SKYNET INTERNATIONAL HOLDING LIMITED

Company Registration Number:
13618254 (England and Wales)

Unaudited statutory accounts for the year ended 31 March 2023

Period of accounts

Start date: 1 April 2022

End date: 31 March 2023

SKYNET INTERNATIONAL HOLDING LIMITED

Contents of the Financial Statements

for the Period Ended 31 March 2023

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

SKYNET INTERNATIONAL HOLDING LIMITED

Directors' report period ended 31 March 2023

The directors present their report with the financial statements of the company for the period ended 31 March 2023

Principal activities of the company

As an international holding company, the Group continues to provide international courier, mail, and freight services tocorporate clients and their customers in the UK and overseas. The main operating subsidiaries are based in Germanyand the UK.

Additional information

Key Performance Indicators; Future Developments;Principle risks and uncertainties.



Directors

The directors shown below have held office during the whole of the period from
1 April 2022 to 31 March 2023

T J A Erasmus
N D Khoele
E Mbuthia
J D Meyer


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
28 September 2023

And signed on behalf of the board by:
Name: J D Meyer
Status: Director

SKYNET INTERNATIONAL HOLDING LIMITED

Profit And Loss Account

for the Period Ended 31 March 2023

2023 7 months to 31 March 2022


£

£
Turnover: 65,991,592 33,547,196
Cost of sales: ( 49,738,907 ) ( 24,381,666 )
Gross profit(or loss): 16,252,685 9,165,530
Distribution costs: 0 0
Administrative expenses: ( 15,313,786 ) ( 7,073,791 )
Other operating income: 155,561 33,111
Operating profit(or loss): 1,094,460 2,124,850
Interest receivable and similar income: 58,715 442
Interest payable and similar charges: ( 1,696,357 ) ( 371,464 )
Profit(or loss) before tax: (543,182) 1,753,828
Tax: ( 258,364 ) ( 501,689 )
Profit(or loss) for the financial year: (801,546) 1,252,139

SKYNET INTERNATIONAL HOLDING LIMITED

Balance sheet

As at 31 March 2023

Notes 2023 7 months to 31 March 2022


£

£
Fixed assets
Intangible assets: 3 12,520,067 14,831,873
Tangible assets: 4 2,093,312 2,529,518
Investments: 5 27,291 27,291
Total fixed assets: 14,640,670 17,388,682
Current assets
Stocks:   0 0
Debtors: 6 8,957,302 13,074,755
Cash at bank and in hand: 11,734,251 5,544,896
Investments:   0
Total current assets: 20,691,553 18,619,651
Creditors: amounts falling due within one year: 7 ( 17,783,767 ) ( 15,550,676 )
Net current assets (liabilities): 2,907,786 3,068,975
Total assets less current liabilities: 17,548,456 20,457,657
Creditors: amounts falling due after more than one year: 8 ( 13,887,893 ) ( 15,884,173 )
Provision for liabilities: ( 171,413 ) ( 250,574 )
Total net assets (liabilities): 3,489,150 4,322,910
Capital and reserves
Called up share capital: 10,000 10,000
Share premium account: 3,056,811 3,056,811
Other reserves: (28,254) 3,960
Profit and loss account: 450,593 1,252,139
Total Shareholders' funds: 3,489,150 4,322,910

The notes form part of these financial statements

SKYNET INTERNATIONAL HOLDING LIMITED

Balance sheet statements

For the year ending 31 March 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 28 September 2023
and signed on behalf of the board by:

Name: J D Meyer
Status: Director

The notes form part of these financial statements

SKYNET INTERNATIONAL HOLDING LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 101

    Turnover policy

    Turnover comprises revenue recognised by the group in respect of international courier and re-mailing servicessupplied during the year to corporate clients through extensive network of UK branches and overseas affiliated entities, exclusive of Value Added Tax and trade discounts.Income is recognised when services supplied to customers such that risks and rewards of ownership have transferred to them.

    Tangible fixed assets depreciation policy

    Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:Plant and machinery: straight line over the period of the leaseFixtures & equipment: 20 - 50% reducing balanceMotor vehicles: 40% reducing balance

    Intangible fixed assets amortisation policy

    As it relates to Goodwill

    Other accounting policies

    Investments in Subsidiaries; Financial Instruments; Operating Leases; Pension costs and other post-retirement benefits; Foreign currencies;Deferred tax;Taxation;Goodwill;

SKYNET INTERNATIONAL HOLDING LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2023

  • 2. Employees

    2023 7 months to 31 March 2022
    Average number of employees during the period 0 0

SKYNET INTERNATIONAL HOLDING LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2023

3. Intangible assets

Goodwill Other Total
Cost £ £ £
At 1 April 2022 15,475,950 15,475,950
Additions
Disposals ( 889,464 ) ( 889,464 )
Revaluations
Transfers
At 31 March 2023 14,586,486 14,586,486
Amortisation
At 1 April 2022 644,077 644,077
Charge for year 1,422,342 1,422,342
On disposals
Other adjustments
At 31 March 2023 2,066,419 2,066,419
Net book value
At 31 March 2023 12,520,067 12,520,067
At 31 March 2022 14,831,873 14,831,873

SKYNET INTERNATIONAL HOLDING LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2023

4. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 April 2022 310,832 2,017,093 955,645 3,283,570
Additions 157,291 77,596 234,887
Disposals ( 88,678 ) ( 23,512 ) ( 31,881 ) ( 144,071 )
Revaluations
Transfers
At 31 March 2023 379,445 2,071,177 923,764 3,374,386
Depreciation
At 1 April 2022 46,355 362,604 345,093 754,052
Charge for year 49,312 279,336 237,723 566,371
On disposals ( 5,724 ) ( 16,276 ) ( 17,349 ) ( 39,349 )
Other adjustments
At 31 March 2023 89,943 625,664 565,467 1,281,074
Net book value
At 31 March 2023 289,502 1,445,513 358,297 2,093,312
At 31 March 2022 264,477 1,654,489 610,552 2,529,518

SKYNET INTERNATIONAL HOLDING LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2023

5. Fixed assets investments note

Subsidiary incorporation Effective % holdingSkynet (London) Limited UK 100Deltec International Courier Limited UK 100Diamond Despatch Limited UK 100Deltec International GmbH Germany 100Skynet Worldwide Express srl Belgium 100Deltec International Courier Inc us 100The principal activities of the above named subsidiaries continued to be that of international courier services.

SKYNET INTERNATIONAL HOLDING LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2023

6. Debtors

2023 7 months to 31 March 2022
£ £
Trade debtors 8,142,733 11,821,782
Prepayments and accrued income 456,454 539,708
Other debtors 358,115 713,265
Total 8,957,302 13,074,755

SKYNET INTERNATIONAL HOLDING LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2023

7. Creditors: amounts falling due within one year note

2023 7 months to 31 March 2022
£ £
Trade creditors 6,714,082 5,981,089
Taxation and social security 916,848 1,288,089
Accruals and deferred income 546,310 514,304
Other creditors 9,606,527 7,767,194
Total 17,783,767 15,550,676

SKYNET INTERNATIONAL HOLDING LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2023

8. Creditors: amounts falling due after more than one year note

2023 7 months to 31 March 2022
£ £
Amounts due under finance leases and hire purchase contracts 11,610,364 12,067,346
Other creditors 2,277,529 3,816,827
Total 13,887,893 15,884,173

SKYNET INTERNATIONAL HOLDING LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2023

9. Financial Commitments

On 28 October 2021 Deltec International Courier Limited provided a limited guarantee to Barclays Bank Pie inrespect of Skynet (London) Limited and Diamond Despatch Limited banking facilities.Skynet (London) Limited's banking facilities include bonds, guarantees, indemnities & standby LC's facility of£60,000 and a BACS facility of £900,000. Diamond Despatch Limited's banking facility include a BACS facilityof £150,000.