REGISTERED NUMBER: 01925142 (England and Wales) |
Deltec International Courier Limited |
Group Strategic Report, |
Directors' Report and |
Audited Consolidated Financial Statements |
for the Year Ended 31 March 2023 |
REGISTERED NUMBER: 01925142 (England and Wales) |
Deltec International Courier Limited |
Group Strategic Report, |
Directors' Report and |
Audited Consolidated Financial Statements |
for the Year Ended 31 March 2023 |
Deltec International Courier Limited (Registered number: 01925142) |
Contents of the Consolidated Financial Statements |
for the year ended 31 March 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Directors' Report | 4 |
Independent Auditors' Report | 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 |
Notes to the Consolidated Financial Statements | 14 |
Deltec International Courier Limited |
Company Information |
for the year ended 31 March 2023 |
Directors: |
Registered office: |
Registered number: |
Auditors: |
Chartered Accountants and Statutory Auditor |
178 Buckingham Avenue |
Slough |
Berkshire |
SL1 4RD |
Bankers: | Barclays Bank plc |
Hamilton Road |
Slough |
Berkshire |
SL1 4NX |
Solicitors: |
44 Castle Gate |
Nottingham |
NG1 7BJ |
Deltec International Courier Limited (Registered number: 01925142) |
Group Strategic Report |
for the year ended 31 March 2023 |
The directors present their strategic report of the company and the group for the year ended 31 March 2023. |
Review of business |
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. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risk and uncertainties we face. |
As an international express courier, the company continues to provide International courier, mail, and freight services to corporate clients and their customers in the UK and overseas. |
This was the first full financial year that the company was part of the South African Consortium and we are excited about the progress made and the potential future opportunities. Results are consolidated within that group and the UK group, namely Skynet International Holding Limited. |
The group made an operating profit of £2,779,342 (2022: £6,430,623) and a satisfactory financial position at the end showing net assets of £11,640,149 (2022: £9,416,282) for the group as we look to maintain our profit levels despite strong competition in the market. Overall, the group has managed to maintain a strong financial position and early indications are that this will continue for the next 12 months at least. |
Overall the company has continued to perform well and early indicators are that, despite the Russian position in the Ukraine and the current pressure on inflation, and the economy, this will continue for the next 12 months. Due to the economic and political pressure volumes reduced year on year and that impacted the companies profitability. Cost management were key during the period of review due to continues cost increase pressure due to the increase of the cost of living. |
Group turnover moved from £61,487,871 to £64,024,655 due to it having to meet the continued demand for international couriers in a positive market. |
Principal risks and uncertainties |
As for many businesses of our size, the environment in which we operate continues to be challenging. The courier and postal market in the UK is highly competitive and margins continue to be tight. We face competition from UK and overseas companies and a dynamic market place. |
With these risks and uncertainties in mind, we are aware that any plans for the future development of the business may be subject to unforeseen future events outside of our control. However, management expects, based on its branch network and experience in the industry, together with strong customer relations that the group's results will continue at similar levels into FY2024. |
Key Performance Indicators |
We consider that our key financial performance indicators are those that communicate the financial performance and strength of the group as a whole, these being turnover, profit and net assets, and these amounts are reported above. |
We see the key non-financial performance indicator of this business to be average delivery times. Delivery times are monitored on a daily basis and a 2-3 day average is considered acceptable. |
Future Developments |
There is a restructuring plan in place to transfer the trade and assets of Diamond Despatch Limited and Deltec International Courier Limited into Skynet (London) Limited. The transfer for Diamond Despatch occurred on 1 April 2023 and the transfer of Deltec International is planned to go ahead before the next Balance Sheet date but after the date of signing of this report. This will have no impact on the going concern position of the group. The intention is that the restructure will create efficiencies and streamline the UK business as a whole. |
Deltec International Courier Limited (Registered number: 01925142) |
Group Strategic Report |
for the year ended 31 March 2023 |
Section 172(1) statement |
The directors are accountable to shareholders for the management, performance and long-term success of the group and we consider they are constantly focused on the key stakeholders who are vital and to a great degree depend on the success of the business. These include:- |
We consider that our key financial performance indicators are those that communicate the financial performance and strength of the group as a whole, these being turnover, profit and net assets, and these amounts are reported above. |
The directors are accountable to shareholders for the management, performance and long-term success of the group and we consider they are constantly focused on the key stakeholders who are vital and to a great degree depend on the success of the business. These include:- |
We consider that our key financial performance indicators are those that communicate the financial performance and strength of the group as a whole, these being turnover, profit and net assets, and these amounts are reported above. |
We see the key non-financial performance indicator of this business to be average delivery times. Delivery times are monitored on a daily basis and a 2-3 day average is considered acceptable. |
Our workforce which remains our greatest asset and of which retention and motivation of is essential. The group always aims therefore to be a reasonable employer in its approach to its employees in key areas including pay, benefits, safety, training, health and well-being. |
We aim to create a culture of diversity and inclusion and to ensure that employment and progression within the group is based on equality, aptitude and the ability and willingness to work and not on the basis, of race, individual characteristics, creed or political opinion. |
The nature of our business means there is constant focus on working with our suppliers and business partners to ensure the balance is maintained of strong relationships and the need to obtain value for the business. |
Being a international courier company the retention and growth of customers is vital to our success and we take great pride in maintaining the excellent reputation for high standards of business conduct that has taken many years to achieve. Great attention is also given to measuring customer satisfaction and taking action as appropriate to ensure that our standards remains high and continues to improve whether measured against our competitors or internal objectives. |
On behalf of the board: |
Deltec International Courier Limited (Registered number: 01925142) |
Directors' Report |
for the year ended 31 March 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31 March 2023. |
Principal activity |
The principal activity of the group in the year under review was that of providing an international courier service. |
Dividends |
The total distribution of dividends for the year ended 31 March 2023 was £nil. |
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 1 April 2022 to the date of this report. |
Other changes in directors holding office are as follows: |
Streamlined energy and carbon reporting |
Type | Consumed kwh | Emissions (metric tonnes CO2e | ) |
Scope 1 | 4,142,579 | 879 |
Scope 2 | 499,957 | 106 |
Scope 3 | 44,591 | 9 |
Total | 4,687,127 | 994 |
Intensity Ratio | 0.000016 |
The methodology used in the calculation of these disclosures was based on the HM Government Environmental Reporting Guidelines 2019 and the Greenhouse Gas Reporting conversion factors of 2023. |
Consumption data was extracted from supplier invoices across all sites. The intensity ratio has been calculated by applying metric tonnes equivalent per £m turnover (tCO2e/£m). |
Energy efficiency actions taken |
We continue to invest in energy saving and renewable energy across the group and the current focus is on generating energy using solar panel technology. |
Statement of directors' responsibilities |
The directors are responsible for preparing the Group 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 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. |
Deltec International Courier Limited (Registered number: 01925142) |
Directors' Report |
for the year ended 31 March 2023 |
Statement of directors' responsibilities - continued |
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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
On behalf of the board: |
Independent Auditors' Report to the Members of |
Deltec International Courier Limited |
Opinion |
We have audited the financial statements of Deltec International Courier Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 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 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 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 31 March 2023 and of the group's 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 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 Directors' Report, but does not include the financial statements and our Auditors' Report 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements. |
Independent Auditors' Report to the Members of |
Deltec International Courier 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 Directors' Report. |
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, 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 an Auditors' 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 these financial statements. |
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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We discussed with the Directors the policies and procedures in place regarding compliance with laws and regulations. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indications of non-compliance. |
During the audit we focussed on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. |
Our procedures in relation to fraud included but were not limited to: inquires of management whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accounting estimates. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
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 Auditors' Report. |
Independent Auditors' Report to the Members of |
Deltec International Courier Limited |
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 an Auditors' 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. |
for and on behalf of |
Chartered Accountants and Statutory Auditor |
178 Buckingham Avenue |
Slough |
Berkshire |
SL1 4RD |
Deltec International Courier Limited (Registered number: 01925142) |
Consolidated |
Statement of Comprehensive |
Income |
for the year ended 31 March 2023 |
2023 | 2022 |
Notes | £ | £ |
Turnover | 3 | 64,024,655 | 61,487,871 |
Cost of sales | (48,951,590 | ) | (42,882,388 | ) |
Gross profit | 15,073,065 | 18,605,483 |
Administrative expenses | (12,368,223 | ) | (12,287,972 | ) |
2,704,842 | 6,317,511 |
Other operating income | 4 | 74,500 | 113,112 |
Operating profit | 2,779,342 | 6,430,623 |
Interest receivable and similar income | 38,406 | 442 |
2,817,748 | 6,431,065 |
Interest payable and similar expenses | 7 | (128,044 | ) | (44,776 | ) |
Profit before taxation | 8 | 2,689,704 | 6,386,289 |
Tax on profit | 10 | (465,837 | ) | (1,145,995 | ) |
Profit for the financial year |
Other comprehensive income | - | - |
Total comprehensive income for the year | 2,223,867 | 5,240,294 |
Profit attributable to: |
Owners of the parent | 2,223,867 | 5,240,294 |
Total comprehensive income attributable to: |
Owners of the parent | 2,223,867 | 5,240,294 |
Deltec International Courier Limited (Registered number: 01925142) |
Consolidated Balance Sheet |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 13 | - | - |
Tangible assets | 14 | 1,955,724 | 2,390,396 |
Investments | 15 | 27,291 | 27,291 |
1,983,015 | 2,417,687 |
Current assets |
Debtors | 16 | 12,509,443 | 14,669,725 |
Cash in hand | 9,376,419 | 2,892,372 |
21,885,862 | 17,562,097 |
Creditors |
Amounts falling due within one year | 17 | 11,909,975 | 10,312,928 |
Net current assets | 9,975,887 | 7,249,169 |
Total assets less current liabilities | 11,958,902 | 9,666,856 |
Provisions for liabilities | 19 | 318,753 | 250,574 |
Net assets | 11,640,149 | 9,416,282 |
Capital and reserves |
Called up share capital | 20 | 100 | 100 |
Revaluation reserve | 21 | 11,069 | 11,069 |
Retained earnings | 21 | 11,628,980 | 9,405,113 |
Shareholders' funds | 11,640,149 | 9,416,282 |
The financial statements were approved by the Board of Directors and authorised for issue on 28 September 2023 and were signed on its behalf by: |
J D Meyer - Director |
Deltec International Courier Limited (Registered number: 01925142) |
Company Balance Sheet |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 13 |
Tangible assets | 14 |
Investments | 15 |
Current assets |
Debtors | 16 |
Cash in hand |
Creditors |
Amounts falling due within one year | 17 |
Net current assets |
Total assets less current liabilities |
Provisions for liabilities | 19 |
Net assets |
Capital and reserves |
Called up share capital | 20 |
Revaluation reserve | 21 |
Retained earnings | 21 |
Shareholders' funds |
Company's profit for the financial year | 242,631 | 23,934,146 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Deltec International Courier Limited (Registered number: 01925142) |
Consolidated Statement of Changes in Equity |
for the year ended 31 March 2023 |
Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 April 2021 | 100 | 30,640,470 | 11,069 | 30,651,639 |
Changes in equity |
Dividends | - | (26,475,651 | ) | - | (26,475,651 | ) |
Total comprehensive income | - | 5,240,294 | - | 5,240,294 |
Balance at 31 March 2022 | 100 | 9,405,113 | 11,069 | 9,416,282 |
Changes in equity |
Total comprehensive income | - | 2,223,867 | - | 2,223,867 |
Balance at 31 March 2023 | 100 | 11,628,980 | 11,069 | 11,640,149 |
Deltec International Courier Limited (Registered number: 01925142) |
Company Statement of Changes in Equity |
for the year ended 31 March 2023 |
Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 April 2021 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 March 2023 |
Deltec International Courier Limited (Registered number: 01925142) |
Notes to the Consolidated Financial Statements |
for the year ended 31 March 2023 |
1. | Statutory information |
Deltec International Courier Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
There is a restructuring plan in place to transfer the trade and assets of Deltec International Courier Limited into Skynet (London) Limited before the next Balance Sheet date but after the date of signing of this report. This will have no impact on the going concern position of the group. |
The Directors have reviewed and considered relevant information, including the annual budget and future cash flow requirements in making their assessment. Based on these assessments, given the measures that have been undertaken to mitigate the current adverse conditions - such as reduction in variable overheads and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts. |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The group has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows. |
Basis of consolidation |
The financial statements consolidate the financial statements of Deltec International Courier Limited and all of its subsidiary undertakings ('subsidiaries'). |
Significant judgements and estimates |
Preparation of the financial statements requires management to make significant judgements and estimates in determining the carrying amounts of certain assets and liabilities. Management makes assumptions of the effects of uncertain future events on those assets and liabilities at the balance sheet date. Management's estimates and assumptions are based on historical experience and expectation of future events and are reviewed periodically. This disclosure excludes uncertainty over future events and judgement in respect of measuring financial instruments.The following are the Groups key sources of estimation certainty: |
Useful economic lives of tangible fixed assets |
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates and the physical condition of the assets. |
Impairment of debtors |
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other receivables, management considers factors including: the credit rating of the receivable, the ageing profile of receivables and historical experience. |
Turnover |
Turnover comprises revenue recognised by the group in respect of international courier and re-mailing services supplied during the year to corporate clients through extensive network of UK branches and overseas affiliated entities, exclusive of Value Added Tax and trade discounts. |
Goodwill |
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. It is amortised to the income statement over its estimated economic life. |
Amortisation is provided at the following rates: |
Goodwill - 10% straight line |
Deltec International Courier Limited (Registered number: 01925142) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2023 |
2. | Accounting policies - continued |
Tangible fixed assets |
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: |
Short leasehold | - | straight line over the period of the lease |
Fixtures & equipment | - | 20 - 50% reducing balance |
Motor vehicles | - | 40% reducing balance |
Government grants |
The accruals models has been adopted in recognising grant income relating to the Coronavirus Job Retention Scheme (CJRS). Grant income has been recognised in the same period in which the expense has been incurred and included in other operating income. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
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. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to the income statement in the period to which they relate. |
Operating leases |
Rentals under operating leases are charged to the income statement on a straight line basis over the lease term. |
Deltec International Courier Limited (Registered number: 01925142) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2023 |
2. | Accounting policies - continued |
Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are an integral part of the company's cash management. |
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
3. | Turnover |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
All turnover arose in the United Kingdom. |
4. | Other operating income |
2023 | 2022 |
£ | £ |
Rents received | 62,500 | 80,000 |
Sundry receipts | - | 2,587 |
Government grant income | - | 30,525 |
Profit on sale of tangible fixed assets | 12,000 | - |
74,500 | 113,112 |
5. | Employees and directors |
2023 | 2022 |
£ | £ |
Wages and salaries | 5,448,378 | 5,611,643 |
Social security costs | 494,446 | 468,898 |
Other pension costs | 101,252 | 102,597 |
6,044,076 | 6,183,138 |
The average number of employees during the year was as follows: |
2023 | 2022 |
Productive | 171 | 180 |
Distribution | 44 | 25 |
Administrative | 34 | 35 |
The average number of employees by undertakings that were proportionately consolidated during the year was 6 (2022 - 6 ) . |
Deltec International Courier Limited (Registered number: 01925142) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2023 |
6. | Directors' emoluments |
2023 | 2022 |
£ | £ |
Director's emoluments | 40,833 | 140,000 |
The number of directors to whom retirement benefits were accruing were as follows: |
Defined contribution schemes | - | - |
Key management emoluments |
2023 | 2022 |
£ | £ |
Director's emoluments | 40,833 | 140,000 |
A director of the subsidiary company has been deemed as key management and thus has been disclosed within the notes to the financial statements. |
7. | Interest payable and similar expenses |
2023 | 2022 |
£ | £ |
Other loan interest payable | 128,044 | 44,776 |
8. | Profit before taxation |
The profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Depreciation - owned assets | 532,242 | 754,052 |
Profit on disposal of fixed assets | (4,232 | ) | - |
Foreign exchange differences | 6,241 | 323,599 |
9. | Auditors' remuneration |
2023 | 2022 |
£ | £ |
Fees payable to the company's auditors and their associates for the audit of the company's financial statements |
27,300 |
22,714 |
Other non- audit services | 7,100 | 6,500 |
10. | Taxation |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | 399,004 | 1,153,637 |
Over-provision in prior period | (1,346 | ) | - |
Total current tax | 397,658 | 1,153,637 |
Deferred tax | 68,179 | (7,642 | ) |
Tax on profit | 465,837 | 1,145,995 |
Deltec International Courier Limited (Registered number: 01925142) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2023 |
10. | Taxation - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax | 2,689,704 | 6,386,289 |
Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2022 - 19 %) |
511,044 |
1,213,395 |
Effects of: |
Expenses not deductible for tax purposes | 152,892 | - |
Income not taxable for tax purposes | (2,280 | ) | - |
Depreciation in excess of capital allowances | 36,870 | - |
Adjustments to tax charge in respect of previous periods | (1,346 | ) | - |
Timing differences | 387 | (854 | ) |
Group relief | (300,090 | ) | (66,546 | ) |
Movement in Deferred Tax | 68,360 | - |
Total tax charge | 465,837 | 1,145,995 |
11. | 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. |
12. | Dividends |
2023 | 2022 |
£ | £ |
Ordinary shares of £1 each |
Final | - | 26,475,651 |
13. | Intangible fixed assets |
Group |
Goodwill |
£ |
Cost |
At 1 April 2022 |
and 31 March 2023 | 353,250 |
Amortisation |
At 1 April 2022 |
and 31 March 2023 | 353,250 |
Net book value |
At 31 March 2023 | - |
At 31 March 2022 | - |
Deltec International Courier Limited (Registered number: 01925142) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2023 |
14. | Tangible fixed assets |
Group |
Computer | Fixtures & | Motor |
equipment | equipment | vehicles | Totals |
£ | £ | £ | £ |
Cost |
At 1 April 2022 | 346,427 | 3,811,192 | 2,056,914 | 6,214,533 |
Additions | 41,742 | 77,596 | - | 119,338 |
Disposals | - | (23,512 | ) | (31,881 | ) | (55,393 | ) |
At 31 March 2023 | 388,169 | 3,865,276 | 2,025,033 | 6,278,478 |
Depreciation |
At 1 April 2022 | 221,072 | 2,156,703 | 1,446,362 | 3,824,137 |
Charge for year | 15,183 | 279,336 | 237,723 | 532,242 |
Eliminated on disposal | - | (16,276 | ) | (17,349 | ) | (33,625 | ) |
At 31 March 2023 | 236,255 | 2,419,763 | 1,666,736 | 4,322,754 |
Net book value |
At 31 March 2023 | 151,914 | 1,445,513 | 358,297 | 1,955,724 |
At 31 March 2022 | 125,355 | 1,654,489 | 610,552 | 2,390,396 |
Company |
Fixtures & | Motor |
equipment | vehicles | Totals |
£ | £ | £ |
Cost |
At 1 April 2022 |
Disposals | ( |
) | ( |
) |
At 31 March 2023 |
Depreciation |
At 1 April 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2023 |
Net book value |
At 31 March 2023 |
At 31 March 2022 |
Deltec International Courier Limited (Registered number: 01925142) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2023 |
15. | Fixed asset investments |
Group |
Investments |
£ |
Cost |
At 1 April 2022 |
and 31 March 2023 | 27,291 |
Net book value |
At 31 March 2023 | 27,291 |
At 31 March 2022 | 27,291 |
Company |
Interest in |
subsidiary |
companies |
£ |
Cost |
At 1 April 2022 |
and 31 March 2023 |
Net book value |
At 31 March 2023 |
At 31 March 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Registered office: UK |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
16. | Debtors: amounts falling due within one year |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade debtors | 7,730,385 | 10,262,676 |
Amounts owed by group undertakings | 4,265,629 | 3,661,235 |
Other debtors | 17,265 | 286,874 |
Tax | 55,827 | - |
VAT | 244,263 | 269,832 |
Prepayments and accrued income | 196,074 | 189,108 |
12,509,443 | 14,669,725 |
Deltec International Courier Limited (Registered number: 01925142) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2023 |
17. | Creditors: amounts falling due within one year |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade creditors | 6,582,495 | 5,412,003 |
Amounts owed to group undertakings | 4,444,494 | 3,417,155 |
Tax | - | 396,284 |
Social security and other taxes | 93,994 | 109,612 |
Other creditors | 285,541 | 465,474 |
Accruals and deferred income | 503,451 | 512,400 |
11,909,975 | 10,312,928 |
18. | Leasing agreements |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable |
operating leases |
2023 | 2022 |
£ | £ |
Within one year | 937,663 | 952,530 |
Between one and five years | 3,539,207 | 3,620,472 |
In more than five years | 2,142,175 | 2,982,360 |
6,619,045 | 7,555,362 |
Company |
Non-cancellable |
operating leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
19. | Provisions for liabilities |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Deferred tax | 318,753 | 250,574 |
Group |
Deferred tax |
£ |
Balance at 1 April 2022 | 250,574 |
Charge to Statement of Comprehensive Income during year | 68,179 |
Balance at 31 March 2023 | 318,753 |
Deltec International Courier Limited (Registered number: 01925142) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2023 |
19. | Provisions for liabilities - continued |
Company |
Deferred tax |
£ |
Balance at 1 April 2022 |
Charge to Income Statement during year |
Balance at 31 March 2023 |
20. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
21. | Reserves |
Group |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 April 2022 | 9,405,113 | 11,069 | 9,416,182 |
Profit for the year | 2,223,867 | 2,223,867 |
At 31 March 2023 | 11,628,980 | 11,069 | 11,640,049 |
Company |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 April 2022 | 2,481,066 |
Profit for the year |
At 31 March 2023 | 2,723,697 |
22. | Pension commitments |
The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £101,252 (2022: £102,597). Contributions totalling £33,186 (2022: £29,403) were payable to the fund at the balance sheet date and are included in creditors. |
23. | Other financial commitments |
On 28 October 2021 Deltec International Courier Limited provided a limited guarantee to Barclays Bank Plc in respect 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 facility of £150,000. |
Deltec International Courier Limited (Registered number: 01925142) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 March 2023 |
24. | Related party disclosures |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
25. | Post balance sheet events |
There is a restructuring plan in place to transfer the trade and assets of Deltec International Courier Limited into Skynet (London) Limited. The transfer is planned to go ahead before the next Balance Sheet date but after the date of signing of this report. |
26. | Ultimate controlling party |
The company's immediate parent undertaking is Skynet International Holding Limited, a company incorporated in the United Kingdom. |
The ultimate parent company is Business Venture Investment No. 2220 (PTY) Ltd, registered in South Africa. |
In the opinion of the director, the company is controlled by the ultimate parent company. |