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COMPANY REGISTRATION NUMBER: 02233878
MOL Logistics (UK) Ltd.
Filleted Financial Statements
31 December 2023
MOL Logistics (UK) Ltd.
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
6
213,581
22,594
Current assets
Debtors
7
766,640
984,103
Cash at bank and in hand
1,639,477
2,403,626
------------
------------
2,406,117
3,387,729
Creditors: amounts falling due within one year
8
409,407
912,298
------------
------------
Net current assets
1,996,710
2,475,431
------------
------------
Total assets less current liabilities
2,210,291
2,498,025
Provisions
Taxation including deferred tax
9
36,726
------------
------------
Net assets
2,173,565
2,498,025
------------
------------
Capital and reserves
Called up share capital
11
400,000
400,000
Profit and loss account
12
1,773,565
2,098,025
------------
------------
Shareholders funds
2,173,565
2,498,025
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 8 February 2024 , and are signed on behalf of the board by:
Mr T Oikawa
Director
Company registration number: 02233878
MOL Logistics (UK) Ltd.
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 365 Stockley Close, West Drayton, UB7 9BL, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with the provision of FRS 102 Section 1A small entities, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102 1A small entities. As such, advantage has been taken of the disclosure exemptions available under paragraph 1.12 of FRS 102 not to present a cash flow statement for the company.
Revenue recognition
Turnover represents services provided and commission from freight forwarding operations net of VAT. All turnover is derived from within the United Kingdom. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can reliably be estimated. When the outcome cannot be reliably estimates, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Rental costs under operating leases are charged to the profit and loss account in equal annual amounts over the periods of the leases.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold improvements
-
10% straight line
Fixtures and fittings
-
20% straight line
Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 16 (2022: 15 ).
5. Tax on (loss)/profit
Major components of tax (income)/expense
2023
2022
£
£
Current tax:
UK current tax (income)/expense
( 72,251)
142,965
Deferred tax:
Origination and reversal of timing differences
36,726
--------
---------
Tax on (loss)/profit
( 35,525)
142,965
--------
---------
6. Tangible assets
Leasehold improvements
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 January 2023
13,550
36,611
253,908
304,069
Additions
131,322
82,945
2,191
216,458
Disposals
( 13,550)
( 19,144)
( 12,160)
( 44,854)
---------
---------
---------
---------
At 31 December 2023
131,322
100,412
243,939
475,673
---------
---------
---------
---------
Depreciation
At 1 January 2023
8,390
32,050
241,035
281,475
Charge for the year
2,189
6,112
5,171
13,472
Disposals
( 8,390)
( 19,143)
( 5,322)
( 32,855)
---------
---------
---------
---------
At 31 December 2023
2,189
19,019
240,884
262,092
---------
---------
---------
---------
Carrying amount
At 31 December 2023
129,133
81,393
3,055
213,581
---------
---------
---------
---------
At 31 December 2022
5,160
4,561
12,873
22,594
---------
---------
---------
---------
7. Debtors
2023
2022
£
£
Trade debtors
317,393
630,049
Amounts owed by group undertakings
119,183
242,165
Prepayments and accrued income
118,872
84,274
Corporation tax repayable
97,251
Other debtors
113,941
27,615
---------
---------
766,640
984,103
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
226,719
517,150
Amounts owed to group undertakings
52,227
317,763
Accruals and deferred income
88,980
30,959
Corporation tax
7,965
Social security and other taxes
41,481
38,461
---------
---------
409,407
912,298
---------
---------
9. Provisions
Deferred tax
£
At 1 January 2023
Additions
36,726
--------
At 31 December 2023
36,726
--------
10. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 16,768 (2022: £ 15,269 ).
11. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 100 each
4,000
400,000
4,000
400,000
------
---------
------
---------
12. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
13. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
463,916
57,250
Later than 1 year and not later than 5 years
2,091,078
47,324
Later than 5 years
15,158
------------
---------
2,570,152
104,574
------------
---------
14. Summary audit opinion
The auditor's report dated 15 February 2024 was unqualified .
The senior statutory auditor was S Drain , for and on behalf of Edmund Carr LLP .
15. Related party transactions
The parent company of MOL Logistics (UK) Limited is MOL Logistics Holding (Europe) B.V., a company incorporated in The Netherlands. The company has taken advantage of the exemption granted by paragraph 33.1A of FRS 102 not to disclose related party transactions with MOL Logistics Holdings (Europe) B.V. group companies. In the opinion of the directors, the ultimate parent company and controlling entity is MOL Logistics (Japan) Co. Ltd., a company incorporated in Japan. MOL Logistics (Japan) Co. Ltd. is the parent undertaking of the largest group which includes the company and for which group accounts are prepared. Copies of the company's accounts can be obtained from that company's registered office at 12-13 Floor, Shin-Ochanomizu Building,3, Kanda Surugadai 4-chome, Chiyoda-ku, Tokyo 101-8330, Japan.