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Registered number: 04243444










FREIGHT INVESTOR SERVICES LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
FREIGHT INVESTOR SERVICES LIMITED
 
 
COMPANY INFORMATION


Directors
J W Banaszkiewicz 
D Banaszkiewicz 




Registered number
04243444



Registered office
80 Cannon Street

London

EC4N 6HL




Independent auditors
Sumer Auditco Limited
Statutory Auditors

14th Floor

33 Cavendish Square

London

W1G 0PW





 
FREIGHT INVESTOR SERVICES LIMITED
 

CONTENTS



Page
Strategic report
1 - 4
Directors' report
5 - 6
Independent auditors' report
7 - 11
Statement of comprehensive income
12
Balance sheet
13
Statement of changes in equity
14
Statement of cash flows
15
Notes to the financial statements
16 - 30


 
FREIGHT INVESTOR SERVICES LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their strategic report, which is followed by the directors' report, together with the audited
financial statements for the year ended 31 December 2023.

Business review
 
During 2023 the business performed well and maintained its position as a market leader in an increasingly competitive and volatile market. The robust performance was mainly due to continued revenue generation initiatives including the sustained performance in the Freight Forwarding Agreement and Iron Ore markets and the exceptional growth of our Battery Metals Desk. The Company has continued to develop both new clients and new products/desks through the year and these and other revenue streams continue to contribute significantly to the firms’ successes, showcasing our ability to capture opportunities in dynamic market conditions. 
We are actively pursuing to enhance our regulatory permissions with the FCA. These permissions will enable us to offer a broader range of financial services to our clients, further diversifying our revenue stream. Moreover, our expansion efforts extend beyond regulatory compliance, as we have focused on strengthening our presence in key markets in the USA. The establishment and development of an additional branch office in the US, with a strategic presence in Houston, signifies our commitment to tapping into lucrative opportunities in the energy sector. Regarding the performance of our Copenhagen office, we have started to execute a business plan to have this office primarily focused on Carbon Emissions and Green energy, which continues to be a development area. We have continued our expansion in London as well, with increased headcount in all locations.
Throughout the year, we were able to effectively help our clients manage and trade financial market volatility, leveraging the in-house tools we developed and staying in close contact with our clients through channels such as the FIS weekly podcast and reports. (produced almost every week since April 2020 and now with over 162 episodes). The podcast is distributed both on our website and through our app FIS-LIVE - which has over 1870 registered users and over 60 million data points. The FIS-LIVE app has been transformational in its reach to both our existing and prospective client base and continues to enhance our competitive advantage, engagement with stakeholders and provides valuable insights into markets trends.
The Company’s performance in 2023 was impressive, marked by significant milestones and sustained growth across various sectors. With a strategic focus on diversification and innovation, we surpassed expectations by delivering robust financial results. The company's ability to deliver value to its clients, even in difficult circumstances, highlights its competitive advantage and commitment to excellence. The Company's future prospects look promising, as it continues to innovate and expand its services through dedication to quality, transparency and customer-centricity, setting the stage for continued growth.
Financial key performance indicators
                                                                                                                         
                                                                          31 December                          31 December
                                                                                       2023                                        2022      
                                                                                            £                                              £
Operating profit                                                             2,252,088                              2,683,896
Current asset ratio*                                                           94%                                     92%
*Current assets ratio is net current assets divided by net assets.
 
Page 1

 
FREIGHT INVESTOR SERVICES LIMITED
 

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

Business review (continued)
Non-financial key performance indicators
1. Employee Satisfaction and Well-being: 
Employee satisfaction and well-being are critical indicators of our company's performance. We regularly conduct employee surveys, assess turnover rates, and monitor employee engagement levels to ensure a positive work environment. Additionally, initiatives such as training programs, health and wellness benefits, and flexible work arrangements contribute to fostering a culture of inclusivity, productivity, and job satisfaction.
2. Customer Satisfaction and Loyalty: 
Customer satisfaction and loyalty are paramount to our success. We measure these indicators through our CRM, business development and customer retention rates. By delivering exceptional products and services, addressing customer concerns promptly, and fostering long-term relationships, we strive to exceed customer expectations and maintain a competitive edge in the market.
3. Ethical Conduct and Corporate Governance: 
Ethical conduct and robust corporate governance practices are fundamental to maintaining trust and integrity within our organisation. We monitor compliance with ethical guidelines, codes of conduct, and regulatory standards to ensure transparency, accountability, and ethical behaviours at all levels. Additionally, we promote diversity, equity, and inclusion across our workforce and uphold ethical principles in all business dealings.

Principal risks and uncertainties
 
The Market that the company operates in has several areas of risk that we attempt to minimise where we can.
Examples of this are competing brokers dropping commission rates to attempt to gain market share, clients
leaving the market for a period, overall market volatility and certain margins tied to the underlying market rates
which is out of our control.

Financial risk management objectives and policies

The Company’s activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the Company’s policies approved by the Directors. The Company does not use derivative financial instruments for speculative purposes.
Foreign exchange risk
The Company’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates, principally in the US$ versus GBP exchange rate. The Company uses foreign exchange forward and options contracts to hedge these exposures. These contracts cover varying percentages of the Company’s forward income, depending on the Directors’ view of the exchange rate direction.
Liquidity risk
The Company mitigates this risk by the use of budgeting with particular emphasis on the planning and maintenance of cash balances.
 
Page 2

 
FREIGHT INVESTOR SERVICES LIMITED
 

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

Financial risk management objectives and policies (continued)
Credit risk
The Company’s principal financial assets are bank balances and cash, debtors and investments.
The Company’s credit risk is primarily attributable to its trade and other debtors. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.
The Company has no significant concentration of credit risk, with exposure spread over a large number of clients.

Director's statement of compliance with duty to promote the success of the Company

In accordance with section 172(1)(A) of the Companies Act, the directors of Freight Investor Services Limited, a brokerage derivatives company regulated by the Financial Conduct Authority (FCA) as an investment firm, have considered the following matters in the execution of their duties:
1. Promoting the success of the company: 
The directors have continuously strived to enhance the success of Freight Investor Services by prioritizing its long-term viability and prosperity. This includes maintaining a keen focus on the company's core competencies in offering services in commodity derivatives broking, seeking opportunities for innovation and growth within the regulatory and commercial framework, and delivering value to the shareholder, the company and the employees over the long term.
2. The likely consequences of any decision in the long term: 
Every strategic decision made by the directors has undergone thorough scrutiny to assess its potential impact on the company's long-term sustainability and growth trajectory. This involves careful consideration of market dynamics, regulatory changes, and evolving customer needs to ensure that decisions are aligned with the company's overarching objectives.
3. The interests of the company's employees: 
The directors recognize the crucial role played by employees in the success of Freight Investor Services. As such, they have made it a priority to foster a supportive and inclusive work environment that promotes employee well-being, professional development, and job satisfaction. This includes providing training and development opportunities, competitive compensation packages, and fostering a culture of open communication and collaboration.
4. The need to foster the company's business relationships with suppliers, customers, and others: 
Building and maintaining strong relationships with suppliers and customers are fundamental to the success of Freight Investor Services. The directors have been proactive in nurturing these relationships, ensuring transparency, fairness, and integrity in all dealings. This includes regularly engaging with customers to understand their needs and expectations, addressing any concerns promptly, and delivering high-quality services that exceed expectations.
5. The impact of the company's operations on the community and the environment: 
As a responsible corporate citizen, Freight Investor Services is committed to minimizing its environmental footprint and contributing positively to the communities in which it operates. The directors have implemented sustainable business practices aimed at reducing waste, conserving resources, and mitigating environmental risks associated with the company's operations. Additionally, they actively support community initiatives and charitable causes that align with the company's values and priorities.
 
Page 3

 
FREIGHT INVESTOR SERVICES LIMITED
 

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

Director's statement of compliance with duty to promote the success of the Company (continued)
6.  The desirability of the company maintaining a reputation for high standards of business conduct: 
Upholding the highest standards of business conduct, ethics, and compliance is paramount for Freight Investor Services. The directors have implemented robust governance frameworks, internal controls, and risk management processes to ensure regulatory compliance and mitigate operational risks. This includes regular monitoring and assessment of compliance with FCA regulations, conducting internal audits, and fostering a culture of integrity and accountability throughout the organization.
In conclusion, the directors of Freight Investor Services have diligently considered and taken into account the factors outlined in section 172(1)(A) of the Companies Act in the performance of their duties. Their commitment to promoting the long-term success of the company, while also prioritizing the interests of stakeholders and complying with regulatory requirements, underscores their dedication to responsible corporate governance and sustainable business practices.


This report was approved by the board on 28 March 2024 and signed on its behalf.



D Banaszkiewicz
Director

Page 4

 
FREIGHT INVESTOR SERVICES 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 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 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.

Principal activity

The principal activity of the Company is that of commodity derivatives broking. The Company performs this activity both in the United Kingdom and via its branch in the USA.

Results and dividends

The profit for the year, after taxation, amounted to £1,552,517 (2022 - £2,059,841).

Interim dividends of £53,867 (2022: £1,842,161) were paid in the year. The directors do not recommend the payment of a final dividend.
The directors have highlighted in the strategic report on pages 1 to 4, a review of the current year results, future oulook expectations, risks and key performance indicators for the company.

Directors

The directors who served during the year were:

J W Banaszkiewicz 
D Banaszkiewicz 

Page 5

 
FREIGHT INVESTOR SERVICES LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

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.

Auditors

The auditorsSumer Auditco Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 28 March 2024 and signed on its behalf.
 





D Banaszkiewicz
Director

Page 6

 
FREIGHT INVESTOR SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FREIGHT INVESTOR SERVICES LIMITED
 

Opinion


We have audited the financial statements of Freight Investor Services Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity 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 profit 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.


Page 7

 
FREIGHT INVESTOR SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FREIGHT INVESTOR SERVICES LIMITED (CONTINUED)


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 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.


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 5, 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 8

 
FREIGHT INVESTOR SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FREIGHT INVESTOR SERVICES 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:

In order to identify and assess the risks of material misstatements, including fraud and non-compliance with laws and regulations that could be expected to have a material impact on the financial statements, we have considered:
 the results of our enquiries of management and those charged with governance of their assessment of      the risks of fraud and irregularities;
 the nature of the company, including its management structure and control systems (including the     opportunity for management to override such controls);
 management’s incentives and opportunities for fraudulent manipulation of the financial statements    including the company’s remuneration and bonus policies and performance targets; and 
 the industry and environment in which it operates.
We also considered UK tax and pension legislation and laws and regulations relating to employment and the preparation and presentation of the financial statements such as the Companies Act 2006.
Based on this understanding we identified the following matters as being of significance to the entity:
 laws and regulations considered to have a direct effect on the financial statements including UK financial   reporting standards, Company Law, tax and pension legislation and distributable profits legislation;
 the timing of the recognition of commercial income;
 compliance with legislation relating to GDPR, health and safety, operating licenses, solvency     requirements and regulatory bodies;
 management bias in selecting accounting policies and determining estimates;
 inappropriate journal entries;
 manipulation of specific performance measures to meet remuneration targets;
 recoverability of debtors; and
 the requirement to impair fixed assets and the amount of any such impairment.

 
Page 9

 
FREIGHT INVESTOR SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FREIGHT INVESTOR SERVICES LIMITED (CONTINUED)


We communicated the outcomes of these discussions and enquiries, as well as consideration as to where and how fraud may occur in the entity, to all engagement team members.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised:
 enquiries of management and those charged with governance as to whether the entity complies with such  laws and regulations and discussion with the same regarding any known or suspected instances of non-   compliance and fraud;
 enquiries with the same concerning any actual or potential litigation or claims;
 inspection of relevant legal correspondence;
 assessment of matters reported to management and the result of the subsequent investigation;
 obtaining an understanding of the relevant controls during the period and consideration of their     implementation;
 obtaining an understanding of the policies and controls over the recognition of income and testing their    implementation during the year;
 review documentation relating to compliance with the regulations relating to CFTC reg 1.16 including     correspondence with regulators;
 challenging assumptions made by management in their specific accounting policies and estimates, in    particular in relation to depreciation of tangible fixed assets and impairment of investments;
 identifying and testing journal entries, in particular any journal entries posted with unusual account    combinations or crediting revenue or cash;
 assessing the recovery of debtors in the period since the balance sheet date and challenging     assumptions made by management regarding the recovery of balances which remain outstanding;
 reviewing the financial statements for compliance with the relevant disclosure requirements; 
 performing analytical procedures to identify any unusual or unexpected relationships or unexpected    movements in account balances which may be indicative of fraud;
 reviewing the minutes of Board meetings and correspondence with HMRC; and
 evaluating the underlying business reasons for any unusual transactions.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).


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 10

 
FREIGHT INVESTOR SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FREIGHT INVESTOR SERVICES 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.





David Pumfrey FCA (Senior statutory auditor)
for and on behalf of
Sumer Auditco Limited
Statutory Auditors
14th Floor
33 Cavendish Square
London
W1G 0PW

28 March 2024
Page 11

 
FREIGHT INVESTOR SERVICES LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
20,092,776
17,413,928

Gross profit
  
20,092,776
17,413,928

Administrative expenses
  
(17,840,688)
(14,730,032)

Operating profit
 5 
2,252,088
2,683,896

Interest receivable and similar income
 9 
163,703
968

Interest payable and similar expenses
 10 
(101,897)
(82,873)

Profit before tax
  
2,313,894
2,601,991

Tax on profit
 11 
(761,377)
(542,150)

Profit for the financial year
  
1,552,517
2,059,841

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 16 to 30 form part of these financial statements.

Page 12

 
FREIGHT INVESTOR SERVICES LIMITED
REGISTERED NUMBER: 04243444

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 13 
396,098
382,838

Tangible fixed assets
 14 
187,026
240,388

Investments
 15 
15,002
15,002

  
598,126
638,228

Current assets
  

Debtors: amounts falling due within one year
 16 
4,853,251
7,109,070

Cash at bank and in hand
 17 
19,335,768
18,289,339

  
24,189,019
25,398,409

Creditors: amounts falling due within one year
 18 
(15,093,401)
(17,837,867)

Net current assets
  
 
 
9,095,618
 
 
7,560,542

Total assets less current liabilities
  
9,693,744
8,198,770

Creditors: amounts falling due after more than one year
 19 
(3,717)
(7,393)

  

Net assets
  
9,690,027
8,191,377


Capital and reserves
  

Called up share capital 
 21 
75,000
75,000

Profit and loss account
 22 
9,615,027
8,116,377

  
9,690,027
8,191,377


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 March 2024.



D Banaszkiewicz
Director

The notes on pages 16 to 30 form part of these financial statements.

Page 13

 
FREIGHT INVESTOR SERVICES LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
75,000
8,116,377
8,191,377


Comprehensive income for the year

Profit for the year
-
1,552,517
1,552,517

Dividends: Equity capital
-
(53,867)
(53,867)


At 31 December 2023
75,000
9,615,027
9,690,027


The notes on pages 16 to 30 form part of these financial statements.


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022 (as previously stated)
75,000
8,833,844
8,908,844

Prior year adjustment
-
(935,147)
(935,147)

At 1 January 2022 (as restated)
75,000
7,898,697
7,973,697


Comprehensive income for the year

Profit for the year
-
2,059,841
2,059,841

Dividends: Equity capital
-
(1,842,161)
(1,842,161)


At 31 December 2022
75,000
8,116,377
8,191,377


The notes on pages 16 to 30 form part of these financial statements.

Page 14

 
FREIGHT INVESTOR SERVICES LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
1,552,517
2,059,841

Adjustments for:

Amortisation of intangible assets
136,249
112,368

Depreciation of tangible assets
106,926
106,936

Interest paid
101,897
82,873

Interest received
(163,703)
(968)

Taxation charge
761,377
542,150

(Increase) in debtors
(682,500)
(1,074,597)

Decrease/(increase) in amounts owed by groups
2,938,319
(315,108)

(Decrease)/increase in creditors
(2,524,914)
3,041,240

Corporation tax (paid)
(1,082,236)
(54,662)

Net cash generated from operating activities

1,143,932
4,500,073


Cash flows from investing activities

Purchase of intangible fixed assets
(149,509)
(94,616)

Purchase of tangible fixed assets
(53,564)
(49,470)

Interest received
163,703
968

Net cash used in investing activities

(39,370)
(143,118)

Cash flows from financing activities

Repayment of/new finance leases
(3,319)
(2,995)

Dividends paid
(53,867)
(1,842,161)

Interest paid
(947)
(1,270)

Net cash used in financing activities
(58,133)
(1,846,426)

Net increase in cash and cash equivalents
1,046,429
2,510,529

Cash and cash equivalents at beginning of year
18,289,339
15,778,810

Cash and cash equivalents at the end of year
19,335,768
18,289,339


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
19,335,768
18,289,339


The notes on pages 16 to 30 form part of these financial statements.

Page 15

 
FREIGHT INVESTOR SERVICES 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. The registered office is 80 Cannon Street, London EC4N 6HL.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

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 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Freight Investor Holdings Limited as at 31 December 2023 and these financial statements may be obtained from 80 Cannon Street, London, EC4N 6HL.

 
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 any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

 
2.4

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services
Commission on cleared trades is recognised in the month that the deal is agreed. Cleared trades that settle after the balance sheet date are treated as accrued income and are discounted using an appropriate market rate. All other commissions are recognised in the month of settlement. Those commissions received in advance of settlement from customers are treated as deferred income.
Fees received from brand royalties and service fees are recognised in accordance with approved contracts.

Page 16

 
FREIGHT INVESTOR SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.5

Key management personnel

The directors consider that there are no other key management personnel other than the directors of the Company.

 
2.6

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.

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:

Office improvements
-
over the term of the lease
Office equipment
-
25% or 33%

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.

 
2.7

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.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less 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.

Page 17

 
FREIGHT INVESTOR SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.9
Cash and cash equivalents (continued)

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
 
 
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.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include 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.

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 18

 
FREIGHT INVESTOR SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.10
Financial instruments (continued)


Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

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

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.
 
Page 19

 
FREIGHT INVESTOR SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.11
Foreign currency translation (continued)


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'.

 
2.12

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.14

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.

 
2.15

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.

 
2.16

Taxation

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 balance sheet date in the countries where the Company operates and generates income.

Page 20

 
FREIGHT INVESTOR SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other
factors, including expectations of future events that are believed to be reasonable under the
circumstances.
The company makes estimates and assumptions concerning the future. Actual results may differ from
these estimates. Revisions to accounting estimates are recognised in the period in which the estimate is
revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.


4.


Turnover

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


2023
2022
£
£

Commissions receivable
17,843,429
15,802,692

Brand royalties and other service fees
2,249,347
1,611,236

20,092,776
17,413,928


The majority of turnover is attributable to commission earned on the brokerage of global deals in freight and commodity derivatives and is derived from its office in the United Kingdom and its branch in the USA.


5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation
106,926
106,936

Amortisation
136,249
112,368

Exchange differences
(145,870)
(118,501)

Other operating lease rentals
458,082
430,876

Defined contribution pension cost
245,184
239,086

Page 21

 
FREIGHT INVESTOR SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

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
33,022
26,516

Fees payable to the Company's auditors in respect of:

Taxation advisory services
8,641
11,802


Freight Investor Services Limited maintains a stringent policy regarding the engagement of auditors for non-audit services to ensure independence, objectivity, and compliance with regulatory requirements. The policy delineates the procedures for assessing the appropriateness of engaging auditors for non-audit services and ensures that such engagements do not compromise the independence of the audit function.
This disclosure provides transparent insight into the nature and extent of remuneration paid to Simmons Gainsford/Sumer Auditco for various services rendered during the financial year, thereby enhancing transparency and accountability in Freight Investor Services’ financial reporting practices.





7.


Employees

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


2023
2022
£
£

Wages and salaries
11,604,599
9,809,915

Social security costs
1,399,744
1,175,525

Cost of defined contribution scheme
245,184
239,086

13,249,527
11,224,526


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


        2023
        2022
            No.
            No.







Brokers
29
30



Administrative and support staff
34
29

63
59

Page 22

 
FREIGHT INVESTOR SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
431,017
434,665

Company contributions to defined contribution pension schemes
46,500
58,165

477,517
492,830


During the year retirement benefits were accruing to 2 directors (2022 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £257,699 (2022 - £256,881).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £12,500 (2022 - £52,165).


9.


Interest receivable

2023
2022
£
£


Other interest receivable
163,703
968


10.


Interest payable and similar expenses

2023
2022
£
£


Hire purchase contracts
947
1,270

Other interest - on overdue tax
100,950
81,603

101,897
82,873


11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
761,377
542,150


Total current tax
761,377
542,150
Page 23

 
FREIGHT INVESTOR SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
11.Taxation (continued)


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
£
£


Profit on ordinary activities before tax
2,313,894
2,601,991


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
544,240
494,378

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
148,695
97,185

Capital allowances for year in excess of depreciation
10,791
8,036

Short-term timing difference leading to an increase (decrease) in taxation
-
305

Foreign tax paid
72,099
54,662

Group relief
(14,448)
(112,416)

Total tax charge for the year
761,377
542,150


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

2023
2022
£
£


Dividends paid on equity capital
53,867
1,842,161

Page 24

 
FREIGHT INVESTOR SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Intangible assets




Computer software

£



Cost


At 1 January 2023
577,027


Additions
149,509



At 31 December 2023

726,536



Amortisation


At 1 January 2023
194,189


Charge for the year on owned assets
136,249



At 31 December 2023

330,438



Net book value



At 31 December 2023
396,098



At 31 December 2022
382,838



Page 25

 
FREIGHT INVESTOR SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Tangible fixed assets





Short-term leasehold property
Fixtures and fittings
Total

£
£
£



Cost


At 1 January 2023
224,322
252,622
476,944


Additions
-
53,564
53,564



At 31 December 2023

224,322
306,186
530,508



Depreciation


At 1 January 2023
95,738
140,818
236,556


Charge for the year on owned assets
42,609
64,317
106,926



At 31 December 2023

138,347
205,135
343,482



Net book value



At 31 December 2023
85,975
101,051
187,026



At 31 December 2022
128,584
111,804
240,388

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


2023
2022
£
£



Furnitures and fittings
6,650
9,975

Page 26

 
FREIGHT INVESTOR SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Fixed asset investments





Investments in subsidiary companies
Unlisted investments
Total

£
£
£



Cost


At 1 January 2023
2
1,053,000
1,053,002



At 31 December 2023

2
1,053,000
1,053,002



Impairment


At 1 January 2023
-
1,038,000
1,038,000



At 31 December 2023

-
1,038,000
1,038,000



Net book value



At 31 December 2023
2
15,000
15,002



At 31 December 2022
2
15,000
15,002


Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Principal activity

Class of shares

Holding

Freight Commodity Services Limited
Dormant
Ordinary
100%

Page 27

 
FREIGHT INVESTOR SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Debtors

2023
2022
£
£


Trade debtors
3,023,153
2,468,255

Amounts owed by group undertakings
13,940
2,952,259

Other debtors
350,344
754,093

Prepayments and accrued income
1,465,814
934,463

4,853,251
7,109,070



17.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
19,335,768
18,289,339



18.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
104,456
92,562

Corporation tax
1,852,568
2,173,427

Other taxation and social security
184,996
153,269

Obligations under finance lease and hire purchase contracts
3,676
3,319

Other creditors
8,344,021
11,394,483

Accruals and deferred income
4,603,684
4,020,807

15,093,401
17,837,867



19.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
3,717
7,393


Net obligations under finance leases and hire purchase contracts are secured over the assets which they
relate to.
All net obligations under finance leases and hire purchase contracts are due within 5 years.

Page 28

 
FREIGHT INVESTOR SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
4,266
4,266

Between 1-5 years
3,910
8,177

8,176
12,443


21.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



75,000 (2022 - 75,000) Ordinary shares of £1.00 each
75,000
75,000



22.


Reserves

Profit and loss account

The profit and loss account is made up of distributable profits less dividends paid which have been accumulated by the Company since incorporation.


23.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held seperately 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 £245,184 (2022: £239,086). Contributions totalling £32,176 (2022: £29,677) were payable to the fund at the balance sheet date and are included in creditors.


24.


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
405,603
477,144

Later than 1 year and not later than 5 years
363,434
1,041,118

769,037
1,518,262

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FREIGHT INVESTOR SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

25.Other financial commitments

The company has entered into forward currency contracts amounting to £3,191,099 (2022: £NIL) as at the balance sheet date.


26.


Related party transactions

During the period, the Company purchased £239,023 (2022: £262,605) of services from a company in which the parent undertaking has significant influence.
At the year end, included within Creditors is a balance of £8,291,697 (2022: £11,394,483) in relation to debtors collected on behalf of a company controlled by a director. During the year the Company charged fees of £1,279,650 (2022: £1,042,505) to the related party.
At the year end, an amount of £52,324 was due to (2022: £159,282 due from) a company controlled by a director. During the year the company charged fees of £113,782 (2022: £132,629) to the related party.
During the year, close family members of the directors received remuneration and benefits totalling £25,000 (2022: £25,000).


27.


Controlling party

Freight Investor (Holdings) Limited is considered to be the company's immediate and ultimate parent undertaking in both the current and prior year.
J W Banaszkiewicz is considered to be the ultimate controlling party by virtue of his shareholding in Freight Investor (Holdings) Limited, the parent company.
The results of the company are included within the consolidated accounts of Freight Investor (Holdings) Limited which are available to the public and may be obtained from 80 Cannon Street, London EC4N 6HL.

 
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