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Company registration number: 00129014







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


WORLD TRANSPORT AGENCY LIMITED






































img744a.png                        

 


WORLD TRANSPORT AGENCY LIMITED
 


 
COMPANY INFORMATION


Directors
J D Sommer 
J R H Moore 
R C Yates 




Registered number
00129014



Registered office
Suite 3E Manchester International Office Centre
Styal Road

Manchester

M22 5WB




Independent auditor
Menzies LLP
Chartered Accountants & Statutory Auditor

1st Floor

Midas House

62 Goldsworth Road

Woking

Surrey

GU21 6LQ





 


WORLD TRANSPORT AGENCY LIMITED
 



CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditor's Report
5 - 8
Statement of Income and Retained Earnings
9
Statement of Financial Position
10
Notes to the Financial Statements
11 - 20


 


WORLD TRANSPORT AGENCY LIMITED
 


 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023

Business review
 
The principal activity of the Company in the year under review was that of international freight management.
During the year, the Company has continued to work with its network of global partners to give our clients a high quality of service. With air, sea, overland and warehousing capabilities, we have provided smart solutions that meet our clients' requirements despite the global disruption prevalent in the first half of the year resulting from trade normalisation post COVID. Due to our independent family owned nature, we have been able to give a level of flexibility which large corporations simply cannot match.
2023 saw the return of pre-COVID shipping rates in the second half of the year. Correspondingly, both Turnover and Cost of Sales fell significantly. It was evident that customers had stock piled goods during the pandemic and as such the requirement for goods and associated logistics services decreased until stock levels were returned to pre COVID levels. An improvement in margins offset the lower volumes and as such the Gross Profit of £8M was consistent with that of 2022. Administrative costs were £6.1M, a year on year increase of 16% resulting from inflation induced pay increases, IT investment and the strengthening of the group management team. Overall, there was Profit Before Tax of £2 million (28% decrease vs 2022)
The Company continues to remain financially strong with Net Assets of £5.0 million and a high level of liquidity.
This year’s Company’s performance is in line with the directors’ expectation of reduced profitability.

Key performance indicators
 
The Company monitors its performance against strategic objectives by means of key performance indicators. The main KPIs it uses are orientated around gross profit to net profit margins, staff costs to gross profit and sales growth. Directors are satisfied with key performance indicators, namely the increase in gross profit which has been increased due largely to top line growth.
Non financial KPIs are not produced here because, given the nature of the business, the Company's directors are of the opinion that analysis using such KPIs is not necessary for an understanding of the development, performance or position of the entity.

2023
2022
2021
2020
      £000
      £000
      £000
      £000

Gross profit

7,984

8,031

5,604
 
5,352
 
Staff costs

3,866

3,959

3,114
 
2,987
 
Net profit

1,499

2,287

1,035
 
978
 

Page 1

 


WORLD TRANSPORT AGENCY LIMITED
 



STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023

Principal risks and uncertainties
 
The management of the business and the execution of the Company’s strategy are subject to a number of risks.
The principal risks and uncertainties faced by the Company are operational risk and reputation risk. To a lesser extent the company also faces credit and liquidity risk.
Operational risk is managed and mitigated through the maintenance of appropriate systems, processes and controls and training of staff to maintain the quality of the services provided. Operational risk is further mitigated by professional indemnity and public liability insurance.
Credit risk has decreased due to the falling shipping rates; this still requires close management from the senior team and is also managed by credit worthiness checks of clients and institutions. Liquidity risk is mitigated by a monthly cashflow projection and daily monitoring of cash requirements to ensure sufficient cash reserves are in place to meet actual and forecast requirements of the Company. 
Whilst the Company is not immune to the effects of a macrolevel recession of the economy, the business model is long term and historic performance has shown that demand for the product is sustainable.
The uncertainty around the subject of how the UK will exit the EU has ended. The Company is well positioned to take advantage of the opportunity this creates for additional customs clearance activity.

Future developments
 
The Company will continue to expand its business activities by increasing its expertise and focus on selected industries. The Company will continue its pursuit of operational excellence and efficiency aided by strategic investment in cutting edge technology, which both improves efficiency and bolsters customer service and engagement.
There are no other significant developments planned that will impact the business for the foreseeable future, other than the uncertainty of the economic and geo-political environment.


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



................................................
J D Sommer
Director
Date: 22 February 2024

Page 2

 


WORLD TRANSPORT AGENCY LIMITED
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023

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

Directors

The directors who served during the year were:

J D Sommer 
T Kuehn (resigned 31 July 2023)
E C Evans (resigned 31 July 2023)

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,749,345 (2022 -  £2,287,101).

Particulars of dividends paid are detailed in note 12 to the financial statements.

Matters covered in the Strategic Report

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

Disclosure of information to auditor

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

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

Page 3

 


WORLD TRANSPORT AGENCY LIMITED
 


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

Auditor

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

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





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

Date: 22 February 2024

Page 4

 


WORLD TRANSPORT AGENCY LIMITED
 

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

Opinion


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


In our opinion the financial statements:


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


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 5

 


WORLD TRANSPORT AGENCY LIMITED


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

Opinion on other matters prescribed by the Companies Act 2006
 

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


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


Matters on which we are required to report by exception
 

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


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 


WORLD TRANSPORT AGENCY LIMITED


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

Auditor's responsibilities for the audit of the financial statements
 

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


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including:

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

We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial
statement items.

We understood how the Company are complying with those legal and regulatory frameworks by making inquiries to management and those responsible for legal and compliance procedures. We corroborated our inquiries through our review of board minutes.

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

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

Identifying and assessing the design effectiveness of controls that management has in place to prevent and detect fraud;
Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
Challenging assumptions and judgments made by management in its significant accounting estimates; and
Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

Posting of journals to the accounting software which are of a non-routine nature in terms of timing and amount;
Timing of revenue recognition; and
The use of management override of controls to manipulate results.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


Page 7

 


WORLD TRANSPORT AGENCY LIMITED


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

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





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

23 February 2024
Page 8

 


WORLD TRANSPORT AGENCY LIMITED
 


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

2023
2022
Note
£
£

  

Turnover
 4 
53,480,053
84,323,734

Cost of sales
  
(45,496,240)
(76,292,985)

Gross profit
  
7,983,813
8,030,749

Administrative expenses
  
(6,118,399)
(5,271,059)

Operating profit
 5 
1,865,414
2,759,690

Income from fixed assets investments
 8 
62,200
37,320

Interest receivable and similar income
 9 
83,571
7,484

Interest payable and expenses
 10 
-
(8,051)

Profit before tax
  
2,011,185
2,796,443

Tax on profit
 11 
(261,840)
(509,342)

Profit after tax
  
1,749,345
2,287,101

  

  

Retained earnings at the beginning of the year
  
4,250,571
3,242,169

  
4,250,571
3,242,169

Profit for the year
  
1,749,345
2,287,101

Dividends declared and paid
 12 
(808,406)
(1,278,699)

Retained earnings at the end of the year
  
5,191,510
4,250,571

The notes on pages 11 to 20 form part of these financial statements.

Page 9

 


WORLD TRANSPORT AGENCY LIMITED
REGISTERED NUMBER:00129014



STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 13 
83,066
104,517

Investments
 14 
3,587
3,587

  
86,653
108,104

Current assets
  

Debtors: amounts falling due within one year
 15 
5,368,056
11,525,950

Cash at bank and in hand
  
6,703,327
4,414,470

  
12,071,383
15,940,420

Creditors: amounts falling due within one year
 16 
(6,942,726)
(11,774,153)

Net current assets
  
 
 
5,128,657
 
 
4,166,267

Total assets less current liabilities
  
5,215,310
4,274,371

  

Net assets
  
5,215,310
4,274,371


Capital and reserves
  

Called up share capital 
 17 
23,800
23,800

Profit and loss account
 18 
5,191,510
4,250,571

  
5,215,310
4,274,371


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




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

Date: 22 February 2024

Page 10

 


WORLD TRANSPORT AGENCY LIMITED
 


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

1.


Company information

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

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

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

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

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

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

 
2.3

Revenue

It is the Company's practice to recognise revenue on the basis of work performed and services rendered, including when these occur ahead of invoices being raised. This involves bringing into debtors and turnover amounts which are invoiced subsequent to the Statement of Financial Position date therefore some estimation is required. Turnover represents the value of services supplied by the Company, excluding Value Added Tax, HMRC VAT and Duty paid on behalf of customers.

 
2.4

Tangible fixed assets

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

Page 11

 


WORLD TRANSPORT AGENCY LIMITED
 


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

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows: .

Depreciation is provided on the following basis:

Leasehold improvements
-
Over the period of the lease
Plant and machinery
-
25% and 33% on cost

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

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

  
2.5
Pension costs

The Company participates in a defined contribution and defined benifit scheme which is operated by its parent company. Contributions payable for the year are charged to the Statement of Income and Retained Earnings. 

  
2.6
Foreign currencies

The Company's functional and presentational currency is GBP.
Transactions in foreign currencies are translated at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the date when the fair value was determined. Non-monetary items that are measured at historical cost in a foreign currency are not retranslated.
Exchange differences arising on the settlement of monetary items and on the retranslations of monetary items are taken to the profit and loss account. Exchange differences arising on non-monetary items, carried at fair value, are included in the profit and loss account, except for the differences arising on the retranslation of non-monetary items in respect of which gains and losses are recorded in equity. For such non-monetary items, any exchange component of that gain or loss is also recognised directly in equity. 

  
2.7
Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities, or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. 

  
2.8
Investments

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

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 12

 


WORLD TRANSPORT AGENCY LIMITED
 


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

2.Accounting policies (continued)

 
2.10

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

 
2.11

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.


3.


Judgements and key sources of estimation uncertainty

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


4.


Turnover

The turnover and profit before tax are attributable to the one principal activity of the Company.

Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
41,393,648
70,347,630

Overseas
12,086,405
13,976,104

53,480,053
84,323,734


As per the revenue accounting policy, 2.3, HMRC VAT and Duty paid on behalf of customers is not included within turnover.  Such VAT and Duty totalled £10,104,878 (2022: £16,010,285).


5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
67,158
81,416

Fees payable to the Company's auditor and its associates for the audit of the Company's annual financial statements
19,400
16,200

Gain on foreign exchange
(465,737)
(497,646)

Operating lease rentals
131,979
145,874

Pension costs
178,157
162,131

Page 13

 


WORLD TRANSPORT AGENCY LIMITED
 


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

6.


Employees

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


2023
2022
£
£

Wages and salaries
3,396,387
3,443,287

Social security costs
291,429
353,603

Pension costs
178,157
162,131

3,865,973
3,959,021


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


        2023
        2022
            No.
            No.







Administrative staff
69
71


7.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
387,400
422,878

Company contributions to defined contribution pension schemes
32,013
27,094

419,413
449,972


The highest paid director received remuneration of £271,787 (2022 - £318,292).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £20,433 (2022 - £18,656).


8.


Income from fixed asset investments

2023
2022
£
£

Dividends from fixed asset investments
62,200
37,320

62,200
37,320






Page 14

 


WORLD TRANSPORT AGENCY LIMITED
 


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

9.


Interest receivable

2023
2022
£
£


Bank interest receivable
83,571
7,484

83,571
7,484


10.


Interest payable

2023
2022
£
£


Bank interest payable
-
8,051

-
8,051


11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
261,840
410,859


261,840
410,859


Group taxation relief
-
98,483


261,840
509,342


Total current tax
261,840
509,342

Deferred tax

Total deferred tax
-
-


Taxation on profit on ordinary activities
261,840
509,342
Page 15

 


WORLD TRANSPORT AGENCY LIMITED
 


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


Factors affecting tax charge for the year

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

2023
2022
£
£


Profit on ordinary activities before tax
2,011,185
2,796,443


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 20.50% (2022 - 19%)
412,293
531,324

Effects of:


Expenses not deductible for tax purposes
306
1,507

Fixed asset differences
(1,753)
(4,168)

Non-taxable income
(12,748)
(18,657)

Group relief claimed
(140,690)
(98,483)

Group relief payable
-
98,483

Deferred tax not recognised
4,432
(664)

Total tax charge for the year
261,840
509,342


12.


Dividends

2023
2022
£
£


Equity dividends on ordinary shares
808,406
1,278,699

808,406
1,278,699

Page 16

 


WORLD TRANSPORT AGENCY LIMITED
 


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

13.


Tangible fixed assets





Leasehold improvements
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 July 2022
207,984
529,630
737,614


Additions
-
45,707
45,707


Disposals
(207,984)
(41,910)
(249,894)



At 30 June 2023

-
533,427
533,427



Depreciation


At 1 July 2022
207,984
425,113
633,097


Charge for the year on owned assets
-
67,158
67,158


Disposals
(207,984)
(41,910)
(249,894)



At 30 June 2023

-
450,361
450,361



Net book value



At 30 June 2023
-
83,066
83,066



At 30 June 2022
-
104,517
104,517

Page 17

 


WORLD TRANSPORT AGENCY LIMITED
 


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

14.


Investments





Unlisted investments

£



Cost or valuation


At 1 July 2022
3,587



At 30 June 2023
3,587





15.


Debtors

2023
2022
£
£


Trade debtors
4,833,332
10,897,994

Other debtors
402,135
386,272

Prepayments and accrued income
132,589
106,941

Tax recoverable
-
134,743

5,368,056
11,525,950



16.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
5,644,497
10,337,425

Amounts owed to group undertakings
316,258
362,051

Corporation tax
114,951
-

Taxation and social security
75,983
79,922

Other creditors
463,311
285,464

Accruals and deferred income
327,726
709,291

6,942,726
11,774,153



17.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



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

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

Page 18

 


WORLD TRANSPORT AGENCY LIMITED
 


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

18.


Reserves

Profit and loss account

This reserve records retained earnings and accumulated losses. 


19.


Pensions

The Company operates both a defined contribution and defined benefit pension scheme through its parent company, Sommer Holdings Limited. The assets of the scheme are held separately from those of the Company in an independently administered fund. It is not possible to identify the underlying assets and liabilities attributable to World Transport Agency Limited. Details of the scheme can be found in the accounts of the Ultimate parent company, Sommer Holdings Limited. Copies of the group consolidated accounts may be obtained from Companies House, Crown Way, Cardiff, CF4 3UZ.
The pension cost charge represents contributions payable by the company and amounted to £178,157 (2022 - £162,131).
Contributions totalling £25,560 (2022: £21,669) were payable to the fund at the reporting date and are included in creditors. 


20.


Commitments under operating leases

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

2023
2022
£
£


Not later than 1 year
150,433
113,847

Later than 1 year and not later than 5 years
87,172
80,762

237,605
194,609

21.

Related party transactions

The Company has taken advantage of the exemption available under FRS 102 Section 33.1A not to disclose transactions with the ultimate parent undertaking and those subsidiary undertakings, where the group controls 100% of those companies' voting rights.
Transactions with fellow group Companies outside of the 100% control group are as follows: 
The Company made purchases of £1,996,369 (2022: £9,728,994) and sales of £77,663 (2022: £145,235) from WTA Freight Management (Shanghai) Limited, an associate of the immediate parent company, World Transport Agency Group Limited. At the year end £99,714 (2022: £804,191) remained outstanding to WTA Freight Management (Shanghai) Limited and was included within creditors. 
The Company made purchases of £552,613 (2022: £1,644,578) and sales of £13,446 (2022: £35,714) from WTA Freight Management (Shanghai) Limited - Shenzhen Branch, an associate of the immediate parent company, World Transport Agency Group Limited. At the year end £39,452 (2022: £36,887) remained outstanding to WTA Freight Management (Shanghai) Limited - Shenzhen Branch and was included within debtors.

Page 19

 


WORLD TRANSPORT AGENCY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
22.

Contingencies

The Company, together with its fellow UK group companies, is a party to an intercompany guarantee in respect of all advances made to the group by NatWest Bank. At 30 June 2023 there were no such advances (2022: £Nil).


23.


Ultimate Parent Company

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

 
Page 20