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Registered number: 02278005










WOODLAND GLOBAL LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
WOODLAND GLOBAL LIMITED
 
 
COMPANY INFORMATION


Directors
R K Snelson 
K G Stevens 
J P Stubbings 
C P Watts 
I G Rowlands 
K Smaggasgale 
P Wilkinson 




Company secretary
J P Stubbings



Registered number
02278005



Registered office
Arlington House
West Station Business Park

Spital Road

Maldon

CM9 6FF




Independent auditor
MHA

Colchester Business Park

910 The Crescent

Colchester

CO4 9YQ




Bankers
National Westminster Bank plc
46 High Street

Brentwood

Essex

CM9 6FF





Barclays Bank PLC

1 Churchill Place

London

E14 5HP

 
WOODLAND GLOBAL LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 6
Directors' Report
 
7 - 8
Independent Auditor's Report
 
9 - 12
Statement of Comprehensive Income
 
13
Balance Sheet
 
14 - 15
Statement of Changes in Equity
 
16
Notes to the Financial Statements
 
17 - 38


 
WOODLAND GLOBAL LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The Directors present the Strategic Report of Woodland Global Limited (the "Company") for the year ended 31 December 2023.

Principal activities

The principal activities of the Company continue to be shipping, international freight forwarding, warehousing, fulfilment, transport, and distribution. The Company is a proud member of the Woodland Group.
The Company is more than just a logistics and supply chain company. Independently owned, we continuously challenge ourselves and our teams to innovate and adapt, provide expert solutions, and create opportunities for clients, team members, partners, and communities. Our culture thrives on a drive for excellence and innovation, collaboration, agility through independence, opportunities to learn and develop, our diversity and relationship building, and our desire to bring skills and passion to a quickly changing and fast-paced environment.

Business review and financial key performance indicators
 
The Company’s key performance indicators (KPIs) are turnover, gross profit, operating profit and profit before tax.
In common with other freight forwarding companies, our turnover is linked to the price of moving freight for our customers and given the continued reduction in freight rates 2023 saw further reduced revenues for the Company. Coupled with increased freight space availability this had the effect of reducing our gross margin from the previous year despite continuing demand from our customers. 
Customer demand for warehouse space also reduced during the year resulting in further price and margin challenges. As a result of this reduced demand, the Company took the decision to not renew its lease on the Chelmsford warehouse and instead offer services to our customers from our other, more efficient warehouses. The effect of this decision in the 2023 results was to increase the provision for building exit by £712,000. The results of the Company are set out on page 13. The operating profit is £1,699,469 (2022 - £8,985,905) and profit before tax was £1,290,981 (2021 - £8,627,638). The year ended 31 December 2023 saw a reduction in revenue to £95,749,037 (2022 - £162,707,211) and a reduction in gross profit to £23,328,203 (2022 - £29,009,542).
The Company continues to have a strong Balance Sheet with net assets standing at £17,826,636 at 31 December 2023 (2022 - £17,140,786). 

Other key performance indicators
 
The Company uses other key performance indicators such as customer satisfaction ratings, on time delivery indicators, and first time pick accuracy rates to monitor and manage performance, thereby ensuring continued success.

Page 1

 
WOODLAND GLOBAL LIMITED
 

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

Future developments

As stated above, during the year the Company decided not to renew its lease at its Chelmsford warehouse which was due for renewal in October 2024. Customers have now been transferred to other warehouses which can operate more efficiently and effectively for them. In addition, during 2024 Woodland Group Limited entered into a lease to occupy office space in Chelmsford town centre and all staff have either moved to this office or the most appropriate warehouse for them. 2024 will see a period of dual running of warehouse and office space however the savings overall and better servicing of our clients has meant that the Directors believe this to be the right strategy.
Attacks on shipping in the Red Sea by Houthi rebels in 2024 have led to longer vessel times, increased freight rates and some space and equipment availability constraints. The Company is working with its customers, suppliers and partner networks to ensure that our customers receive the service that they require.
Following a review of its banking needs, Woodland Group Limited entered into a main banking relationship with Barclays Bank PLC covering the UK and Europe in May 2024. The Company was involved in this decision and benefits from having greater access to banking facilities particularly in USD and Euro currencies.
Digitalisation is continuing to transform the supply chain industry and the Woodland Group has been investing in a number of digital solutions over the years to provide agile, trackable and carbon conscious solutions to our clients. From reducing inefficiencies and the industry’s undeniable environmental impact to improving operational efficiency, highlighting supply chain deficiencies and opportunities, delivering a better customer experience, communication flow and increased transparency of the entire supply chain, our digital development and focus on data analysis to better forecast and protect our customers' supply chains play a key role in meeting our clients’ needs through quickly changing times.
Environmental, Social Governance (ESG) is very much at the forefront of what Woodland delivers upon. We have issued our second ESG report and a copy can be found on our website at https://www.woodlandgroup .com/reports/sustainability -report -2023. Here we outline our social, environmental and governance credentials as well as reviewing our energy emissions.
In May 2023 we achieved the Gold rating from EcoVadis that validates corporate adherence to 21 recognized CSR criteria which follow verifiable international CSR standards (the Global Compact Principles, the International Labour Organization conventions, the Global Reporting Initiative standard, the ISO 26000). This places Woodland amongst the top 5% of the 90,000+ companies that have been assessed through the program thus far.

Page 2

 
WOODLAND GLOBAL LIMITED
 

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

Principal risks and uncertainties
 
The Directors have taken steps over the last few years to minimise the impact on the business of risks which had previously been identified. Risk reviews are undertaken in order that management can deal with any issues as they arise.
Liquidity risk:
The Company manages its cash and borrowing requirements centrally to maximise interest income and minimise interest expense, whilst ensuring that the Company has sufficient liquid resources to meet the operating needs of its business. The decision to appoint Barclays Bank as the Group’s bankers has enhanced the available resources to the Company.
Interest rate risk:
The Company has exposure to fair value interest rate risk on its fixed rate leases and cash flow interest rate risk on floating rate deposits or bank overdrafts. The Company has no borrowings save for leases which are either fixed rate agreements or capitalised at inception at a fixed rate.
Foreign currency risk:
Sterling exchange rate volatility continues and this has also had the effect of increasing costs for our ocean and air services. Furthermore, the ongoing Russia/Ukraine conflict has greatly increased uncertainty in FX markets in more recent times. The Company's principal foreign currency exposures arise from trading operations in overseas countries. Hedging contracts are taken out on foreign currencies where thought necessary in addition to using cash receipts in a particular currency to pay for expenditure incurred in that currency.
 
Page 3

 
WOODLAND GLOBAL LIMITED
 

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

Credit risk:
All customers who wish to trade on credit terms are subject to credit verification procedures. Receivable balances and credit limits are monitored on a weekly basis and provision is made for doubtful debts where necessary. 
Commercial and pricing risk:
All commercial cost exposures are managed by a constant review of the prices charged so as to ensure that not only are they competitive but that we also make a recovery. All customers who wish to trade on credit terms are subject to credit verification procedures. Receivable balances and credit limits are monitored on a weekly basis and provision is made for doubtful debts where necessary. 

Page 4

 
WOODLAND GLOBAL LIMITED
 

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

Directors' statement of compliance with duty to promote the success of the Company
 
The Directors continue to have regard to the interests of the Company’s wider stakeholders, in accordance with section 172(1) of the Companies Act 2006. The Directors consider the following to be key stakeholders to the Company;
Customers:
As part of our philosophy we engage with our clients to seek better solutions for their supply chain. To clients, we deliver:
• Opportunity to reshape their supply chains and streamline processes (through health checks for     example);
• Opportunity for quick global growth through partners, and exposure to best- in- class local market     experts;
• Opportunity to enter brand-new markets through our extensive IT offering and global partner network;
• Value added offering to deliver on their missions, whether environmental, social, efficiency or financial;
• We make the connections, so they don’t have to, making their supply chain management easy so they    have opportunity to focus on growing the business;
• Through our diverse offering and huge database, we create opportunities for clients to look at alternative   solutions and use us to benchmark many service and pricing opportunities;
• Visibility and transparency giving the client opportunity to make fast decisions, plan ahead, change route,   mode or even sourcing structure;
• Business to Business (B2B) introductions facilitating further benefits and business growth; and
• B2B and Business to Consumer (B2C) growth opportunities through our digital capabilities.
Suppliers:
To suppliers and partners, we deliver:
• Opportunity to develop their offering and grow with us, as we partner them rather than treat them just as    ‘suppliers’;
• Share training and learning material to help facilitate growth;
• B2B introductions to other partners/clients/networks;
• Opportunity to get involved in public relations and marketing activities at social, environmental and    community level;
• Make use of resources and teams for joint initiatives and growth projects;
• Access to and collaborative build of impact reports; and
• IT integrations and software development.
Employees:
In addition to our investment in people, the Company regularly engages with Woodlanders using surveys, both through formal communication methods as well as informal ones. Woodlanders are encouraged to support Panathlon and Essex and Herts Air Ambulance Trust, two of the Company’s longstanding chosen charities, by being given time off to support their activities. Woodlanders receive regular personal and professional development reviews with their line managers as well as training resources delivered either online, in classrooms or on a one-to-one basis.
Shareholders:
Company management attend monthly management meetings to discuss individual subsidiary’s results and plans so as to ensure co-ordination with the Group’s overall strategic objectives. In addition to the regular management meetings held, the ultimate shareholder holds regular meetings with management and staff.
Local communities:
The Company supports Panathlon and Essex and Herts Air Ambulance Trust on a national basis and other local charities through local events organised by staff at our regional offices.

 
Page 5

 
WOODLAND GLOBAL LIMITED
 

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


Environment:
The Company is committed to minimising its effect on the environment and reducing its carbon footprint wherever possible. As stated above, we have invested many energy saving schemes and are better measuring our carbon footprint following the introduction of the carbon footprint calculator. We have reduced and changed our packaging materials to be less harmful to the environment. 
As a result of these activities, the Directors believe that they have demonstrated compliance with their legal duty under s172(1) of the Companies Act 2006.


This report was approved by the Board and signed on its behalf.



................................................
J P Stubbings
Director
Date: 5 September 2024

Page 6

 
WOODLAND GLOBAL 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 101 ‘Reduced Disclosure Framework’. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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.

Results and dividends

The profit for the year, after taxation, amounted to £685,850 (2022 - £6,946,017).

The Company declared and paid a dividend of £ NIL in respect of the year ended 31 December 2023 (2022 - £2,000,000) in respect of the year ended 31 December 2022).  The total dividend was £NIL per share (2022 - £44.44 per share).

Directors

The Directors who served during the year were:

R K Snelson 
K G Stevens 
J P Stubbings 
C P Watts 
I G Rowlands 
K Smaggasgale 
P Wilkinson 

Page 7

 
WOODLAND GLOBAL LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Employment policy

The Company is an equal opportunity employer and bases decisions on individual ability regardless of race, religion, gender, age, disability, belief, sexual orientation or marital status. The Company's policy is designed to ensure that, as far as possible, opportunities for training, career development and prospects of disabled persons should be identical to those for other employees. Employees are kept informed of the financial and economic performance of the Company by means of regular briefings and prospects of disabled persons should be identical to those for other employees.

Qualifying third party indemnity provisions

The Company has made qualifying third-party indemnity provisions for the benefit of its Directors and senior managers during the year. These provisions remain in force at the reporting date.

Greenhouse gas emissions, energy consumption and energy efficiency action

A carbon and energy report which includes the Company has been set out in the financial statements of the ultimate parent company, Woodland Group Holdings Limited, which are publicly available on our website here https://www.woodlandgroup .com/reports/sustainability -report -2023.

Matters covered in the Strategic Report

The Directors have chosen, in accordance with section 414c (11) of the Companies Act 2006 to include the Strategic Report matters otherwise required to be disclosed in the Directors’ Report as the Directors consider these to be of strategic importance to the Company. These matters include:
 
Principal risks and uncertainties
Future developments

Disclosure of information to auditor

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 auditor is 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 auditor is aware of that information.

Post Balance Sheet events

Save as already stated, there have been no significant events affecting the Company since the year end.

This report was approved by the Board and signed on its behalf.
 





................................................
J P Stubbings
Director
Date: 5 September 2024

Page 8

 
WOODLAND GLOBAL LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WOODLAND GLOBAL LIMITED
 

Opinion


We have audited the financial statements of Woodland Global Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including 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 101 ‘Reduced Disclosure Framework’ (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 Auditor's 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 9

 
WOODLAND GLOBAL LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WOODLAND GLOBAL LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Directors are responsible for the other information contained within the Annual ReportOur 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 7, 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 10

 
WOODLAND GLOBAL LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WOODLAND GLOBAL LIMITED (CONTINUED)


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


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:
Enquiry of management and those charged with governance around actual and potential litigation and    claims;
• Enquiry of the entity staff in compliance functions to identify any instances of non-compliance with laws    and regulations;
• Performing audit work over the risk of management override of controls, including testing of journal    entries and other adjustments for appropriateness, evaluating the business rationale of significant     transactions outside the normal course of business for reviewing accounting estimates for bias;
• Reviewing minutes of meetings of those charged with governance; and
• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance   with applicable laws and regulations.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditor's Report.


Page 11

 
WOODLAND GLOBAL LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WOODLAND GLOBAL 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 Auditor's 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.





Cara Miller ACCA (Senior Statutory Auditor)
for and on behalf of
MHA
Statutory Auditor
Colchester, United Kingdom

6 September 2024
Page 12

 
WOODLAND GLOBAL LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
95,749,037
162,707,211

Cost of sales
  
(72,420,834)
(133,697,669)

Gross profit
  
23,328,203
29,009,542

Administrative expenses
  
(21,585,763)
(20,105,314)

Other operating income
 5 
-
121,287

Other operating charges
  
(42,971)
(39,610)

Operating profit
 6 
1,699,469
8,985,905

Profit/(loss) on disposal of fixed assets
  
(63,665)
13,803

Interest receivable and similar income
 10 
88,550
-

Interest payable and similar expenses
 11 
(433,373)
(372,070)

Profit before tax
  
1,290,981
8,627,638

Tax on profit
 12 
(605,131)
(1,681,621)

Profit for the financial year
  
685,850
6,946,017

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

The notes on pages 17 to 38 form part of these financial statements.

Page 13

 
WOODLAND GLOBAL LIMITED
REGISTERED NUMBER: 02278005

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2023
2022
2022
Note
£
£
£
£

  

Fixed assets
  

Tangible assets
 14 
17,979,330
20,347,594

Investments
 15 
70,081
70,081

  
18,049,411
20,417,675

Current assets
  

Debtors: amounts falling due within one year
 16 
26,745,957
27,807,124

Cash at bank and in hand
 17 
4,026,041
8,392,798

  
30,771,998
36,199,922

Creditors: amounts falling due within one year
 18 
(17,821,542)
(23,826,312)

Net current assets
  
 
 
12,950,456
 
 
12,373,610

Total assets less current liabilities
  
30,999,867
32,791,285

  

Creditors: amounts falling due after more than one year
 19 
(12,708,031)
(15,099,530)

  
18,291,836
17,691,755

Provisions for liabilities
  

Deferred taxation
 21 
(465,200)
(550,969)

  
 
 
(465,200)
 
 
(550,969)

  

Net assets
  
17,826,636
17,140,786


Capital and reserves
  

Called up share capital 
 22 
45,000
45,000

Capital redemption reserve
 23 
5,000
5,000

Profit and loss account
 23 
17,776,636
17,090,786

  
17,826,636
17,140,786


Page 14

 
WOODLAND GLOBAL LIMITED
REGISTERED NUMBER: 02278005
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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




................................................
J P Stubbings
Director
Date: 5 September 2024

The notes on pages 17 to 38 form part of these financial statements.

Page 15

 
WOODLAND GLOBAL LIMITED
 

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


Called up share capital
Capital redemption reserve
Non-distributable reserve
Retained earnings
Total equity

£
£
£
£
£


At 1 January 2022
45,000
5,000
88,259
12,056,510
12,194,769


Comprehensive income for the year

Profit for the year
-
-
-
6,946,017
6,946,017

Dividends: Equity capital
-
-
-
(2,000,000)
(2,000,000)

Transfer between reserve
-
-
(88,259)
88,259
-



At 1 January 2023
45,000
5,000
-
17,090,786
17,140,786


Comprehensive income for the year

Profit for the year
-
-
-
685,850
685,850


At 31 December 2023
45,000
5,000
-
17,776,636
17,826,636


The notes on pages 17 to 38 form part of these financial statements.

Page 16

 
WOODLAND GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Woodland Global Ltd (the 'Company') is a private Company limited by shares incorporated and domiciled in England and Wales (Company Registration Number: 02278005). Its registered office is Arlington House, West Station Business Park, Spital Road, Maldon, Essex, CM9 6FF.

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 101 'Reduced Disclosure Framework'  and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 101 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 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:
 
The requirement to publish a Statement of Cash Flows and related notes;
The requirement to disclose the future impact of new but not yet effective IFRSs;
The requirement to disclose compensation for key management between short term employee benefits, post-employment benefits and other long-term benefits;
Disclosure of the categories of financial instruments and nature and extent of risks arising on these financial instruments;
Disclosure of the objectives, policies and processes for managing capital;
Related party disclosures for transactions with the parent or wholly owned members of the Group;
Certain disclosures required under IFRS15 "Revenue from contracts with customers", including disaggregation of revenue, details of changes in contract assets and liabilities, and details of incomplete performance obligations;
For investment properties measured at fair value, the valuation techniques and inputs used to measure fair value, the effect of fair value measurements on the result for the period and the impact of credit risk on the fair value;
Comparative period reconciliations for share capital; and
The requirement to provide detailed comparative information for tangible fixed assets.

This information is included in the consolidated financial statements of Woodland Group Holdings Limited as at 31 December 2023 and these financial statements may be obtained from Companies House.

Page 17

 
WOODLAND GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Going concern

The financial statements have been prepared on a going concern basis which assumes that the Company will continue in operational existence for the foreseeable future and meet its liabilities as they fall due. The Company has net current assets of £12,950,456 (2022 - £12,373,610) and net assets of £17,826,636 (2022 - £17,140,786).
The Company has and continues to consider the impact of the Russia/Ukraine conflict on the operational and financial performance of its business. The Company also considers the geo-political risks and effects from both the Houthi Rebels attacking shipping in the Red Sea to that of the Israeli/Hamas conflict. The Company is sourcing alternative supply routes for its customers from shipping lines and its wider partner network. The Company’s financial forecasts, taking into consideration the current environment, show that the Company is expected to remain profitable and generate positive cash flows giving the Company the ability to operate for the foreseeable future. We continue to closely monitor the ongoing situations, staying alert to their impact on the trading position of the Company and our principal customers.
Consequently, the Directors have concluded that there are no material uncertainties that may cast significant doubt about the Company's ability to continue as a going concern for the next 12 months from the date of approval of these financial statements. Accordingly, the going concern basis has been adopted in preparing the financial statements.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is Pound Sterling.

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 18

 
WOODLAND GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Turnover

Turnover represents amounts receivable for services net of value added tax and trade discounts. Turnover consists mainly of freight forwarding. Turnover is recognised on delivery of goods for imports or on delivery to port for exports at a point in time once the obligations of the Company have been met.

Rendering of services

Revenue from providing services is recognised in the accounting period in which the services are rendered.

For fixed-price contracts, revenue is recognised based on the actual service provided to the end of the reporting period as a proportion of the total services to be provided because the customer receives and uses the benefits simultaneously.

 
2.6

Leases

The Company as a lessee

The Company assesses whether a contract is or contains a lease, at inception of a contract. The Company recognises a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Company recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease.

Lease payments included in the measurement of the lease liability comprise:

fixed lease payments (including in-substance fixed payments), less any lease incentives;

the exercise price of purchase options, if the lessee is reasonably certain to exercise the options; and

payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease.

The lease liability is included in 'Creditors' on the Balance Sheet.

The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.
Payments associated with short-term leases of equipment and vehicles together with leases of low value assets are recognised on a straight-line basis as an expense in Profit or Loss. Short-term leases are leases with a lease term of 12 months or less. Low value assets comprise IT equipment and small items of office furniture.

Page 19

 
WOODLAND GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.6
Leases (continued)

The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.

Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.

The right-of-use assets are included in the 'Tangible fixed assets' in the Balance Sheet.

The Company applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in Note 2.13.

As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead account for any lease and associated non-lease components as a single arrangement. The Company has not used this practical expedient where these non-lease components are separately identifiable.

 
2.7

Government grants

Government grants received on capital expenditure are initially recognised within deferred income on the Company's Balance Sheet and are subsequently recognised in profit or loss on a systematic basis over the useful life of the related capital expenditure. The Company received no capital grants during the year.
Grants for revenue expenditure are presented as part of the profit or loss in the periods in which the expenditure is recognised.

 
2.8

Interest income

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

 
2.9

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.

Page 20

 
WOODLAND GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

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.

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 21

 
WOODLAND GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.12
Tangible fixed assets (continued)

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

Depreciation is provided on the following basis:

Leasehold buildings
-
Over the term of the underlying lease
Plant and machinery
-
10% - 25% straight line
Motor vehicles
-
20% - 25% straight line
Fixtures, fittings and equipment
-
25% straight line
Computer equipment
-
33.3% straight line

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

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

Page 22

 
WOODLAND GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.13

Financial instruments

The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:
Basic financial instruments are initially recognised at transaction cost and then subsequently at amortised cost. For short term items discounting is not applied and they will be stated at the amount of cash expected to be paid or received.
Basic financial instruments include:
• Cash
• Demand and fixed-term deposits when the entity is the depositor
• Commercial paper and commercial bills held
• Accounts, notes and loans receivable and payable
• Investments in non-convertible preference shares and non-puttable ordinary and preference shares
The Company only holds basic financial instruments.
Financial assets
At amortised cost
Amortised cost is calculated using the effective interest method and represents the amount measured at initial recognition less repayments of principal plus the cumulative emortisation using the effective interest method of any difference between the initial amount and the maturity amount, adjusted for any loss allowance.
Impairment of financial assets
The Company always recognises lifetime expected credit losses ("ECL") for trade receivables and amounts due on contracts with customers. The expected credit losses on these financial assets are estimated based on the Company's historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument.
Financial liabilities
At amortised cost
Amortised cost is calculated using the effective interest method. The effective interest rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate a shorter period, to the amortised cost of a financial liability.

 
2.14

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.

Page 23

 
WOODLAND GLOBAL 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

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:

Accruals for consignment costs

The level of accruals for consignment costs is estimated based on individual job costings, with a reasonable allocation of time afforded by the Directors for the final cost invoices to be received and reconciled prior to closing the consignment and actualising the final level of accrual.

Lease accounting

The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Company, the lessee's incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions.



4.


Turnover

The whole of the turnover is attributable to freight forwarding, warehousing and fulfilment services.

Analysis of turnover by geographical market

2023
2022
£
£

United Kingdom
23,351,430
26,964,708

Rest of Europe
13,297,172
15,185,546

Americas
21,724,422
32,733,933

Asia
32,760,069
79,010,170

Australasia
2,574,923
4,477,574

Middle East and Africa
2,041,021
4,335,280

95,749,037
162,707,211


Page 24

 
WOODLAND GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Other operating income

2023
2022
£
£

Gains on foreign exchange
-
121,287

-
121,287





6.


Operating profit

The operating profit is stated after charging/(crediting):

2023
2022
£
£

(Profit)/loss on disposal of fixed assets
(63,665)
16,198

Depreciation of owned tangible fixed assets
799,542
647,389

Depreciation of assets held under leases
4,072,646
3,748,661

Charitable donations
24,299
7,563

Equipment hire
509,597
443,598

Exchange differences
33,368
(121,287)

Direct expenses associated with investment property
-
6,196


7.


Auditor's remuneration

2023
2022
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
62,400
60,000

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 25

 
WOODLAND GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Employees

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


2023
2022
£
£

Wages and salaries
11,084,399
10,618,121

Social security costs
1,037,692
1,118,416

Cost of defined contribution scheme
312,932
180,381

12,435,023
11,916,918


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


        2023
        2022
            No.
            No.







Operations
331
295



Sales, administration and management
32
30

363
325


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
285,199
49,575

Company contributions to defined contribution pension schemes
82,219
440

367,418
50,015


During the year retirement benefits were accruing to 3 Directors (2022 - 2) in respect of defined contribution pension schemes. In addition, the highest paid director was paid £172,493 having previously been employed by another group company where all of his services for 2022 were recharged to the Company at a total cost of £37,188 plus Company contributions to the defined contribution pension scheme of £210. Four other directors were employed by other group companies and their services to the Company were incidental to their other duties and responsibilities.

Page 26

 
WOODLAND GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Interest receivable

2023
2022
£
£


Bank interest receivable
88,550
-

88,550
-


11.


Interest payable and similar expenses

2023
2022
£
£


Interest on lease liabilities
433,373
372,070

433,373
372,070

Page 27

 
WOODLAND GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
530,576
202,721

Adjustments in respect of previous periods
160,324
(68,946)


690,900
133,775


Group taxation relief
-
1,208,432


690,900
1,342,207


Total current tax
690,900
1,342,207

Deferred tax


Origination and reversal of timing differences
(90,765)
170,880

Effect of tax rate changes on opening balance
-
53,961

Adjustments in respect of prior periods
4,996
114,573

Total deferred tax
(85,769)
339,414


Tax on profit
605,131
1,681,621
Page 28

 
WOODLAND GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
12.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 23.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,290,981
8,627,638


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
303,638
1,639,251

Effects of:


Expenses not deductible for tax purposes
157,298
29,355

Adjustments to tax charge in respect of prior periods
160,324
(68,946)

Deferred tax adjustments
(7,098)
168,534

Fixed asset temporary differences
(9,031)
(86,573)

Total tax charge for the year
605,131
1,681,621


Factors that may affect future tax charges

There were no factors that may affect future tax charges.




13.


Dividends

2023
2022
£
£

Ordinary


Dividends paid
-
2,000,000

The dividends paid equates to £NIL (2022 - £44.44) per share.

Page 29

 
WOODLAND GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Tangible fixed assets





Land and buildings
Plant, equipment, fixtures and fittings
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 January 2023
26,724,883
5,793,448
972,138
33,490,469


Additions
1,848,632
421,363
397,898
2,667,893


Disposals
(536,986)
(812,608)
(710,934)
(2,060,528)



At 31 December 2023

28,036,529
5,402,203
659,102
34,097,834



Depreciation


At 1 January 2023
9,647,062
2,872,362
623,451
13,142,875


Charge for the year on owned assets
287,412
449,330
62,800
799,542


Charge for the year on right-of-use assets
3,565,290
437,828
69,528
4,072,646


Disposals
(536,986)
(804,256)
(555,317)
(1,896,559)



At 31 December 2023

12,962,778
2,955,264
200,462
16,118,504



Net book value



At 31 December 2023
15,073,751
2,446,939
458,640
17,979,330



At 31 December 2022
17,077,821
2,921,086
348,687
20,347,594


The net book value of owned and leased assets included as "Tangible fixed assets" in the Balance Sheet is as follows:

2023
2022
£
£


Tangible fixed assets owned
2,488,607
2,679,382

Right-of-use tangible fixed assets
15,490,723
17,668,212

17,979,330
20,347,594

Page 30

 
WOODLAND GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           14.Tangible fixed assets (continued)

Information about right-of-use assets is summarised below:

Net book value

2023
2022
£
£

Land and buildings
14,263,483
16,098,277

Plant, equipment, fixtures and fittings
1,139,184
1,256,734

Motor vehicles
88,056
313,201

15,490,723
17,668,212

Depreciation charge for the year ended

2023
2022
£
£

Land and buildings
3,565,290
3,181,293

Plant, equipment, fixtures and fittings
437,828
430,414

Motor vehicles
69,528
136,954

4,072,646
3,748,661


Additions to right-of-use assets

2023
2022
£
£

Additions to right-of-use assets
328,360
8,131,848

Page 31

 
WOODLAND GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 January 2023
70,081



At 31 December 2023
70,081






Net book value



At 31 December 2023
70,081



At 31 December 2022
70,081


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Woodland Logistics Ltd
05151477
Ordinary
100%
Woodland Entertainment Limited
05226314
Ordinary
100%
Courier Elite Limited
04247450
Ordinary
100%
International Food Link Limited
03272529
Ordinary
57%

The registered office of the above subsidiaries is Arlington House, West Station Business Park, Spital Road, Maldon, Essex, CM9 6FF. All subsidiaries are incorporated and domiciled in England and Wales. 
Courier Elite Limited was dormant during both the current and previous reporting periods.

The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Woodland Logistics Ltd
4,164,014
363,175

Woodland Entertainment Limited
1,666,522
482,874

Courier Elite Limited
76,069
-

International Food Link Limited
1,610,262
(54,972)

Page 32

 
WOODLAND GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Debtors

2023
2022
£
£


Trade debtors
11,757,828
18,751,132

Amounts owed by group undertakings
13,616,884
6,834,106

Amounts owed by associated undertakings
-
1,592

Other debtors
466,959
1,355,339

Prepayments and accrued income
904,286
864,955

26,745,957
27,807,124


Included in trade debtors is a provision for bad debts totalling £180,212 (2022 - £285,222). The credit to profit or loss for bad debts was £19,627(2022 charge - £119,703) and £85,383 was reinstated (2022 - £40,257 was reinstated) during the year.


17.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
4,026,041
8,392,798



18.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
6,370,119
9,496,692

Amounts owed to group undertakings
866,639
1,375,381

Amounts owed to associated undertakings
7,872
-

Corporation tax
240,820
-

Other taxation and social security
2,677,274
4,709,595

Lease liabilities
4,223,581
4,143,294

Other creditors
106,050
41,165

Accruals and deferred income
3,329,187
4,060,185

17,821,542
23,826,312


Lease liabilities are secured over the underlying assets financed. 
The Company has guarantees which are detailed in Note 24.

Page 33

 
WOODLAND GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

19.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Lease liabilities
12,708,031
15,099,530

12,708,031
15,099,530


Lease liabilities are secured over the underlying assets financed.


20.

Leases

Company as a lessee

The Company leases various warehouses, offices, vehicles, plant and equipment. Rental contracts are typically made for fixed periods of 1 to 10 years but may have extension options or break clauses.

Lease liabilities are due as follows:

2023
2022
£
£

Not later than one year
4,223,581
4,143,294

Between one year and five years
8,750,222
10,581,064

Later than five years
3,957,809
4,518,466

16,931,612
19,242,824


The following amounts in respect of leases, where the Company is a lessee, have been recognised in profit or loss:

2023
2022
£
£

Interest expense on lease liabilities
433,373
372,070

The total cash outflow for leases during the year was £4,800,693 (2022 - £4,007,324).

Page 34

 
WOODLAND GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


Deferred taxation




2023
2022


£

£






At beginning of year
550,969
211,555


Charged to profit or loss
(85,769)
339,414



At end of year
465,200
550,969

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
470,196
555,965

Tax losses carried forward
(4,996)
(4,996)

465,200
550,969


22.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



45,000 (2022 - 45,000) Ordinary shares of £1.00 each
45,000
45,000

All shares rank equally with regards to voting rights, dividend rights and rights in any distributions made including winding up.



23.


Reserves

Capital redemption reserve

Capital redemption reserve represents the nominal value of shares repurchased and still held at the end of the reporting period. This reserve is non-distributable.

Retained earnings

Retained earnings represents the accumulation of retained profits, net of dividends, which are in the form of distributable reserves.

Page 35

 
WOODLAND GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

24.


Financial commitments, guarantees and contingent liabilities

The Company has entered into an intercompany guarantee for banking facilities with certain fellow group and related party undertakings totalling £4,230,000 (2022 - £5,092,069) at the year end. This includes overdraft facilities of £4,000,000 (2022 - £4,000,000) which were undrawn at the 31 December 2023. In addition, the Group held United Kingdom and Irish customs bonds amounting to £282,030 (2022 - £997,601)
The Company has entered into an intercompany guarantee for the VAT payments due with certain fellow group companies and the amount payable at the year end amounted to £132,362 
(2022 receivable - £297,758).


25.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £312,932 (2022 - £180,381). Contributions totalling £47,449 (2022 - £41,681) were payable to the fund at the Balance Sheet date and is included within other creditors.

Page 36

 
WOODLAND GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

26.


Related party transactions

The Company has taken the FRS 101 exemption from the requirements in 'IAS 24 Related Party Disclosures' to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.
FIPL Limited is a related party as Mr K G Stevens, the ultimate controlling party, is a shareholder. During the year, property rental charges of £192,000 (
2022 - £144,490) were made by FIPL Limited and costs of £40 (2022 - £14,927) were recharged to FIPL Limited. £8,453 (2022 - £289) was advanced to FIPL Limited during the year. £40 (2022 - £289) was receivable from FIPL Limited and £57,600 (2022 - £NIL) was payable to FIPL Limited at the year end.
Atlantic Pacific Global Logistics Limited is a related party as Mr K G Stevens, the ultimate controlling party, is a shareholder of their holding company, Atlantic Pacific Group Ltd. During the year, the Company made sales of £227,988 (
2022 - £408,231) to Atlantic Pacific Global Logistics Limited and purchases of £NIL (2022 - £1,025) were made from Atlantic Pacific Global Logistics Limited. £13,952 (2022 - £12,247) was receivable from Atlantic Pacific Global Logistics Limited at the year end and £NIL (2022 - £336) was payable.
Port Express Limited is a related party as Mr K G Stevens, the ultimate controlling party, is a shareholder of the holding company, Atlantic Pacific Group Ltd. During the year, the Company made sales of £23,489 (
2022 - £18,624) to Port Express Limited and purchases of £2,550,964 (2022 - £3,344,687) were made from Port Express Limited. £NIL (2022 - £NIL) was receivable from Port Express Limited and £612,910 (2022 - £219,128) was payable to Port Express Limited at the year end. £1,122,445 (2022 - £3,511,383) was advanced to Port Express Limited during the year as Woodland Global Ltd processed their payroll, £2,618 (2022 - £59,554) of which was receivable at the year end.
International Food Link Limited is a related party as the Company owns 57% of its share capital. During the year, the Company made sales of £544,772 (
2022 - £656,774) to International Food Link Limited and purchases of £38,676 (2022 - £11,990) were made from International Food Link Limited. £513,806 (2022 - £25,200) was advanced to International Food Link Limited during the year. £58,958 (2022 - £102,230) was receivable from and £41,044 (2022 - £Nil) was payable to International Food Link Limited at the year end.
Freight Filter Limited is a related party as Woodland Group Limited, the immediate parent company, owns 75% of the share capital. During the year, the Company made sales of £15,234 (
2022 - £13,060) to Freight Filter Limited and purchases of £155,388 (2022 - £226,800) were made from Freight Filter Limited. £4,699 (2022 - £1,233) was receivable from Freight Filter Limited at the year end. £201,255 (2022 - £136,665) was advanced to Freight Filter Limited during the year as Woodland Global Ltd processed their payroll.
Redwood Fulfilment BV is a related party as Woodland Group Limited owns 34.95% of its share capital. During the year, the Company made sales of £1,192 (
2022 - £38,559) to Redwood Fulfilment BV and purchases of £26,440 (2022 - £28,721) were made from Redwood Fulfilment BV. £147 (2022 - £9,733) was receivable from Redwood Fulfilment BV at the year end and £8,019 (2022 - £8,355) was payable to Redwood Fulfilment BV.

Page 37

 
WOODLAND GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

27.


Controlling party

The Company's ultimate parent is Woodland Group Holdings Limited (Company Registered Number: 14078193), a company incorporated in England and Wales. The immediate parent company is Woodland Group Limited (Company Registered Number: 05455052), a company incorporated in England and Wales.
The smallest and largest group of undertakings for which consolidated accounts have been drawn up is Woodland Group Holdings Limited. The consolidated financial statements of Woodland Group Holdings Limited are publicly available and can be obtained from Companies House. The registered office of Woodland Group Holdings Limited is Arlington House, West Station Business Park, Spital Road, Maldon, CM9 6FF.
Mr K G Stevens is this Company's ultimate controlling party by virtue of his majority shareholding in the ultimate parent company.

 
Page 38