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REGISTERED NUMBER: 11533556 (England and Wales)















THAW LOGISTICS LTD

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






THAW LOGISTICS LTD (REGISTERED NUMBER: 11533556)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Income Statement 10

Statement of Financial Position 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


THAW LOGISTICS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr M S Bigley
Mr R G Harris





REGISTERED OFFICE: C73 Shelton Boulevard
Stoke on Trent
Staffordshire
ST1 5GQ





REGISTERED NUMBER: 11533556 (England and Wales)





AUDITORS: Folkes Worton LLP
Chartered Accountants and Statutory Auditor
15-17 Church Street
Stourbridge
West Midlands
DY8 1LU

THAW LOGISTICS LTD (REGISTERED NUMBER: 11533556)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
Emerge continues to invest in its strategy to develop an international freight management company that supports its customers in the efficient movement of their products through the supply chain from production to consumption anywhere in the world.

In execution of this strategy Emerge continues to make strategic investments in relevant businesses that add significant value to the service proposition of the company through skills, knowledge, resources, infrastructure and services to deliver exceptional standards of service quality and commercial efficiency that the Company's customers demand.

Emerge delivers its services through three clear divisions working collaboratively to deliver exceptional quality and value in the services that are provided:-

- The Emerge Freight Forwarding division has performed exceptionally well as we continue to deliver service quality through Air and Sea worldwide. To support the growth we have opened offices in Hong Kong and Turkey to provide expert knowledge in local markets.

- Emerge expanded its Warehousing, Storage and Fulfilment division through the investment in EasyCorp UK and the additional investment in 80,000sq.ft of new Warehousing in Stoke on Trent. On top of this the inclusion of the mid Wales warehouses has further strengthened the group

- Emerge expanded its Road transport distribution division through the investment in Speed Welshpool bringing access to a number of UK and European pallet and parcel networks and now operates seamlessly within the Group. The continued investment drives best practice, improving safety and efficiency and are now a FORS member company.

Emerge works proactively to reduce its impact on the environment and aligned with Carbon Neutral Britain to become Carbon Neutral by the end of 2023. Emerge continues to investigate the use of electric vehicles, rainwater harvesting, cycle to work schemes, hybrid working and solar, across the business to continually manage and reduce the environmental impact that we have.

The Company has attracted and retained new customers across all divisions, and we continue to invest in our service proposition through technology, processes and standards to ensure that we remain at the forefront of our markets and peers.

People remain at the heart of our Group. The skills, knowledge and commitment our people demonstrate every day are a cornerstone to our success. We continue to develop our team and attract new skills and knowledge.

Emerge has grown significantly since its inception and continues to invest in high performing, high quality businesses and people. Emerge has expanded its relationship with its existing finance partners and entered into a new long term agreement with Beechbrook Capital. This enabled Emerge to further invest in Britam Shipping which strengthens the freight forwarding and warehousing divisions. Emerge believes this investment adds significantly to our customer proposition.

Long term partnerships with Arbuthnot Bank and Beechbrook Capital enables Emerge to accelerate its investment programme in all divisional areas through 2024 and beyond.


The company is part of the Emerge Global Limited group of companies and therefore its results are included in the parents consolidated financial statements.

For reference the directors would like to present the combined annual results of the consolidated group below:


THAW LOGISTICS LTD (REGISTERED NUMBER: 11533556)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


2023 2022
£    £   
Turnover 20,374 17,525
Profit before tax 657 1,013
Add back net interest 411 209
Consolidated operating profit 1,068 1,222
Add back amortisation 476 280
Add back depreciation 415 175
Add back exceptional items included administrative expenses * 436 -
Consolidated EBITDA before exceptional items 2,395 1,677
Consolidated EBITDA before exceptional items margin 11.8% 9.6%
* Exceptional items include one-off costs in relation to restructuring, personnel cost and premises
dilapidation costs.

Net cash generated from operating activities 623 1,865
Cash conversion ratio 26.0% 111.2%

Trade debtors 3,712 1,884
Lock up days at year end 66.5 Days 39.2 Days

Net group borrowing
Senior debt 4,213 3,419
Finance lease liabilities 1,124 117
Less: Cash at bank (1,130 ) (1,753 )
Net third party borrowings 4,207 1,783
Loan notes and credit vendor loans 1,020 -
Net indebtedness 5,227 1,783

The directors are encouraged by the results of the KPIs above which exceed initial budgets and they are confident that growth will continue during the next financial year. In addition, if the businesses acquired during the year had been part of the group for the full financial year the consolidated turnover and EBITDA would have been as illustrated below:


THAW LOGISTICS LTD (REGISTERED NUMBER: 11533556)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


2023
£   
Consolidated turnover, as above 20,374
Pre acquisition turnover (EasyCorp UK Limited) 7
Pre acquisition turnover (Speed Welshpool Limited) 6,737
Adjusted consolidated turnover including a full financial year of acquired businesses 27,184

Consolidated EBITDA before exceptional items as above 2,395
Pre acquisition EBITDA (EasyCorp UK Limited) 35
Pre acquisition EBITDA (Speed Welshpool Limited) 725
Adjusted consolidated EBITDA before exceptional items including a full financial year of
acquired businesses

3,115

Adjusted consolidated EBITDA before exceptional items margin 11.6%

The adjusted consolidated revenue and EBITDA illustrated above are based on the results extracted from the unaudited management accounts for each entity from 1 January 2023 to the month of acquisition.

ON BEHALF OF THE BOARD:





Mr M S Bigley - Director


27 June 2024

THAW LOGISTICS LTD (REGISTERED NUMBER: 11533556)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of warehousing & logistics.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

DIRECTORS
The directors set out in the table below have held office during the whole of the period from 1 January 2023 to the date of this report.

The directors shown below were in office at 31 December 2023 but did not hold any interest in the Ordinary shares of £1 each at 1 January 2023 or 31 December 2023.

Mr M S Bigley
Mr R G Harris

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 and then apply them consistently;
-make judgements 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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

THAW LOGISTICS LTD (REGISTERED NUMBER: 11533556)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


AUDITORS
The auditors, Folkes Worton LLP, having been appointed during the year, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr M S Bigley - Director


27 June 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THAW LOGISTICS LTD


Opinion
We have audited the financial statements of Thaw Logistics Ltd (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

The comparative figures for the year ended 31 December 2022 were unaudited.

Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THAW LOGISTICS LTD


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 Report of the Directors.

We have nothing to report in respect of the following matters where 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; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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 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.

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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council's website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, its group and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THAW LOGISTICS LTD


In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which include:

- Enquire of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
- Reviewing minutes of meetings of those charged with governance;
- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

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 of not detecting a material misstatement resulting from fraud is higher then for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls.

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 Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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.




John Hegney (Senior Statutory Auditor)
for and on behalf of Folkes Worton LLP
Chartered Accountants and Statutory Auditor
15-17 Church Street
Stourbridge
West Midlands
DY8 1LU

27 June 2024

THAW LOGISTICS LTD (REGISTERED NUMBER: 11533556)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
(Unaudited)
Notes £    £   

TURNOVER 1,374,775 900,646

Cost of sales 1,304,002 804,802
GROSS PROFIT 70,773 95,844

Administrative expenses 149,885 134,480
OPERATING LOSS 4 (79,112 ) (38,636 )


Interest payable and similar expenses 5 241 261
LOSS BEFORE TAXATION (79,353 ) (38,897 )

Tax on loss - (1,440 )
LOSS FOR THE FINANCIAL YEAR (79,353 ) (37,457 )

THAW LOGISTICS LTD (REGISTERED NUMBER: 11533556)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
(Unaudited)
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 6 16,031 32,787

CURRENT ASSETS
Debtors 7 179,285 113,222
Cash at bank and in hand 40,742 49,493
220,027 162,715
CREDITORS
Amounts falling due within one year 8 264,051 139,567
NET CURRENT (LIABILITIES)/ASSETS (44,024 ) 23,148
TOTAL ASSETS LESS CURRENT
LIABILITIES

(27,993

)

55,935

CREDITORS
Amounts falling due after more than one year 9 5,566 10,141
NET (LIABILITIES)/ASSETS (33,559 ) 45,794

CAPITAL AND RESERVES
Called up share capital 12 100 100
Revaluation reserve 13 18,905 36,779
Retained earnings 13 (52,564 ) 8,915
SHAREHOLDERS' FUNDS (33,559 ) 45,794

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

The financial statements were approved by the Board of Directors and authorised for issue on 27 June 2024 and were signed on its behalf by:





Mr M S Bigley - Director


THAW LOGISTICS LTD (REGISTERED NUMBER: 11533556)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 January 2022 100 46,372 36,779 83,251

Changes in equity
Total comprehensive income - (37,457 ) - (37,457 )
Balance at 31 December 2022 100 8,915 36,779 45,794

Changes in equity
Total comprehensive income - (61,479 ) (17,874 ) (79,353 )
Balance at 31 December 2023 100 (52,564 ) 18,905 (33,559 )

THAW LOGISTICS LTD (REGISTERED NUMBER: 11533556)

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


1. STATUTORY INFORMATION

Thaw Logistics Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (Usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculate by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Tangible fixed assets
Tangible fixed assets are initially measured at cost. After initial recognition, tangible fixed assets are measured at cost less any accumulated depreciation and any accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures and fittings-25% on cost
Motor vehicles-27.5% on reducing balance
Computer equipment-25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the disposal proceeds and the carrying value of the asset and is credited or charged to profit or loss.

Certain assets included in motor vehicles and fixtures and fittings are disclosed at fair value.


THAW LOGISTICS LTD (REGISTERED NUMBER: 11533556)

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


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
Notwithstanding net current liabilities of £44,024 (2022 net current assets £23,148) and net liabilities of £33,559 (2022 net assets £45,794) the financial statements have been prepared on the going concern basis. The directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 5 ) .

4. OPERATING LOSS

The operating loss is stated after charging:

2023 2022
(Unaudited)
£    £   
Depreciation - owned assets 10,500 14,650

THAW LOGISTICS LTD (REGISTERED NUMBER: 11533556)

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


5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
(Unaudited)
£    £   
Bank loan interest 241 261

6. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 January 2023 7,700 64,833 7,538 80,071
Disposals - (23,000 ) - (23,000 )
At 31 December 2023 7,700 41,833 7,538 57,071
DEPRECIATION
At 1 January 2023 3,850 40,508 2,926 47,284
Charge for year 1,925 6,690 1,885 10,500
Eliminated on disposal - (16,744 ) - (16,744 )
At 31 December 2023 5,775 30,454 4,811 41,040
NET BOOK VALUE
At 31 December 2023 1,925 11,379 2,727 16,031
At 31 December 2022 3,850 24,325 4,612 32,787

Included in motor vehicles above are assets held under hire purchase contracts with a net book value of £6,755 (2022: £9,317).

Cost or valuation at 31 December 2023 is represented by:

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
Valuation in 2021 7,700 11,205 - 18,905
Cost - 30,628 7,538 38,166
7,700 41,833 7,538 57,071

THAW LOGISTICS LTD (REGISTERED NUMBER: 11533556)

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


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
(Unaudited)
£    £   
Trade debtors 130,488 60,350
Amounts owed by group undertakings 32,430 38,310
Other debtors 16,367 14,562
179,285 113,222

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
(Unaudited)
£    £   
Bank loans and overdrafts (see note 10) 3,711 3,951
Hire purchase contracts (see note 11) 1,105 6,622
Trade creditors 149,792 3,878
Amounts owed to group undertakings 25,997 -
Taxation and social security 4,919 36,031
Other creditors 78,527 89,085
264,051 139,567

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
(Unaudited)
£    £   
Bank loans (see note 10) 5,566 9,036
Hire purchase contracts (see note 11) - 1,105
5,566 10,141

The loans and hire purchase are secured against all assets of the company present and future.

10. LOANS

An analysis of the maturity of loans is given below:

2023 2022
(Unaudited)
£    £   
Amounts falling due within one year or on demand:
Bank loans 3,711 3,951

Amounts falling due between one and two years:
Bank loans 5,566 9,036

THAW LOGISTICS LTD (REGISTERED NUMBER: 11533556)

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


11. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
(Unaudited
£    £   
Net obligations repayable:
Within one year 1,105 6,622
Between one and five years - 1,105
1,105 7,727

Non-cancellable operating leases
2023 2022
(Unaudited)
£    £   
Within one year 9,500 -
Between one and five years 17,417 -
26,917 -

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

13. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 January 2023 8,915 36,779 45,694
Deficit for the year (79,353 ) (79,353 )
Released during the year 17,874 (17,874 ) -
At 31 December 2023 (52,564 ) 18,905 (33,659 )

THAW LOGISTICS LTD (REGISTERED NUMBER: 11533556)

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


14. RELATED PARTY DISCLOSURES

During the year the company was charged management charges of £48,000 (2022: £48,000) and insurance recharges of £5,880 (2022: £5,880) by its parent company, Emerge Ecommerce Limited.

Emerge Retail Limited, a company under common directorship, charged the company £1,061,550 (2022: £385,166) for services rendered during the year.

The balances owed to and from other group companies and related parties at the balance sheet date were as follows:

Entity

Relationship
Balance
to/(from

)
Balance
to/(from

)
2023 2022
£ £
Emerge Ecommerce Limited Parent company 32,430 38,310
Berser International Cargo Services
Limited

Subsidiary of Emerge Ecommerce Limited

(25,997

)

-
Emerge Retail Limited Company under common directorship (114,328 ) 4,848
Joam Group Limited Company under common directorship 6,011 75

All transactions were carried out on an arm's length basis.

15. ULTIMATE CONTROLLING PARTY

The parent company is Emerge Ecommerce Limited and the ultimate controlling party is Emerge Global Limited. Both companies are registered in England and Wales.