Company registration number 06689192 (England and Wales)
ATLANTIC FORWARDING (UK) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
ATLANTIC FORWARDING (UK) LIMITED
COMPANY INFORMATION
Director
Mr D M Weissenberger
Secretary
Mr D R A Parsons
Company number
06689192
Registered office
The St Botolph Building
138 Houndsditch
London
United Kingdom
EC3A 7AR
Auditors
Bryden Johnson Limited
Kings Parade
Lower Coombe Street
Croydon
Surrey
CR0 1AA
Business address
Ground Floor
Cooper House
2 Haven Exchange South
Felixstowe
Suffolk
United Kingdom
IP11 2QE
ATLANTIC FORWARDING (UK) LIMITED
CONTENTS
Page
Director's report
1
Director's responsibilities statement
2
Independent auditor's report
3 - 5
Profit and loss account
6
Balance sheet
7
Notes to the financial statements
8 - 12
ATLANTIC FORWARDING (UK) LIMITED
DIRECTOR'S REPORT
FOR THE PERIOD ENDED 30 JUNE 2024
- 1 -

The director presents his annual report and financial statements for the period ended 30 June 2024.

Principal activities

The principal activity of the company during the period was that of freight forwarding.

 

During the period, the company ceased trading and for future periods will be deemed to be a dormant company.

Director

The director who held office during the period and up to the date of signature of the financial statements was as follows:

Mr D M Weissenberger
Auditor

The auditor, Bryden Johnson Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006. However, the company does not anticipate an audit being required next year due to having a dormant status.

Statement of disclosure to auditor

So far as the person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the director has taken all the necessary steps that he ought to have taken as director in order to make himself aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr D M Weissenberger
Director
19 July 2024
ATLANTIC FORWARDING (UK) LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 30 JUNE 2024
- 2 -

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

 

 

The director is 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. He is 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.

ATLANTIC FORWARDING (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ATLANTIC FORWARDING (UK) LIMITED
- 3 -
Opinion

We have audited the financial statements of Atlantic Forwarding (UK) Limited (the 'company') for the period ended 30 June 2024 which comprise the profit and loss account, the balance sheet and notes to the financial statements, including 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:

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 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 are aware of the status change of the company and note that these accounts are prepared on the basis that it will remain a non trading and dormant entity for the foreseeable future.

 

Our responsibilities and the responsibilities of the director 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 director is responsible for the other information contained within the annual report. 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. 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.

Opinions on other matters prescribed by the Companies Act 2006

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

ATLANTIC FORWARDING (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ATLANTIC FORWARDING (UK) LIMITED
- 4 -
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 director's 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:

 

Responsibilities of director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to UK taxation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to management override of controls. Audit procedures performed by the engagement team included:

- Reviewing minutes of meetings of those charged with governance;

- Enquiry of management and those charged with governance around actual and potential litigation and claims;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations, and

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness and testing accounting estimates (because of the risk of management bias).

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

ATLANTIC FORWARDING (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ATLANTIC FORWARDING (UK) LIMITED
- 5 -

Use of our report

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

Neil Johnson
Senior Statutory Auditor
For and on behalf of Bryden Johnson Limited
5 August 2024
Chartered Accountants
Statutory Auditor
Kings Parade
Lower Coombe Street
Croydon
Surrey
CR0 1AA
ATLANTIC FORWARDING (UK) LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 30 JUNE 2024
- 6 -
Period
Year
ended
ended
30 June
31 December
2024
2022
Notes
£
£
Turnover
1,020,351
4,458,899
Cost of sales
(873,744)
(4,068,102)
Gross profit
146,607
390,797
Administrative expenses
(244,793)
(639,363)
Exceptional item
3
1,757,445
-
0
Profit/(loss) before taxation
1,659,259
(248,566)
Tax on profit/(loss)
-
0
-
0
Profit/(loss) for the financial period
1,659,259
(248,566)
ATLANTIC FORWARDING (UK) LIMITED
BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 7 -
30 June 2024
31 December 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
-
0
3,769
Current assets
Debtors
6
-
0
345,551
Cash at bank and in hand
-
0
149,375
-
0
494,926
Creditors: amounts falling due within one year
7
-
0
(2,157,954)
Net current liabilities
-
0
(1,663,028)
Net assets/(liabilities)
-
0
(1,659,259)
Capital and reserves
Called up share capital
8
100,000
100,000
Profit and loss reserves
9
(100,000)
(1,759,259)
Total equity
-
0
(1,659,259)

These 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 were approved and signed by the director and authorised for issue on 19 July 2024
Mr D M Weissenberger
Director
Company registration number 06689192 (England and Wales)
ATLANTIC FORWARDING (UK) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
- 8 -
1
Accounting policies
Company information

Atlantic Forwarding (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is The St Botolph Building, 138 Houndsditch, London, United Kingdom, EC3A 7AR. The principal place of business is Ground Floor, Cooper House, 2 Haven Exchange South, Felixstowe, Suffolk, United Kingdom, IP11 2QE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102 Section 1A - small entities”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

During the period, the company ceased trading. The expectation is that the company will remain as a dormant entity for the foreseeable future.true

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those 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 (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

ATLANTIC FORWARDING (UK) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 9 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.11
Reporting period

The company extended their reporting period by 6 months so in total the financial statements reflect 18 months up to 30 June 2024. The reason for this change was due to the fact that the company ceased trading during the period and became dormant. The previous period will not be comparable due to the reporting period being 12 months and trading throughout.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

ATLANTIC FORWARDING (UK) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 10 -
3
Exceptional item
2024
2022
£
£
Expenditure
Intercompany loan written off
(1,757,445)
-

In the reporting period the company has ceased to trade as part of the global strategy. All remaining receivables and payables have been received and paid with the final bank balance having been transferred to the parent company and the agreement that the balance of the inter company loan be written off in both entities.

4
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
2022
Number
Number
Total
3
5
5
Tangible fixed assets
Computer Equipment
£
Cost
At 1 January 2023
21,963
Disposals
(21,963)
At 30 June 2024
-
0
Depreciation and impairment
At 1 January 2023
18,194
Depreciation charged in the period
3,769
Eliminated in respect of disposals
(21,963)
At 30 June 2024
-
0
Carrying amount
At 30 June 2024
-
0
At 31 December 2022
3,769
ATLANTIC FORWARDING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
- 11 -
6
Debtors
2024
2022
Amounts falling due within one year:
£
£
Trade debtors
-
0
282,279
Amounts owed by group undertakings
-
0
59,434
Other debtors
-
0
3,838
-
0
345,551
7
Creditors: amounts falling due within one year
2024
2022
£
£
Trade creditors
-
0
19,707
Amounts owed to group undertakings
-
0
2,062,451
Taxation and social security
-
0
4,110
Other creditors
-
0
71,686
-
0
2,157,954
8
Share capital
2024
2022
£
£
Ordinary share capital
Authorised
100,000 Ordinary shares of £1 each
100,000
100,000
Issued and fully paid
100,000 Ordinary shares of £1 each
100,000
100,000
9
Profit and loss reserves
2024
2022
£
£
At beginning of period
(1,759,259)
(1,510,693)
Profit/(loss) for the period
1,659,259
(248,566)
At end of period
(100,000)
(1,759,259)
ATLANTIC FORWARDING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 12 -
10
Related party transactions

The company has taken advantage of the exemption available in accordance with FRS 102, section 33 'Related party disclosures' not to disclose transactions entered between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.

11
Parent company

The company is controlled by Atlantic Spedition AG, a company registered in Switzerland.

 

Atlantic Spedition AG prepares group financial statements and copies can be obtained from Grosspeter Tower, 6th Floor, Grosspeteranlage 29, 4052 Basel Switzerland.

Ultimate controlling party

The ultimate controlling party is Mediterranean Shipping Company (MSC) and the country of incorporation is Switzerland.

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