Uniserve Limited
Annual Report and Financial Statements
For the year ended 31 December 2022
Company Registration No. 01826635 (England and Wales)
Uniserve Limited
Company Information
Directors
I R Liddell
S W G Ireland
Secretary
N K Brooks
Company number
01826635
Registered office
Upminster Court
133 Hall Lane,
Upminster
Essex
United Kingdom
RM14 1AL
Auditor
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Uniserve Limited
Contents
Page
Strategic report
1 - 4
Directors' report
5 - 7
Independent auditor's report
8 - 11
Statement of comprehensive income
12
Balance sheet
13
Statement of changes in equity
14
Notes to the financial statements
15 - 30
Uniserve Limited
Strategic Report
For the year ended 31 December 2022
Page 1

The directors present the strategic report for the year ended 31 December 2022.

 

The company provides global supply chain management services and international freight services by sea, air and land to manufacturers and retailers around the world.

Fair review of the business

Post the start of the COVID pandemic shipping via ocean containers became exceptionally challenging and this led to a massive increase in sea freight pricing, increasing cost and revenue by a multiple of 10 between 2020 and beginning of 2022. During 2022 the trend reversed and although freight rates, in particular on routes between Asia and UK / Europe, remained high in the first half of the year they have fallen substantially since then reaching lows by the end of the year that have not been seen on these trades for many years. Since the Asia to UK / Europe is one of the core businesses of the Company, this has resulted in a significant drop in revenue during 2022 compared to 2021.

 

Container freight rates on other markets – namely UK / Europe to US remained more stable during 2022 and only saw a major downturn at the beginning of 2023.

 

Even in this challenging market environment the company was able to demonstrate its position as one of the largest private owned UK based Supply Chain management and International Logistics companies. While turnover has decreased to £606m for the 12 month period to December 2022 from £1,392m for the 18 months to December 2021, the company was able to increase its gross profit margin to 30% in 2022 (2021: 20%). Profit before tax has decreased to £35m for the 12 months period to December 2022 from £200m for the 18 months period to December 2021.

 

Based on the good performance the company was able to further increase its net asset position to £268m (2021: £240m). The strong capitalisation allows the company to operate without any third party financing whilst at the same time being able to organically grow from a strong balance sheet position.

 

The COVID Crisis had led to supply chain disruptions for many industries and created the demand for flexible and reliable solutions. The company is aiming to deliver these to its customers by not only focussing on transportation and logistics services but fully integrated supply chain management solutions – becoming a valued partner rather than just a supplier for its customer. To achieve this the company can access the wider Uniserve group network that can provide additional services and create additional value for the customer – with services ranging from customs consultancy, training courses to software development. By bundling these services the company will continue extending its portfolio of one-stop shop solutions.

 

The company continues to extend its network of strategic partners around the world. By building these long-term relationships with partners the company can ensure a high level of operational excellence and standardised quality of services for its customers.

 

Based on the above the company has attracted additional business from Commercial and Government clients with significant volumes due to the market struggling to provide comparable solutions and has achieved good customer loyalty (with many customers being partners for many years). All services across sea, air, road, rail, warehousing, and distribution have seen a significant increase in business in 2022 as the company’s comprehensive supply chain solutions are unique.

 

Overall, the speed with which the business has been able to adjust to the changing demands created by the pandemic and subsequent global supply chain disruptions and capacity issues has made our services even more attractive to our customers. By proving that the company can provide solutions and minimise the impact of supply chain challenges for its customer the directors consider that the company is in a good position to strengthen its position in the market.

 

Uniserve Limited
Strategic Report (Continued)
For the year ended 31 December 2022
Page 2
Future developments

Extending the portfolio of supply chain related services, focusing on customer satisfaction to achieve an even higher customer loyalty and to win additional business (both in terms of quantity and regional coverage) are the key strategic aims for 2024 and beyond.

 

The steep drop-in sea freight rates in 2022 for the Asia to UK / Europe trade continued during the start of 2023 – stabilising at a very low level. Also, at the beginning of 2023 freight rates on the UK /Europe to US trade started to drop. At the end of 2023, the Houthi started attacking vessels on their passage through the Red Sea and heading towards Suez Canal. This led to a situation where most of the main shipping lines decided to “play safe” and to re-route their vessels around the Cape of Good Hope, Africa’s most southeastern point which significantly increases the transit time for goods and again led to a situation where freight rates and lead times increased significantly, and customers had to react to protect their supply chains.

 

While it is still to be seen how long this situation will persist the company finds itself in a good position to offer solutions to its customers – utilising the knowledge and network created in previous years.

 

Looking at the overall market situation, interest rates in the UK / Europe and many other countries of the world increased; additionally inflation rates remained high for most of 2023 and only started dropping around the end of 2023. This together with political uncertainties (like the Ukraine Crisis, the Hamas attacks on Israel at the end of 2023 and the Red Sea situation) had a negative impact on demand and led to a decrease in cargo volumes.

 

Despite the drop in volumes being able to provide specialised solutions to its customers the company still expects a strong performance in the future.

Principal risks and uncertainties

The directors have considered the principal risks and uncertainties facing the Company which continue to be actively monitored.

 

Foreign currency risk

The company has both customers and supplier payments respectively being made in currencies other than GBP. The company controls its foreign currency risk by trying to first align collection and paying currency (e.g. freight revenue collected in USD and sea freight paid in USD). Beyond this the company is trying to agree on transactions in GBP where possible. On a Uniserve Group level the overall situation for all group companies is reviewed on a regular basis and corrective measures are taken, if required.

 

Credit risks

Various customers of the company have credit terms. To avoid any bad debt, the company has implemented a credit worthiness and credit limit check process. When a customer passes the check, credit can be granted and a credit limit is agreed. Credit worthiness and credit limits are reviewed on a regular basis. Overdue accounts receivable are monitored on a regular basis and reports are also provided to the directors.

 

Liquidity Risk / Finance Risk

The liquidity of the company is monitored by the treasury department of the company as well as by Uniserve Group on a regular basis. Given the financial strength of the company the risk is considered remote.

 

The company does not have any material long term financing in place with third parties which means that changes in interest rates on the market would not have any material impact on the company.

 

Trading risks

Markets have become very volatile. On the one hand rates and volumes have fluctuated, on the other hand cost increases above inflation (including e.g. utility bills, fuel / energy prices and wages).

Uniserve Limited
Strategic Report (Continued)
For the year ended 31 December 2022
Page 3

The company has taken actions to limit or reduce its trading risks. The company takes care that it serves multiple industry sectors (foodstuff, automotive, healthcare etc.) and that the customer base is a mix of small, medium and large customers without creating too much dependencies from a single customer or industry sectors. By offering full supply chain solutions the company achieves a customer loyalty above average, reducing the risk of a loss of customer.

 

The company also ensures that its costs are covered and that contracts are adjusted, when needed. The COVID Crisis had shown that freight rates can become very volatile and go up and down very quickly. The company has considered this in its contracts with customers.

 

Russia – Ukraine Crisis

The company does not have any major business related to Russia and / or the Ukraine. However, the Russia / Ukraine conflict does have an indirect impact on the business. The most obvious is the increase in energy prices that led to an increase in freight rates. This has been covered as part of the “trading risk” described above.

 

Another aspect of the Russia – Ukraine Crisis is the shock it generated for the global economy – for example with food prices going up and consumers being reluctant to buy respectively shifting their buying power to more “essential” goods. This has led to a general reduction in volumes in the market and a shift of cargo flows.

 

While the general drop in volumes can have an impact on the business of the company, the company is confident that the shift in cargo flows also constitutes an opportunity to provide dedicated solutions to its customers (and to build new customer relationships). The directors will continue to monitor the situation and will take corrective measures, if required.

 

Red Sea – Houthi Attacks

The Red Sea situation is impacting various aspects of the business and it is difficult to predict the overall effect this will have on the economy long term. The company has major cargo streams that went through the Red Sea and are now re-routed around Africa – obviously at much higher freight rates.

 

Short term this situation has created a demand for solutions to secure the supply chains since there is an interruption of some weeks between cargo arriving on the last vessel taking the “normal” route and the arrival of the first vessel taking the longer route. With its experience and network the company can offer solutions to its customers to limit the impact during the transition period.

Key performance indicators

The Company’s key performance indicators are turnover, gross margin and profit before tax, details of which are set out above in the business review. These indicators and performance are monitored both against Budget / Forecast and past performance to identify and analyse trends.

 

Other performance indicators

The company’s main objective is to provide best of class service to its customer in a highly competitive market. In particular with some big customers certain KPI are agreed and reviewed on a regular basis (like quality of service or punctuality).

 

On a global basis the company monitors new / lost customers, customer satisfaction, customer loyalty and analyses customer feedback on demand for new service offerings. Also, performance of suppliers are monitored (e.g. reliability).

 

The company considers its staff as one of its key assets and strengths. In this context the company monitors staff turnover, reasons for departures and encourages staff to participate in training.

 

Besides the above, specific KPIs exist for certain areas of the business (e.g. warehousing pick accuracy).

Uniserve Limited
Strategic Report (Continued)
For the year ended 31 December 2022
Page 4
Director's statement of compliance with duty to promote the success of the Company

Section 172 (1) of the Companies Act 2006 requires every director of a Company to act in a manner they consider, in good faith, that will be most likely to promote the success of the Company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:

 

 

It is important for the business to engage with its various stakeholders in a manner that gives us a better understanding of their interest and concerns in a manner that promotes strong sustainable successful business.

 

The Company recognises the importance of retention and development of talented employees to the ongoing success of the business. Employees are encouraged to develop their skills and we have regular training available to all levels of staff.

 

We consider our supplier relationships as critical to our overall success. We continue to build strong relationships with both existing and new suppliers allowing us to react quickly to the constantly changing market and to supply market leading solutions to our customers.

 

We aim to build long term relationships with our customers by providing them with solutions that ensure the smooth running of their supply chain, our scope of services across sea, air, road, rail, warehousing, distribution, customs, and technology offer a unique and comprehensive supply chain solution.

 

The directors and various senior management boards have acted to maximise profit and cash flow in order to create shareholder value.

 

The Company is committed to minimising its effect on the environment through the efficient use of resources, the reduction of waste and carbon emissions, recycling, and transport planning.

On behalf of the board

I R Liddell
Director
21 February 2024
Uniserve Limited
Directors' Report
For the year ended 31 December 2022
Page 5

The directors present their annual report and financial statements for the year ended 31 December 2022.

Principal activities

The principal activity of the company continued to be that of providing global supply chain management services and international freight services by sea, air and land to manufacturers and retailers around the world.

Results and dividends

The results for the year are set out on page 12.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

I R Liddell
S W G Ireland
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Engagement with employees
From the perspective of the board, as a result of the group governance structure, the group board has taken the lead in carrying out the duties of a board in respect of the company's employees, including engaging with them, having regard to their interests and the effect of that regard (including on the principal decisions taken by the company during the financial year). The board of the company has also considered relevant matters where appropriate. An explanation of how the group board has carried out these responsibilities (for the group and for the entity) is set out on the Strategic Report of the group's annual report, which does not form part of this report.

From the perspective of the board, as a result of the group governance structure, the group board has taken the lead in carrying out the duties of a board in respect of the company’s employees, including engaging with them, having regard to their interests and the effect of that regard (including on the principal decisions taken by the company during the financial year). The board of the company has also considered relevant matters where appropriate. An explanation of how the group board has carried out these responsibilities (for the group and for the entity) is set out on the Strategic Report of the group’s annual report, which does not form part of this report.

Business relationships

From the perspective of the board, as a result of the group governance structure, the group board has taken the lead in carrying out the duties of a board in respect of the company’s other stakeholders. The board of the company has also considered relevant matters where appropriate. An explanation of how the directors on the group board have had regard to the need to foster the company’s business relationships with suppliers, customers and others, and the effect of that regard, including on the principal decisions taken by the company during the financial year, is set out (for the group and for the entity) on the Strategic Report of the group’s annual report, which does not form part of this report.

Uniserve Limited
Directors' Report (Continued)
For the year ended 31 December 2022
Page 6
Post reporting date events

There have been no significant events affecting the Company since the year end.

Future developments

Uniserve Limited ("Uniserve") has a diverse range of services and facilities and we will continue to invest in new supply chain technologies and efficiencies. We will be increasing our infrastructure through acquisition of national and international properties and service providers, as well as providing education as a major benefit for working for Uniserve and being a client of ours.

Auditor

Moore Kingston Smith LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Streamlined Energy and Carbon Reporting

The company has not separately presented streamlined energy and carbon reporting disclosures for the year-ended December 2022. This is on the basis that the parent company, GB Europe Holdings Limited, is including full disclosures for the group on a consolidated basis for the year-ended December 2022. In future reporting periods, it is the intention of the directors to separately present these disclosures within the Uniserve Limited annual report.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

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.

Uniserve Limited
Directors' Report (Continued)
For the year ended 31 December 2022
Page 7
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Prior period restatement

The directors have determined that a prior period restatement of balances is required in relation to claims against the company in respect of services and goods provided. The presentation has been amended to include the estimated liability within provisions for liabilities and charges rather than accruals. In addition, the directors have performed a reassessment of the recognition and measurement of the provision at the prior period reporting date which has resulted in revision to their best estimate of the amount require to settle the obligation at the reporting date.  

 

See note 22 for further details.

On behalf of the board
I R Liddell
Director
21 February 2024
Uniserve Limited
Independent Auditor's Report
To the Members of Uniserve Limited
Page 8
Opinion

We have audited the financial statements of Uniserve Limited (the 'company') for the year ended 31 December 2022 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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:

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 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 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 report. 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.

 

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.

Uniserve Limited
Independent Auditor's Report (Continued)
To the Members of Uniserve Limited
Page 9

Opinions on other matters prescribed by the Companies Act 2006

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

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:

 

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement, 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.

Uniserve Limited
Independent Auditor's Report (Continued)
To the Members of Uniserve Limited
Page 10
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.

 

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

 

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

 

 

Uniserve Limited
Independent Auditor's Report (Continued)
To the Members of Uniserve Limited
Page 11

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

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 objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

 

 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an 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.

Jonathan Russell
Senior Statutory Auditor
for and on behalf of Moore Kingston Smith LLP
21 February 2024
6th Floor
9 Appold Street
London
EC2A 2AP
Uniserve Limited
Statement of Comprehensive Income
For the year ended 31 December 2022
Page 12
Year
18 months
ended
ended
31 December
31 December
2022
2021
as restated
Notes
£000
£000
Turnover
3
606,419
1,392,831
Cost of sales
(425,059)
(1,112,758)
Gross profit
181,360
280,073
Administrative expenses
(130,541)
(81,327)
Other operating income
1,037
-
0
Operating profit
4
51,856
198,746
Interest receivable and similar income
8
82
1,712
Interest payable and similar expenses
9
(16,950)
(1)
Profit before taxation
34,988
200,457
Tax on profit
10
(2,615)
(35,170)
Profit for the financial year
32,373
165,287

The Profit and Loss Account has been prepared on the basis that all operations are continuing operations.

Uniserve Limited
Balance Sheet
As at 31 December 2022
Page 13
2022
2021
as restated
Notes
£000
£000
£000
£000
Fixed assets
Tangible assets
11
50,193
79,333
Current assets
Stock
12
-
30
Debtors
13
644,737
789,663
Cash at bank and in hand
8,494
13,386
653,231
803,079
Creditors: amounts falling due within one year
14
(287,639)
(515,514)
Net current assets
365,592
287,565
Total assets less current liabilities
415,785
366,898
Provisions for liabilities
Provisions
15
(131,499)
(107,143)
Deferred tax liability
16
(12,404)
(20,246)
(143,903)
(127,389)
Net assets
271,882
239,509
Capital and reserves
Called up share capital
18
-
0
-
0
Profit and loss reserves
271,882
239,509
Total equity
271,882
239,509
The financial statements were approved by the board of directors and authorised for issue on 21 February 2024 and are signed on its behalf by:
I R Liddell
Director
Company Registration No. 01826635
Uniserve Limited
Statement of Changes in Equity
For the year ended 31 December 2022
Page 14
Share capital
Profit and loss reserves
Total
£000
£000
£000
As restated for the period ended 31 December 2021:
Balance at 1 July 2020
-
0
74,222
74,222
Period ended 31 December 2021:
Profit and total comprehensive income for the period
-
165,287
165,287
Balance at 31 December 2021
-
0
239,509
239,509
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
32,373
32,373
Balance at 31 December 2022
-
0
271,882
271,882
Uniserve Limited
Notes to the Financial Statements
For the year ended 31 December 2022
Page 15
1
Accounting policies
Company information

Uniserve Limited is a private company limited by shares incorporated in England and Wales. The registered office is Upminster Court, 133 Hall Lane,, Upminster, Essex, United Kingdom, RM14 1AL.

1.1
Reporting period

The prior accounting period for the company covers the period from 01 July 2020 to 31 December 2021. The reason for this was for group and commercial reporting requirements. For this reason, the comparative amounts presented in the financial statements are not entirely comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £000.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of GB Europe Holdings Limited. These consolidated financial statements are available from its registered office.

Uniserve Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
1
Accounting policies
(Continued)
Page 16
1.3
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

As set out in note 15 material provisions have been set up. In case these do materialise the company can meet its cash demand by utilising the company’s healthy net asset position for which the amounts owed by group undertaking can be settled at short notice in cash due to the liquid deposits held by group undertakings.

1.4
Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Revenue from freight forwarding services

The provision for freight forwarding services include land, sea, and air freight. Revenue from services delivered are recognised at the time of delivery based on the price specified in the contract with the customer. In both cases, revenue is recognised when the services are rendered, which coincide with the date of arrival or departure of shipments.

 

Revenue from warehousing

Revenue from warehousing is recognised over the period of time that the goods are held at Uniserve sites.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
10% straight line
Plant and equipment
10% straight line
Fixtures and fittings
20% straight line
Computers
25% straight line
Motor vehicles
25% straight line
Containers
Variable rates over 3 year useful life

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Uniserve Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
1
Accounting policies
(Continued)
Page 17

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation gain.

1.7
Stock

Stock are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock to their present location and condition.

 

Stock held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Uniserve Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
1
Accounting policies
(Continued)
Page 18
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Uniserve Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
1
Accounting policies
(Continued)
Page 19
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Uniserve Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
1
Accounting policies
(Continued)
Page 20
1.12
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that 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 reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Uniserve Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
Page 21
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Container depreciation policy

Management has made a judgement on the appropriate container depreciation policy and has decided to apply deprecation rates of 50%, 30% and 20% over 3 years to reflect the consumption of the asset. The need for an impairment was investigated but it was concluded that no impairment is required.

Claims

Claims provisions represent claims against the company in respect of services and goods provided. The amount provided represents management’s best estimate of the amount required to settle the obligation at the reporting date. The company has not disclosed all of the information required by paragraphs 21.14 to 21.15 of FRS 102 on the grounds that it could be expected to seriously prejudice the position of the entity.

 

Provisions are measured at the present value of the expenditure expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Impairment of group loans

The Company makes an estimate of the recoverable value of group loans. When assessing the impairment of group loans management considers whether there is objective evidence of impairment including:

3
Turnover and other revenue

The whole of turnover is attributable to the Company's principal activities.

Uniserve Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
3
Turnover and other revenue
(Continued)
Page 22
2022
2021
£000
£000
Turnover analysed by geographical market
UK
523,619
1,354,744
Rest of world
82,800
38,087
606,419
1,392,831
2022
2021
£000
£000
Other significant revenue
Interest income
82
1,712
4
Operating profit
2022
2021
Operating profit for the year is stated after charging/(crediting):
£000
£000
Exchange gains
(1,169)
(9,578)
Depreciation of owned tangible fixed assets
47,613
14,264
Operating lease charges
16,400
9,177
5
Auditor's remuneration
2022
2021
Fees payable to the company's auditor and associates:
£000
£000
For audit services
Audit of the financial statements of the company
79
47
For other services
Taxation compliance services
5
-
0
All other non-audit services
5
-
0
10
-
Uniserve Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
Page 23
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Administration, Marketing and Commerical
210
162
Warehouse
195
122
Drivers
179
142
Total
584
426

Their aggregate remuneration comprised:

2022
2021
£000
£000
Wages and salaries
23,063
23,694
Social security costs
2,617
2,914
Pension costs
348
389
26,028
26,997
7
Directors' remuneration

The Directors of the Company are remunerated by the immediate parent company for their roles across a number of group entities.

8
Interest receivable and similar income
2022
2021
£000
£000
Interest income
Interest on bank deposits
82
-
0
Other interest income
-
0
1,712
Total income
82
1,712
9
Interest payable and similar expenses
2022
2021
£000
£000
Interest on bank overdrafts and loans
-
1
Unwinding of discount on provisions
16,950
-
16,950
1
Uniserve Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
Page 24
10
Taxation
2022
2021
£000
£000
Current tax
UK corporation tax on profits for the current period
10,439
14,923
Adjustments in respect of prior periods
19
-
0
Total current tax
10,458
14,923
Deferred tax
Origination and reversal of timing differences
(14,237)
20,247
Changes in tax rates
6,394
-
0
Total deferred tax
(7,843)
20,247
Total tax charge
2,615
35,170

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2022
2021
£000
£000
Profit before taxation
34,988
200,457
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
6,648
38,087
Tax effect of expenses that are not deductible in determining taxable profit
248
2
Change in unrecognised deferred tax
(6,221)
-
0
Adjustments in respect of prior years
19
-
0
Permanent capital allowances in excess of depreciation
-
0
(2,919)
Deferred tax adjustments in respect of prior years
2,977
-
0
Fixed asset differences
(1,056)
-
0
Taxation charge for the year
2,615
35,170
Uniserve Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
Page 25
11
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Containers
Total
£000
£000
£000
£000
£000
£000
£000
Cost
At 1 January 2022
103
5,089
310
140
34
88,704
94,380
Additions
240
132
1,584
-
0
1,115
15,711
18,782
Disposals
-
0
(329)
-
0
-
0
-
0
-
0
(329)
Transfers
-
0
(1,252)
1,252
-
0
-
0
-
0
-
0
At 31 December 2022
343
3,640
3,146
140
1,149
104,415
112,833
Depreciation and impairment
At 1 January 2022
40
586
258
140
34
13,989
15,047
Depreciation charged in the year
25
760
186
-
0
30
46,612
47,613
Eliminated in respect of disposals
-
0
(20)
-
0
-
0
-
0
-
0
(20)
Transfers
-
0
(127)
127
-
0
-
0
-
0
-
0
At 31 December 2022
65
1,199
571
140
64
60,601
62,640
Carrying amount
At 31 December 2022
278
2,441
2,575
-
0
1,085
43,814
50,193
At 31 December 2021
63
4,503
52
-
0
-
0
74,715
79,333
Uniserve Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
Page 26
12
Stock
2022
2021
£000
£000
Finished goods and goods for resale
-
0
30
13
Debtors
2022
2021
Amounts falling due within one year:
£000
£000
Trade debtors
45,998
97,851
Amounts owed by group undertakings
577,896
636,251
Amounts owed by joint ventures and associated undertakings
6,150
3,600
Other debtors
3,383
980
Prepayments and accrued income
11,310
50,981
644,737
789,663

Within other debtors is amounts of £3,207,000 relating to VAT receivable.

14
Creditors: amounts falling due within one year
2022
2021
£000
£000
Trade creditors
25,442
50,825
Amounts owed to group undertakings
189,755
35,526
Amounts owed to undertakings in which the company has a participating interest
1,804
-
0
Corporation tax
21,309
14,984
Other taxation and social security
635
508
Other creditors
123
20,000
Accruals and deferred income
48,571
393,671
287,639
515,514
15
Provisions for liabilities
2022
2021 as restated
£000
£000
Claims provisions
124,093
107,143
Dilapidations provisions
7,406
-
131,499
107,143
Uniserve Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
15
Provisions for liabilities
(Continued)
Page 27
Movements on provisions:
Claims provisions
Dilapidations provisions
Total
£000
£000
£000
At 1 January 2022
107,143
-
107,143
Additional provisions in the year
-
7,406
7,406
Unwinding of discount
16,950
-
16,950
At 31 December 2022
124,093
7,406
131,499

Claims provisions represent claims against the company in respects of services and goods provided. The amount provided represents management’s best estimate of the amount required to settle the obligation at the reporting date. The company has not disclosed all of the information required by paragraphs 21.14 to 21.15 of FRS 102 on the grounds that it could be expected to seriously prejudice the position of the entity.

These provisions relate to a number of lease with different terms and hence the provisions are expected to be utilised at differing terms between 1 and 15 years.

Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation.

16
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2022
2021 as restated
Balances:
£000
£000
Accelerated capital allowances
12,448
20,246
Provisions
(44)
-
12,404
20,246
2022
Movements in the year:
£000
Liability at 1 January 2022
20,246
Credit to profit or loss
(7,842)
Liability at 31 December 2022
12,404
Uniserve Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
16
Deferred taxation
(Continued)
Page 28

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

17
Retirement benefit schemes
2022
2021
Defined contribution schemes
£000
£000
Charge to profit or loss in respect of defined contribution schemes
348
389

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

 

Contributions totaling £Nil (2020: £Nil) were payable to the fund at the balance sheet date.

18
Share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£000
£000
Issued and fully paid
Ordinary shares of £1 each
102
102
-
-
19
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2022
2021
£000
£000
Within one year
4,419
2,688
Between two and five years
6,003
8,943
In over five years
91
8,148
10,513
19,779
20
Related party transactions
Transactions with related parties

The Company has taken advantage of the exemptions conferred in FRS 102 Section 33 not to disclose transactions with other group companies where 100% of the voting rights are controlled within the group.

 

Uniserve Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
20
Related party transactions
(Continued)
Page 29

The following amounts were outstanding at the reporting end date:

2022
2021
Amounts due from related parties
£000
£000
Amounts owed by associates and joint ventures
6,406
3,600
Other related parties
817
1,216
21
Ultimate controlling party

The immediate UK parent company is Uniserve Holdings Limited, a company incorporated in England and Wales.

The ultimate parent company is GB Global Holdco. Pte. Ltd., a company incorporated in Singapore.

 

The UK parent undertaking for which consolidated accounts are prepared is GB Europe Holdings Limited. These consolidated accounts may be obtained from the Companies House website.

 

The ultimate controlling party is Mr I R Liddell by virtue of his shareholding in the ultimate parent company.

22
Prior period adjustment
Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Dec 2021
£000
£000
£000
Creditors due within one year
Corporation tax
(4,303)
(10,681)
(14,984)
Accruals and deferred income
(557,031)
163,360
(393,671)
Provisions for liabilities
Other provisions
-
(107,143)
(107,143)
Capital and reserves
Profit and loss reserves
193,973
45,536
239,509
Uniserve Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
22
Prior period adjustment
(Continued)
Page 30
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 December 2021
£000
£000
£000
Cost of sales
(1,168,975)
56,217
(1,112,758)
Taxation
(24,489)
(10,681)
(35,170)
Profit for the financial period
119,751
45,536
165,287
Notes to reconciliation
Provisions

The directors have determined that a prior period restatement of balances is required in relation to claims against the company in respects of services and goods provided. The presentation has been amended to include the estimated liability within provisions for liabilities and charges rather than accruals. In addition, the directors have performed a reassessment of the recognition and measurement of the provision at the prior period reporting date which has resulted in revision to their best estimate of the amount require to settle the obligation at the reporting date.  

 

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