Company registration number 06178690 (England and Wales)
RHENUS WAREHOUSING SOLUTIONS UK LIMITED
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
RHENUS WAREHOUSING SOLUTIONS UK LIMITED
COMPANY INFORMATION
Directors
D J Williams
G Hollington
Company number
06178690
Registered office
Unit 2
Discovery Way
Nuneaton
Warwickshire
United Kingdom
CV10 7PS
Auditor
Azets Audit Services
Ship Canal House
98 King Street
Manchester
M2 4WU
RHENUS WAREHOUSING SOLUTIONS UK LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 6
Independent auditor's report
7 - 10
Group statement of comprehensive income
11
Group balance sheet
12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Notes to the financial statements
17 - 30
RHENUS WAREHOUSING SOLUTIONS UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

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

 

Principal Activities

The group’s principal activity is unchanged since last year and is that of providing warehousing and logistical solutions for the retail industry in the UK.

Business Review

Turnover for the year reached £36.8 million, reflecting a 7% increase from £34.2 million in 2022. This growth was driven by increased sales from existing customers and new business secured over the year, facilitated by the expansion of our current footprint. The gross profit margin was 41.7% of turnover (2022: 40.7%). Profit before tax fell from £1.1 million in 2022 to a loss of £2.6 million in 2023.

The decline in financial results this year is a direct consequence of our strategic investment in a new 900,000 sq.ft. campus. While the short-term impact on profitability is significant, the long-term benefits in terms of increased capacity, operational efficiencies, and competitive positioning are expected to drive substantial growth and profitability in the future. This strategic investment is essential for sustaining and enhancing our market leadership in the warehousing industry.

The group has a solid future growth strategy and is committed to continued investment in IT infrastructure to streamline business operations and improve the quality and range of services offered to clients. Due to space and capacity restrictions within the existing site portfolio, combined with a robust pipeline of new business and strong market demand for our services, two new UK sites were opened in 2023. These facilities were designed with sustainability at the forefront to help the group meet its environmental goals. The new campus has created environmentally diversified spaces that enhance employee satisfaction, health, and well-being.

Principal risks and uncertainties

A variety of risks and uncertainties may influence the group, some of which are beyond its control. The principal risks facing the group are described below:

Competition and Market

Competitive pressure within the third-party logistics market along with economic uncertainty within the retail supply chain is an ongoing risk for the group. These factors could result in the loss of sales to other service providers and with retail customers strategically closing their store footprint; this could also negatively impact business volumes. The group manages that risk by shifting its new business sales focus towards e-commerce and online services whilst also consistently achieving key performance indicators and maintaining strong relationships with customers.

Credit Risk

The group’s principal financial assets are cash and trade debtors. To manage credit risk, the group has implemented robust credit policies. These policies include conducting thorough credit checks on potential customers and continuously monitoring existing customers to minimise exposure. Additionally, the group performs credit checks on key suppliers to ensure their reliability and financial stability.

Liquidity Risk

The group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.

RHENUS WAREHOUSING SOLUTIONS UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Financial key performance indicators

Rhenus monitors its operations by analysing each individual service type and customer at the gross margin and profit level. Performance is assessed by comparing actual results against budgets and forecasts. Monthly comparisons are made between the current year and the previous year, as well as against the budget. Management focuses on any significant adverse deviations and take corrective action where possible.

In addition to financial metrics, Rhenus uses non-financial performance measures, such as timeliness, accuracy, and handling efficiency, to analyse the success of key client accounts. These measures help ensure comprehensive performance evaluation and customer satisfaction.

Directors’ statement of compliance with duty to promote the success of the Group.

Section 172 of the Companies Act 2006 requires Directors to consider the interests of stakeholders in their decision-making. This statement outlines how the Directors adhere to the matters set out in Section 172 while fulfilling their roles.

Our responsibilities extend to our shareholders, customers, suppliers, local communities, and the environment. We engage with our stakeholders in various ways, including:

Shareholders: We prioritise transparency and effective communication to ensure shareholders are informed about the group's strategies, performance, and decisions. We seek to uphold their trust and confidence by delivering long-term value and sustainable growth.

Customers: Our commitment to customer satisfaction is paramount. We collaborate closely with our customers, understanding their unique needs and preferences, and endeavouring to provide innovative solutions and exceptional service quality.

Suppliers: We uphold ethical sourcing practices and foster collaborative partnerships with our suppliers. By promoting fairness, sustainability, and adherence to high standards in our supply chain, we aim to create shared value and mutual success.

Local Communities: Through engagement initiatives, we actively contribute to the welfare and growth of the communities where we operate.

Environment: Environmental responsibility is central to our corporate values. We are committed to reducing our carbon footprint, conserving natural resources, and promoting environmental sustainability throughout our operations.

By prioritizing the interests of our stakeholders and engaging with them proactively, we aim to foster trust, create shared value, and drive sustainable growth for the benefit of all.

RHENUS WAREHOUSING SOLUTIONS UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Streamlined Energy and Carbon Report
RHENUS WAREHOUSING SOLUTIONS UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

Future initiatives include:

On behalf of the board

G Hollington
Director
12 July 2024
RHENUS WAREHOUSING SOLUTIONS UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Results and dividends

The results for the year are set out on page 11.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

K Delaney
(Resigned 24 November 2023)
A Plikat
(Resigned 22 May 2023)
D J Williams
G Hollington
(Appointed 14 November 2023)
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

 

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

Auditor

In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the group will be put at a General Meeting.

RHENUS WAREHOUSING SOLUTIONS UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
Statement of directors' responsibilities

The directors are responsible for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of its streamlined energy and carbon report and principal risks and uncertainties.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
G Hollington
Director
12 July 2024
RHENUS WAREHOUSING SOLUTIONS UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RHENUS WAREHOUSING SOLUTIONS UK LIMITED
- 7 -
Opinion

We have audited the financial statements of Rhenus Warehousing Solutions UK Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

 

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

 

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

Other information

The 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 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

RHENUS WAREHOUSING SOLUTIONS UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RHENUS WAREHOUSING SOLUTIONS UK LIMITED
- 8 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

RHENUS WAREHOUSING SOLUTIONS UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RHENUS WAREHOUSING SOLUTIONS UK LIMITED
- 9 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

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

 

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

 

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

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

 

 

RHENUS WAREHOUSING SOLUTIONS UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RHENUS WAREHOUSING SOLUTIONS UK LIMITED
- 10 -

Use of our report

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

Graham Rigby (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
12 July 2024
Chartered Accountants
Statutory Auditor
Ship Canal House
98 King Street
Manchester
M2 4WU
RHENUS WAREHOUSING SOLUTIONS UK LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
2023
2022
Notes
£
£
Turnover
3
36,785,967
34,246,108
Cost of sales
(21,434,241)
(20,280,126)
Gross profit
15,351,726
13,965,982
Administrative expenses
(17,602,339)
(12,926,116)
Other operating income
69,766
66,530
Operating (loss)/profit
4
(2,180,847)
1,106,396
Interest receivable and similar income
5,237
6,177
Interest payable and similar expenses
(463,561)
-
0
(Loss)/profit before taxation
(2,639,171)
1,112,573
Tax on (loss)/profit
6
20,139
233,902
(Loss)/profit for the financial year
19
(2,619,032)
1,346,475
(Loss)/profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
RHENUS WAREHOUSING SOLUTIONS UK LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 12 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
7
221,976
286,946
Tangible assets
8
54,361,743
16,043,225
54,583,719
16,330,171
Current assets
Stocks
11
164,726
135,231
Debtors
12
16,161,998
12,111,393
Cash at bank and in hand
35,815
543,724
16,362,539
12,790,348
Creditors: amounts falling due within one year
13
(14,050,741)
(10,305,745)
Net current assets
2,311,798
2,484,603
Total assets less current liabilities
56,895,517
18,814,774
Creditors: amounts falling due after more than one year
14
(36,500,000)
(5,614,938)
Provisions for liabilities
Provisions
15
14,664,068
4,829,216
Deferred tax liability
16
411,054
431,193
(15,075,122)
(5,260,409)
Net assets
5,320,395
7,939,427
Capital and reserves
Called up share capital
18
910,100
910,100
Capital redemption reserve
19
189,900
189,900
Profit and loss reserves
19
4,220,395
6,839,427
Total equity
5,320,395
7,939,427
The financial statements were approved by the board of directors and authorised for issue on 12 July 2024 and are signed on its behalf by:
G Hollington
Director
Company registration number 06178690 (England and Wales)
RHENUS WAREHOUSING SOLUTIONS UK LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 13 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
9
2,249,112
2,249,112
Current assets
Cash at bank and in hand
1,501
1,501
Creditors: amounts falling due within one year
13
(1,057,816)
(1,057,816)
Net current liabilities
(1,056,315)
(1,056,315)
Net assets
1,192,797
1,192,797
Capital and reserves
Called up share capital
18
910,100
910,100
Capital redemption reserve
19
189,900
189,900
Profit and loss reserves
19
92,797
92,797
Total equity
1,192,797
1,192,797

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £0 (2022 - £0 profit).

The financial statements were approved by the board of directors and authorised for issue on 12 July 2024 and are signed on its behalf by:
12 July 2024
G Hollington
Director
Company Registration No. 06178690
RHENUS WAREHOUSING SOLUTIONS UK LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2022
910,100
189,900
5,492,952
6,592,952
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
1,346,475
1,346,475
Balance at 31 December 2022
910,100
189,900
6,839,427
7,939,427
Year ended 31 December 2023:
Loss and total comprehensive income
-
-
(2,619,032)
(2,619,032)
Balance at 31 December 2023
910,100
189,900
4,220,395
5,320,395
RHENUS WAREHOUSING SOLUTIONS UK LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2022
910,100
189,900
92,797
1,192,797
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
-
-
0
Balance at 31 December 2022
910,100
189,900
92,797
1,192,797
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
-
-
0
Balance at 31 December 2023
910,100
189,900
92,797
1,192,797
RHENUS WAREHOUSING SOLUTIONS UK LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
23
(4,973,457)
6,915,488
Interest paid
(463,561)
-
0
Income taxes paid
-
0
(430,528)
Net cash (outflow)/inflow from operating activities
(5,437,018)
6,484,960
Investing activities
Purchase of tangible fixed assets
(30,996,128)
(12,305,685)
Proceeds from disposal of tangible fixed assets
20,000
30,498
Interest received
5,237
6,177
Net cash used in investing activities
(30,970,891)
(12,269,010)
Financing activities
Cash received as intercompany loan
35,900,000
5,600,000
Net cash generated from financing activities
35,900,000
5,600,000
Net decrease in cash and cash equivalents
(507,909)
(184,050)
Cash and cash equivalents at beginning of year
543,724
727,774
Cash and cash equivalents at end of year
35,815
543,724
RHENUS WAREHOUSING SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
1
Accounting policies
Company information

Rhenus Warehousing Solutions UK Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Liverpool Road, Eccles, Manchester, Lancashire, United Kingdom, M30 7RF.

 

The group consists of Rhenus Warehousing Solutions UK Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated profit and loss account from the date on which control is obtained. They are deconsolidated from the date control ceases.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. The company retains the support of the wider Rhenus group to fund the expansion of new warehousing facilities and associated costs, in addition to supporting the company in meeting its trading liabilities as they fall due.

1.4
Turnover

Turnover comprises revenue recognised by the group in respect of storage, handling and freight services supplied during the year, exclusive of value added tax and trade discounts. Turnover is recognised in line with services provided.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

RHENUS WAREHOUSING SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
Over the period of the lease
Plant and equipment
6.7% - 30% straight line
Fixtures and fittings
20% - 30% straight line
Computers
20% - 33% straight line
Motor vehicles
25% straight line
Assets under construction
Not depreciated

Estimated future dilapidation costs included within leasehold land and buildings are depreciated over the remaining term of the related lease.

 

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.7
Fixed asset investments

Investments in subsidiary undertakings are initially measured at cost and reviewed annually for impairment. If an impairment loss is identified, this is recognised immediately in the profit and loss account and the value of the investment is reduced accordingly.

1.8
Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest. Financial assets classified as receivable within one year are not amortised.

RHENUS WAREHOUSING SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

RHENUS WAREHOUSING SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
1.13
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

RHENUS WAREHOUSING SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. 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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Dilapidation provision

The group recognises dilapidations on the leasehold properties it holds. The directors assess the level of provision required on a property by property basis based on past experience within the property portfolio along with professional advice from qualified surveyors where appropriate. These provisions are reviewed annually to ensure they reflect the current best estimate of the provision required.

3
Turnover and other revenue

The whole of the turnover of the group for the year has been derived from the principal activity, wholly undertaken within the United Kingdom.

4
Operating (loss)/profit
2023
2022
£
£
Operating (loss)/profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
2,457,463
1,553,575
Auditor's remuneration
30,000
27,500
Fee paid to auditor for non audit services
5,300
4,800
Amortisation of intangible assets
64,970
64,970
Operating lease charges and related expenses
4,948,768
3,342,071

 

5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Office and management
117
99
-
-
Warehouse staff
314
268
-
-
Total
431
367
-
0
-
0
RHENUS WAREHOUSING SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Employees
(Continued)
- 22 -

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
11,874,259
9,965,049
-
0
-
0
Social security costs
1,080,549
938,857
-
-
Pension costs
310,778
234,528
-
0
-
0
13,265,586
11,138,434
-
0
-
0
6
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
-
0
(443,865)
Deferred tax
Origination and reversal of timing differences
(20,139)
209,958
Adjustment in respect of prior periods
-
0
5
Total deferred tax
(20,139)
209,963
Total tax credit
(20,139)
(233,902)

The actual credit for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
(Loss)/profit before taxation
(2,639,171)
1,112,573
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
(605,452)
211,389
Tax effect of expenses that are not deductible in determining taxable profit
-
0
1,453
Tax effect of income not taxable in determining taxable profit
-
0
(5,689)
Depreciation on assets not qualifying for tax allowances
8,381
63,739
Deferred tax adjustments in respect of prior years
614,490
5
Capitalised interest
-
0
(20,320)
Difference in tax rates
(37,558)
62,734
Effect of capital allowances including super deductions
-
0
(547,213)
Taxation credit
(20,139)
(233,902)
RHENUS WAREHOUSING SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
7
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
1,299,395
Amortisation and impairment
At 1 January 2023
1,012,449
Amortisation charged for the year
64,970
At 31 December 2023
1,077,419
Carrying amount
At 31 December 2023
221,976
At 31 December 2022
286,946
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
RHENUS WAREHOUSING SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
8
Tangible fixed assets
Group
Leasehold land and buildings
Assets under construction
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 January 2023
11,327,641
12,013,226
1,351,665
594,851
-
0
169,578
25,456,961
Additions
37,997,403
720,333
1,140,402
561,935
350,907
60,001
40,830,981
Disposals
-
0
-
0
-
0
-
0
-
0
(109,900)
(109,900)
Transfers
12,013,226
(12,013,226)
-
0
-
0
-
0
-
0
-
0
At 31 December 2023
61,338,270
720,333
2,492,067
1,156,786
350,907
119,679
66,178,042
Depreciation and impairment
At 1 January 2023
7,456,630
-
0
1,231,709
565,418
-
0
159,979
9,413,736
Depreciation charged in the year
2,229,895
-
0
142,103
70,865
-
0
14,600
2,457,463
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
-
0
(54,900)
(54,900)
At 31 December 2023
9,686,525
-
0
1,373,812
636,283
-
0
119,679
11,816,299
Carrying amount
At 31 December 2023
51,651,745
720,333
1,118,255
520,503
350,907
-
0
54,361,743
At 31 December 2022
3,871,011
12,013,226
119,956
29,433
-
0
9,599
16,043,225
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.
RHENUS WAREHOUSING SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Tangible fixed assets
(Continued)
- 25 -

Estimated future dilapidation costs have been capitalised and included in leasehold land and buildings. The net book value of which is £10,613,555 (2022: £1,668,300).

9
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
10
-
0
-
0
2,249,112
2,249,112
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
2,249,112
Carrying amount
At 31 December 2023
2,249,112
At 31 December 2022
2,249,112
10
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Rhenus Warehousing Solutions Holdings Limited
UK
Holding company
Ordinary
100.00
Rhenus Warehousing Solutions Lutterworth Limited
UK
Warehousing and distribution
Ordinary
100.00

The above subsidiaries share the same registered office as the company as noted on the company information page. The country of incorporation is England and Wales.

11
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
164,726
135,231
-
-
RHENUS WAREHOUSING SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
12
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
8,073,351
8,176,859
-
0
-
0
Corporation tax recoverable
771,373
771,373
-
0
-
0
Amounts owed by group undertakings
3,484,427
145,251
-
-
Other debtors
1,209,705
332,530
-
0
-
0
Prepayments and accrued income
1,759,559
956,149
-
0
-
0
15,298,415
10,382,162
-
-
Amounts falling due after more than one year:
Other debtors
863,583
1,729,231
-
0
-
0
Total debtors
16,161,998
12,111,393
-
-
13
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
4,456,749
8,027,107
-
0
-
0
Amounts owed to group undertakings
6,589,034
114,784
1,057,816
1,057,816
Other taxation and social security
537,335
597,757
-
-
Other creditors
233,878
209,841
-
0
-
0
Accruals and deferred income
2,233,745
1,356,256
-
0
-
0
14,050,741
10,305,745
1,057,816
1,057,816

 

RHENUS WAREHOUSING SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
14
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Amounts owed to group undertakings
36,500,000
5,600,000
-
0
-
0
Other creditors
-
0
14,938
-
0
-
0
36,500,000
5,614,938
-
0
-
0

 

15
Provisions for liabilities
Group
Company
2023
2022
2023
2022
£
£
£
£
Dilapidation provision
14,664,068
4,829,216
-
-
Movements on provisions:
Dilapidation provision
Group
£
At 1 January 2023
4,829,217
Additional provisions in the year
9,834,851
At 31 December 2023
14,664,068

 

16
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
6,099,807
2,531,596
Tax losses
(5,212,440)
(2,071,423)
Short term timing differences
(476,313)
(28,980)
411,054
431,193
The company has no deferred tax assets or liabilities.
RHENUS WAREHOUSING SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
16
Deferred taxation
(Continued)
- 28 -
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
431,193
-
Credit to profit or loss
(20,139)
-
Liability at 31 December 2023
411,054
-

 

17
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
310,778
234,528

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

18
Share capital
Group and company
2023
2022
Ordinary share capital
£
£
Allotted, called up and fully paid
2,000 Ordinary A1 shares of £1.00 each
2,000
2,000
1,712 Ordinary A2 shares of £1.00 each
1,712
1,712
1,144 Ordinary A3 shares of £1.00 each
1,144
1,144
1,444 Ordinary A4 shares of £1.00 each
1,444
1,444
1,000 Ordinary B shares of £1.00 each
1,000
1,000
100 Ordinary C shares of £1.00 each
100
100
1,900 Ordinary D shares of £1.00 each
1,900
1,900
510,580 Ordinary Preferred A shares of £1.00 each
510,580
510,580
182,120 Ordinary Preferred B shares of £1.00 each
182,120
182,120
10,000 Ordinary Preferred C shares of £1.00 each
10,000
10,000
198,100 Ordinary Preferred D shares of £1.00 each
198,100
198,100
910,100
910,100
RHENUS WAREHOUSING SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
19
Reserves
Capital redemption reserve

The capital redemption reserve represents accumulated repurchases of company shares at nominal value.

Profit and loss account

Retained earnings represents accumulated comprehensive income for the current and prior periods less dividends paid.

20
Capital commitments

At year end the company has capital commitments totalling £nil (2022: £28,178,322), in respect to the continued construction of the new warehouses.

21
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
7,349,809
4,135,547
-
-
Between two and five years
26,687,473
7,208,089
-
-
In over five years
109,894,216
465,665
-
-
143,931,498
11,809,301
-
-
22
Related party transactions
Balances with related parties

The company has taken advantage of the exemption in Financial Reporting Standard 102 Section 33 "Related party disclosures" and has not disclosed transactions with group and other related parties in the year which have been conducted on standard commercial terms.

 

Year end balances with group undertakings have been aggregated and disclosed in notes 12 & 13.


The following material amounts were due from/(to) the following related parties at the reporting end date:

Amounts owed by
Amounts owed to
related parties
related parties
2023
2022
2023
2022
£
£
£
£
ALS Customs Services Dover Limited
-
-
-
114,784
Rhenus Logistics Limited
2,281,430
-
5,000,000
-
Rhenus SE & Co. KG
1,202,997
-
36,500,000
5,600,000
Rhenus Warehousing Solutions UK Limited
-
1,203,067
-
-
RHENUS WAREHOUSING SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
23
Cash (absorbed by)/generated from group operations
2023
2022
£
£
(Loss)/profit for the year after tax
(2,619,032)
1,346,475
Adjustments for:
Taxation credited
(20,139)
(233,902)
Finance costs
463,561
-
0
Investment income
(5,237)
(6,177)
Loss/(gain) on disposal of tangible fixed assets
35,000
(15,056)
Amortisation and impairment of intangible assets
64,970
64,970
Depreciation and impairment of tangible fixed assets
2,457,463
1,553,575
Movements in working capital:
Increase in stocks
(29,495)
(58,779)
Increase in debtors
(4,050,606)
(608,874)
(Decrease)/increase in creditors
(1,269,942)
4,873,256
Cash (absorbed by)/generated from operations
(4,973,457)
6,915,488
24
Analysis of changes in net funds - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
543,724
(507,909)
35,815
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.100No description of principal activityK DelaneyA PlikatD J WilliamsG 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