Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31truetruefalsetruetruetruetrue2023-01-01falseNo description of principal activity7878false 03892692 2023-01-01 2023-12-31 03892692 2022-01-01 2022-12-31 03892692 2023-12-31 03892692 2022-12-31 03892692 1 2023-01-01 2023-12-31 03892692 1 2022-01-01 2022-12-31 03892692 6 2023-01-01 2023-12-31 03892692 6 2022-01-01 2022-12-31 03892692 d:Director1 2023-01-01 2023-12-31 03892692 d:Director1 2023-12-31 03892692 d:Director8 2023-01-01 2023-12-31 03892692 d:Director8 2023-12-31 03892692 d:Director9 2023-01-01 2023-12-31 03892692 d:Director9 2023-12-31 03892692 d:Director10 2023-01-01 2023-12-31 03892692 d:Director10 2023-12-31 03892692 d:Director11 2023-01-01 2023-12-31 03892692 d:Director11 2023-12-31 03892692 d:RegisteredOffice 2023-01-01 2023-12-31 03892692 e:Buildings e:LongLeaseholdAssets 2023-01-01 2023-12-31 03892692 e:Buildings e:LongLeaseholdAssets 2023-12-31 03892692 e:Buildings e:LongLeaseholdAssets 2022-12-31 03892692 e:LandBuildings 2023-12-31 03892692 e:LandBuildings 2022-12-31 03892692 e:MotorVehicles 2023-01-01 2023-12-31 03892692 e:MotorVehicles 2023-12-31 03892692 e:MotorVehicles 2022-12-31 03892692 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03892692 e:FurnitureFittings 2023-01-01 2023-12-31 03892692 e:FurnitureFittings 2023-12-31 03892692 e:FurnitureFittings 2022-12-31 03892692 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03892692 e:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 03892692 e:OtherPropertyPlantEquipment 2023-12-31 03892692 e:OtherPropertyPlantEquipment 2022-12-31 03892692 e:OtherPropertyPlantEquipment e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03892692 e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03892692 e:ComputerSoftware 2023-12-31 03892692 e:ComputerSoftware 2022-12-31 03892692 e:CurrentFinancialInstruments 2023-12-31 03892692 e:CurrentFinancialInstruments 2022-12-31 03892692 e:Non-currentFinancialInstruments 2023-12-31 03892692 e:Non-currentFinancialInstruments 2022-12-31 03892692 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 03892692 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 03892692 e:Non-currentFinancialInstruments e:AfterOneYear 2023-12-31 03892692 e:Non-currentFinancialInstruments e:AfterOneYear 2022-12-31 03892692 e:ReportableOperatingSegment1 2023-01-01 2023-12-31 03892692 e:ReportableOperatingSegment1 2022-01-01 2022-12-31 03892692 f:UnitedKingdom 2023-01-01 2023-12-31 03892692 f:UnitedKingdom 2022-01-01 2022-12-31 03892692 f:RestEuropeOutsideUK 2023-01-01 2023-12-31 03892692 f:RestEuropeOutsideUK 2022-01-01 2022-12-31 03892692 f:RestWorldOutsideUK 2023-01-01 2023-12-31 03892692 f:RestWorldOutsideUK 2022-01-01 2022-12-31 03892692 e:UKTax 2023-01-01 2023-12-31 03892692 e:UKTax 2022-01-01 2022-12-31 03892692 e:ShareCapital 2023-12-31 03892692 e:ShareCapital 2022-12-31 03892692 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 03892692 e:RetainedEarningsAccumulatedLosses 2023-12-31 03892692 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 03892692 e:RetainedEarningsAccumulatedLosses 2022-12-31 03892692 e:RetainedEarningsAccumulatedLosses 2022-01-01 03892692 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-01-01 2023-12-31 03892692 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-12-31 03892692 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-12-31 03892692 e:FurtherSpecificTypeProvisionContingentLiability2ComponentTotalProvisionsContingentLiabilities 2023-01-01 2023-12-31 03892692 e:FurtherSpecificTypeProvisionContingentLiability2ComponentTotalProvisionsContingentLiabilities 2023-12-31 03892692 e:FurtherSpecificTypeProvisionContingentLiability2ComponentTotalProvisionsContingentLiabilities 2022-12-31 03892692 e:FurtherSpecificTypeProvisionContingentLiability3ComponentTotalProvisionsContingentLiabilities 2023-01-01 2023-12-31 03892692 e:FurtherSpecificTypeProvisionContingentLiability3ComponentTotalProvisionsContingentLiabilities 2023-12-31 03892692 e:FurtherSpecificTypeProvisionContingentLiability3ComponentTotalProvisionsContingentLiabilities 2022-12-31 03892692 d:OrdinaryShareClass1 2023-01-01 2023-12-31 03892692 d:OrdinaryShareClass1 2023-12-31 03892692 d:OrdinaryShareClass1 2022-12-31 03892692 d:OrdinaryShareClass2 2023-01-01 2023-12-31 03892692 d:OrdinaryShareClass2 2023-12-31 03892692 d:OrdinaryShareClass2 2022-12-31 03892692 d:FRS102 2023-01-01 2023-12-31 03892692 d:Audited 2023-01-01 2023-12-31 03892692 d:FullAccounts 2023-01-01 2023-12-31 03892692 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03892692 e:Subsidiary1 2023-01-01 2023-12-31 03892692 e:Subsidiary1 1 2023-01-01 2023-12-31 03892692 e:Subsidiary2 2023-01-01 2023-12-31 03892692 e:Subsidiary2 1 2023-01-01 2023-12-31 03892692 e:Subsidiary3 2023-01-01 2023-12-31 03892692 e:Subsidiary3 1 2023-01-01 2023-12-31 03892692 e:WithinOneYear 2023-12-31 03892692 e:WithinOneYear 2022-12-31 03892692 e:BetweenOneFiveYears 2023-12-31 03892692 e:BetweenOneFiveYears 2022-12-31 03892692 e:MoreThanFiveYears 2023-12-31 03892692 e:MoreThanFiveYears 2022-12-31 03892692 e:HirePurchaseContracts e:WithinOneYear 2023-12-31 03892692 e:HirePurchaseContracts e:WithinOneYear 2022-12-31 03892692 e:HirePurchaseContracts e:BetweenOneFiveYears 2023-12-31 03892692 e:HirePurchaseContracts e:BetweenOneFiveYears 2022-12-31 03892692 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 03892692 e:AcceleratedTaxDepreciationDeferredTax 2022-12-31 03892692 e:TaxLossesCarry-forwardsDeferredTax 2023-12-31 03892692 e:TaxLossesCarry-forwardsDeferredTax 2022-12-31 03892692 2 2023-01-01 2023-12-31 03892692 6 2023-01-01 2023-12-31 03892692 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2023-12-31 03892692 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2022-12-31 03892692 e:LeasedAssetsHeldAsLessee 2023-12-31 03892692 e:LeasedAssetsHeldAsLessee 2022-12-31 03892692 e:ComputerSoftware e:OwnedIntangibleAssets 2023-01-01 2023-12-31 03892692 g:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Company registration number: 03892692







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


JERSEY POST GLOBAL LOGISTICS UK LIMITED






































img7f8e.png                        

 


JERSEY POST GLOBAL LOGISTICS UK LIMITED
 


 
COMPANY INFORMATION


Directors
T Barnes (resigned 16 January 2024)
J Pestana (resigned 23 March 2023)
M Nightingale (appointed 23 March 2023)
C E Gallichan (appointed 25 April 2024)
M A Siviter (appointed 25 April 2024)




Registered number
03892692



Registered office
Unit 1, Quadra Point
Sharps Close

Anchorage Park

Portsmouth

Hampshire

PO3 5PL




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

3000a Parkway

Whiteley

Hampshire

PO15 7FX





 


JERSEY POST GLOBAL LOGISTICS UK LIMITED
 



CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Statement of Income and Retained Earnings
9
Statement of Financial Position
10 - 11
Notes to the Financial Statements
12 - 25


 


JERSEY POST GLOBAL LOGISTICS UK LIMITED
 


 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The Directors present their Strategic Report for the year ended 31 December 2023.

Business review
 
Logistics companies in general had a difficult 2023, with some very large and well-established companies entering liquidation during the year as cost increase as quickly as prices had to fall to remain competitive. JPGL UK was no exception with revenues down and costs up, resulting in a negative net profit for the first time in trading history.
Despite the losses made in 2023, profit before tax and depreciation was still positive, the company generated cash from its operations in 2023. There is continued investment in key assets such as vehicles as JPGL UK look to maintain a reliable fleet of vehicles with 50% of our European fleet was upgraded during the year.
2023 saw a reduction in revenue compared to the previous year, the main reason was a reduction in JPGL UK’s core freight business. JPGL UK still feels the impact of Brexit on performance, and volume of work in an ever-increasing market where price has become as important as service delivery. JPGL UK will continue to focus on road haulage both domestically and internationally as a way for growth and will be partnering with a freight network for domestic deliveries and benefitting from growth within the Jersey Post group. 
Other areas of the business saw mixed results. Storage revenue reduced by 10% year on year in line with market rates and conditions, having to lower pallet prices to achieve capacity. Similarly, the cost of storage to JPGL UK was 70% lower due to inventive ways of storing goods and using other companies within the group allowing competitiveness. Therefore, JPGL UK had significant growth in storage gross margin and will look to continue this into next year.
Fulfilment declined in 2023 as the post-Covid boom seen in the two years immediately after Covid in leisure and hospitality started to slow. As staff costs and warehouse running costs continue to rise, there has been a reduction in margin on fulfilment as the gap narrows between revenue generated from fulfilment and the costs to service the contracts we have in place. There has been a lot of work to introduce efficiencies within the warehouse to gain cost savings from lean activities which should start to bear fruit from early 2024.
There was a strategic decision made in the latter part of 2021 to cease clearing goods from China as the risk posed by non-conformance was too great and was not something JPGL UK wanted to be involved with. Despite this, there was and increase of nearly 10% in clearance revenue driven by imports from the USA. With road freight declining, the revenue from transport and accompanied documents saw a sharp decline of 35% from the previous year.

Principal risks and uncertainties
 
Cost of living in the UK increased considerably in the UK, so it was important to achieve the right balance between compensating the staff and doing what was affordable. There will be similar challenges going forwards to ensure increases to staff pay and appropriate and affordable to keep staff churn to a minimum.
Increases in utilities and fuel are factored into selling prices but increases at a greater rate could have a detrimental impact on JPGL UK. While there is unrest in Europe and the Middle east, there is very little chance of these commodities returning to 2021 levels. Imposing surcharges on customers will be a way to mitigate this risk, however it may not be so well received when price is the driver of success. This could lead to a reduction in gross margin, so volume will be key to maintain profitability.

Financial key performance indicators
 
Debtor days has always been key to cashflow for JPGL UK Ltd. Average days in 2023 was 45.93, down from 48.19 in 2022. 
The current ratio for JPGL in December 2022 was 1.43, and 1.44 at the end of 2023 and remained consistent throughout so while revenue and profits are declining, there is still strength in JPGL UK’s balance sheet and assets held.
Despite the losses made in 2023, profit after tax and depreciation was still positive, the company generated cash from its operations in 2023, albeit small.

Page 1

 


JERSEY POST GLOBAL LOGISTICS UK LIMITED
 



STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


This report was approved by the board and signed on its behalf.



................................................
M Nightingale
Director

Date: 30 July 2024

Page 2

 


JERSEY POST GLOBAL LOGISTICS UK LIMITED
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

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

Directors' responsibilities statement

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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgments 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The loss for the year, after taxation, amounted to £178,639 (2022 - profit £21,367).

There were no dividends declared during the period.

Directors

The directors who served during the year were:

T Barnes (resigned 16 January 2024)
J Pestana (resigned 23 March 2023)
M Nightingale (appointed 23 March 2023)

Future developments

Please refer to the strategic report.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Page 3

 


JERSEY POST GLOBAL LOGISTICS UK LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Auditors

Under section 487(2) of the Companies Act 2006Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 





................................................
M Nightingale
Director

Date: 30 July 2024

Page 4

 


JERSEY POST GLOBAL LOGISTICS UK LIMITED
 

img3e58.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JERSEY POST GLOBAL LOGISTICS UK LIMITED

Opinion


We have audited the financial statements of Jersey Post Global Logistics UK Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position and the related notes, including a summary of significant accounting policiesThe 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 loss 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 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 United Kingdom, including the Financial Reporting Council'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 Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Page 5

 


JERSEY POST GLOBAL LOGISTICS UK LIMITED


img6639.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JERSEY POST GLOBAL LOGISTICS UK LIMITED (CONTINUED)

Opinion 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.


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:


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 Directors' Responsibilities Statement set out on page 3, 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.


Page 6

 


JERSEY POST GLOBAL LOGISTICS UK LIMITED


img4707.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JERSEY POST GLOBAL LOGISTICS UK LIMITED (CONTINUED)

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.


 
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
 
The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation, and general regulations such as health and safety and general data protection regulation. There are no industry specific laws and regulations which would be deemed to have a significant impact on the financial statements.   

We understood how the Company is complying with those legal and regulatory frameworks by making inquiries to management and those responsible for legal and compliance procedures. We corroborated our inquiries through our review of documentation.

The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area. 

We assessed the susceptibility of the Company financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included: 
 
°Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
°Understanding how those charged with governance considered and addressed the potential for override of  controls or other inappropriate influence over the financial reporting process; 
°Challenging assumptions and judgments made by management in its significant accounting estimates; and
°Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

As a result of the above procedures, we considered the opportunities and incentives that may exist within the  organisation for fraud and identified the greatest potential for fraud in the following areas:
 
°Posting of unusual journals and complex transactions;
°Misappropriation of funds through fraudulent supplier ledger and payroll activity; and 
°Manipulation of amounts subject to significant judgement or estimate. 



Because of 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.


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.


Page 7

 


JERSEY POST GLOBAL LOGISTICS UK LIMITED


img4bbb.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JERSEY POST GLOBAL LOGISTICS UK LIMITED (CONTINUED)

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 2006Our 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.





James Hadfield FCA (Senior Statutory Auditor)
  
for and on behalf of
Menzies LLP
 
Chartered Accountants
Statutory Auditor
  
3000a Parkway
Whiteley
Hampshire
PO15 7FX

9 August 2024
Page 8

 


JERSEY POST GLOBAL LOGISTICS UK LIMITED
 


 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
  
8,982,354
10,384,388

Cost of sales
  
(4,428,877)
(5,778,425)

Gross profit
  
4,553,477
4,605,963

Administrative expenses
  
(4,766,733)
(4,576,549)

Operating (loss)/profit
  
(213,256)
29,414

Interest receivable and similar income
 9 
2,946
-

(Loss)/profit before tax
  
(210,310)
29,414

Tax on (loss)/profit
  
31,671
(8,047)

(Loss)/profit after tax
  
(178,639)
21,367

  

  

Retained earnings at the beginning of the year
  
1,980,887
1,959,520

  
1,980,887
1,959,520

(Loss)/profit for the year
  
(178,639)
21,367

Retained earnings at the end of the year
  
1,802,248
1,980,887
The notes on pages 12 to 25 form part of these financial statements.

Page 9

 


JERSEY POST GLOBAL LOGISTICS UK LIMITED
REGISTERED NUMBER:03892692



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 11 
71,249
154,582

Tangible assets
 12 
438,585
560,970

Investments
 13 
1
1

  
509,835
715,553

Current assets
  

Debtors: amounts falling due within one year
 14 
5,042,337
4,874,072

Cash at bank and in hand
  
388,284
700,531

  
5,430,621
5,574,603

Creditors: amounts falling due within one year
 15 
(3,732,552)
(3,862,959)

Net current assets
  
 
 
1,698,069
 
 
1,711,644

Total assets less current liabilities
  
2,207,904
2,427,197

Creditors: amounts falling due after more than one year
 16 
(72,161)
(48,874)

Provisions for liabilities
  

Deferred tax
 18 
-
(31,671)

Other provisions
 19 
(333,395)
(365,665)

  
 
 
(333,395)
 
 
(397,336)

Net assets
  
1,802,348
1,980,987

Page 10

 


JERSEY POST GLOBAL LOGISTICS UK LIMITED
REGISTERED NUMBER:03892692


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Capital and reserves
  

Called up share capital 
 20 
100
100

Profit and loss account
  
1,802,248
1,980,887

  
1,802,348
1,980,987


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




................................................
M Nightingale
Director
Date: 30 July 2024

Page 11

 


JERSEY POST GLOBAL LOGISTICS UK LIMITED
 


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

1.


Statement of compliance

Jersey Post Global Logistics UK Limited is a private company limited by shares, incorporated in England and Wales. The address of its registered office is disclosed on the company information page.

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 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

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 the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Jersey Post International Limited as at 31 December 2023 and these financial statements may be obtained from :
 
Postal Headquarters
La Rue Grellier
La Rue des Pres Trading Estate
St. Saviour
Jersey
JE2 7QS.

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of a state other than the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006.

Page 12

 


JERSEY POST GLOBAL LOGISTICS UK LIMITED
 


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

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.5

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.

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 13

 


JERSEY POST GLOBAL LOGISTICS UK LIMITED
 


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

2.Accounting policies (continued)

 
2.9

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.

 
2.10

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.

 
2.11

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.

Intangible assets are amortised over the length of the contract to which they relate. 

 
2.12

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 14

 


JERSEY POST GLOBAL LOGISTICS UK LIMITED
 


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

2.Accounting policies (continued)


2.12
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, either using the straight line or reducing balance methods.

Depreciation is provided on the following basis:

Long-term leasehold property
-
10%
Straight line
Motor vehicles
-
20%
Straight line
Fixtures and fittings
-
15%
& 20% & 33% Reducing balance
Other fixed assets
-
15%
Reducing balance

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

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.

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.


Judgments in applying accounting policies and key sources of estimation uncertainty

Dilapidations provision
There is an obligation occuring upon the termination of the lease of a building which constitutes returning the building to original state as detailed in the contract. The amount of the resulting payment is not yet known, and therefore there is estimation required in order to calculate an expected provision.
Under-declared Duty & VAT provision
There is a potential obligation to pay under-declared import Duty and VAT as a result of incorrect customs declarations made on behalf of customers. This is because if there are any errors with the declarations, and for some reason the amount due is not paid to HMRC, one would expect HMRC to contact the importer in the first instance, but HMRC would also have recourse to the agent where indirect representation is in place. Hence, there are uncertainties around the amount and timing of the resulting payments. 

Page 15

 


JERSEY POST GLOBAL LOGISTICS UK LIMITED
 


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

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Rendering of services
8,982,354
10,384,388

8,982,354
10,384,388


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
8,639,563
9,927,054

Rest of Europe
300,814
414,087

Rest of the world
41,977
43,247

8,982,354
10,384,388



5.


Operating (loss)/profit

The operating (loss)/profit is stated after charging:

2023
2022
£
£

Exchange differences
624
13,767

Other operating lease rentals
1,254,680
1,308,118


6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
18,150
16,500

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 16

 


JERSEY POST GLOBAL LOGISTICS UK LIMITED
 


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

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
1,779,252
1,879,076

Social security costs
168,258
177,597

Cost of defined contribution scheme
31,169
34,079

1,978,679
2,090,752


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
76
76



Directors
2
2

78
78


8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
131,500
7,608

131,500
7,608



9.


Interest receivable

2023
2022
£
£


Other interest receivable
2,946
-

2,946
-

Page 17

 


JERSEY POST GLOBAL LOGISTICS UK LIMITED
 


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

10.


Taxation


2023
2022
£
£

Corporation tax


Adjustments in respect of previous periods
-
1


-
1


Total current tax
-
1

Deferred tax


Origination and reversal of timing differences
(31,671)
8,046

Total deferred tax
(31,671)
8,046


Tax on (loss)/profit
(31,671)
8,047

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19   %). The differences are explained below:

2023
2022
£
£


(Loss)/profit on ordinary activities before tax
(210,310)
29,414


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19   %)
(49,465)
5,589

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
331
306

Other timing differences leading to an increase (decrease) in taxation
377
(357)

Other differences leading to an increase (decrease) in the tax charge
(3,060)
1,352

Group relief
121
1,157

Deferred tax loss not recognised
20,025
-

Total tax charge for the year
(31,671)
8,047

Page 18

 


JERSEY POST GLOBAL LOGISTICS UK LIMITED
 


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

11.


Intangible assets




Computer software

£



Cost


At 1 January 2023
250,000



At 31 December 2023

250,000



Amortisation


At 1 January 2023
95,418


Charge for the year on owned assets
83,333



At 31 December 2023

178,751



Net book value



At 31 December 2023
71,249



At 31 December 2022
154,582



Page 19

 


JERSEY POST GLOBAL LOGISTICS UK LIMITED
 


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

12.


Tangible fixed assets





Long-term leasehold property
Motor vehicles
Other plant and equipment
Other fixed assets
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
78,008
1,234,757
468,721
102,051
1,883,537


Additions
-
116,471
12,144
-
128,615


Disposals
-
-
(3,662)
-
(3,662)



At 31 December 2023

78,008
1,351,228
477,203
102,051
2,008,490



Depreciation


At 1 January 2023
49,520
932,807
247,536
92,704
1,322,567


Charge for the year on owned assets
5,576
143,800
96,028
1,934
247,338



At 31 December 2023

55,096
1,076,607
343,564
94,638
1,569,905



Net book value



At 31 December 2023
22,912
274,621
133,639
7,413
438,585



At 31 December 2022
28,488
301,950
221,185
9,347
560,970




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Long leasehold
22,912
28,488

22,912
28,488


The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
202,500
132,000

202,500
132,000

Page 20

 


JERSEY POST GLOBAL LOGISTICS UK LIMITED
 


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

13.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
1



At 31 December 2023
1






Net book value



At 31 December 2023
1



At 31 December 2022
1


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Jersey Post Global Logistics Inc
160 Greentree Drive, Suite 101, Dover, Kent, zip code 19904, Delaware, The United States of America
Ordinary
100%
Global eParcel Solutions LLC
845 Carol Ct, Carol Stream, IL 60188
Ordinary
100%
APG International LLC
7950 NW 77th St, Suite 3, Miami FL 33195
Ordinary
83%


14.


Debtors

2023
2022
£
£


Trade debtors
1,130,285
1,370,962

Amounts owed by group undertakings
3,455,048
3,090,238

Other debtors
215
-

Prepayments and accrued income
456,789
412,872

5,042,337
4,874,072


Page 21

 


JERSEY POST GLOBAL LOGISTICS UK LIMITED
 


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

15.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
875,063
891,277

Amounts owed to group undertakings
2,559,147
2,562,074

Other taxation and social security
52,720
115,162

Obligations under finance lease and hire purchase contracts
68,941
43,892

Other creditors
19,951
38,574

Accruals and deferred income
156,730
211,980

3,732,552
3,862,959



16.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
72,161
48,874

72,161
48,874



17.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
68,941
43,892

Between 1-5 years
72,161
48,874

141,102
92,766

Page 22

 


JERSEY POST GLOBAL LOGISTICS UK LIMITED
 


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

18.


Deferred taxation




2023


£






At beginning of year
(31,671)


Charged to profit or loss
31,671



At end of year
-

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
-
(71,360)

Tax losses carried forward
-
39,689

-
(31,671)


19.


Provisions




Dilapidations
Under-declared Duty & VAT
Other
Total

£
£
£
£





At 1 January 2023
210,446
137,219
18,000
365,665


Charged to profit or loss
-
(14,270)
(18,000)
(32,270)



At 31 December 2023
210,446
122,949
-
333,395

Dilapidations
There is an obligation occuring upon the termination of the lease of a building which constitutes returning the building to original state as detailed in the contract. The amount of the resulting payment is not yet known. 
Under-declared Duty & VAT
There is a potential obligation to pay under-declared import Duty and VAT as a result of incorrect customs declarations made on behalf of customers. This is because if there are any errors with the declarations, and for some reason the amount due is not paid to HMRC, one would expect HMRC to contact the importer in the first instance, but HMRC would also have recourse to the agent where indirect representation is in place. Hence, there are uncertainties around the amount and timing of the resulting payments. 

Page 23

 


JERSEY POST GLOBAL LOGISTICS UK LIMITED
 


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

20.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



90 (2022 - 90) Ordinary shares of £1.00 each
90
90
10 (2022 - 10) Ordinary A shares of £1.00 each
10
10

100

100

Ordinary and Ordinary A shares both hold full voting and capital distribution (including winding up) rights, and are entitled to dividends.



21.


Reserves

Profit and loss account

This reserve records retained earnings and accumulated losses.


22.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. As at the year end date, pension commitments held on the Statement of Financial Position, owed by the Company amounted to £17,052 (2022 - £2,283).


23.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
1,375,006
1,213,710

Later than 1 year and not later than 5 years
1,353,064
2,052,006

Later than 5 years
8,877
18,591

2,736,947
3,284,307


24.


Related party transactions

The Company has applied the exemption available under section 33 of FRS 102 from the requirement to disclose related party transactions with wholly owned subsidiaries of a mutual group.

Page 24

 


JERSEY POST GLOBAL LOGISTICS UK LIMITED
 


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

25.


Controlling party

The ultimate controlling party is the States of Jersey Investments Limited which is incorporated in Jersey.
The largest and smallest group in which the results of this company are consolidated is that which is headed by Jersey Post International Limited, whose registered office is Jersey Post, La Rue Grellier, Rue des Pres Trading Estate, St. Saviour, Jersey, JE1 1AA.     

 
Page 25