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REGISTERED NUMBER: 07028707 (England and Wales)















Agility DGS UK Limited

Strategic Report, Directors' Report and

Financial Statements

for the Year Ended 31 December 2023






Agility DGS UK Limited (Registered number: 07028707)

Contents of the Financial Statements
for the year ended 31 December 2023










Page

Company Information 1

Strategic Report 2

Directors' Report 4

Independent Auditors' Report 6

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


Agility DGS UK Limited

Company Information
for the year ended 31 December 2023







Directors: A Bradley
S C Kirby
G L Webberley





Registered office: 66-68 St. Marys Butts
Reading
Berkshire
RG1 2LG





Registered number: 07028707 (England and Wales)





Auditors: Cooper Parry Group Limited
Statutory Auditor
New Derwent House
69-73 Theobalds Road
London
WC1X 8TA

Agility DGS UK Limited (Registered number: 07028707)

Strategic Report
for the year ended 31 December 2023


The purpose of the Strategic Report is to inform shareholders and help them assess how the directors have performed their duties to promote the success of Agility DGS UK Limited, the 'Company'. The report, together with the further information in the Directors' Report, provides:

• A fair and balanced review of the Company's business including;
- the development and performance of the Company’s business during the financial period
- the position of the Company at the end of the period
• A description of the principal risks and uncertainties facing the Company

Review of business
The principal activity of the Company is to provide logistics and program management services to governmental, commercial and Non-Governmental Organizations (NGOs). Current services includes providing relocation and removals management, collection tracking, resale and disposal of equipment, supplies and scrap and passenger transportation services. The Company offers a full portfolio of logistic services to its customers, including traditional land, ocean and airfreight forwarding, warehousing and inventory management as well as customised solutions for all segments of the supply chain.


Key performance indicators (KPI's)
Management use a range of performance measures to monitor and manage the business. As set out below the following financial key performance measures are considered by management to be the key performance indicators for the Company:

2023 2022

as
restated
£ £

Turnover 68,221,254 65,696,780
Operating profit 2,053,638 667,305
Profit before tax 2,032,587 667,919
Shareholders' funds 1,431,909 (117,794 )

Average number of employees 38 37



Given the straight forward nature of the business the directors are of the opinion that further KPI's are not necessary for the understanding of the development, performance or position of the business.

The directors believe the Company is well-positioned in its core market and competencies to take advantage of both the general economic growth and the potential for new customer acquisition offered by an increasingly flexible and dynamic market for transportation services.

Development and financial performance during the year
The results for the year and the financial position at the year end were considered satisfactory by the directors who expect continued profitability for the foreseeable future.

The financial position of the company at year end
At the year end the Company had a post-tax profit for the year of £1,549,703 (2022: £398,087) and an increase in shareholders' funds to £1,431,909. No dividends were paid.

Future developments
The Company will continue to work with our long standing partners to identify new opportunities to expand the business further. The core of the business remains sound and we continue to develop this. Additionally, we have invested in new processes that will allow us to use our existing skills and technology to offer similar solutions to a new range of customers over the coming years.

Principal risks and uncertainties
This section highlights some of the key business risks that impact on the Company, but it is not intended to be an extensive analysis of all the risks facing the business. Some risks may be unknown to us and other risks, currently regarded as immaterial, could turn out to be material. All of them have the potential to impact our business. The principal risks and uncertainties facing the Company are as follows:

Agility DGS UK Limited (Registered number: 07028707)

Strategic Report
for the year ended 31 December 2023


Operational risk
Operational risk losses through a failure of systems, processes, or staff, or those external relationships relied upon to operate the business are always conceivable. However, this risk is mitigated by such internal procedures/reconciliations and internal controls, through the segregation of duties and use of third-party experts.

Financial instruments
Financial instruments comprise of cash and working capital, i.e. the trade debtors and the trade creditors that arise during the course of the day to day running of the business. This can result in a liquidity risk. The liquidity risk is controlled by maintaining a healthy balance between debtors and creditors. The debtor risk is controlled through a stringent credit control policy and regular monitoring of any outstanding amounts for both time and credit limits. Trade creditor liquidity risks are managed by ensuring that sufficient funds are available to meet amounts as and when they fall due and in accordance with agreed payment terms.

Liquidity and cash flow risks are managed on a group basis, in conjunction with the Group, through the divisional treasury function.

The Company manages the foreign exchange risks inherent in the international transport environment through monthly hedges executed through the group treasury. The policy of the Company is to seek to cover only the exchange risk present on actual trading balances present on the Company's ledgers.

Section 172(1) statement
The Board of Directors of the Company consider, both individually and together, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s172 (1)(a-f) of the Act) in the decisions taken during the year ended 31 December 2023. In particular, by performance of the following:

- Our business aims are designed to have a long-term beneficial impact on the Company and to contribute to its
success;
- Our employees are fundamental to our business aims. We aim to be a responsible employer in our approach to
the pay and benefits our employees receive;
- Our business requires strong relationships with suppliers, customers and others and we continually strive to
maintain and improve these relationships;
- The impact of the Company's operations on the community and environment are considered by the directors
and reviewed regularly;
- As the Board of Directors, our intention is to behave responsibly and ensure that management operate the
business in a responsible manner, operating within the high standards of business conduct and good
governance; and
- As the Board of Directors, our intention is to behave responsibly toward our shareholders and treat them fairly
and equally, so they too may benefit from the success of our company.

Economic outlook
The long-term impact of the UK's decision to leave the EU, COVID-19 and ongoing Ukraine conflict continue to pose economic uncertainty, however management believe the fact the Company has a diverse range of projects in place helps to no only mitigate potential adverse effects but even capitalise from the opportunities that arise from such economic dynamics.

On behalf of the board:





A Bradley - Director


12 March 2024

Agility DGS UK Limited (Registered number: 07028707)

Directors' Report
for the year ended 31 December 2023


The directors present their report with the financial statements of the Company for the year ended 31 December 2023.

Dividends
No dividends will be distributed for the year ended 31 December 2023.

Directors
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

A Bradley
S C Kirby
G L Webberley

Disclosure in the strategic report
As permitted by paragraph 1A of Schedule 7 to the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 certain matters which are required to be disclosed in the Directors’ Report have been omitted as they are included in the Strategic Report on page 2 and 3. These matters relate to financial instruments and future developments, which otherwise would be required to be shown in the Directors’ Report.

As permitted by the Companies (Miscellaneous reporting) Regulations 2018 certain matters which are required to be disclosed in the Directors' Report have been omitted as they are included in the Strategic report on pages 2 and 3. These matters relate to the Company's business relationships with suppliers, customers and others.


Auditors
The audit business of Haines Watts London LLP was acquired by Cooper Parry Group Limited on 14 November 2023. Haines Watts London LLP has resigned as auditor and Cooper Parry Group Limited has been appointed in its place.

Statement of directors' responsibilities
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 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:

-select suitable accounting policies and then apply them consistently;
-make judgements 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 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.

Agility DGS UK Limited (Registered number: 07028707)

Directors' Report
for the year ended 31 December 2023


Statement as to disclosure of information to auditors
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the Company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

On behalf of the board:



A Bradley - Director


12 March 2024

Independent Auditors' Report to the Members of
Agility DGS UK Limited


Opinion
We have audited the financial statements of Agility DGS UK Limited (the 'Company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The 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 31 December 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 unqualified 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 Auditors' 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Directors' Report, but does not include the financial statements and our Auditors' Report thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions 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.

Independent Auditors' Report to the Members of
Agility DGS UK Limited


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 where 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 Statement of Directors' Responsibilities, 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 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.

Auditors' 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 Auditors' 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.

We gained an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates, and considered the risk of acts by the Company that were contrary to applicable laws and regulations, including fraud. We discussed with management the policies and procedures in place regarding compliance with laws and regulations. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indications of non-compliance. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

During the audit we focused on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management.

Our procedures in relation to fraud included but were not limited to: inquires of management whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accounting estimates. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. Our tests include agreeing the financial statement disclosures to underlying supporting documentation.

Due to 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. In assessing the potential risks of material misstatement we obtained an understanding of; the entities operations, including the nature of its revenue sources and services and of its objectives and strategies to understand the classes of transactions, account balances, expected financial statement disclosures and business risks that may result in risks of material misstatement. We did not identify any matters relating to non-compliance with laws and regulations relating to fraud.

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 Auditors' Report.

Independent Auditors' Report to the Members of
Agility DGS UK Limited


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 Auditors' 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.




Andrew Jepson FCCA (Senior Statutory Auditor)
for and on behalf of Cooper Parry Group Limited
Statutory Auditor
New Derwent House
69-73 Theobalds Road
London
WC1X 8TA

13 March 2024

Agility DGS UK Limited (Registered number: 07028707)

Income Statement
for the year ended 31 December 2023

2023 2022
as restated
Notes £ £

Turnover 3 68,221,254 65,696,780

Cost of sales (61,956,666 ) (58,521,782 )
Gross profit 6,264,588 7,174,998

Administrative expenses (4,210,950 ) (6,507,693 )
Operating profit 2,053,638 667,305

Interest receivable and similar income - 614
2,053,638 667,919

Interest payable and similar expenses 6 (21,051 ) -
Profit before taxation 7 2,032,587 667,919

Tax on profit 9 (482,884 ) (269,832 )
Profit for the financial year 1,549,703 398,087

Agility DGS UK Limited (Registered number: 07028707)

Other Comprehensive Income
for the year ended 31 December 2023

2023 2022
as restated
Notes £ £

Profit for the year 1,549,703 398,087


Other comprehensive income - -
Total comprehensive income for the year 1,549,703 398,087
Note
Prior year adjustment 10 (1,536,210 ) (932,972 )
Total comprehensive income since last
annual report

13,493

(534,885

)

Agility DGS UK Limited (Registered number: 07028707)

Balance Sheet
31 December 2023

2023 2022
as restated
Notes £ £ £ £
Fixed assets
Tangible assets 11 51,804 72,698

Current assets
Debtors 12 20,034,629 19,834,208
Cash at bank and in hand 370,489 1,615,740
20,405,118 21,449,948
Creditors
Amounts falling due within one year 13 19,012,604 21,623,850
Net current assets/(liabilities) 1,392,514 (173,902 )
Total assets less current liabilities 1,444,318 (101,204 )

Provisions for liabilities 16 12,409 16,590
Net assets/(liabilities) 1,431,909 (117,794 )

Capital and reserves
Called up share capital 17 1,000 1,000
Retained earnings 18 1,430,909 (118,794 )
Shareholders' funds 1,431,909 (117,794 )

The financial statements were approved by the Board of Directors and authorised for issue on 12 March 2024 and were signed on its behalf by:





A Bradley - Director


Agility DGS UK Limited (Registered number: 07028707)

Statement of Changes in Equity
for the year ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£ £ £
Balance at 1 January 2022 1,000 416,091 417,091
Prior year adjustment - (932,972 ) (932,972 )
As restated 1,000 (516,881 ) (515,881 )

Changes in equity
Total comprehensive income - 1,934,297 1,934,297
Balance at 31 December 2022 1,000 1,417,416 1,418,416
Prior year adjustment - (1,536,210 ) (1,536,210 )
As restated 1,000 (118,794 ) (117,794 )

Changes in equity
Total comprehensive income - 1,549,703 1,549,703
Balance at 31 December 2023 1,000 1,430,909 1,431,909

Agility DGS UK Limited (Registered number: 07028707)

Notes to the Financial Statements
for the year ended 31 December 2023


1. Statutory information

Agility DGS UK Limited is a private company, limited by shares, registered in England and Wales. The Company's registered number and registered office can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

A summary of principal accounting policies, all of which have been consistently applied throughout the year and the preceding year, are set out below. The financial statements are presented in Pound Sterling (£) rounded to the nearest £.

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 FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d).

Critical accounting judgements and key sources of estimation uncertainty
In applying the Company's accounting policies the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.

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, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.

(a) Critical judgements in applying the company's accounting policies
The critical judgements that the directors have made in the process of applying the Company's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below:

(i) Assessing indicators and impairment
In assessing whether there have been any indicators or impairment of assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience or recoverability. There have been no indicators or impairments identified during the current financial year.

(b) Key accounting estimates and assumptions
The key assumptions concerning the future, and other key sources of estimation uncertainty that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below:

(i) Recoverability of receivables
The Company establishes a provision for receivables that are estimated not to be recoverable. When assessing recoverability the directors consider factors such as the ageing of the receivables, past experience and recoverability, and the credit profile of individual or groups of customers.

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Agility DGS UK Limited (Registered number: 07028707)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


2. Accounting policies - continued

Rendering of services
Services comprises of the fair value of the consideration received or receivable for provision of management services net of VAT. Turnover is recognised in the period the service relates to in line with the accrual accounting basis when all of the following conditions are met:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery-straight line over 2 to 5 years
Short leasehold -straight line over the term of the lease

Impairment of assets
At each reporting date the Company reviews the carrying value of its assets to determine whether there is any indication that these 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.

The recoverable amount of an asset is the higher of fair value less costs to sell and value in use. Value in use is the present value of the future cash flows expected to be derived from the asset, or cash generating unit. The present value calculation involves estimating the future cash inflows and outflows to be derived from continuing use of the asset, and from its ultimate disposal, applying an appropriate discount rate to those future cash flows.

Where the recoverable amount of an asset is less than the carrying amount, an impairment loss is recognised immediately in the Income Statement. An impairment loss, recognised for all assets, is reversed in a subsequent period if, and only if, the reasons for the impairment loss have ceased to apply. Impairment losses are charged to administrative expenses in the income statement.

Financial instruments
Financial assets and liabilities are recognised when the Company becomes party to the contractual provisions of the financial instrument. The Company holds basic financial instruments which comprise cash and cash equivalents, trade and other receivables, equity investments, trade and other payables, and loans and borrowings. The Company has chosen to apply the provisions of Section 11 Basic Financial Instruments in full.

Financial assets - classified as basic financial instruments

(i) Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three months or less.

(ii) Trade and other receivables
Trade and other receivables are initially recognised at the transaction price, including any transaction costs, and subsequently measured at amortised cost including the effective interest method, less any provision for impairment. Amounts that are receivable within one year are measured at the undiscounted amount of the cash expected to be received, net of any impairment.

At the end of each reporting period, the Company assesses whether there is objective evidence that a receivable amount may be impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. The amount of the provision is the difference between the asset's carrying amount and the present value of the estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised immediately in the Income Statement.

Agility DGS UK Limited (Registered number: 07028707)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


2. Accounting policies - continued

Financial liabilities - classified as basic financial instruments.

(iii) Trade and other payables and loans and borrowings
Trade and other payables and loans and borrowings are initially measured at the transaction price, including any transaction costs, and subsequently measured at amortised cost using the effective interest method. Amounts that are payable within one year are measured at the discounted amount of the cash expected to be paid.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Balance Sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Foreign currency transactions are translated into the functional currency using the exchange rate prevailing at that date the transaction took place. Where this is not possible to determine, income and expense items are translated using an average exchange rate for the period.

Monetary assets and liabilities denominated in foreign currencies at the reporting date are reported at the rates of exchange prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at the reporting date of monetary assets and liabilities are reported in the Income Statement.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the Income Statement on a straight line basis over the period of the lease.

Lease arrangements are classified as a finance lease where the terms of the lease transfer substantially all the risks and regards of ownership to the lessee. All other lease arrangements are classified as an operating lease.

Pension costs and other post-retirement benefits
The wider Agility group operates a defined contribution pension scheme. Expenses for contributions payable to the Group's pension scheme are charged to the Income Statement in the period to which they relate. The assets of the Scheme are held in a separately administrable fund from the Company.

Going concern
These financial statements have been prepared on a going concern basis.

The current economic conditions present increased risks for all businesses. In response to such conditions, the directors have carefully considered these risks including an assessment on uncertainty on future trading projection for a period of at least 12 months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis.

Agility DGS UK Limited (Registered number: 07028707)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


2. Accounting policies - continued

Based on assessment, the directors consider that the Company maintains an appropriate level of liquidity, sufficient to meet the demands of the business including any capital and servicing obligations and external debt liabilities.

In addition, the Company's assets are assessed for recoverability on a regular basis, and the directors consider that the Company is not exposed to losses on these assets which would affect their decision to adopt the going concern basis.

The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubts upon the Company's ability to continue as a going concern. Thus the directors have continued to adopt the going concern basis of accounting in preparing these financial statements.

3. Turnover

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

An analysis of turnover by class of business is given below:

2023 2022
as restated
£ £
Aviation spares 5,089,938 8,674,841
Cyprus 1,404,316 913,944
GRMS 40,230,601 39,083,576
Heavy lift 11,542,636 11,692,420
Special projects 9,916,176 2,883,393
SSAFA 37,587 119,628
Falkland Islands - 2,328,978
68,221,254 65,696,780

4. Employees and directors
2023 2022
as restated
£ £
Wages and salaries 2,224,072 2,598,469
Social security costs 215,192 235,279
Other pension costs 62,469 58,876
2,501,733 2,892,624

The average number of employees during the year was as follows:
2023 2022
as restated

Sales, distribution and admin 38 37

5. Directors' emoluments
2023 2022
as restated
£ £
Directors' remuneration 590,841 670,273

Agility DGS UK Limited (Registered number: 07028707)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


5. Directors' emoluments - continued

Information regarding the highest paid director is as follows:
2023 2022
as restated
£ £
Emoluments etc 309,485 288,633

6. Interest payable and similar expenses
2023 2022
as restated
£ £
Bank interest 21,051 -

7. Profit before taxation

The profit is stated after charging/(crediting):

20232022
as restated
£   £   
Other operating leases62,05943,667
Depreciation - owned assets46,22033,009
Foreign exchange differences(366,782)1,838,129

8. Auditors' remuneration
2023 2022
as restated
£ £
Fees payable to the Company's auditors for the audit of the Company's
financial statements

50,000

40,000
Auditors' remuneration for non audit work 15,000 11,500

9. Taxation

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
as restated
£ £
Current tax:
UK corporation tax 487,065 268,764

Deferred tax (4,181 ) 1,068
Tax on profit 482,884 269,832

Agility DGS UK Limited (Registered number: 07028707)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


9. Taxation - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
as restated
£ £
Profit before tax 2,032,587 667,919
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2022 - 19%)

508,147

126,905

Effects of:
Expenses not deductible for tax purposes 16,292 542,439
Income not taxable for tax purposes - (117 )
Capital allowances in excess of depreciation (6,654 ) (2,858 )
Utilisation of tax losses - (373,973 )
Adjustments to tax charge in respect of previous periods - (11,379 )
Depreciation in excess of capital allowances - 1,068
Change in UK corporation tax rate on deferred tax (1,045 ) -
Intercompany loan write-off - (12,253 )
Effect of changes in tax rate (33,856 ) -
Total tax charge 482,884 269,832

10. Prior year adjustment

The prior year comparative figures have been restated to account for management charges incurred as part of the Group's transfer pricing policy not previously reported.

The restatement relating to 2022 is £2,156,399 and the restatement relating to 2021 is £1,107,747.

Additionally the above restatements have lead to tax adjustments in the prior periods resulting in reduced liabilities, the impact of this in 2022 is £620,189 and in 2021 is £174,775.

The effect on retained earnings in 2022 is £2,643,957 and in 2021 is £933,972.


11. Tangible fixed assets
Short Plant and
leasehold machinery Totals
£ £ £
Cost
At 1 January 2023 7,205 116,744 123,949
Additions - 25,326 25,326
At 31 December 2023 7,205 142,070 149,275
Depreciation
At 1 January 2023 5,622 45,629 51,251
Charge for year 1,583 44,637 46,220
At 31 December 2023 7,205 90,266 97,471
Net book value
At 31 December 2023 - 51,804 51,804
At 31 December 2022 1,583 71,115 72,698

Agility DGS UK Limited (Registered number: 07028707)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


12. Debtors: amounts falling due within one year
2023 2022
as restated
£ £
Trade debtors 9,939,104 11,136,694
Amounts owed by group undertakings 8,922,272 8,254,297
Other debtors 63,505 2,721
Tax 755,675 95,512
Called up share capital not paid - 1,000
Prepayments and accrued income 354,073 343,984
20,034,629 19,834,208

13. Creditors: amounts falling due within one year
2023 2022
as restated
£ £
Trade creditors 4,563,774 6,540,447
Amounts owed to group undertakings 13,844,043 14,379,147
Social security and other taxes 81,900 85,410
VAT 61,312 150,596
Accruals and deferred income 461,575 468,250
19,012,604 21,623,850

14. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
as restated
£ £
Within one year 140,500 94,188
Between one and five years 28,896 -
169,396 94,188

15. Financial instruments

The Company’s financial instruments may be analysed as follows:
2023 2022
£    £   
Financial assets

Financial assets that are debt instruments measured at amortised cost 19,375,762 21,057,857

Financial liabilities

Financial liabilities measured at amortised cost 18,869,392 21,387,844

Financial assets that are debt instruments measured at amortised cost comprise cash, trade debtors, amounts owed by group undertakings, other debtors and accrued income.

Financial liabilities measured at amortised cost comprise trade creditors, amounts owed to group undertakings, other creditors and accruals.

Information regarding the Company's exposure to risks are included in the Strategic Report.

Agility DGS UK Limited (Registered number: 07028707)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


16. Provisions for liabilities
2023 2022
as restated
£ £
Deferred tax
Accelerated capital allowances 12,409 16,590

Deferred tax
£
Balance at 1 January 2023 16,590
Credit to Income Statement during year (4,181 )
Balance at 31 December 2023 12,409

17. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
1,000 Ordinary £1 1,000 1,000

18. Reserves
Retained
earnings
£

At 1 January 2023 1,417,416
Prior year adjustment (1,536,210 )
(118,794 )
Profit for the year 1,549,703
At 31 December 2023 1,430,909

19. Ultimate parent company

The immediate parent company is PWC Logistics Services Holdings BV, a company incorporated in the Netherlands. The ultimate parent company is Agility Public Warehousing Company K.S.C.P. a company incorporated in Kuwait.

Agility Public Warehousing Company K.S.C.P. prepares group financial statements and copies can be obtained from PO Box 25418, Safat 13115, Kuwait. Digital copies may be obtained from www.agility.com/en/investor-relations/financial-information/.

20. Related party disclosures

The Company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the Group.