Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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FREIGHT INVESTOR SERVICES LIMITED
COMPANY INFORMATION
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FREIGHT INVESTOR SERVICES LIMITED
CONTENTS
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FREIGHT INVESTOR SERVICES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
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.
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.
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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.
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.
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.
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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.
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.
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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.
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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.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
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 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.
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.
The directors who served during the year were:
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FREIGHT INVESTOR SERVICES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The auditors, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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FREIGHT INVESTOR SERVICES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FREIGHT INVESTOR SERVICES LIMITED
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 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).
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.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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FREIGHT INVESTOR SERVICES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FREIGHT INVESTOR SERVICES LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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.
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.
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FREIGHT INVESTOR SERVICES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FREIGHT INVESTOR SERVICES LIMITED (CONTINUED)
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.
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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.
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FREIGHT INVESTOR SERVICES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FREIGHT INVESTOR SERVICES LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditors
14th Floor
33 Cavendish Square
W1G 0PW
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FREIGHT INVESTOR SERVICES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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FREIGHT INVESTOR SERVICES LIMITED
REGISTERED NUMBER: 04243444
BALANCE SHEET
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 16 to 30 form part of these financial statements.
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FREIGHT INVESTOR SERVICES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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FREIGHT INVESTOR SERVICES LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
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FREIGHT INVESTOR SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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
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:
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.
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.
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.
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FREIGHT INVESTOR SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
The directors consider that there are no other key management personnel other than the directors of the Company.
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:
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.
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.
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FREIGHT INVESTOR SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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.
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FREIGHT INVESTOR SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (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.
Functional and presentation currency
Transactions and balances
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FREIGHT INVESTOR SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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FREIGHT INVESTOR SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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.
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FREIGHT INVESTOR SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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FREIGHT INVESTOR SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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FREIGHT INVESTOR SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
11.Taxation (continued)
There were no factors that may affect future tax charges.
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FREIGHT INVESTOR SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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FREIGHT INVESTOR SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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FREIGHT INVESTOR SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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FREIGHT INVESTOR SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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FREIGHT INVESTOR SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Profit and loss account
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.
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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.
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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