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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: T J A Erasmus
J D Meyer



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



Registered number: 01925142 (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



Solicitors: Browne Jacobson
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:





J D Meyer - Director


28 September 2023

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.

T J A Erasmus
J D Meyer

Other changes in directors holding office are as follows:

D Ellis - appointed 1 May 2022

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 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:





J D Meyer - Director


28 September 2023

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.




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

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 2,223,867 5,240,294

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 14 778,011 1,105,198
Investments 15 653,250 653,250
1,431,261 1,758,448

Current assets
Debtors 16 2,953,095 2,887,895
Cash in hand 7,351,586 2,519,543
10,304,681 5,407,438
Creditors
Amounts falling due within one year 17 8,849,078 4,550,138
Net current assets 1,455,603 857,300
Total assets less current liabilities 2,886,864 2,615,748

Provisions for liabilities 19 163,067 134,582
Net assets 2,723,797 2,481,166

Capital and reserves
Called up share capital 20 100 100
Revaluation reserve 21 11,069 11,069
Retained earnings 21 2,712,628 2,469,997
Shareholders' funds 2,723,797 2,481,166

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 28 September 2023 and were signed on its behalf by:





J D Meyer - Director


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 100 5,011,502 11,069 5,022,671

Changes in equity
Dividends - (26,475,651 ) - (26,475,651 )
Total comprehensive income - 23,934,146 - 23,934,146
Balance at 31 March 2022 100 2,469,997 11,069 2,481,166

Changes in equity
Total comprehensive income - 242,631 - 242,631
Balance at 31 March 2023 100 2,712,628 11,069 2,723,797

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

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
249 240

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 1,631,693 2,051,033 3,682,726
Disposals - (26,000 ) (26,000 )
At 31 March 2023 1,631,693 2,025,033 3,656,726
Depreciation
At 1 April 2022 1,135,623 1,441,905 2,577,528
Charge for year 76,356 236,831 313,187
Eliminated on disposal - (12,000 ) (12,000 )
At 31 March 2023 1,211,979 1,666,736 2,878,715
Net book value
At 31 March 2023 419,714 358,297 778,011
At 31 March 2022 496,070 609,128 1,105,198

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 653,250
Net book value
At 31 March 2023 653,250
At 31 March 2022 653,250

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

Subsidiary

Skynet (London) Limited
Registered office: UK
Nature of business: International Courier
%
Class of shares: holding
Ordinary 100.00
2023 2022
£ £
Aggregate capital and reserves 9,721,198 7,588,366
Profit for the year 2,132,832 4,787,092


16. Debtors: amounts falling due within one year

Group Company
2023 2022 2023 2022
£ £ £ £
Trade debtors 7,730,385 10,262,676 278,526 231,736
Amounts owed by group undertakings 4,265,629 3,661,235 2,439,980 2,435,027
Other debtors 17,265 286,874 550 16,582
Tax 55,827 - - -
VAT 244,263 269,832 119,297 122,025
Prepayments and accrued income 196,074 189,108 114,742 82,525
12,509,443 14,669,725 2,953,095 2,887,895

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 5,412,003 247,008 164,196
Amounts owed to group undertakings 4,444,494 3,417,155 7,853,369 3,723,961
Tax - 396,284 120,143 26,047
Social security and other taxes 93,994 109,612 91,978 95,648
Other creditors 285,541 465,474 33,129 27,886
Accruals and deferred income 503,451 512,400 503,451 512,400
11,909,975 10,312,928 8,849,078 4,550,138

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 937,663 922,530
Between one and five years 3,539,207 3,557,472
In more than five years 2,142,175 2,920,524
6,619,045 7,400,526

19. Provisions for liabilities

Group Company
2023 2022 2023 2022
£ £ £ £
Deferred tax 318,753 250,574 163,067 134,582

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 134,582
Charge to Income Statement during year 28,485
Balance at 31 March 2023 163,067

20. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
100 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 2,469,997 11,069 2,481,066
Profit for the year 242,631 242,631
At 31 March 2023 2,712,628 11,069 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.