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Company registration number: 03392157







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


GLOBAL EQUIPMENT LOGISTICS LIMITED






































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GLOBAL EQUIPMENT LOGISTICS LIMITED
 


 
COMPANY INFORMATION


Directors
G L Staines 
J C Kelly (resigned 22 May 2023)
K A Lewandowska (appointed 22 May 2023)




Company secretary
K A Lewandowska



Registered number
03392157



Registered office
Dissegna House
Weston Avenue

West Thurrock

Essex

RM20 3ZP




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

3000a Parkway

Whiteley

Hampshire

PO15 7FX





 


GLOBAL EQUIPMENT LOGISTICS LIMITED
 



CONTENTS



Page
Statement of Financial Position
1
Notes to the Financial Statements
2 - 9


 


GLOBAL EQUIPMENT LOGISTICS LIMITED
REGISTERED NUMBER:03392157



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
1,066,998
1,579,377

  
1,066,998
1,579,377

Current assets
  

Stocks
  
-
414,451

Debtors: amounts falling due within one year
 7 
279,837
1,087,630

Cash at bank and in hand
  
152,703
-

  
432,540
1,502,081

Creditors: amounts falling due within one year
 8 
(4,215,188)
(4,313,384)

Net current liabilities
  
 
 
(3,782,648)
 
 
(2,811,303)

Total assets less current liabilities
  
(2,715,650)
(1,231,926)

Provisions for liabilities
  

Deferred tax
  
(179,126)
(340,852)

  
 
 
(179,126)
 
 
(340,852)

Net liabilities
  
(2,894,776)
(1,572,778)


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
(2,894,778)
(1,572,780)

  
(2,894,776)
(1,572,778)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

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


G L Staines
Director

Date: 25 June 2024

The notes on pages 2 to 9 form part of these financial statements.

Page 1

 


GLOBAL EQUIPMENT LOGISTICS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Global Equipment Logistics Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is disclosed on the company information page. The registered address is also the principal place of business.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company is seen as a key asset to the Group and for this reason Group have indicated their support of the Company.
Therefore, the Directors continue to adopt the going concern basis of accounting in preparing these
annual financial statements.

 
2.3

Revenue

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

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

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.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 2

 


GLOBAL EQUIPMENT LOGISTICS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.9

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 3

 


GLOBAL EQUIPMENT LOGISTICS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Shipping containers
-
25%
on cost
Plant and machinery
-
20%
on cost
Fixtures and fittings
-
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.

 
2.10

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 4

 


GLOBAL EQUIPMENT LOGISTICS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

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

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 3).

Page 5

 


GLOBAL EQUIPMENT LOGISTICS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




Goodwill

£



Cost


At 1 January 2023
47,000



At 31 December 2023

47,000



Amortisation


At 1 January 2023
47,000



At 31 December 2023

47,000



Net book value



At 31 December 2023
-



At 31 December 2022
-



Page 6

 


GLOBAL EQUIPMENT LOGISTICS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
2,240,680
2,417
1,285
4,379
2,248,761


Additions
35,111
-
-
-
35,111


Transfers from stock
414,451
-
-
-
414,451


Disposals
(40,472)
-
-
-
(40,472)



At 31 December 2023

2,649,770
2,417
1,285
4,379
2,657,851



Depreciation


At 1 January 2023
661,663
2,417
1,285
4,019
669,384


Charge for the year on owned assets
522,838
-
-
127
522,965


Disposals
(15,947)
-
-
-
(15,947)


Impairment charge
414,451
-
-
-
414,451



At 31 December 2023

1,583,005
2,417
1,285
4,146
1,590,853



Net book value



At 31 December 2023
1,066,765
-
-
233
1,066,998



At 31 December 2022
1,579,017
-
-
360
1,579,377

There was a change in use of the container stock in the year which led to the transfer from stock to fixed assets. These containers, under the new accounting treatment had no residual life remaining and therefore an impairment charge was created, through to the profit and loss account.

Page 7

 


GLOBAL EQUIPMENT LOGISTICS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Stocks

2023
2022
£
£

Finished goods and goods for resale
-
414,451

-
414,451



7.


Debtors

2023
2022
£
£


Trade debtors
112,896
140,425

Amounts owed by group undertakings
149,933
485,473

Other debtors
14,055
461,351

Prepayments and accrued income
2,953
381

279,837
1,087,630



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
3,504,487
3,075,344

Trade creditors
58,599
581,042

Amounts owed to group undertakings
231,265
81,171

Other creditors
7,827
12,170

Accruals and deferred income
413,010
563,657

4,215,188
4,313,384



9.


Parent undertaking

The company's parent undertaking is Hillebrand Gori UK Limited, a company incorporated in England and Wales.
The ultimate parent undertaking of the company is Deutsche Post AG, a company incorporated in Germany.
The largest and smallest company which prepares group accounts in the Group is Deutsche Post AG.
Consolidated group accounts are publicly available:
www.deutschepost.de

Page 8

 


GLOBAL EQUIPMENT LOGISTICS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Controlling party

In the opinion of the directors there is no one ultimate controlling party.


11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 26 June 2024 by James Hadfield FCA (Senior Statutory Auditor) on behalf of Menzies LLP.

 
Page 9