Caseware UK (AP4) 2022.0.179 2022.0.179 2023-06-302023-06-30truetruetruetruetruetruefalse2022-07-01No description of principal activity44truefalse 07435678 2022-07-01 2023-06-30 07435678 2023-06-30 07435678 2021-07-01 2022-06-30 07435678 2022-06-30 07435678 6 2022-07-01 2023-06-30 07435678 6 2021-07-01 2022-06-30 07435678 d:CompanySecretary1 2022-07-01 2023-06-30 07435678 d:Director1 2022-07-01 2023-06-30 07435678 d:Director2 2022-07-01 2023-06-30 07435678 d:Director3 2022-07-01 2023-06-30 07435678 d:Director4 2022-07-01 2023-06-30 07435678 d:Director5 2022-07-01 2023-06-30 07435678 d:Director5 2023-06-30 07435678 d:RegisteredOffice 2022-07-01 2023-06-30 07435678 e:OfficeEquipment 2022-07-01 2023-06-30 07435678 e:OfficeEquipment 2023-06-30 07435678 e:OfficeEquipment 2022-06-30 07435678 e:OfficeEquipment e:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 07435678 e:CurrentFinancialInstruments 2023-06-30 07435678 e:CurrentFinancialInstruments 2022-06-30 07435678 e:CurrentFinancialInstruments e:WithinOneYear 2023-06-30 07435678 e:CurrentFinancialInstruments e:WithinOneYear 2022-06-30 07435678 e:ReportableOperatingSegment7 2022-07-01 2023-06-30 07435678 e:ReportableOperatingSegment7 2021-07-01 2022-06-30 07435678 f:UnitedKingdom 2022-07-01 2023-06-30 07435678 f:UnitedKingdom 2021-07-01 2022-06-30 07435678 f:RestWorldOutsideUK 2022-07-01 2023-06-30 07435678 f:RestWorldOutsideUK 2021-07-01 2022-06-30 07435678 e:UKTax 2022-07-01 2023-06-30 07435678 e:UKTax 2021-07-01 2022-06-30 07435678 e:ShareCapital 2023-06-30 07435678 e:ShareCapital 2022-06-30 07435678 e:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 07435678 e:RetainedEarningsAccumulatedLosses 2023-06-30 07435678 e:RetainedEarningsAccumulatedLosses 2021-07-01 2022-06-30 07435678 e:RetainedEarningsAccumulatedLosses 2022-06-30 07435678 e:RetainedEarningsAccumulatedLosses 2021-07-01 07435678 d:OrdinaryShareClass1 2022-07-01 2023-06-30 07435678 d:OrdinaryShareClass1 2023-06-30 07435678 d:OrdinaryShareClass1 2022-06-30 07435678 d:FRS102 2022-07-01 2023-06-30 07435678 d:Audited 2022-07-01 2023-06-30 07435678 d:FullAccounts 2022-07-01 2023-06-30 07435678 d:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 07435678 e:Subsidiary1 2022-07-01 2023-06-30 07435678 e:Subsidiary1 1 2022-07-01 2023-06-30 07435678 e:Subsidiary2 2022-07-01 2023-06-30 07435678 e:Subsidiary2 1 2022-07-01 2023-06-30 07435678 e:Subsidiary3 2022-07-01 2023-06-30 07435678 e:Subsidiary3 1 2022-07-01 2023-06-30 07435678 e:WithinOneYear 2023-06-30 07435678 e:WithinOneYear 2022-06-30 07435678 e:BetweenOneFiveYears 2023-06-30 07435678 e:BetweenOneFiveYears 2022-06-30 07435678 2 2022-07-01 2023-06-30 07435678 6 2022-07-01 2023-06-30 xbrli:shares iso4217:GBP xbrli:pure
Company registration number: 07435678







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2023


WORLD TRANSPORT AGENCY GROUP LIMITED






































img6f66.png                        

 


WORLD TRANSPORT AGENCY GROUP LIMITED
 


 
COMPANY INFORMATION


Directors
J D Sommer 
R C Yates 
J R H Moore 
H Ramsay 




Company secretary
J R H Moore



Registered number
07435678



Registered office
Suite 3e Manchester International Office Centre
Styal Road

Manchester

M22 5WB




Independent auditor
Menzies LLP
Chartered Accountants & Statutory Auditor

1st Floor

Midas House

62 Goldsworth Road

Woking

Surrey

GU21 6LQ





 


WORLD TRANSPORT AGENCY GROUP LIMITED
 



CONTENTS



Page
Strategic Report
1
Directors' Report
2 - 3
Independent Auditor's Report
4 - 7
Statement of Income and Retained Earnings
8
Statement of Financial Position
9
Notes to the Financial Statements
10 - 18


 


WORLD TRANSPORT AGENCY GROUP LIMITED
 


 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023

Business review
 
The principal activity of the Company in the year under review was that of a management company for the sister companies of WTA Ltd, WTA (China) Ltd and WTA Inc.
The entity captures Group Management costs (eg Staff Costs and IT Costs) and charges these to the sister companies.
The Company's performance is in line with the director's expectations.

Future developments

The directors will be looking to continue supporting the other WTA trading entities through sound management and governance.

The Company has performed well against a backdrop of post COVID adjustment and increasing geopolitical risks. It is well positioned to assist the trading WTA entities handle the supply chain bottlenecks around the globe, securing additional business due to increased volumes from clients.

Whilst the Company is not immune to the effects of a macro-level recession of the economy, the business model is longterm and historic performance has shown that demand for the product is sustainable.

Principal risks and uncertainties
 
The management of the business and the execution of the Company's strategy are subject to a number of risks.

The principal risks and uncertainties faced by the Company are operational risk, reputation risk and product warranty risk. To a lesser extent, the Company also faces credit and liquidity risk.

Operational risk is managed and mitigated through the maintenance of appropriate systems, processes and controls, and training of staff, to maintain the quality of the services provided. Operational risk is further mitigated by professional indemnity and public liability insurance.

Credit risk is managed by ensuring the credit worthiness of clients and institutions where cash is deposited. Liquidity risk ismitigated by daily monitoring of cash requirements to ensure sufficient cash reserves are in place to meet actual andforecast requirements of the Company.

Other key performance indicators
 
KPIs are not used by the Company as they are purely an intermediate holding Company with expenses, management charges and dividends.


This report was approved by the board and signed on its behalf.





................................................
J D Sommer
Director

Date: 23 February 2024

Page 1

 


WORLD TRANSPORT AGENCY GROUP LIMITED
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023

The directors present their report and the financial statements for the year ended 30 June 2023.

Directors

The directors who served during the year were:

J D Sommer 
R C Yates 
J R H Moore 
H Ramsay 
M J Bor (resigned 30 September 2023)

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK 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.

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £406,474 (2022 - £953,112).

Matters covered in the Strategic Report

The company has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and
Directors' Report) Regulations 2013 to set out in company's Strategic Report information required by schedule 7 of the
Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008. This includes information that
would have been included in the business review and the principal risks and uncertainties.

Page 2

 


WORLD TRANSPORT AGENCY GROUP LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Auditor

Under section 487(2) of the Companies Act 2006Menzies LLP will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 





................................................
J R H Moore
Director

Date: 23 February 2024

Page 3

 


WORLD TRANSPORT AGENCY GROUP LIMITED
 

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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WORLD TRANSPORT AGENCY GROUP LIMITED

Opinion


We have audited the financial statements of World Transport Agency Group Limited (the 'Company') for the year ended 30 June 2023, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 June 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's 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 United Kingdom, including the Financial Reporting Council'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 other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Page 4

 


WORLD TRANSPORT AGENCY GROUP LIMITED


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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WORLD TRANSPORT AGENCY GROUP LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which 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 Directors' Responsibilities Statement set out on page 2, 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 is 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.


Page 5

 


WORLD TRANSPORT AGENCY GROUP LIMITED


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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WORLD TRANSPORT AGENCY GROUP LIMITED (CONTINUED)

Auditor's 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 Auditor's 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:

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: 
 
The Companies Act 2006
Financial Reporting Standard 102;
UK employment legislation;
UK health and safety legislation; and
General Data Protection Regulations

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 are complying with those legal and regulatory frameworks by making inquiries to management and those responsible for legal and compliance procedures.

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 that 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;
Challenging assumptions and judgments made by management in its significant accounting estimates; 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 journals to the accounting software which are of a non-routine nature in terms of timing and amount; and
Timing of revenue recognition.

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.


Page 6

 


WORLD TRANSPORT AGENCY GROUP LIMITED


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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WORLD TRANSPORT AGENCY GROUP LIMITED (CONTINUED)

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 Auditor's Report.


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 2006Our 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 Auditor's 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.





Tom Woods FCA (Senior Statutory Auditor)
for and on behalf of
Menzies LLP
Chartered Accountants
Statutory Auditor
1st Floor
Midas House
62 Goldsworth Road
Woking
Surrey
GU21 6LQ

23 February 2024
Page 7

 


WORLD TRANSPORT AGENCY GROUP LIMITED
 


 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 JUNE 2023

2023
2022
Note
£
£

  

Turnover
 4 
2,427,497
534,352

Gross profit
  
2,427,497
534,352

Administrative expenses
  
(2,786,919)
(1,075,104)

Operating loss
 5 
(359,422)
(540,752)

Income from shares in group undertakings
  
851,169
1,373,553

Interest receivable and similar income
 8 
13,210
21,828

Profit before tax
  
504,957
854,629

Tax on profit
 9 
(98,483)
98,483

Profit after tax
  
406,474
953,112

  

  

Retained earnings at the beginning of the year
  
3,424,877
2,882,445

  
3,424,877
2,882,445

Profit for the year
  
406,474
953,112

Dividends declared and paid
  
(1,252,328)
(410,680)

Retained earnings at the end of the year
  
2,579,023
3,424,877
The notes on pages 10 to 18 form part of these financial statements.

Page 8

 


WORLD TRANSPORT AGENCY GROUP LIMITED
REGISTERED NUMBER:07435678



STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 11 
6,330
2,640

Investments
 12 
389,109
389,109

  
395,439
391,749

Current assets
  

Debtors: amounts falling due within one year
 13 
910,892
523,112

Cash at bank and in hand
  
1,808,695
2,774,275

  
2,719,587
3,297,387

Creditors: amounts falling due within one year
 14 
(512,203)
(240,459)

Net current assets
  
 
 
2,207,384
 
 
3,056,928

Total assets less current liabilities
  
2,602,823
3,448,677

  

Net assets
  
2,602,823
3,448,677


Capital and reserves
  

Called up share capital 
 16 
23,800
23,800

Profit and loss account
 17 
2,579,023
3,424,877

  
2,602,823
3,448,677


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 February 2024.




................................................
J D Sommer
................................................
R C Yates
Director
Director

The notes on pages 10 to 18 form part of these financial statements.

Page 9

 


WORLD TRANSPORT AGENCY GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


Company information

World Transport Agency Group Limited is a private Company Limited by shares, incorporated in the United Kingdom under the Companies Act 2006, and is registered in England and Wales. The address of the principal place of business is the same as the registered office and is disclosed on the company information page of these accounts. The principal activity of the company during the year was that of a holding company. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Sommer Holdings Limited as at 30 June 2023 and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF4 3UZ.

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

 
2.4

Revenue

Revenue represents management charges receivable from group companies.

Page 10

 


WORLD TRANSPORT AGENCY GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
Over 3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

  
2.7
Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. 

 
2.8

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 11

 


WORLD TRANSPORT AGENCY GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

  
2.9
Pension costs

The company participates in a defined contribution scheme which is operated by its parent company. Contributions payable for the year are charged to the profit and loss account. 

 
2.10

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.11

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.


3.


Judgments and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experiance and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 
The directors do not consider there to be any judgments or estimation uncertainty which materially impact these
financial statements. 


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Intercompany Management Charges
2,427,497
534,352

2,427,497
534,352


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
1,950,195
397,657

Rest of the world
477,302
136,695

2,427,497
534,352


Page 12

 


WORLD TRANSPORT AGENCY GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

5.


Operating loss

The operating loss is stated after charging:

2023
2022
£
£

Fees payable to the Company's auditor and its associates for the audit of the Company's annual financial statements
4,200
3,800

Exchange differences
42,261
(72,530)

Other operating lease rentals
1,606
6,483

Depreciation charge
6,871
3,654


6.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
1,602,792
906,818

Social security costs
128,755
48,397

Cost of defined contribution scheme
132,017
22,091

1,863,564
977,306


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Administration staff
1
1



Directors
3
3

4
4

Page 13

 


WORLD TRANSPORT AGENCY GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

7.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
640,119
870,052

Company contributions to defined contribution pension schemes
22,919
22,091

663,038
892,143


During the year retirement benefits were accruing to 1 directors (2022 - NIL) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £327,233 (2022 - £352,499).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £22,919 (2022 - £NIL).


8.


Interest receivable

2023
2022
£
£


Other interest receivable
13,210
21,828

13,210
21,828


9.


Taxation


2023
2022
£
£



Group taxation relief
98,483
(98,483)


98,483
(98,483)


Total current tax
98,483
(98,483)
Page 14

 


WORLD TRANSPORT AGENCY GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
 
9.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 20.50% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
504,957
854,629


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 20.50% (2022 - 19%)
103,516
-

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
(650)
112

Utilisation of tax losses
-
162,380

Dividends from UK companies
(174,455)
(260,975)

Group relief Surrendered
71,589
98,483

Group relief payments received
98,483
(98,483)

Total tax charge for the year
98,483
(98,483)


10.


Dividends

2023
2022
£
£


Equity dividends on ordinary shares
1,252,328
410,680

1,252,328
410,680

Page 15

 


WORLD TRANSPORT AGENCY GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

11.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 July 2022
6,294


Additions
6,907



At 30 June 2023

13,201



Depreciation


At 1 July 2022
3,654


Charge for the year on owned assets
3,217



At 30 June 2023

6,871



Net book value



At 30 June 2023
6,330



At 30 June 2022
2,640


12.


Fixed asset investments





Investments in subsidiary companies
Unlisted investments
Total

£
£
£



Cost or valuation


At 1 July 2022
354,978
34,131
389,109



At 30 June 2023
354,978
34,131
389,109




Page 16

 


WORLD TRANSPORT AGENCY GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

World Transport Agency Limited
Suite 3e Manchester International Office Centre, Styal Road, Manchester, England, M22 5WB
Ordinary
100%
WTA China Limited
Unit 1004, 10th Floor, Charm Centre, No.700 Castle Peak Road, Lai Chi Kok, Hong Kong, China
Ordinary
100%
WTA USA Inc
1699 Wall St #212, Mt Prospect, IL 60056, United States
Ordinary
100%


13.


Debtors

2023
2022
£
£


Trade debtors
90
-

Amounts owed by group undertakings
774,072
523,112

Prepayments and accrued income
136,730
-

910,892
523,112



14.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
24,162
14,340

Amounts owed to group undertakings
249
-

Other taxation and social security
109,781
17,839

Other creditors
5,736
4,225

Accruals and deferred income
372,275
204,055

512,203
240,459



15.


Related party transactions

The company has taken advantage of the exemption under FRS 102 Section 33 from disclosing transactions with group companies where the group controls 100% of those companies' voting rights.

Page 17

 


WORLD TRANSPORT AGENCY GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

16.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



23,800 (2022 - 23,800) Ordinary shares shares of £1.00 each
23,800
23,800

Each ordinary share carries voting rights and there are no restrictions on the distributions of dividends.



17.


Reserves

            Profit and loss account

This reserve records retained earnings and accumulated losses.                                                                  


18.


Commitments under operating leases

At 30 June 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
9,405
-

Later than 1 year and not later than 5 years
12,984
-

22,389
-


19.


Ultimate parent company

The company's immediate and ultimate parent company is Sommer Holdings Limited, a company incorporated and operating in England and Wales. The ultimate parent company prepares consolidated accounts which may be obtained from Companies House, Crown Way, Cardiff, CF4 3UZ. 
The registered office of Sommer Holdings Limited is Farthings Staples Hill, Kirdford, Billingshurst, West Sussex, RH14 0JL.
Sommer Holdings Limited is controlled by C E R Sommer and P J Sommer. 

 
Page 18