Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31truetruetruefalse2023-01-01The principal activity of the company continued to be that of freight and forwarding agents108truetrue 01489004 2023-01-01 2023-12-31 01489004 2022-01-01 2022-12-31 01489004 2023-12-31 01489004 2022-12-31 01489004 c:Director7 2023-01-01 2023-12-31 01489004 d:PlantMachinery 2023-01-01 2023-12-31 01489004 d:PlantMachinery 2022-12-31 01489004 d:FurnitureFittings 2023-01-01 2023-12-31 01489004 d:FurnitureFittings 2022-12-31 01489004 d:CurrentFinancialInstruments 2023-12-31 01489004 d:CurrentFinancialInstruments 2022-12-31 01489004 d:Non-currentFinancialInstruments 2023-12-31 01489004 d:Non-currentFinancialInstruments 2022-12-31 01489004 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 01489004 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 01489004 d:ShareCapital 2023-12-31 01489004 d:ShareCapital 2022-12-31 01489004 d:RetainedEarningsAccumulatedLosses 2023-12-31 01489004 d:RetainedEarningsAccumulatedLosses 2022-12-31 01489004 c:OrdinaryShareClass1 2023-01-01 2023-12-31 01489004 c:OrdinaryShareClass1 2023-12-31 01489004 c:OrdinaryShareClass1 2022-12-31 01489004 c:FRS102 2023-01-01 2023-12-31 01489004 c:Audited 2023-01-01 2023-12-31 01489004 c:FullAccounts 2023-01-01 2023-12-31 01489004 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 01489004 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 01489004 2 2023-01-01 2023-12-31 01489004 4 2023-01-01 2023-12-31 01489004 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 01489004










DIMERCO EXPRESS (UK) LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
DIMERCO EXPRESS (UK) LIMITED
REGISTERED NUMBER: 01489004

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
1,496
1,212

  
1,496
1,212

Current assets
  

Debtors: amounts falling due after more than one year
 6 
75,000
-

Debtors: amounts falling due within one year
 6 
223,431
587,419

Cash at bank and in hand
 7 
90,516
180,357

  
388,947
767,776

Creditors: amounts falling due within one year
 8 
(897,370)
(1,034,016)

Net current liabilities
  
 
 
(508,423)
 
 
(266,240)

Total assets less current liabilities
  
(506,927)
(265,028)

  

Net liabilities
  
(506,927)
(265,028)


Capital and reserves
  

Called up share capital 
 9 
800,000
800,000

Profit and loss account
 10 
(1,306,927)
(1,065,028)

  
(506,927)
(265,028)


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

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

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

Page 1

 
DIMERCO EXPRESS (UK) LIMITED
REGISTERED NUMBER: 01489004
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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




Jeffrey Cheng Sheng Shih
Director

Date: 19 August 2024

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
DIMERCO EXPRESS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The company is a private company limited by shares and is incorporated in England and Wales, registration number 01489004. The address of its registered office is 14th Floor, 33 Cavendish Square, London, United Kingdom, W1G 0PW. The principal trading address during the year was The Mille, 1000 Great West Road, Brentford, TW8 9DW. With effect from 15 April 2024, the principal trading address of the company changes to Littleton House, Littleton Road, Ashford, TW15 1UU. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

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 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Dimerco Express Corporation as at 31 December 2023 and these financial statements may be obtained from 11F, No 160, Sec. 6, Minchuan East Road, Taipei, Taiwan, 11490.

 
2.3

Going concern

The directors continue to review and monitor the company's performance and cash flows in the post balance sheet period, especially in light of the impact of ongoing economic issues in the UK and the global economy. While this will have an impact on future profitability, the company continues to maintain adequate cash balances and is controlling its costs. The directors have prepared the accounts on the basis that adequate financial support from the ultimate parent company, Dimerco Express Corporation and fellow subsidiary companies, who are the major trade creditors, will continue in the foreseeable future. The directors consider that it is appropriate to therefore prepare the financial statements on a going concern basis.

Page 3

 
DIMERCO EXPRESS (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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.5

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 represents amounts receivable for freight forwarding services and 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:
Export revenue is recognised at the time of departure of the goods conveyed and import revenue is recognised at the time of receipt of goods by the customer.

 
2.6

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.7

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 4

 
DIMERCO EXPRESS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

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

Depreciation is provided on the following basis:

Plant and machinery
-
3 years straight line
Fixtures, fittings and equipment
-
3 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Financial instruments

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

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

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.
 
Page 5

 
DIMERCO EXPRESS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.10
Financial instruments (continued)


Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
 
Page 6

 
DIMERCO EXPRESS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.10
Financial instruments (continued)


Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

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.

 
2.13

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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.14

Interest income

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


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

No material judgments in applying accounting policies were used and there were no key sources of estimation uncertainty during the preparation of these financial statements.

Page 7

 
DIMERCO EXPRESS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Employees

The average monthly number of employees, including directors, during the year was 10 (2022 - 8).


5.


Tangible fixed assets





Plant and machinery
Fixtures, fittings & equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
3,705
9,684
13,389


Additions
-
1,186
1,186



At 31 December 2023
3,705
10,870
14,575



Depreciation


At 1 January 2023
3,705
8,472
12,177


Charge for the year on owned assets
-
902
902



At 31 December 2023
3,705
9,374
13,079



Net book value



At 31 December 2023
-
1,496
1,496



At 31 December 2022
-
1,212
1,212

Page 8

 
DIMERCO EXPRESS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£

Due after more than one year

Prepayments and accrued income
75,000
-


2023
2022
£
£

Due within one year

Trade debtors
79,462
400,270

Amounts owed by group undertakings
80,889
145,133

Other debtors
18,361
19,267

Prepayments and accrued income
44,719
22,749

223,431
587,419



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
90,516
180,357


Cash balance at the year end included deposits totalling £72,000 (2022: £72,000) required by the bank to provide an indemnity guarantee to HMRC. For details of the indemnity guarantee please see Note 11.


8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
84,992
196,081

Amounts owed to group undertakings
654,409
540,131

Other taxation and social security
15,326
15,121

Other creditors
10,133
7,702

Accruals and deferred income
132,510
274,981

897,370
1,034,016


Page 9

 
DIMERCO EXPRESS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



800,000 (2022 - 800,000) Ordinary shares of £1.00 each
800,000
800,000



10.


Profit & loss account

The profit & loss account comprises accumulated losses incurred by the group and company since incorporation.


11.


Contingent liabilities

At the balance sheet date, the company has an indemnity guarantee of £90,000 (2022: £90,000) given by its bank to HMRC.


12.


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. The pension cost charge represents contributions payable by the Company to the fund and amounted to £7,959 (2022 - £7,214). Contributions totalling  £1,394 (2022 - £1,394) were payable to the fund at the balance sheet date and are included in creditors.


13.


Related party transactions

The company has taken advantage of the exemption available in FRS 102 not to disclose transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group to which it is a party to the transactions.


14.


Controlling party

The immediate parent company is Foreign Settlement Company Limited, a company registered in Hong Kong. The ultimate parent undertaking and controlling party of Dimerco Express (UK) is Dimerco Express Corporation, a company incorporated in Taiwan, Republic of China and listed on the Gre Tai Securities Market, The published financial statements of Dimerco Express Corporation are available for inspection at 11F, No 160, Sec. 6, Minchuan East Road, Taipei, Taiwan, 11490.

Page 10

 
DIMERCO EXPRESS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Auditors' information

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

In their report, the auditors emphasised the following matter without qualifying their report:

In forming our opinion which is not qualified, we have considered the adequacy of the disclosures made in note 2.3 to the financial statements concerning the company's trading ability to continue as a going concern. The company's trading and profitability has been affected as a result of impact of the ongoing  economic issues on the UK and the global economy. During the year ended 31 December 2023 the company made a loss of £241,899 (2022: loss of £242,635) and at this date the company's liabilities exceeded its total assets by £506,927 (2022: £265,028). These conditions indicate the existence of a material uncertainty which may cast doubt about thecompany's ability to continue as a going concern. The financial statements do not include the adjustments that would result if the company was unable to continue as a going concern.

The audit report was signed on 19 August 2024 by Chris Cheung FCCA (Senior Statutory Auditor) on behalf of Sumer Auditco Limited.

 
Page 11