at 31 December 2022 using acquisition accounting. The results of companies acquired are included from the effective date of acquiring control.



Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from cleaning road tankers and other transport equipment and from the provision of transport services is recognised as the service is provided.


Goodwill

Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful life. The period chosen for writing off goodwill is 10 years and provisions are made for any impairment following annual reviews.


Intangible assets

Intangible assets acquired separately from a business are capitalised at cost. Intangible assets acquired on business combinations are capitalised separately from goodwill if the fair value can be measured reliably on initial recognition.

Intangible assets are amortised on a straight line basis over their useful lives. The useful lives of intangible assets are as follows:

Favourable leases5 years
Customer lists 16-20 years
Computer software5 years
Trade names5 years


Tangible fixed assets

Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Leasehold land and buildings 10 - 50 years
Freehold buildings 10 - 50 years
Plant and equipment 3 - 10 years
Fixtures and fittings 3 - 10 years
Motor vehicles 2 - 6 years


Boasso Global Limited (Registered number: 10090751)


Notes to the Consolidated Financial Statements - continued

for the year ended 31st December 2022


1.

ACCOUNTING POLICIES - continued



Stocks


Stock and work in progress are stated at the lower of cost and estimated selling price less costs to complete and sell.  Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition.  Cost is calculated using the first-in, first-out formula.  Provision is made for damaged, obsolete and slow-moving stock where appropriate.



Tax

Current tax represents the amount payable or receivable in respect of the taxable profit or loss for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.


Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.


Hire purchase and leasing commitments


Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives or the lease term, whichever is the shorter.



The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payment is treated as a liability.



Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.



Retirement benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.


Debtors and creditors


Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.


Boasso Global Limited (Registered number: 10090751)


Notes to the Consolidated Financial Statements - continued

for the year ended 31st December 2022


1.

ACCOUNTING POLICIES - continued



Loans and borrowings


Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.  If an arrangement constitutes a finance transaction it is measured at present value.


2.

TURNOVER



The turnover and loss before taxation are attributable to the one principal activity of the group.



An analysis of turnover by geographical market is given below:



2022


2021

£   

£   



United Kingdom

16,461,549


13,549,312




Europe

48,033,579


26,492,523




Rest of world

3,178,392


2,107,524



67,673,520


42,149,359




3.

EMPLOYEES AND DIRECTORS


2022


2021

£   

£   



Wages and salaries

25,381,885


16,236,574




Social security costs

1,661,602


1,054,351




Other pension costs

630,593


340,419



27,674,080


17,631,344





The average number of employees during the year was as follows:


2022


2021



Management and administration

147


114




Manual

406


345



553


459





The average number of employees by undertakings that were proportionately consolidated during the year was 553 (2021 - 459 ) .



2022


2021

£   

£   



Directors' remuneration

-


-




Boasso Global Limited (Registered number: 10090751)


Notes to the Consolidated Financial Statements - continued

for the year ended 31st December 2022


4.

OPERATING (LOSS)/PROFIT



The operating loss (2021 - operating profit) is stated after charging/(crediting):



2022


2021

£   

£   



Depreciation - owned assets

3,382,627


2,327,105




Depreciation - assets on hire purchase contracts

197,698


25,884




Goodwill amortisation

2,707,594


2,277,875




Other intangibles amortisation

359,062


116,549




Computer software amortisation

108,424


97,902




Auditors' remuneration

54,100


55,799




Foreign exchange differences

398,240


(131,929

)



Profit on disposal of fixed assets  

(44,081

)

(4,986

)



Job retention scheme grants  

-


(38,979

)



5.

INTEREST PAYABLE AND SIMILAR EXPENSES



2022


2021

£   

£   



Bank loan interest

171,725


321,264




Other interest

42,219


33,325




Hire purchase

-


999



213,944


355,588




6.

TAXATION



Analysis of the tax (credit)/charge


The tax (credit)/charge on the loss for the year was as follows:


2022


2021

£   

£   



Current tax:


UK corporation tax

542,050


785,699




Under/(over) provision in respect of prior

periods

(18,090

)

-




Total current tax

523,960


785,699





Deferred tax

(765,695

)

(134,552

)



Tax on loss

(241,735

)

651,147




Boasso Global Limited (Registered number: 10090751)


Notes to the Consolidated Financial Statements - continued

for the year ended 31st December 2022


6.

TAXATION - continued



Reconciliation of total tax (credit)/charge included in profit and loss


The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:



2022


2021

£   

£   



Loss before tax

(1,315,357

)

(98,714

)



Loss multiplied by the standard rate of corporation tax in the UK of

19 % (2021 - 19 %)  

(249,918

)

(18,756

)




Effects of:


Expenses not deductible for tax purposes

39,518


518,441




Utilisation of tax losses

-


(57,204

)



Adjustments to tax charge in respect of previous periods

(18,090

)

36,899




Non standard tax rates  

(9,168

)

181,235




Group relief  

(537

)

3,295




Super Deduction  

(46,685

)

(12,763

)



Losses written off  

43,145


-




Total tax (credit)/charge

(241,735

)

651,147





Tax effects relating to effects of other comprehensive income




2022



Gross


Tax


Net


£   

£   

£   



Unrealised exchange gains

281,730


-


281,730





2021



Gross


Tax


Net


£   

£   

£   



Unrealised exchange gains

(218,819

)

-


(218,819

)



7.

INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME



As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.



Boasso Global Limited (Registered number: 10090751)


Notes to the Consolidated Financial Statements - continued

for the year ended 31st December 2022


8.

INTANGIBLE FIXED ASSETS



Group


Other


Computer



Goodwill


intangibles


software


Totals

£   

£   

£   

£   



COST


At 1st January 2022

23,258,613


1,741,463


490,040


25,490,116




Additions

6,514,407


4,606,171


51,952


11,172,530




Adjustment to acquisition


consideration

13,923


-


-


13,923




Movement in exchange rate

306,441


332,128


1,415


639,984




On acquisition of subsidiary

237,441


-


31,979


269,420




At 31st December 2022

30,330,825


6,679,762


575,386


37,585,973




AMORTISATION


At 1st January 2022

12,107,788


552,640


152,593


12,813,021




Amortisation for year

2,707,594


359,062


108,424


3,175,080




Movement in exchange rate

-


30,494


940


31,434




On acquisition of subsidiary

-


-


30,523


30,523




At 31st December 2022

14,815,382


942,196


292,480


16,050,058




NET BOOK VALUE


At 31st December 2022

15,515,443


5,737,566


282,906


21,535,915




At 31st December 2021

11,150,825


1,188,823


337,447


12,677,095





Other intangibles represent favourable leases of £Nil (2021 £3,229), customers lists of £5,353,116 (2021 £1,185,594) and trade names of £384,450 (2021 £Nil).


Boasso Global Limited (Registered number: 10090751)


Notes to the Consolidated Financial Statements - continued

for the year ended 31st December 2022


9.

TANGIBLE FIXED ASSETS



Group


Improveme


Freehold


Short


Long


to


property


leasehold


leasehold


property

£   

£   

£   

£   



COST OR VALUATION


At 1st January 2022

6,114,680


100,000


654,271


480,851




Additions

231,003


-


-


-




Disposals

-


-


-


-




Movement in exchange rate

222,592


-


-


-




On acquisition of subsidiary

1,257,695


-


-


-




At 31st December 2022

7,825,970


100,000


654,271


480,851




DEPRECIATION


At 1st January 2022

1,482,612


99,469


308,563


54,655




Charge for year

317,263


531


-


42,620




Eliminated on disposal

-


-


-


-




Movement in exchange rate

82,776


-


-


-




On acquisition of subsidiary

891,730


-


-


-




At 31st December 2022

2,774,381


100,000


308,563


97,275




NET BOOK VALUE


At 31st December 2022

5,051,589


-


345,708


383,576




At 31st December 2021

4,632,068


531


345,708


426,196





Fixtures



Plant and


and


Motor



machinery


fittings


vehicles


Totals

£   

£   

£   

£   



COST OR VALUATION


At 1st January 2022

12,670,947


960,881


14,588,688


35,570,318




Additions

2,344,588


129,201


883,361


3,588,153




Disposals

(19,904

)

-


(265,314

)

(285,218

)



Movement in exchange rate

791,804


71,010


39,410


1,124,816




On acquisition of subsidiary

8,627,484


261,527


-


10,146,706




At 31st December 2022

24,414,919


1,422,619


15,246,145


50,144,775




DEPRECIATION


At 1st January 2022

8,606,650


539,784


9,655,919


20,747,652




Charge for year

1,675,568


(196,344

)

1,740,687


3,580,325




Eliminated on disposal

(16,278

)

-


(233,252

)

(249,530

)



Movement in exchange rate

468,969


36,307


8,466


596,518




On acquisition of subsidiary

5,429,814


179,828


-


6,501,372




At 31st December 2022

16,164,723


559,575


11,171,820


31,176,337




NET BOOK VALUE


At 31st December 2022

8,250,196


863,044


4,074,325


18,968,438




At 31st December 2021

4,064,297


421,097


4,932,769


14,822,666




Boasso Global Limited (Registered number: 10090751)


Notes to the Consolidated Financial Statements - continued

for the year ended 31st December 2022


9.

TANGIBLE FIXED ASSETS - continued



Group



Cost or valuation at 31st December 2022 is represented by:



Improveme


Freehold


Short


Long


to


property


leasehold


leasehold


property

£   

£   

£   

£   




Valuation in 2018

351,031


-


-


-





Cost

7,474,939


100,000


654,271


480,851



7,825,970


100,000


654,271


480,851





Fixtures



Plant and


and


Motor



machinery


fittings


vehicles


Totals

£   

£   

£   

£   



Valuation in 2017

-


-


74,770


74,770




Valuation in 2018

3,229,858


58,906


1,139


3,640,934




Valuation in 2022

1,068,131


-


-


1,068,131




Cost

20,116,930


1,363,713


15,170,236


45,360,940



24,414,919


1,422,619


15,246,145


50,144,775





The valuation in 2018 represents the fair value uplift of assets acquired on the acquisition of Boasso Global B.V.



The valuations in 2022 represent the fair value uplift of assets acquired on the acquisition of FDW Holding B.V. and subsidiaries, Red Dot Services B.V. and Transportes Paz Ciria SL.



Fixed assets, included in the above, which are held under hire purchase contracts are as follows:


Motor


vehicles

£   



COST OR VALUATION


At 1st January 2022


and 31st December 2022

1,131,095




DEPRECIATION


At 1st January 2022

532,670




Charge for year

197,698




At 31st December 2022

730,368




NET BOOK VALUE


At 31st December 2022

400,727




At 31st December 2021

598,425




Boasso Global Limited (Registered number: 10090751)


Notes to the Consolidated Financial Statements - continued

for the year ended 31st December 2022


10.

FIXED ASSET INVESTMENTS



Company


Shares in


group


undertakin

£   



COST


At 1st January 2022


and 31st December 2022

18,712,773




NET BOOK VALUE


At 31st December 2022

18,712,773




At 31st December 2021

18,712,773





The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:



Subsidiaries



Boasso UK Limited


Registered office: Limerick Road, Dormanstown, Redcar,Cleveland, TS10 5JU


Nature of business: Holding company


%


Class of shares:

holding



Ordinary

100.00




Isotank Services Limited


Registered office: Limerick Road, Dormanstown, Redcar,Cleveland, TS10 5JU


Nature of business: Property and equipment rental


%


Class of shares:

holding



Ordinary

100.00




Isotank Depot Services Limited


Registered office: Limerick Road, Dormanstown, Redcar,Cleveland, TS10 5JU


Nature of business: Repair and cleaning services


%


Class of shares:

holding



Ordinary

100.00




Isotank Transport Services Limited


Registered office: Limerick Road, Dormanstown, Redcar,Cleveland, TS10 5JU


Nature of business: Transport services


%


Class of shares:

holding



Ordinary

100.00




Isotank (2006) Limited


Registered office: Limerick Road, Dormanstown, Redcar,Cleveland, TS10 5JU


Nature of business: Asset rental


%


Class of shares:

holding



Ordinary

100.00



Boasso Global Limited (Registered number: 10090751)


Notes to the Consolidated Financial Statements - continued

for the year ended 31st December 2022


10.

FIXED ASSET INVESTMENTS - continued



Tanktainer Thurroclean (Middlesbrough) Limited


Registered office: Limerick Road, Dormanstown, Redcar,Cleveland, TS10 5JU


Nature of business: Cleaning road tankers and other transport equipment


%


Class of shares:

holding



Ordinary

51.00




Isotank (2010) Limited


Registered office: Limerick Road, Dormanstown, Redcar,Cleveland, TS10 5JU


Nature of business: Asset rental


%


Class of shares:

holding



Ordinary

100.00




J Watson Haulage Limited


Registered office: Limerick Road, Dormanstown, Redcar,Cleveland, TS10 5JU


Nature of business: Freight transport by road


%


Class of shares:

holding



Ordinary

100.00




D A Watson Commercials Limited


Registered office: Limerick Road, Dormanstown, Redcar,Cleveland, TS10 5JU


Nature of business: Dormant


%


Class of shares:

holding



Ordinary

100.00




Boasso Global B.V.


Registered office: Botlekweg 190, 3197 KA Botlek Rotterdam, Netherlands


Nature of business: Holding company


%


Class of shares:

holding



Ordinary

100.00




Boasso Global Netherlands B.V.


Registered office: Botlekweg 190, 3197 KA Botlek Rotterdam, Netherlands


Nature of business: Depot services


%


Class of shares:

holding



Ordinary

100.00




Boasso Global France SAS


Registered office: Zone Industrielle Nord, 31 Rue du Bois Quatorze, 80080 Amiens, France


Nature of business: Depot and transportation services


%


Class of shares:

holding



Ordinary

100.00




Boasso Global Spain SAU


Registered office: Carretera C-17 Km.17, ES - 08150 Parets des Valles, Spain


Nature of business: Depot and transportation services


%


Class of shares:

holding



Ordinary

100.00



Boasso Global Limited (Registered number: 10090751)


Notes to the Consolidated Financial Statements - continued

for the year ended 31st December 2022


10.

FIXED ASSET INVESTMENTS - continued



PM Rees & Sons 2000 Limited


Registered office: the same as can be found on page 1 of these financial statements.


Nature of business: Freight transport by road


%


Class of shares:

holding



Ordinary

100.00




Atlantic Tank Clean Barry Limited


Registered office: the same as can be found on page 1 of these financial statements.


Nature of business: Cleaning services


%


Class of shares:

holding



Ordinary

100.00




Tachograph Services Limited


Registered office: 7-8 Raleigh Walk, Waterfront 2000 Brigantine Place, Cardiff, CF10 4LN.


Nature of business: Dormant


%


Class of shares:

holding



Ordinary

100.00




Boasso Global Transport B.V.


Registered office: Botlekweg 190, 3197 KA Botlek Rotterdam, Netherlands


Nature of business: Transport services


%


Class of shares:

holding



Ordinary

100.00




FDW Holdings B.V.


Registered office: Middenweg 8, 4782 PM Moerdijk, The Netherlands


Nature of business: Holding company


%


Class of shares:

holding



Ordinary

100.00




Red Dot Services B.V.


Registered office: Middenweg 8, 4782 PM Moerdijk, The Netherlands


Nature of business: Freight forwarding


%


Class of shares:

holding



Ordinary

100.00




Transportes Paz Ciria SL


Registered office: Carretera C-17, Km.17, 08150 Parets de Valles, Spain


Nature of business: Transport services


%


Class of shares:

holding



Ordinary

100.00




Frans de Wit International B.V.


Registered office: Middenweg 8, 4782 PM Moerdijk, The Netherlands


Nature of business: Transport and depot services


%


Class of shares:

holding



Ordinary

100.00



Boasso Global Limited (Registered number: 10090751)


Notes to the Consolidated Financial Statements - continued

for the year ended 31st December 2022


10.

FIXED ASSET INVESTMENTS - continued



Frans de Wit B.V.


Registered office: Middenweg 8, 4782 PM Moerdijk, The Netherlands


Nature of business: Holding entity


%


Class of shares:

holding



Ordinary

100.00




Moerdijk Tankcontainer Holding B.V.


Registered office: Middenweg 8, 4782 PM Moerdijk, The Netherlands


Nature of business: Holding entity


%


Class of shares:

holding



Ordinary

100.00




Moerdijk Tankcontainer Trading B.V.


Registered office: Middenweg 8, 4782 PM Moerdijk, The Netherlands


Nature of business: Container and asset rental


%


Class of shares:

holding



Ordinary

100.00




Moerdijk Tankcontainer Repair B.V.


Registered office: Middenweg 8, 4782 PM Moerdijk, The Netherlands


Nature of business: Depot services


%


Class of shares:

holding



Ordinary

100.00




Boasso Global Limited (Registered number: 10090751)


Notes to the Consolidated Financial Statements - continued

for the year ended 31st December 2022


10.

FIXED ASSET INVESTMENTS - continued




On 1st April 2022 the group acquired 100% of the share capital of FDW Holding B.V. and subsidiary companies, and Red Dot Services B.V. These companies have been consolidated using the acquisition method. The amounts recognised at the acquisition date for each class of assets, liabilities and contingent liabilities and cost of the business combination are as follows:




Book Value


Fair Value

Uplift


Fair Value





£


£


£




Intangible fixed assets


237,441


-


237,441




Tangible fixed assets


2,131,982


765,045


2,897,027




Stock


216,633


-


216,633




Trade debtors


2,866,357


-


2,866,357




Prepayments


215,295


-


215,295




Other debtors


744,150


-


744,150




Intra-group balances


(78,780

)

-


(78,780

)



Bank


(266,453

)

-


(266,453

)



Trade creditors


(1,401,423

)

-


(1,401,424

)



Social security and other taxes


(301,115

)

-


(301,115

)



Other creditors


(2,438,254

)

-


(2,438,254

)



Deferred tax


(1,385,773

)

-


(1,385,773

)




1,907,334




Client list



4,175,924




Trade name



430,247




Goodwill on acquisition



4,850,835





11,364,340





The consolidated results include Turnover of £12,959,623 and profit before tax of £1,746,573 relating to these investments since the date of acquisition.



On 1st December 2022 the group acquired 100% of the share capital of Transportes Paz Ciria SL. This company has been consolidated using the acquisition method. The amounts recognised at the acquisition date for each class of assets, liabilities and contingent liabilities and cost of the business combination are as follows:




Book Value


Fair Value

Uplift


Fair Value





£


£


£




Intangible fixed assets


1,262


-


1,262




Tangible fixed assets


445,415


303,086


748,501




Stock


68,260


-


68,260




Trade debtors


805,892


-


805,892




Prepayments


5,678


-


5,678




Other debtors


175,833


-


175,833




Bank


296,649


-


296,649




Trade creditors


(264,715

)

-


(264,715

)



Social security and other taxes


(278,597

)

-


(278,597

)



Other creditors


(358,778

)

-


(358,778

)



Deferred tax


(75,772

)

-


(75,772

)




1,124,214




Goodwill on acquisition



1,663,572





2,787,786




Boasso Global Limited (Registered number: 10090751)


Notes to the Consolidated Financial Statements - continued

for the year ended 31st December 2022


10.

FIXED ASSET INVESTMENTS - continued




The consolidated results include Turnover of £274,244 and profit before tax of £8,707 relating to this investment since the date of acquisition.


11.

STOCKS



Group


2022

2021


£   

£   



Raw materials

898,912


472,341




12.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR




Group


Company


2022

2021

2022

2021


£   

£   

£   

£   



Trade debtors

12,423,140


8,471,156


-


-




Amounts owed by group undertakings

-


-


1,256,081


1,105,594




Other debtors

952,290


262,208


11,962


-




Tax

68,945


-


-


-




Prepayments and accrued income

1,757,923


1,103,688


-


-



15,202,298


9,837,052


1,268,043


1,105,594




13.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR




Group


Company


2022

2021

2022

2021


£   

£   

£   

£   



Hire purchase contracts  (see note 15)

32,494


196,971


-


-




Trade creditors

5,204,510


3,197,153


-


-




Amounts owed to group undertakings

24,868,592


21,455,138


1,390,042


1,185,725




Tax

444,551


622,233


-


-




Social security and other taxes

649,929


714,598


11,962


-




Other creditors

1,657,162


1,007,185


-


-




Accruals and deferred income

2,092,860


1,417,302


-


-



34,950,098


28,610,580


1,402,004


1,185,725




14.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE

YEAR




Group


2022

2021


£   

£   



Hire purchase contracts  (see note 15)

-


19,965




Other creditors

3,012,367


511,606



3,012,367


531,571




Boasso Global Limited (Registered number: 10090751)


Notes to the Consolidated Financial Statements - continued

for the year ended 31st December 2022


15.

LEASING AGREEMENTS



Minimum lease payments fall due as follows:



Group


Hire purchase

contracts


2022

2021


£   

£   



Net obligations repayable:


Within one year

32,494


196,971




Between one and five years

-


19,965



32,494


216,936





Group


Non-cancellable

operating leases


2022

2021


£   

£   



Within one year

3,650,605


1,581,912




Between one and five years

9,996,699


5,455,299




In more than five years

8,846,377


8,118,944



22,493,681


15,156,155




16.

PROVISIONS FOR LIABILITIES



Group


2022

2021


£   

£   



Deferred tax


Accelerated capital allowances

444,308


457,972




Short term timing differences

(1,036,611

)

(698,573

)



Fair value uplift

1,986,018


885,641



1,393,715


645,040





Group


Deferred



tax


£   



Balance at 1st January 2022

645,040




Credit to Statement of Comprehensive Income during year

(765,695

)



Foreign exchange

52,825




On acquisition of subsidiaries

1,461,545




Balance at 31st December 2022

1,393,715




Boasso Global Limited (Registered number: 10090751)


Notes to the Consolidated Financial Statements - continued

for the year ended 31st December 2022


17.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

2022

2021



value:

£   

£   



9,075,972

Ordinary

£1

9,075,972


9,075,972




18.

RESERVES



Group


Foreign


Capital



Retained


Share


currency


contribution



earnings


premium


reserve


reserve


Totals

£   

£   

£   

£   

£   




At 1st January 2022

(6,490,934

)

9,636,801


(418,159

)

-


2,727,708




Deficit for the year

(1,014,680

)

-


-


-


(1,014,680

)



Unrealised exchange losses

-


-


281,730


-


281,730




Contribution in year

-


-


-


13,712,954


13,712,954




Exchange movement

-


-


-


647,526


647,526




At 31st December 2022

(7,505,614

)

9,636,801


(136,429

)

14,360,480


16,355,238





Company


Retained


Share



earnings


premium


Totals

£   

£   

£   




At 1st January 2022

(80,131

)

9,636,801


9,556,670




Deficit for the year

(53,830

)

-


(53,830

)



At 31st December 2022

(133,961

)

9,636,801


9,502,840





Retained earnings represents cumulative profits and losses net of dividends and other adjustments.



Share premium represents the premium arising on the issue of shares net of issue costs.



The revaluation reserve represents the cumulative effect of revaluations of fixed assets.



The foreign currency reserve represents exchange movements arising on translating into presentational currency.



The capital contribution reserve represents contributions made by parent undertakings.


19.

NON-CONTROLLING INTERESTS




2022



2021





£    



£    





Balance at 1st January 2021



41,402



58,393




Share of loss in the period



(58,942

)


(16,991

)



Balance at 31st December 2022



(17,540

)


41,402




Boasso Global Limited (Registered number: 10090751)


Notes to the Consolidated Financial Statements - continued

for the year ended 31st December 2022


20.

PENSION COMMITMENTS



The company operates a defined contribution pension scheme. The charge in the profit and loss account was £630,593 (2021 £340,419). At the balance sheet date outstanding contributions amounted to £52,552 (2021 £55,046).


21.

ULTIMATE PARENT COMPANY



KKR Spark Holdings II L.P. (incorporated in USA ) is regarded by the directors as being the company's ultimate parent company.



The parent company is Boasso America Corporation which owns the entire issued share capital of the company.


22.

RELATED PARTY DISCLOSURES



Entities with control, joint control or significant influence over

the entity




At 31st December 2022 an amount of £24,868,592 (2021 £21,455,138), was owed to companies which have control over the group.



During the year, a total of key management personnel compensation of £ 250,000 (2021 - £ 210,000 ) was paid.


23.

POST BALANCE SHEET EVENTS



On 1st August 2023 a subsidiary of the company, Boasso Global B.V., acquired the entire share capital of Westgeulstraat Vastgoed B.V., Mainport Tankcleaning B.V., Mainport Tankcontainer Services Moerdijk B.V. and Mainport Tankcontainer Services Botlek B.V. for aggregate consideration of approximately €26m. The consideration was funded by a loan from the parent company of the group.



Since the period end, a subsidiary of the company, Isotank Depot Services Limited, acquired the goodwill and other selected assets of two tank wash businesses, LPW (Europe) Limited and Bridgwater Tankwash Limited, for aggregate consideration of approximately £1.1m. The consideration was funded by existing cash reserves of the group.



In September 2023, the decision was taken to cease operations within Boasso Global France SAS, a subsidiary of the company. During the year ended 31st December 2022 this company contributed revenue of £1,096,643 and a loss after taxation of £57,122.


24.

ULTIMATE CONTROLLING PARTY



The company is not controlled by any one party.