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REGISTERED NUMBER: 04199202 (England and Wales)


















Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2023

for

Multimodal Logistics Limited

Multimodal Logistics Limited (Registered number: 04199202)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Profit or Loss and Other Comprehensive
Income

10

Statement of Financial Position 11

Statement of Changes in Equity 12

Statement of Cash Flows 13

Notes to the Statement of Cash Flows 14

Notes to the Financial Statements 15


Multimodal Logistics Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: W Gao
L Sun
G Wang
T R Wray





REGISTERED OFFICE: China Shipping House, Walton Avenue
Felixstowe
Suffolk
IP11 3HG





REGISTERED NUMBER: 04199202 (England and Wales)





AUDITORS: Mudd Partners LLP
Statutory Auditors
Chartered Accountants
Lakeview House
4 Woodbrook Crescent
Billericay
Essex
CM12 0EQ

Multimodal Logistics Limited (Registered number: 04199202)

Strategic Report
for the Year Ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
The principal activity of the Company in the year under review was to carry on business of freight and cargo carrier by land and rail.

The Directors consider that 2023 has been a difficult year for the Company. Turnover for the year end 31 December 2023 was £19,221,654 (£19,738,200 for the year ended 31 December 2022). The revenue is 2% decrease year on year and gross profit has decreased by 21% to £2,666,569 for the year end 31 December 2023 (£3,366,133 for the year ended 31 December 2022) which is due to the rising of cost. The net assets of the Company increased to £3,655,403 for the year end 31 December 2023 (£2,919,405 for the year ended 31 December 2022). After the crazy growth of haulage demand in 2022, the market gradually leveled off in 2023 and showed a downward trend. But high costs still lag behind market changes. The performance was in line with expectations given the change in 2023. The result was decrease in revenues and gross profit for the year.

PRINCIPAL RISKS AND UNCERTAINTIES
The Company has identified the principal risks that it faces as:

Increase in Equipment, Parts, and Other Essentials Cost
Covid 19 still has a profound impact, the shortage of new equipment in the UK market is continued. The instability in the world following Covid 19 has caused a sharp increase to the cost of equipment, parts, and labour. There have been significant rises to the cost of them and other commodities. There is no end date on when things will improve. These cost increases will affect margins in the competitive haulage market.

Reduction in Demand
The global instability and increases in inflation have affected UK economy with lower demand of products. The UK is likely to dip into mild recession and this will have an affect on its economy. We have already noticed a reduction in numbers at the start of the year.

Fuel Price Instability
Fuel is one of the major variable costs in haulage industry. Due to wider economic factors, its cost remains unstable, and it makes difficult to price jobs effectively.

The company is mitigating this risk by having newer models of the vehicles which are more fuel efficient, checking drivers mileage efficiency regularly and introduction of financial benefit to drivers for fuel efficiency.

Pressure on Margins
The Company operates in a highly competitive market, and this puts pressure on sales prices which as a result influences profit margins of the Company. Focus is placed on cost controls through regular reviews but rising cost of equipment, parts and labour does makes it challenging to achieve desired margins.


Multimodal Logistics Limited (Registered number: 04199202)

Strategic Report
for the Year Ended 31 December 2023

KEY PERFORMANCE INDICATORS (KPI)
The Directors have identified the following key performance indicators as being key to understanding the development, performance, and position of the business:

Key performance indicators (KPIs)
The Company measures performance on a regular basis through a range of systems, reports and dashboards. Non- Financial KPI's include health and safety targets, service levels and operational efficiency. The financial KPI's that communicate the Company's financial performance and strength are turnover and gross profit as discussed in the business review.

Financial risk management
The Company's operations are exposed to a variety of financial risks, the most significant of which is liquidity risk.

Liquidity risk
The Company manages its cash to ensure that it has sufficient liquid resources to meet the operating needs of the business. Company's liquidity has improved significantly due to increase in revenue and profits.

Credit Risk
Appropriate credit checks are made for all customers. Trade debtors are reviewed on regular basis. In addition, the larger customers are predominately blue chip Companies.

The Company’s financial risk management objectives and policies are discussed in note 2 to the financial statements.

FUTURE DEVELOPMENTS
The Company is well placed to continue delivering growth in the future. Its continued focus on controlling costs, increasing its customer base, and managing its resources efficiently is expected to deliver increase in revenue and profitability.

ON BEHALF OF THE BOARD:





W Gao - Director


19 February 2024

Multimodal Logistics Limited (Registered number: 04199202)

Report of the Directors
for the Year Ended 31 December 2023

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

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the provision of transportation services.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

W Gao
L Sun
G Wang
T R Wray

ENGAGEMENT WITH EMPLOYEES
Communication with employees has continued at all levels, with the aim of ensuring that all employees are aware of
financial performance of the company. In the individual meetings, their views are taken and when decisions are made, consideration is made on any issue that is likely to affect their interests.

Disabled employees
The Company has continued its policy regarding the employment of disabled persons. Full and fair consideration is given to applications for employment made by disabled persons having regard to their particular aptitude and abilities. Appropriate training is arranged for disabled persons, including the retraining for alternative work of employees who may become disabled, to promote their career development within the organisations.

DISCLOSURE IN THE STRATEGIC REPORT
The Company has chosen, in accordance with Companies Act 2006, S. 414C(11), to set out in the company's strategic report information required by Large and Medium-sized Companies (accounts and reports) Regulations 2008, certain matters which are required to be disclosed in the directors' report have been omitted as they are included in the strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with UK-adopted international accounting standards. 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;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's 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.

Multimodal Logistics Limited (Registered number: 04199202)

Report of the Directors
for the Year Ended 31 December 2023


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:





W Gao - Director


19 February 2024

Report of the Independent Auditors to the Members of
Multimodal Logistics Limited

Opinion
We have audited the financial statements of Multimodal Logistics Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Profit or Loss and Other Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 International Financial Reporting Standards (IFRSs) as adopted by the UK.

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with IFRSs as adopted by the UK; 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 Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Multimodal Logistics 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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, 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 set out on page four, 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.

Report of the Independent Auditors to the Members of
Multimodal Logistics Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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:

• The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including UK Companies Act, employment law and tax legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

• We understood how the Company is complying with those legal and regulatory frameworks by, making inquiries to management, those responsible for legal and compliance procedures and the company secretary.

• The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.

• We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
- Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
- Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; and
- Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

• As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
- Posting of unusual journals and complex transactions; and,
- Risk of fictitious employees.

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
Multimodal Logistics 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 a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Jeffrey Stanley FCA (Senior Statutory Auditor)
for and on behalf of Mudd Partners LLP
Statutory Auditors
Chartered Accountants
Lakeview House
4 Woodbrook Crescent
Billericay
Essex
CM12 0EQ

19 February 2024

Multimodal Logistics Limited (Registered number: 04199202)

Statement of Profit or Loss and Other Comprehensive Income
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   

CONTINUING OPERATIONS
Revenue 19,221,654 19,738,200

Cost of sales (16,555,085 ) (16,372,067 )
GROSS PROFIT 2,666,569 3,366,133

Administrative expenses (1,658,830 ) (1,376,532 )
OPERATING PROFIT 1,007,739 1,989,601

Finance costs 4 (3,789 ) (28,263 )
PROFIT BEFORE INCOME TAX 5 1,003,950 1,961,338

Income tax 7 (267,952 ) (383,336 )
PROFIT FOR THE YEAR 735,998 1,578,002

Other comprehensive income - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

735,998

1,578,002

Multimodal Logistics Limited (Registered number: 04199202)

Statement of Financial Position
31 December 2023

31.12.23 31.12.22
Notes £    £   
ASSETS
NON-CURRENT ASSETS
Owned
Property, plant and equipment 8 416,217 133,280
Right-of-use
Property, plant and equipment 8, 14 4,395,967 1,660,373
4,812,184 1,793,653
CURRENT ASSETS
Inventories 9 56,872 57,334
Trade and other receivables 10 3,225,957 2,134,862
Cash and cash equivalents 11 2,344,079 3,623,105
5,626,908 5,815,301

LIABILITIES
CURRENT LIABILITIES
Trade and other payables 12 2,238,718 2,684,797
Financial liabilities - borrowings
Interest bearing loans and borrowings 13 1,420,256 787,153
Tax payable - 330,483
3,658,974 3,802,433
NET CURRENT ASSETS 1,967,934 2,012,868
NON-CURRENT LIABILITIES
Financial liabilities - borrowings
Interest bearing loans and borrowings 13 3,022,855 887,116
Deferred tax 16 101,860 -
3,124,715 887,116
NET ASSETS 3,655,403 2,919,405
SHAREHOLDERS' EQUITY
Called up share capital 17 10,000 10,000
Retained earnings 18 3,645,403 2,909,405
TOTAL EQUITY 3,655,403 2,919,405

The financial statements were approved by the Board of Directors and authorised for issue on 19 February 2024 and were signed on its behalf by:





W Gao - Director


Multimodal Logistics Limited (Registered number: 04199202)

Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 10,000 1,331,403 1,341,403

Changes in equity
Total comprehensive income - 1,578,002 1,578,002
Balance at 31 December 2022 10,000 2,909,405 2,919,405

Changes in equity
Total comprehensive income - 735,998 735,998
Balance at 31 December 2023 10,000 3,645,403 3,655,403

Multimodal Logistics Limited (Registered number: 04199202)

Statement of Cash Flows
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 937,170 1,628,707
Tax paid (501,295 ) (156,461 )
Net cash from operating activities 435,875 1,472,246

Cash flows from investing activities
Purchase of tangible fixed assets (324,172 ) (15,166 )
Purchase of right of use assets (4,067,403 ) (427,596 )
Net cash from investing activities (4,391,575 ) (442,762 )

Cash flows from financing activities
New right of use liabilities 4,067,404 427,596
Payment of lease liabilities (1,390,730 ) (890,151 )
Net cash from financing activities 2,676,674 (462,555 )

(Decrease)/increase in cash and cash equivalents (1,279,026 ) 566,929
Cash and cash equivalents at beginning of
year

2

3,623,105

3,056,176

Cash and cash equivalents at end of year 2 2,344,079 3,623,105

Multimodal Logistics Limited (Registered number: 04199202)

Notes to the Statement of Cash Flows
for the Year Ended 31 December 2023

1. RECONCILIATION OF PROFIT BEFORE INCOME TAX TO CASH GENERATED FROM
OPERATIONS
31.12.23 31.12.22
£    £   
Profit before income tax 1,003,950 1,961,338
Depreciation charges 1,359,666 880,535
Finance costs 3,789 28,263
2,367,405 2,870,136
Decrease/(increase) in inventories 462 (7,725 )
Increase in trade and other receivables (1,022,143 ) (176,956 )
Decrease in trade and other payables (408,554 ) (1,056,748 )
Cash generated from operations 937,170 1,628,707

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 2,344,079 3,623,105
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 3,623,105 3,056,176

Multimodal Logistics Limited (Registered number: 04199202)

Notes to the Financial Statements
for the Year Ended 31 December 2023


1. STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).


The Company provides transportation services and serves customers in the United Kingdom. It is a subsidiary of China Shipping (Europe) Holding GmbH, incorporated in Germany.

2. ACCOUNTING POLICIES

Basis of preparation
These financial statements have been prepared in accordance with UK-adopted international accounting standards and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS. The financial statements have been prepared under the historical cost convention.

In preparing these financial statements, management has made judgments, estimates and assumptions that affect the application of the Company accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.

Basis of measurement
The financial statements have been prepared on the historical cost basis except for the following items, which are measured on an alternative basis on each reporting date:

The Right of Use Asset is measured at the fair value of the asset upon purchase.
The Lease Liability is measured at the expected discounted cash flows across the lease term.

Changes in accounting policies
i) New standards, interpretations and amendments effective from 1 January 2023
The Company has adopted all of the new or amended Accounting Standards and Interpretations issued by the International Accounting Standards Board ('ISAB') that are mandatory for the current reporting period.

ii) New standards, interpretations and amendments not yet effective
The following new standards, interpretations and amendments, which are not yet effective and have not been adopted early in these financial statements, will or may have an effect on the Company's future financial statements:

IAS 1 - Classification of liabilities as current or non-current - Amendments - 1 January 2024
IFRS 16 - Lease liability in a sales and leaseback - Amendments - 1 January 2024

The directors anticipate that the adoption of other Standards and interpretations that are not yet effective in future periods will only have an impact on the presentation in the financial statements of the Company.

Going concern assumption
As at 31 December 2023, the Company has net current assets of £1,967,934 (2022: £2,012,868), and net assets of £3,655,403 (2022: £2,919,405). The directors have prepared cash flow forecasts for 12 months from the date of signing that indicate all liabilities will be settled as they fall due. The directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Multimodal Logistics Limited (Registered number: 04199202)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Revenue from contracts with customers
The Company is in the business of providing transportation services. Revenue from contracts with customers is recognised when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those services.

Rendering of services
Contracts with customers are either for a particular type of service or for a combination of haulage services. The Company recognises each service as a separate performance obligation based on an identifiable relative standalone selling price. Furthermore, the Company recognises service revenue upon completion of delivery. The Company considers that the services are satisfied at a point in time given that the control passes upon completion of delivery and to which the Company will also have the right to receive payment.

Receivables and payables balances from the revenue are presented in note 10 and 12.

The Company does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the Company does not adjust any of the transaction prices for the time value of money.

Cash and cash equivalents
Cash represents cash in hand and deposits held on demand with financial institutions. Cash equivalents are short-term, highly-liquid investments with original maturities of three months or less (as at their date of acquisition). Cash equivalents are readily convertible to known amounts of cash and subject to an insignificant risk of change in that cash value.

In the presentation of the Statement of Cash Flows, cash and cash equivalents also include bank overdrafts. Any such overdrafts are shown within borrowings under ‘current liabilities’ on the Statement of Financial Position.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property - 2.5% on cost
Fixtures and fittings - 10% on cost
Motor vehicles - 33.3% straight line
Computer equipment - 33.3% straight line

Impairment of Non-financial assets
The Company assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset's recoverable amount. An asset's recoverable amount is the higher of an asset's or CGU's fair value less cost of disposal and its value in use.

Multimodal Logistics Limited (Registered number: 04199202)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
(i) Financial assets

Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost.
In order for a financial asset to be classified and measured at amortised cost, it needs to give rise to cash flows that are 'solely payments of principal and interest (SPPI)' on the principal amount outstanding. Their assessment is referred to as the SPPI test and is performed at an instrument level.

The Company's business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both.

Financial assets at amortised cost (debt instruments)
The Company measures all of its financial assets at amortised cost, assuming both of the following conditions are met:

•The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows, and;
•The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired.

The Company's financial assets at amortised cost includes trade and other receivables, and cash and cash
equivalents. The Company does not have any other types of financial assets.

Derecognition
The Company derecognises a financial asset when the contractual rights to the cash flows from the asset expire; or the Company transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred; or the Company neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control over the transferred asset. Any interest in transferred financial assets that is created or retained by the Company is recognised as a separate asset or liability.

Impairment of financial assets
The Company recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Company expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.

ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).

For trade receivables and contract assets, the Company applies a simplified approach in calculating ECLs.
Therefore, the Company does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date.


Multimodal Logistics Limited (Registered number: 04199202)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
The Company considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Company may also consider a financial asset to be in default when internal or external information indicates that the Company is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Company. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.

(ii) Financial liabilities

Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at amortised cost.

All financial liabilities are recognised initially at amortised cost and, in the case of loans and borrowings and
payables, net of directly attributable transaction costs.

The Company’s financial liabilities include trade and other payables.

Subsequent measurement
The Company derecognises a financial liability when its contractual obligations are discharged, cancelled or expire. Financial assets and liabilities are offset and the net amount is presented in the statement of financial position when, and only when, the Company has a legal right to offset the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.

Inventories
Inventories represent fuel used in the normal course of trade, and are stated at the lower of cost or net realisable value. Provision for obsolete, slow moving and defective inventories is made, where necessary, to reduce inventories to the lower of cost and net realisable value.

Taxation
Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the statement of financial position date.

Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.

Foreign currencies
Monetary 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.

Multimodal Logistics Limited (Registered number: 04199202)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Leasing
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases. Both types of leases are accounted for in the same manner.

The Company as a lessee
The Company assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

The Company applies a single recognition and measurement approach for all such leases (operating and financing), except for short-term leases and leases of low-value assets. The Company recognises lease liabilities which are drawn down when lease payments are made and right-of-use assets representing the right to use the underlying assets.

Right-of-use assets
The Company recognises right-of-use assets at the commencement date of the lease (i.e. the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful life of the assets, as follows:

Property- 15 years
Motor vehicles- 3 to 5 years

The right-of-use assets are also subject to impairment. Refer to the accounting policies about Impairment of non-financial assets.

Lease liabilities
At the commencement date of the lease, the Company recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentive receivable. The lease payments also include payments of penalties for terminating the lease, if the lease term reflects the Company exercising the option to terminate.

Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs.

In calculating the present value of lease payments, the Company uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the
commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, or a change in lease payments (e.g. changes to future payments resulting from a change in an index or rate used to determine such lease payments).

The Company's lease liabilities are included under lease liabilities (see notes 13 and 14).

The right-of-use assets are included in the 'Property, Plant and Equipment' and 'Investment Property' lines, as
applicable, in the Statement of Financial Position.

Short-term leases and leases of low-value assets
The Company applies the short-term lease recognition exemption to any short-term leases of machinery and
equipment (i.e. those leases that have a lease term of 12 months or less from commencement date). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be low value. Lease payments on short-term leases of low-value assets are recognised as expense on a straight-line basis over the lease term.

Multimodal Logistics Limited (Registered number: 04199202)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Employee benefit costs
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

Provisions
Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present
obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the
obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Accounting estimates and judgments
The preparation of financial statements in conformity with IFRS requires management to make judgements,
estimates and assumptions that affect the application of policies and reported amount of assets and liabilities,
income and expenses. The estimates are associated assumptions based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form a basis for making the judgments about carrying value of assets and liabilities that are not readily apparent from other sources.

Estimates

Leases - Estimating the incremental borrowing rate
The Company cannot readily determine the interest rate implicit in the lease, therefore, it uses its incremental
borrowing rate (IBR) to measure lease liabilities. The IBR is the rate of interest that the Company would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The IBR therefore reflects what the Company ‘would have to pay’, which requires estimation when no observable rates are available or when they need to be adjusted to reflect the terms and conditions of the lease.

The Company estimates the IBR using observable inputs (such as market interest rates) when available and is required to make certain entity-specific estimates.

Judgements

Accruals for services received not yet invoiced
Accruals are recognised when it is probable that there will be a future outflow of funds resulting from past operations or events which can be reasonably estimated. Given the volume of services supplied to the Company but not yet invoiced, the timing of recognition requires the application of judgement to facts and circumstances, which can be subject to change.

3. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
£    £   
Wages and salaries 3,519,596 2,774,895
Social security costs 340,396 303,328
Other pension costs 65,908 103,859
3,925,900 3,182,082

Multimodal Logistics Limited (Registered number: 04199202)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
31.12.23 31.12.22

Management 2 2
Administration - 1
Transport operations 67 62
Accounts 3 1
72 66

Key management personnel compensation

Only the directors are considered to be key management, given the Company's management structure.

31.12.2331.12.22
££

Salary 299,339169,499
Defined contribution scheme costs3,2071,013
302,546170,512


31.12.23 31.12.22
£    £   
Directors' remuneration 320,608 169,499

Information regarding the highest paid director for the year ended 31 December 2023 is as follows:
31.12.23
£   
Emoluments etc 219,159

4. NET FINANCE COSTS

31.12.2331.12.22
££
Finance costs:
Interest on lease liabilities - Admin expenses-1,739
Interest on lease liabilities - Cost of sales97,80450,989
Loans from group undertakings (note 19)-95,322
97,804148,050

Multimodal Logistics Limited (Registered number: 04199202)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. PROFIT BEFORE INCOME TAX

The profit before income tax is stated after charging:
31.12.23 31.12.22
£    £   
Cost of inventories recognised as expense 16,555,085 16,372,067
Finance expense - ROU asset 97,804 50,989
Depreciation - owned assets 41,235 28,293
Depreciation - assets on hire purchase contracts or finance leases 1,155,179 852,242
Foreign exchange differences - 72,886

6. AUDITORS' REMUNERATION
31.12.23 31.12.22
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

59,975

53,480

During the year, the Company obtained the following services from the Company's auditors:

31.12.23 31.12.22
£ £

Fees payable to the Company's auditors for the audit of the Company's 25,000 41,000
financial statements

Other fees payable for:
- tax compliance services 5,000 6,750
- other services 7,150 5,730
- fees attributable to former auditors 22,825 -

7. INCOME TAX

Analysis of tax expense
31.12.23 31.12.22
£    £   
Current tax:
Tax 166,092 383,336

Deferred tax 101,860 -
Total tax expense in statement of profit or loss and other comprehensive
income

267,952

383,336

Multimodal Logistics Limited (Registered number: 04199202)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. INCOME TAX - continued

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

31.12.23 31.12.22
£    £   
Profit before income tax 1,003,950 1,961,338
Profit multiplied by the standard rate of corporation tax in the UK of
23.520% (2022 - 19%)

236,129

372,654

Effects of:
Capital allowances in excess of depreciation 33,423 -
assets
Expenses not allowable for taxation purposes (1,600 ) 6,958
taxation
Adjustments to tax charge in respect of prior periods - 4,694
Deferred tax not recognised - (970 )
Tax expense 267,952 383,336

8. PROPERTY, PLANT AND EQUIPMENT
Improvements Fixtures
Short to and
leasehold property fittings
£    £    £   
COST
At 1 January 2023 108,976 135,892 15,658
Additions - - -
Disposals - - (15,658 )
At 31 December 2023 108,976 135,892 -
DEPRECIATION
At 1 January 2023 108,976 52,182 15,658
Charge for year - 3,261 -
Eliminated on disposal - - (15,658 )
At 31 December 2023 108,976 55,443 -
NET BOOK VALUE
At 31 December 2023 - 80,449 -
At 31 December 2022 - 83,710 -

Multimodal Logistics Limited (Registered number: 04199202)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. PROPERTY, PLANT AND EQUIPMENT - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 4,134,987 198,789 4,594,302
Additions 4,362,403 29,172 4,391,575
Disposals (1,841,545 ) (108,630 ) (1,965,833 )
At 31 December 2023 6,655,845 119,331 7,020,044
DEPRECIATION
At 1 January 2023 2,474,614 149,219 2,800,649
Charge for year 1,161,290 31,863 1,196,414
Eliminated on disposal (1,664,915 ) (108,630 ) (1,789,203 )
At 31 December 2023 1,970,989 72,452 2,207,860
NET BOOK VALUE
At 31 December 2023 4,684,856 46,879 4,812,184
At 31 December 2022 1,660,373 49,570 1,793,653

Depreciation on Motor Vehicles is charged against cost of sales, all other depreciation charges are recorded under administrative expenses.

9. INVENTORIES

31.12.23 31.12.22
£    £   
Stocks 56,872 57,334

Inventories relate to consumables and supplies.

The Company consumed £1,725,118 (2022: £2,176,683) inventories during the year. There was no provision made against inventories in the current year (2022: £nil).

10. TRADE AND OTHER RECEIVABLES

31.12.23 31.12.22
£    £   
Current:
Trade debtors 785,593 628,950
Other debtors 114,563 26,137
Related companies 2,036,834 1,384,767
Prepayments and accrued income 288,967 95,008
3,225,957 2,134,862

Multimodal Logistics Limited (Registered number: 04199202)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

10. TRADE AND OTHER RECEIVABLES - continued

The carrying value of trade and other receivables classified as loans and receivables approximates fair value.

Breakdown of the due date of trade receivables, of which are not yet impaired:

31.12.2331.12.22
££

Up to 1 month582,733582,729
Over 1 month202,86046,221
785,593628,950

11. CASH AND CASH EQUIVALENTS

31.12.23 31.12.22
£    £   
Bank accounts 2,344,079 3,623,105

12. TRADE AND OTHER PAYABLES

31.12.23 31.12.22
£    £   
Current:
Trade creditors 1,628,396 2,152,672
Social security and other taxes 222,071 88,283
Other creditors 2,931 -
Accrued expenses 222,302 217,142
VAT 163,018 226,700
2,238,718 2,684,797

The carrying value of trade and other payables classified as financial liabilities measured at amortised cost
approximates fair value.

13. FINANCIAL LIABILITIES - BORROWINGS

31.12.23 31.12.22
£    £   
Current:
Leases (see note 14) 1,420,256 787,153

Non-current:
Leases (see note 14) 3,022,855 887,116

Terms and debt repayment schedule

1 year or
less 1-2 years 2-5 years Totals
£    £    £    £   
Leases 1,420,256 1,344,890 1,677,965 4,443,111

Multimodal Logistics Limited (Registered number: 04199202)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

13. FINANCIAL LIABILITIES - BORROWINGS - continued

(i) Leases as a lessee

The Company leases land and building for its office and motor vehicles for its fleet. The extension and termination options have been taken into accounts in the valuation of the lease liabilities.

As at 31 December 2023, the Company is committed to £4,669,217 (2022: £1,743,337) in future lease payments, none of which relates to short-term leases.

The Company's obligations are secured by the lessors' title to the leased asset which have a carrying value of £4,443,111 (2022: £1,674,269). The carrying amount of the lease liabilities approximates the fair value.

The Company does not face a significant liquidity risk with regard to its lease liabilities and these are monitored as part of the process of managing cash flows which is described in the cash flow statement.

The following amounts in respect of leases have been recognised in profit or loss:

31.12.23 31.12.22
£ £

Interest expense on lease liabilities 97,804 52,728
Depreciation on leased assets 1,324,542 852,242

The Company had total cash outflows for leases of £1,390,730 in 2023 (2022: £890,151).

14. LEASING

Right-of-use assets

Property, plant and equipment

31.12.23 31.12.22
£    £   
COST
At 1 January 2023 4,243,963 3,816,367
Additions 4,067,403 427,596
Disposals (1,841,545 ) -
6,469,821 4,243,963

DEPRECIATION
At 1 January 2023 2,583,590 1,731,348
Charge for year 1,155,179 852,242
Eliminated on disposal (1,664,915 ) -
2,073,854 2,583,590

NET BOOK VALUE 4,395,967 1,660,373

Multimodal Logistics Limited (Registered number: 04199202)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

14. LEASING - continued

Other leases

31.12.23 31.12.22
£    £   
Short-term leases 97,804 50,989

Lease liabilities

Minimum lease payments fall due as follows:

31.12.23 31.12.22
£    £   
Gross obligations repayable:
Within one year 1,533,476 826,412
Between one and five years 3,135,741 916,925

4,669,217 1,743,337

Finance charges repayable:
Within one year 113,220 39,259
Between one and five years 112,886 29,809
226,106 69,068

Net obligations repayable:
Within one year 1,420,256 787,153
Between one and five years 3,022,855 887,116
4,443,111 1,674,269

The carrying value of loans and borrowings classified as financial liabilities measured at amortised cost
approximates fair value.

Multimodal Logistics Limited (Registered number: 04199202)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

15. FINANCIAL INSTRUMENTS

Accounting classifications and fair values
The following table shows the carrying amounts and fair values of financial assets and financial liabilities. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.

Note 31.12.23 31.12.22
£ £
Financial assets measured at amortised cost
Trade and other receivables 11 3,225,957 2,134,862
Cash and cash equivalents 12 2,344,079 3,623,105
5,570,036 5,757,967
Financial liabilities measured at amortised cost
Financial lease liabilities 15 4,443,111 1,674,269
Trade payables 13 2,238,718 3,015,280
6,681,829 4,689,549

Financial risk management objectives
The management monitor and manages the financial risks relating to the operations of the Group on a periodic basis and analyses exposures by degree and magnitude of risks. These risks include liquidity risk.

Credit risk management
Credit risk is the risk of financial loss to the Company if a customer fails to meet its contractual obligations, and arises principally from the Company's financial assets.

Appropriate credit checks are made for all customers. In addition, the larger customers are predominately blue chip companies.

Liquidity risk management

Liquidity and interest risk tables
The following tables detail the Company's remaining contractual maturity for its non-derivative financial liabilities with agreed repayment periods. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Company can be required to pay. The tables include both interest and principal cash flows. To the extent that interest flows are floating rate, the undiscounted amount is derived from interest rate curves at the end of the reporting period. The contractual maturity is based on the earliest date on which the Company may be required to pay.

Carrying
amount Total < 1 year 1-5 years
£ £ £ £
31 December 2023
Finance lease liabilities 4,669,217 4,443,111 1,420,256 3,022,855
Trade and other payables 2,238,718 2,238,718 2,238,718 -
6,907,935 6,681,829 3,658,974 3,022,855
31 December 2022
Finance lease liabilities 1,743,337 1,674,269 787,153 887,116
Trade and other payables 3,015,280 3,015,280 3,015,280 -
4,758,617 4,689,549 3,802,433 887,116

Multimodal Logistics Limited (Registered number: 04199202)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

Trade & other receivables amount of £3,225,957 (2022: £2,134,862) is all due within 12 months or less. This amount is based the expected maturity and is calculated based on the undiscounted contractual maturities of the financial assets including interest that will be earned on those assets.

The inclusion of information on non-derivative financial assets is necessary in order to understand the Company's liquidity management as the liquidity is managed on a net asset and liability basis.

The Company’s policy is to maintain its capital base using intercompany support and total shareholders’ equity, so as to maintain creditor and market confidence and sustain future development of the business, and there were no changes to the Company’s approach to capital management during the year.

16. DEFERRED TAX

31.12.23 31.12.22
£    £   
Accelerated capital allowances 101,860 -
Balance at 31 December 101,860 -

17. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
10,000 Share capital £1 10,000 10,000

The ordinary shares have attached to them full voting rights.

18. RESERVES
Retained
earnings
£   

At 1 January 2023 2,909,405
Profit for the year 735,998
At 31 December 2023 3,645,403

This reserve records retained earnings and accumulated losses.

Multimodal Logistics Limited (Registered number: 04199202)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

19. RELATED PARTY DISCLOSURES

During the year the Company had the following transactions with its related companies:

31.12.23 31.12.22
£ £
China Shipping (Europe) Holding GmbH
Opening receivable/(payable) at the beginning of the year - (1,270,044 )
Loan received - -
Interest accrued - (95,322 )
Amounts paid during the year - 1,365,366
Outstanding at 31 December 2023 - -

COSCO Shipping Crystal Logistics (UK) Company Limited
Opening receivable/(payable) at the beginning of the year 157,421 100,872
Amounts billed for service rendered 823,023 1,184,295
Amounts collected during the year (886,463 ) (1,127,746 )
Outstanding at 31 December 2023 93,981 157,421

COSCO Shipping Lines (UK) Limited
Opening receivable/(payable) at the beginning of the year 1,227,346 989,581
Amounts billed for service rendered 15,018,968 13,620,671
Amounts collected during the year (14,303,462 ) (13,382,906 )
Outstanding at 31 December 2023 1,942,852 1,227,346

COSCO Shipping Lines (UK) Limited
Opening receivable/(payable) at the beginning of the year - (1,392 )
Amounts billed/cross charged (8,899 ) (3,596 )
Amounts paid during the year 8,899 4,988
Outstanding at 31 December 2023 - -

COSCO Shipping UK Co Limited
Opening receivable/(payable) at the beginning of the year - -
Amounts billed/cross charged (3,049 ) (87,760 )
Amounts paid during the year 3,049 87,760
Outstanding at 31 December 2023 - -

COSCO SHIPPING (Europe) GmbH
Opening receivable/(payable) at the beginning of the year - -
Amounts billed/cross charged (41,218 ) -
Amounts paid during the year 41,218 -
Outstanding at 31 December 2023 - -

Cosco Shipping (UK) Co. Ltd.
Opening receivable/(payable) at the beginning of the year - -
Amounts billed/cross charged (134,448 ) -
Amounts paid during the year 134,448 -
Outstanding at 31 December 2023 - -




Multimodal Logistics Limited (Registered number: 04199202)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


Totals
Outstanding at the beginning of the year 1,384,767 (180,981 )
Transactions during the year (net) 652,066 1,565,748
Outstanding at 31 December 2023 2,036,833 1,384,767

Outstanding balances at the year-end are unsecured and interest free and settlement occurs in cash.

20. ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY

The immediate parent undertaking is China Shipping (Europe) Holding GmbH.

The ultimate parent undertaking and controlling party is China COSCO Shipping Corporation Limited, a Company incorporated in China.

China Cosco Shipping Corporation Limited is the parent undertaking of the largest group of undertakings to
consolidate these financial statements at 31 December 2023. The consolidated financial statements of China Cosco Shipping Corporation Limited are available from 678 Dong Da Ming Road, Hong Kou Area, Shanghai, 200080, China.

China Shipping (Europe) Holding GmbH is the parent undertaking of the smallest group of undertakings to
consolidate these financial statements. The consolidated financial statement of China Shipping (Europe) Holding GmbH can be obtained from 60 Am Sandtorkai D-20457 Hamburg Germany.