Registered number: 14664354
ID LOGISTICS & TRANSPORT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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ID LOGISTICS & TRANSPORT LIMITED
COMPANY INFORMATION
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Eric Pierre Marie Hemar (appointed 15 February 2023)
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Yann Guy Perot (appointed 20 February 2023)
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Christophe Laurent Emile Patrice Satin (appointed 20 February 2023)
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Chartered Accountants and Statutory Auditor
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ID LOGISTICS & TRANSPORT LIMITED
CONTENTS
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Independent Auditors' Report
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Statement of Comprehensive Income
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Statement of Financial Position
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Statement of Changes in Equity
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Notes to the Financial Statements
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ID LOGISTICS & TRANSPORT LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023
About ID Logistics and Transport Limited
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ID Logistics and Transport Limited was founded in February 2023 and has started its activities in June 2023. ID Logistics and Transport Limited is providing high standard logistics services to its customers. ID Logistics and Transport Limited is 100% owned by ID Logistics Group.
ID Logistics Group, headed by Eric Hémar, is an international contract logistics group with revenues of €2.75 billion in 2023. ID Logistics manages nearly 400 sites in 18 countries, representing more than 8 million sqm. operated in Europe, America, Asia and Africa, with 38,000 employees. With a customer portfolio balanced between retail, e-commerce and consumer goods, ID Logistics is characterized by offers involving a high level of technology. Since its creation in 2001, the Group has developed a social and environmental approach through a number of original projects and is now firmly committed to an ambitious CSR policy. ID Logistics shares are listed on the Euronext regulated market in Paris and are included in the SBF 120 index (ISIN code: FR0010929125, Mnemo: IDL).
In line with the ID Logistics Group’s strategy, ID Logistics and Transport Ltd has benefitted from the Group’s contacts, reputation, support, and know-how to open its first site in the UK. ID Logistics and Transport Limited has implemented its first activities in a 18.000 sqm site located in Brackmills (Northampton) and built a strong network of local suppliers, helping its anchoring in the local economic environment in line with its CSR policy. ID Logistics has recruited almost one hundred people in 2023, a large demographic being women, adding to the significant diversity on site.
In the meantime, ID Logistics has built a strong management team to support future growth. Part of the recruitment for the management team was made internally, re-enforcing our strategy of internal promotion aimed at training our staff to enable them to take higher responsibilities and develop their skills.
ID Logistics and Transport Ltd plans to use its agility as a light structure combined with the support of a major player like ID Logistics Group to win additional business.
An energized UK sales team will lead our growth strategy, coupled with commercial synergies with the rest of the ID Logistics Group.
2023 has been a very good start-up year for ID Logistics and Transport Ltd which has managed to create value from Year 1 and plans on a continual growth for the coming years. We will continue our strategy to develop new contacts and build a strong reputation in the UK market.
The Directors are now confident that our business model will enable us to lead strong and stable operations in the UK and to expand our activities.
This report was approved by the board on 16 August 2024 and signed on its behalf.
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ID LOGISTICS & TRANSPORT LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023
The directors present their report and the financial statements for the period ended 31 December 2023.
Directors' responsibilities statement
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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 Section 1A ‘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 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.
After assessing the company’s trading performance, future prospects and ongoing support from the Group, the directors believe the company will continue as a going concern.
The profit for the period, after taxation, amounted to £36,550.
There is no dividend to be paid in the period.
The directors who served during the period were:
Eric Pierre Marie Hemar (appointed 15 February 2023)
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Yann Guy Perot (appointed 20 February 2023)
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Christophe Laurent Emile Patrice Satin (appointed 20 February 2023)
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ID LOGISTICS & TRANSPORT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
Disclosure of information to auditors
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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
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There have been no significant events affecting the Company since the year end.
The auditors, Constantin, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on 16 August 2024 and signed on its behalf.
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ID LOGISTICS & TRANSPORT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE OF ID LOGISTICS & TRANSPORT LIMITED
Report on the audit of the financial statements
Opinion
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In our opinion the financial statements of ID Logistics & Transport Limited (the ‘company’):
∙give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the period from 15 February 2023 to 31 December 2023;
∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and
Republic of Ireland”; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements which comprise:
• the statement of comprehensive income;
• Statement of Financial Position;
• the statement of changes in equity;
• the statement of accounting policies; and
• the related notes 1 to 13.
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).
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 UK, including the Financial Reporting Council's (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
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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.
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ID LOGISTICS & TRANSPORT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE OF ID LOGISTICS & TRANSPORT LIMITED (CONTINUED)
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 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.
Responsibilities of directors
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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
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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.
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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ID LOGISTICS & TRANSPORT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE OF ID LOGISTICS & TRANSPORT LIMITED (CONTINUED)
Extent to which the audit was considered capable of detecting irregularities, including fraud
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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.
We considered the nature of the company’s industry and its control environment, and reviewed the company’s
documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We
also enquired of management and the directors about their own identification and assessment of the risks of
irregularities, including those that are specific to the company’s business sector.
We obtained an understanding of the legal and regulatory framework that the company operates in, and
identified the key laws and regulations that:
∙had a direct effect on the determination of material amounts and disclosures in the financial statements.
These included UK Companies Act, pensions legislation, tax legislation; and
∙do not have a direct effect on the financial statements but compliance with which may be fundamental to
the company’s ability to operate or to avoid a material penalty.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist
within the organisation for fraud and how and where fraud might occur in the financial statements.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to
the risk of management override. In addressing the risk of fraud through management override of controls, we
tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in
making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any
significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
∙reviewing financial statement disclosures by testing to supporting documentation to assess compliance
with provisions of relevant laws and regulations described as having a direct effect on the financial
statements;
∙performing analytical procedures to identify any unusual or unexpected relationships that may indicate
risks of material misstatement due to fraud;
∙enquiring of management and external legal counsel concerning actual and potential litigation and claims,
and instances of non-compliance with laws and regulations; and
∙reading minutes of meetings of those charged with governance.
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ID LOGISTICS & TRANSPORT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE OF ID LOGISTICS & TRANSPORT LIMITED (CONTINUED)
Report on other legal and regulatory requirements
Opinions on other matters prescribed by the Companies Act 2006
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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 has been prepared in accordance with applicable legal
requirements.
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 any material misstatements in the strategic report and the directors’ report.
Matters on which we are required to report by exception
Under the Companies Act 2006 we are required to report in respect of the following matters 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; or
We have nothing to report in respect of these matters.
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ID LOGISTICS & TRANSPORT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE OF ID LOGISTICS & TRANSPORT LIMITED (CONTINUED)
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 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.
For and on behalf of
Constantin
Mark Bathgate FCA (Senior statutory auditor)
Chartered Accountants and Statutory Auditor
25 Hosier Lane
London
EC1A 9LQ
16 August 2024
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ID LOGISTICS & TRANSPORT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2023
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The period from 15 February 2023 to 31 December 2023
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Interest receivable and similar income
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Profit for the financial period
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Other comprehensive income for the period
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Total comprehensive income for the period
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The notes on pages 13 to 21 form part of these financial statements.
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ID LOGISTICS & TRANSPORT LIMITED
REGISTERED NUMBER: 14664354
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
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The period from 15 February 2023 to 31 December 2023
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Fixed assets held for sale
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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ID LOGISTICS & TRANSPORT LIMITED
REGISTERED NUMBER: 14664354
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accrodance with the provisions of FRS 102 Section 1A- small entities.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 August 2024.
The notes on pages 13 to 21 form part of these financial statements.
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ID LOGISTICS & TRANSPORT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023
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Comprehensive income for the period
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Total comprehensive income for the period
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Contributions by and distributions to owners
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Shares issued during the period
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The notes on pages 13 to 21 form part of these financial statements.
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ID LOGISTICS & TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
ID Logistics & Transport Limited is a private company, limited by shares, registered in England and
Wales. The company's registered office address is 9th Floor 107 Cheapside, London, United Kingdom, EC2V 6DN. The company was incorporated on the 15th February 2023 and this is the first set of financial statements.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
In preparing these financial statements, the company has taken advantage of the disclosure exemptions permitted by FRS 102 Section 1A, the company has not presented a Statement of Cash Flows as permitted by FRS 102, Section 1A, paragraph 1A.7.
The following principal accounting policies have been applied:
We have continued to prepare the accounts on a going concern basis and deem this to be
appropriate. In making this assessment we have considered the likely trading conditions for a period
of twelve months from the date of our approval of these accounts.
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ID LOGISTICS & TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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.
Interest income is recognised in profit or loss using the effective interest method.
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ID LOGISTICS & TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the period 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.
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.
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ID LOGISTICS & TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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The company has entered into a multi-year agreement with a customer, which necessitates the purchase of specific assets to deliver the required services under this contract. These assets are integral to fulfilling the terms of the contract and are expected to have minimal residual value upon completion of the agreement.
Given the nature and intended use of these assets, the company has elected to depreciate them on a straight-line basis over the life of the customer contract.
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:
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over the life of the customer contract
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over the life of the customer contract
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over the life of the customer contract
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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.
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.
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Cash and cash equivalents
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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.
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.
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ID LOGISTICS & TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
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An analysis of turnover by class of business is as follows:
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The period from 15 February 2023 to 31 December 2023
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The period from 15 February 2023 to 31 December 2023
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ID LOGISTICS & TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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The period from 15 February 2023 to 31 December 2023
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Foreign exchange difference - gain
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During the period, the Company obtained the following services from the Company's auditors:
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The period from 15 February 2023 to 31 December 2023
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Fees payable to the Company's auditors for the audit of the Company's financial statements
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Staff costs were as follows:
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The period from 15 February 2023 to 31 December 2023
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At the year end, the total number of employees was 117.
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ID LOGISTICS & TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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The period from 15 February 2023 to 31 December 2023
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Other interest receivable
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Charge for the period on owned assets
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ID LOGISTICS & TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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The period from 15 February 2023 to 31 December 2023
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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The period from 15 February 2023 to 31 December 2023
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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The period from 15 February 2023 to 31 December 2023
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Amounts owed to group undertakings
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ID LOGISTICS & TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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Related party transactions
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As at 31st December 2023 the intercompany loan balance repayable was £2,522,000. ID Logistics & Transport Limited was owed by the parent company £104,313 relating to intercompany transactions in addition to a payable balance of £21,761. Intercompany accruals at the year end totalled £368,581.
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The immediate parent is ID Logistics SAS registered in France. The ultimate parent is ID Logistics Group SA, also registered in France.
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