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REGISTERED NUMBER: 04334961 (England and Wales)















Skynet (London) Limited

Strategic Report, Directors' Report and

Audited Financial Statements

for the Year Ended 31 March 2023






Skynet (London) Limited (Registered number: 04334961)

Contents of the Financial Statements
for the year ended 31 March 2023










Page

Company Information 1

Strategic Report 2

Directors' Report 4

Independent Auditors' Report 6

Statement of Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


Skynet (London) Limited

Company Information
for the year ended 31 March 2023







Directors: J B Ellis
T J A Erasmus
J D Meyer



Registered office: Skynet House
18 - 21 Pulborough Way
Hounslow
Middlesex
TW4 6DE



Registered number: 04334961 (England and Wales)



Auditors: Haines Watts
Chartered Accountants and Statutory Auditor
178 Buckingham Avenue
Slough
Berkshire
SL1 4RD



Bankers: Barclays Bank Plc
Hamilton Road
Slough
Berkshire
SL1 4NX

Skynet (London) Limited (Registered number: 04334961)

Strategic Report
for the year ended 31 March 2023


The directors present their strategic report 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.

The year under review has been the first full year as part of the new consortium based in South Africa. Due to the Russian/Ukraine war and the cost of living increases the business did experience lower profitability than previous years that was driven by lower than volumes. Political challenges effected trading margins due to the Pound trading significant lower against the mayor currencies.

The company achieved a profit before tax of £2,299,791 (2022: £5,827,488) for the year and a satisfactory financial position at the year end showing net assets of £9,569,602 (2022: £7,588,366). 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.

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, especially in a environment with lower volumes.

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 its links to the wider Skynet group following the acquisition, and strong customer relations that the company's results will continue at similar levels into FY 2024. A new seasoned Managing Director has been appointed and that assists providing strength to the management team.

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 profit before tax 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.

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:-

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.


Skynet (London) Limited (Registered number: 04334961)

Strategic Report
for the year ended 31 March 2023


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:





J D Meyer - Director


28 September 2023

Skynet (London) Limited (Registered number: 04334961)

Directors' Report
for the year ended 31 March 2023


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

Principal activity
The company operates as an international express courier. The company also provides international mail and freight services.

Dividends
The total distribution of dividends for the year ended 31 March 2023 will be £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.

J B Ellis
T J A Erasmus
J D Meyer

Other changes in directors holding office are as follows:

D Ellis ceased to be a director after 31 March 2023 but prior to the date of this report.

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 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies 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.


Skynet (London) Limited (Registered number: 04334961)

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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company'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 company's auditors are aware of that information.

On behalf of the board:





J D Meyer - Director


28 September 2023

Independent Auditors' Report to the Members of
Skynet (London) Limited


Opinion
We have audited the financial statements of Skynet (London) Limited (the 'company') for the year ended 31 March 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, 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 company's affairs as at 31 March 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the 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 Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Independent Auditors' Report to the Members of
Skynet (London) Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

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 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 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
Skynet (London) 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.




Tara Mellett (Senior Statutory Auditor)
for and on behalf of Haines Watts
Chartered Accountants and Statutory Auditor
178 Buckingham Avenue
Slough
Berkshire
SL1 4RD

11 October 2023

Skynet (London) Limited (Registered number: 04334961)

Statement of Comprehensive
Income
for the year ended 31 March 2023

2023 2022
Notes £ £

Turnover 3 62,748,415 59,563,411

Cost of sales (47,106,636 ) (40,989,891 )
Gross profit 15,641,779 18,573,520

Administrative expenses (13,213,944 ) (12,703,842 )
2,427,835 5,869,678

Other operating income - 2,586
Operating profit 2,427,835 5,872,264


Interest payable and similar expenses 6 (128,044 ) (44,776 )
Profit before taxation 7 2,299,791 5,827,488

Tax on profit 9 (318,555 ) (1,040,396 )
Profit for the financial year 1,981,236 4,787,092

Other comprehensive income - -
Total comprehensive income for the year 1,981,236 4,787,092

Skynet (London) Limited (Registered number: 04334961)

Balance Sheet
31 March 2023

2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 11 1,177,713 1,285,198
Investments 12 27,291 27,291
1,205,004 1,312,489

Current assets
Debtors 13 17,102,859 15,152,826
Cash in hand 2,024,833 372,829
19,127,692 15,525,655
Creditors
Amounts falling due within one year 14 10,607,408 9,133,786
Net current assets 8,520,284 6,391,869
Total assets less current liabilities 9,725,288 7,704,358

Provisions for liabilities 15 155,686 115,992
Net assets 9,569,602 7,588,366

Capital and reserves
Called up share capital 16 2,000 2,000
Share premium 17 298,000 298,000
Retained earnings 17 9,269,602 7,288,366
Shareholders' funds 9,569,602 7,588,366

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


Skynet (London) Limited (Registered number: 04334961)

Statement of Changes in Equity
for the year ended 31 March 2023

Called up
share Retained Share Total
capital earnings premium equity
£ £ £ £

Balance at 1 April 2021 2,000 25,982,218 298,000 26,282,218

Changes in equity
Dividends - (23,480,944 ) - (23,480,944 )
Total comprehensive income - 4,787,092 - 4,787,092
Balance at 31 March 2022 2,000 7,288,366 298,000 7,588,366

Changes in equity
Total comprehensive income - 1,981,236 - 1,981,236
Balance at 31 March 2023 2,000 9,269,602 298,000 9,569,602

Skynet (London) Limited (Registered number: 04334961)

Notes to the Financial Statements
for the year ended 31 March 2023


1. Statutory information

Skynet (London) 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.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in Sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pence.

Going concern
The financial statements have been prepared on a going concern basis. 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 a 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 company 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.

Turnover
Turnover compromises revenue recognised by the company 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.

Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Office equipment-20% Reducing balance
Computer equipment-20% - 33% Reducing balance
Fixtures & equipment-7.5%-20% Reducing balance
Motor vehicles-40% Reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.


Skynet (London) Limited (Registered number: 04334961)

Notes to the Financial Statements - continued
for the year ended 31 March 2023


2. Accounting policies - continued
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.

Employee benefits
Short term employee benefits including holiday pay and annual bonuses are accrued as services are rendered. Contributions to defined contribution pension schemes are charged to profit or loss as they become payable in accordance with the rules of the scheme. Differences between contributions payable in the year and those actually paid are shown as either accruals or prepayments in the balance sheet.

Investments
Investments held as fixed assets are shown at cost less provision for impairment.

Key sources of estimation uncertainty and judgements
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.

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.

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.

Skynet (London) Limited (Registered number: 04334961)

Notes to the Financial Statements - continued
for the year ended 31 March 2023


3. Turnover

The whole of the turnover is attributable to the provision of international express courier services and international mail and freight services.

All turnover arose within the United Kingdom.

4. Employees and directors
2023 2022
£ £
Wages and salaries 424,155 366,428
Social security costs 52,806 42,580
Other pension costs 5,818 4,390
482,779 413,398

The average number of employees during the year was as follows:
2023 2022

Administration and management staff 6 6


5. Directors' emoluments
2023 2022
£ £
Directors' remuneration 40,833 140,000

6. Interest payable and similar expenses
2023 2022
£ £
Other loan interest payable 128,044 44,776

7. Profit before taxation

The profit is stated after charging:

2023 2022
£ £
Depreciation - owned assets 219,055 328,601
Loss on disposal of fixed assets 7,768 -
Foreign exchange differences 6,241 323,599


8. Auditors' remuneration
2023 2022
£ £
Fees payable to the company's auditors and their associates for the audit
of the company's financial statements

17,400

14,464
Other non- audit services 3,300 3,000

Skynet (London) Limited (Registered number: 04334961)

Notes to the Financial Statements - continued
for the year ended 31 March 2023


9. 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 278,861 1,040,396

Deferred tax 39,694 -
Tax on profit 318,555 1,040,396

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 2,299,791 5,827,488
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2022 - 19%)

436,960

1,107,223

Effects of:
Expenses not deductible for tax purposes 153,072 -
Capital allowances in excess of depreciation (10,957 ) -
Group relief (300,090 ) (66,546 )
Other timing differences (124 ) (281 )
Deferred Tax Movement 39,694 -
Total tax charge 318,555 1,040,396

10. Dividends
2023 2022
£ £
Ordinary shares of £1.00 each
Final - 23,480,944

Skynet (London) Limited (Registered number: 04334961)

Notes to the Financial Statements - continued
for the year ended 31 March 2023


11. Tangible fixed assets
Computer Fixtures & Motor
equipment equipment vehicles Totals
£ £ £ £
Cost
At 1 April 2022 346,427 2,179,499 5,881 2,531,807
Additions 41,742 77,596 - 119,338
Disposals - (23,512 ) (5,881 ) (29,393 )
At 31 March 2023 388,169 2,233,583 - 2,621,752
Depreciation
At 1 April 2022 221,072 1,021,080 4,457 1,246,609
Charge for year 15,183 202,980 892 219,055
Eliminated on disposal - (16,276 ) (5,349 ) (21,625 )
At 31 March 2023 236,255 1,207,784 - 1,444,039
Net book value
At 31 March 2023 151,914 1,025,799 - 1,177,713
At 31 March 2022 125,355 1,158,419 1,424 1,285,198

12. Fixed asset investments
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

The fixed asset investment represents the shares held in Skynet Worldwide Express Management Company Limited. Skynet London holds 38,446 shares (12.1%) in Skynet Worldwide Management Express Management Company.

13. Debtors: amounts falling due within one year
2023 2022
£ £
Trade debtors 7,451,859 10,030,940
Amounts owed by group undertakings 9,252,017 4,597,204
Other debtors 16,715 270,292
Tax 175,970 -
VAT 124,966 147,807
Prepayments and accrued income 81,332 106,583
17,102,859 15,152,826

Skynet (London) Limited (Registered number: 04334961)

Notes to the Financial Statements - continued
for the year ended 31 March 2023


14. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 6,335,487 5,247,807
Amounts owed to group undertakings 4,017,493 3,064,190
Corporation tax - 370,237
Social security and other taxes 2,016 13,964
Other creditors 252,412 437,588
10,607,408 9,133,786

15. Provisions for liabilities
2023 2022
£ £
Deferred tax
Accelerated capital allowances 155,686 115,992

Deferred tax
£
Balance at 1 April 2022 115,992
Charge to Statement of Comprehensive Income during year 39,694
Balance at 31 March 2023 155,686

16. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
2,000 Ordinary £1.00 2,000 2,000

17. Reserves
Retained Share
earnings premium Totals
£ £ £

At 1 April 2022 7,288,366 298,000 7,586,366
Profit for the year 1,981,236 1,981,236
At 31 March 2023 9,269,602 298,000 9,567,602

18. Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £5,397 (2022: £4,390). At the year end £1,087 (2022: £1,738) was included in creditors.

19. 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's banking facilities, consisting of bonds, guarantees, indemnities & standby LC's facility of a maximum of £60,000 and a BACS facility of £900,000.

Skynet (London) Limited (Registered number: 04334961)

Notes to the Financial Statements - continued
for the year ended 31 March 2023


20. 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.

21. Post balance sheet events

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. The intention is that the restructure will create efficiencies and streamline the UK business as a whole.

22. Ultimate controlling party

The company is a wholly owned subsidiary of Deltec International Courier Limited, registered in England and Wales, whose immediate parent undertaking is Bardia BV, incorporated in the Netherlands.

The ultimate parent company is Business Venture Investment No. 2220 (PTY) Ltd, registered in South Africa.

In the opinion of the directors, the company is controlled by the ultimate parent company.