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.
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.
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.
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).
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.
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).
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:
The likely consequences of any decision in the long term
The interests of the Company's employees
The need to foster the Company's business relationships with suppliers, customers, and others
The impact of the Company's operations on the community and the environment
The desirability of the Company maintaining a reputation for high standards of business conduct, and
The need to act fairly as between members of the Company.
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
The directors present their annual report and financial statements for the year ended 31 December 2022.
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.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
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 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.
There have been no significant events affecting the Company since the year end.
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.
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.
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.
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.
Basis for 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
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our 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.
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.
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:
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
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.
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:
We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.
We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.
We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.
Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.
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.
The Profit and Loss Account has been prepared on the basis that all operations are continuing operations.
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.
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.
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.
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:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
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.
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.
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.
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.
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.
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.
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, 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.
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.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
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.
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.
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
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 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.
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.
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:
economic or legal reasons relating to the debtors financial difficult; and
observable data indicating that there has been a measurable decrease in the estimated future cash flows from a group of financial assets since the initial recognition of those asset.
The whole of turnover is attributable to the Company's principal activities.
The average monthly number of persons (including directors) employed by the company during the year was:
Their aggregate remuneration comprised:
The Directors of the Company are remunerated by the immediate parent company for their roles across a number of group entities.
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:
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.
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
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.
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.
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:
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.
The following amounts were outstanding at the reporting end date:
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.
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.