Company registration number 05636648 (England and Wales)
ZIEGLER UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
ZIEGLER UK LIMITED
COMPANY INFORMATION
Directors
Ms D Govaerts
Mr L J Marshall
Mr D C Briggs
Mr A R Ziegler
Secretary
Mr D C Briggs
Company number
05636648
Registered office
North 4 Channel Close
Stanford-Le-Hope
Essex
SS17 9FJ
Auditor
Bryden Johnson Limited
Kings Parade
Lower Coombe Street
Croydon
Surrey
CR0 1AA
ZIEGLER UK LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Profit and loss account
10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 27
ZIEGLER UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report and financial statements for the year ended 31 December 2023.

Promoting the success of the company

Section 172 Statement

This statement sets out how the directors have had regard to the matters set out in Section 172(1) (a) to (f) of the Companies Act 2006 whilst undertaking their roles, including but not limited to:

 

Interests of the company

The directors meet regularly and act in good faith to discuss the decisions to be made by the business to ensure long term profitability, continued growth and positive cash flow.  The company applies strict criteria in reviewing investment decisions and new customer opportunities so that these objectives are achieved.

 

Employees

The directors recognise the value of the people it employs and makes sure that all employees are well prepared for any new opportunities and challenges to their working lives.  Particular emphasis is put in the management structure to ensure that a consistently high standard of leadership and governance is shown across all the company's divisions and branches so that a working environment is created which is both entrepreneurial and secure.

 

Relationships with customers and suppliers

Strong relationships with both customers and suppliers are at the heart of the company's business philosophy and great efforts are made to develop these relationships over the long term.  As an international freight forwarder, the company has overseas as well as domestic engagements including agents and partners who often act as both customer and supplier.  These relationships are based on responsible business practices which are fully compliant with applicable laws, ethical standards and international guidelines.

 

Community and the environment

The company is committed to its role as a responsible organisation which promotes sustainable growth through improved operational efficiency as well as awareness of the environmental impact of its operations on all relevant stakeholders.   

 

Business conduct

The directors always make decisions with the highest standard of business conduct in mind as integrity is a key element of business behaviour throughout the company.

Fair review of the business

Results

Turnover has decreased by 25.27% to £94,589,861 (2022: £126,574,096). Operating profit of the company decreased to £4,765,781 (2022: £7,038,850).

 

Net assets have increased to £20,985,447 (2022: £17,201,924).

 

The management of the business and the execution of the company strategy are subject to a number of risks.

ZIEGLER UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

Principal risks and uncertainties

Interest rate risk

The company has sufficient liquidity to fund its operations, therefore the company does not consider interest rate risk to be significant.

 

Liquidity risk

The Company monitors and manages its liquidity closely, and pays particular attention to its cash flow. Debtors are checked for compliance with the Company's credit policy, and monitored regularly for any other breach of credit terms.

 

Credit Risk

The Company’s credit policy is based on regular credit checks of new and existing customers, supplemented by credit agency reports, observing credit limits and visits by the Company’s sales staff. Customers are required to enter into agreements, which include clearly defined payment terms. Once trade credit has been granted, performance is monitored closely.

 

Exchange risk

The Company predominantly uses three currencies, Sterling, US Dollars and Euros. The level of funds held in each of the currencies is monitored regularly.

 

The Company hedges only known liabilities where amounts are material so Euros are purchased forward to meet future payment obligations up to a maximum of three months.

 

Non-financial risks

The key business risks and uncertainties affecting the company are considered to relate to competition from national and global freight forwarders, employee's retention and product competitiveness.

 

The Company sets out to attract capable employees, and to retain and motivate them once they are employed. It does so by a combination of offering market rates of pay and benefits in kind, and training, together with involvement in some of the decision-making process, and consultation about major changes in policy and procedures.

 

Product, public and employee liability are covered by the Company's insurances, which are arranged by independent brokers with reputable underwriters, and the cover is reviewed annually. In addition, the Group provides product liability cover, which is also insured, for all those of its products which the Company sells.

 

Damage or loss arising from natural and other causes, including fire, flood, lightning, riot, and civil commotion is covered by insurances, which are also arranged by independent brokers with reputable underwriters, and the cover is reviewed annually.

 

The Company has a Health & Safety policy, which is reviewed annually by the Board. The Managing Director is responsible for its implementation. That is backed up by insurance. The Board, having reviewed the above risk management policies and procedures, confirms that the procedures comply with the policies, and that no significant failures or weaknesses have been identified during the past year.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ZIEGLER UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Development and performance

Future Outlook

The economic outlook is expected to remain stable and our strategy is to remain competitive and continue to outgrow the market. We are confident that we will continue to enlarge our customer base and grow our business further while maintaining a high level of performance in the future.

Key performance indicators

Given the straightforward nature of the business, the company's directors are of the opinion that analysis using KPIs is not necessary for an understanding of the development, performance or position of the business.

On behalf of the board

Mr L J Marshall
Director
19 July 2024
ZIEGLER UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activities of the company during the year continued to be that of arranging for the transportation of international freight.

Results and dividends

The results for the year are set out on page 10.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Ms D Govaerts
Mr L J Marshall
Mr D C Briggs
Mr A R Ziegler

FUTURE DEVELOPMENTS

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium Companies and Groups (Accounts and Reports) Regulation 2008, Sch.7 to be contained in the directors' report. It has done so in respect of Future Developments.

Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

 

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

Auditor

The auditor, Bryden Johnson Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

ZIEGLER UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
Energy and carbon report

Ziegler UK Limited continues to adopt energy efficiency measures throughout its 14 UK sites. These include solar panels and LED lighting as well as a move to electric cars in the company car fleet.

 

 

 

2023

2022

UK Energy Use

Kilowatt hours (kWh)

 

1,333,334

 

1,142,857

Associated Greenhouse Gas Emissions

Tonnes CO2 equivalent (tCO2e)

 

276.09

 

298.91

Intensity Ratio

Emissions (tCO2e) per £million of turnover

 

2.92

 

2.36

 

tCO2e is tonnes of carbon dioxide equivalent.

The scope of emissions included in this report include electricity, car fuel and forklift truck gas.

Associated Greenhouse gases have been calculated using the Greenhouse Gas Reporting Protocol.

Statement of disclosure to auditor
(a) so far as the directors are aware, there is no relevant audit information of which the company's auditors are unaware, and

(b) they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
On behalf of the board
Mr L J Marshall
Director
19 July 2024
ZIEGLER UK LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -

The directors are responsible for preparing the annual 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:

 

 

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.

ZIEGLER UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ZIEGLER UK LIMITED
- 7 -
Opinion

We have audited the financial statements of Ziegler UK Limited (the 'company') for the year ended 31 December 2023 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows 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 have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

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

 

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual 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:

ZIEGLER UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ZIEGLER UK LIMITED (CONTINUED)
- 8 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

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

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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.

ZIEGLER UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ZIEGLER UK LIMITED (CONTINUED)
- 9 -

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.

Jackie Wilding
Senior Statutory Auditor
For and on behalf of Bryden Johnson Limited
24 July 2024
Chartered Accountants
Statutory Auditor
Kings Parade
Lower Coombe Street
Croydon
Surrey
CR0 1AA
ZIEGLER UK LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
2023
2022
Notes
£
£
Turnover
3
94,589,861
126,574,096
Cost of sales
(70,533,218)
(101,954,192)
Gross profit
24,056,643
24,619,904
Administrative expenses
(19,487,260)
(17,581,054)
Other operating income
196,398
-
0
Operating profit
4
4,765,781
7,038,850
Interest receivable and similar income
8
320,305
1,076
Interest payable and similar expenses
9
(550)
-
0
Profit before taxation
5,085,536
7,039,926
Taxation
10
(1,302,013)
(1,278,987)
Profit for the financial year
3,783,523
5,760,939
Total comprehensive income for the year
3,783,523
5,760,939

The profit and loss account has been prepared on the basis that all operations are continuing operations.

ZIEGLER UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
2023
2022
£
£
Profit for the year
3,783,523
5,760,938
Other comprehensive income
-
-
Total comprehensive income for the year
3,783,523
5,760,938
ZIEGLER UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 12 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
11
882,167
4,000
Tangible assets
12
3,258,144
1,803,906
Investments
13
705,151
-
0
4,845,462
1,807,906
Current assets
Debtors
15
24,238,236
20,643,898
Cash at bank and in hand
11,469,060
14,297,989
35,707,296
34,941,887
Creditors: amounts falling due within one year
16
(19,476,821)
(19,495,298)
Net current assets
16,230,475
15,446,589
Total assets less current liabilities
21,075,937
17,254,495
Provisions for liabilities
Deferred tax liability
17
90,490
52,571
(90,490)
(52,571)
Net assets
20,985,447
17,201,924
Capital and reserves
Called up share capital
19
1,000,000
1,000,000
Profit and loss reserves
19,985,447
16,201,924
Total equity
20,985,447
17,201,924
The financial statements were approved by the board of directors and authorised for issue on 19 July 2024 and are signed on its behalf by:
Mr L J Marshall
Mr A R Ziegler
Director
Director
Company registration number 05636648 (England and Wales)
ZIEGLER UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
1,000,000
10,440,986
11,440,986
Year ended 31 December 2022:
Profit and total comprehensive income
-
5,760,938
5,760,938
Balance at 31 December 2022
1,000,000
16,201,924
17,201,924
Year ended 31 December 2023:
Profit and total comprehensive income
-
3,783,523
3,783,523
Balance at 31 December 2023
1,000,000
19,985,447
20,985,447
ZIEGLER UK LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
1,287,049
9,114,772
Interest paid
(550)
-
0
Corporation taxes paid
(1,150,000)
(1,251,035)
Net cash inflow from operating activities
136,499
7,863,737
Investing activities
Purchase of intangible assets
(952,613)
-
0
Purchase of tangible fixed assets
(1,627,969)
(39,590)
Purchase of subsidiaries
(705,151)
-
0
Interest received
320,305
1,076
Net cash used in investing activities
(2,965,428)
(38,514)
Net (decrease)/increase in cash and cash equivalents
(2,828,929)
7,825,223
Cash and cash equivalents at beginning of year
14,297,989
6,472,766
Cash and cash equivalents at end of year
11,469,060
14,297,989
ZIEGLER UK LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
1
Accounting policies
Company information

Ziegler UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is North 4 Channel Close, Stanford-Le-Hope, Essex, SS17 9FJ.

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”) 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

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

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 be met before revenue is recognised:

 

Rendering of services

 

Revenue from a contract to provide freight forwarding services is recognised at the shipment date of the goods (for export sales) or the arrival date of the goods (for import sales) and when all the following conditions are satisfied:

 

1.4
Intangible fixed assets - goodwill
Goodwill
10 years straight line basis

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

ZIEGLER UK LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
Not depreciated
Land and buildings Leasehold Improvements
10% straight line basis
Plant and machinery
33.3%, 25% and 10% straight line basis

Freehold land and buildings are not depreciated on the basis that repairs expenditure is incurred to maintain the condition of the asset. Which is at least equivalent to what depreciation would have been.

 

Although this accounting policy is in accordance with FRS 102, it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been changed cannot be separately identified or quantified.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
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.

1.8
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 balance sheet 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 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.

ZIEGLER UK LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.10
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.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

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.

1.11
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
ZIEGLER UK LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.12
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Rentals payable under operating leases, including any lease incentives received, are charged to income 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 lease asset are consumed.

1.13
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.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are 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.

 

Such estimates are generally in relation to the application of depreciation policies and provisions in respect of bad debt, whereby the estimate is based on managements knowledge of the business and current environment.

 

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.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2023
2022
£
£
Turnover
Transportation of International Freight
94,589,861
126,574,095
Other significant revenue
Interest income
320,305
1,076
ZIEGLER UK LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Turnover and other revenue
(Continued)
- 19 -
Turnover analysed by geographical market
2023
2022
£
£
UK
76,902,900
97,712,031
Europe
13,069,137
21,971,336
ROW
4,617,824
6,890,728
94,589,861
126,574,095
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
(361,245)
(309,158)
Depreciation of owned tangible fixed assets
173,731
156,682
Amortisation of intangible assets
74,446
3,000
Operating lease charges
1,590,345
1,465,792
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
32,000
29,000
For other services
Taxation compliance services
1,000
1,000
All other non-audit services
450
450
1,450
1,450
6
Employees

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

2023
2022
Number
Number
Administration
37
37
Operations
228
212
Total
265
249
ZIEGLER UK LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Employees
(Continued)
- 20 -

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
12,299,675
11,478,129
Social security costs
1,036,630
1,179,464
Pension costs
273,764
244,911
13,610,069
12,902,504

 

7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
942,801
1,181,294
Company pension contributions to defined contribution schemes
22,785
8,889
Directors social security costs
123,222
358,657
1,088,808
1,548,840
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
744,250
977,770
Company pension contributions to defined contribution schemes
13,519
-
Directors social security costs
101,770
322,242
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
320,305
1,076
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
320,305
1,076
ZIEGLER UK LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
550
-
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
1,264,094
1,382,004
Deferred tax
Origination and reversal of timing differences
37,919
(103,017)
Total tax charge
1,302,013
1,278,987

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
5,085,536
7,039,925
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
1,196,118
1,337,586
Tax effect of expenses that are not deductible in determining taxable profit
36,003
-
0
Permanent capital allowances in excess of depreciation
(673)
-
0
Depreciation on assets not qualifying for tax allowances
17,201
(56,899)
Amortisation on assets not qualifying for tax allowances
17,510
570
Other permanent differences
17,882
(2,270)
General provisions
17,972
-
0
Taxation charge for the year
1,302,013
1,278,987
ZIEGLER UK LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
11
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023
30,000
Additions
952,613
At 31 December 2023
982,613
Amortisation and impairment
At 1 January 2023
26,000
Amortisation charged for the year
74,446
At 31 December 2023
100,446
Carrying amount
At 31 December 2023
882,167
At 31 December 2022
4,000
12
Tangible fixed assets
Land and buildings Freehold
Land and buildings Leasehold Improvements
Plant and machinery
Total
£
£
£
£
Cost
At 1 January 2023
869,386
832,808
525,704
2,227,898
Additions
1,442,743
-
0
185,226
1,627,969
At 31 December 2023
2,312,129
832,808
710,930
3,855,867
Depreciation and impairment
At 1 January 2023
-
0
186,068
237,924
423,992
Depreciation charged in the year
-
0
73,130
100,601
173,731
At 31 December 2023
-
0
259,198
338,525
597,723
Carrying amount
At 31 December 2023
2,312,129
573,610
372,405
3,258,144
At 31 December 2022
869,386
646,740
287,780
1,803,906
13
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
14
705,151
-
0
ZIEGLER UK LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
13
Fixed asset investments
(Continued)
- 23 -

The company has not designated any financial assets that are not classified as financial assets at fair value through profit or loss.

Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
-
Additions
705,151
At 31 December 2023
705,151
Carrying amount
At 31 December 2023
705,151
At 31 December 2022
-
ZIEGLER UK LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
14
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Lorrford (Eurospan) Limited
England & Wales
Ordinary
-
100.00
Phoenix Freight International Limited
England & Wales
Ordinary
100.00
-
HHS Management Services Ltd
England & Wales
Ordinary
100.00
-
Comac Freight Services Ltd
England & Wales
Ordinary
100.00
-
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Comac Freight Services Ltd
714,092
114,249
15
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
13,692,438
16,055,213
Amounts owed by group undertakings
7,657,573
2,239,833
Other debtors
1,743,179
288,624
Prepayments and accrued income
1,145,046
2,060,228
24,238,236
20,643,898
16
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
6,537,119
6,926,330
Amounts owed to group undertakings
2,488,299
896,680
Corporation tax
713,384
599,290
Other taxation and social security
284,383
614,444
Other creditors
30,619
69,295
Accruals and deferred income
9,423,017
10,389,259
19,476,821
19,495,298
ZIEGLER UK LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
17
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated Capital Allowances
90,490
52,571
2023
Movements in the year:
£
Liability at 1 January 2023
52,571
Charge to profit or loss
37,919
Liability at 31 December 2023
90,490
18
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
273,764
244,911

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

19
Share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1,000,000 Ordinary Shares of £1 each
1,000,000
1,000,000
ZIEGLER UK LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
20
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
1,287,877
860,259
Between two and five years
3,945,459
3,565,639
In over five years
1,078,982
1,888,191
6,312,318
6,314,089
21
Related party transactions
Transactions with related parties

The company has taken advantage of provisions under FRS 102 from disclosure of transactions with two or more members of the group that are wholly owned.

 

Included in turnover is an amount of £3,199,617 (2022: £4,479,728) of freight services provided to Ziegler group of companies.

Included in cost of sales is an amount of £4,547,872 (2022: £12,723,456) of freight services received from Ziegler group of companies.

 

Included in debtors falling due within one year is an amount of £7,657,573 (2022: £2,239,833) due from Ziegler group of companies.

 

Included in creditors falling due within one year is an amount of £2,488,299 (2022: £896,680) due to Ziegler group of companies.

 

All of the related party transactions were conducted at arms length and at market values.

 

22
Events after the reporting date

There are no other post balance sheet events that have taken place between 31 December 2023 and the date of this report that are required to be brought to the attention of shareholders.

23
Controlling party

The immediate parent company is Eaglets Limited a company incorporated in England and Wales. The registered office is North 4 Channel Close, Stanford-Le-Hope, Essex, England, SS17 9FJ.

 

The ultimate parent company is Balspeed AG, a company incorporated in Switzerland. Their registered office is Signalstrasse 101, Basel, 4058.

ZIEGLER UK LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
24
Analysis of changes in net funds
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
14,297,989
(2,828,929)
11,469,060
25
Cash generated from operations
2023
2022
£
£
Profit for the year after tax
3,783,523
5,760,938
Adjustments for:
Taxation charged
1,302,013
1,278,987
Finance costs
550
-
0
Investment income
(320,305)
(1,076)
Amortisation and impairment of intangible assets
74,446
3,000
Depreciation and impairment of tangible fixed assets
173,731
156,682
Group balances written off
-
(2,130,438)
Movements in working capital:
(Increase)/decrease in debtors
(3,594,338)
3,703,709
(Decrease)/increase in creditors
(132,571)
342,970
Cash generated from operations
1,287,049
9,114,772
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