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REGISTERED NUMBER: 02831201 (England and Wales)















Report of the Directors and

Financial Statements for the Year Ended 31 December 2023

for

Selvic Handling & Warehousing Limited

Selvic Handling & Warehousing Limited (Registered number: 02831201)

Contents of the Financial Statements
for the Year Ended 31 December 2023










Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 4

Income Statement 8

Balance Sheet 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


Selvic Handling & Warehousing Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mr A Maximchuk
Mr P J Woodhouse



SECRETARY: Miss S D Clifton



REGISTERED OFFICE: Mariner House Trondheim Way
Stallingborough
Grimsby
North East Lincolnshire
DN41 8FD



REGISTERED NUMBER: 02831201 (England and Wales)



SENIOR STATUTORY AUDITOR: Laura J Drew



AUDITORS: Harris Lacey and Swain
Chartered Accountants and Statutory Auditors
Suite 1
The Riverside Building
Hessle
East Yorkshire
HU13 0DZ

Selvic Handling & Warehousing Limited (Registered number: 02831201)

Report of the Directors
for the Year Ended 31 December 2023


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

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the operation of warehousing and storage facilities for land transport activities.

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

Mr A Maximchuk
Mr P J Woodhouse

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

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

AUDITORS
The auditors, Harris Lacey and Swain, will be proposed for re-appointment at the forthcoming Annual General Meeting.


Selvic Handling & Warehousing Limited (Registered number: 02831201)

Report of the Directors
for the Year Ended 31 December 2023

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Mr A Maximchuk - Director


17 September 2024

Report of the Independent Auditors to the Members of
Selvic Handling & Warehousing Limited


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

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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

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

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

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

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.
The prior period financial statements were not audited and therefore the corresponding figures in the financial statements are unaudited. This is due to the group exceeding the audit threshold for the first time.

Report of the Independent Auditors to the Members of
Selvic Handling & Warehousing Limited


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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Selvic Handling & Warehousing Limited


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

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

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

Audit response to risks identified
- the nature of the industry and sector, control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets
- results of our enquiries of management and their own identification and assessment of the risks of irregularities;
- any matters we identified having obtained and reviewed the companies' documentation of their policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
- the matters discussed among the audit engagement team including regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue deferrals. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, UK Corporate Governance Code and local tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

Audit response to risks identified

Our procedures to respond to risks identified included the following:
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- enquiring of management concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- reading minutes of meetings of those charged with governance
- obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and

Report of the Independent Auditors to the Members of
Selvic Handling & Warehousing Limited

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Laura J Drew (Senior Statutory Auditor)
for and on behalf of Harris Lacey and Swain
Chartered Accountants and Statutory Auditors
Suite 1
The Riverside Building
Hessle
East Yorkshire
HU13 0DZ

19 September 2024

Selvic Handling & Warehousing Limited (Registered number: 02831201)

Income Statement
for the Year Ended 31 December 2023

Period
1.4.22
Year Ended to
31.12.23 31.12.22
Notes £    £   

TURNOVER 457,333 337,000

Cost of sales (128,010 ) (95,104 )
GROSS PROFIT 329,323 241,896

Administrative expenses (224,001 ) (91,024 )
OPERATING PROFIT 4 105,322 150,872

Interest receivable and similar income 122 22
105,444 150,894

Interest payable and similar expenses (37,967 ) (35,986 )
PROFIT BEFORE TAXATION 67,477 114,908

Tax on profit (54,635 ) (27,312 )
PROFIT FOR THE FINANCIAL YEAR 12,842 87,596

Selvic Handling & Warehousing Limited (Registered number: 02831201)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 6 3,412,312 2,727,466

CURRENT ASSETS
Debtors 7 310,859 84,276
Cash at bank 72,573 21,511
383,432 105,787
CREDITORS
Amounts falling due within one year 8 989,024 856,022
NET CURRENT LIABILITIES (605,592 ) (750,235 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,806,720

1,977,231

CREDITORS
Amounts falling due after more than one
year

9

(670,746

)

(632,780

)

PROVISIONS FOR LIABILITIES (65,626 ) (54,179 )
NET ASSETS 2,070,348 1,290,272

CAPITAL AND RESERVES
Called up share capital 10 10,000 10,000
Capital contribution 79,254 117,220
Fair value reserve 11 767,233 -
Retained earnings 1,213,861 1,163,052
SHAREHOLDERS' FUNDS 2,070,348 1,290,272

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

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2024 and were signed on its behalf by:





Mr A Maximchuk - Director


Selvic Handling & Warehousing Limited (Registered number: 02831201)

Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up Fair
share Retained Capital value Total
capital earnings contribution reserve equity
£    £    £    £    £   
Balance at 1 April 2022 10,000 1,072,391 - - 1,082,391

Changes in equity
Total comprehensive income - 90,661 117,220 - 207,881
Balance at 31 December 2022 10,000 1,163,052 117,220 - 1,290,272

Changes in equity
Total comprehensive income - 50,809 (37,966 ) 767,233 780,076
Balance at 31 December 2023 10,000 1,213,861 79,254 767,233 2,070,348

Selvic Handling & Warehousing Limited (Registered number: 02831201)

Notes to the Financial Statements
for the Year Ended 31 December 2023


1. STATUTORY INFORMATION

Selvic Handling & Warehousing Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

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

During the 2022 financial year end the company changed its year end therefore shortening the period to 9 months, compared to a full 12-month period for the 2023 financial year. Therefore, the accounts information presented will not be truly comparable between the two financial years due to the difference in periods.

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on the Directors' best knowledge of the amount, events or actions, actual results ultimately differ from these estimates. The Directors do not consider there to be any material estimates and judgements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for services rendered, net of returns, discounts and rebates allowed by the company and value added taxes.

The company recognises revenue when the significant risks and rewards of ownership have been transferred to the buyer; the amount of revenue can be measured reliably; it is probable that future economic benefits will flow to the entity and when the specific criteria relating to each of the company's sales channels have been met, as described below.

The company provides services to other organisations, these services are provided as a fixed price contract.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 4% on cost and 2% on cost
Plant and machinery etc - 33% on cost and 25% on reducing balance

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments, including trade and other debtors and creditors are initially recognised at transaction value and subsequently measured at their settlement value.


Selvic Handling & Warehousing Limited (Registered number: 02831201)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

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

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 2 ) .

4. OPERATING PROFIT

The operating profit is stated after charging:

Period
1.4.22
Year Ended to
31.12.23 31.12.22
£    £   
Depreciation - owned assets 82,387 58,376

5. PRIOR YEAR ADJUSTMENT

Upon the audit of the 2023 accounts, being the Company's first audit, a prior year error relating to the 2022 accounts became apparent. Due to the material nature of the error, a prior year adjustment has been made in order to correct this; being the restatement of a loan received at a non-market rate of interest.

The prior year adjustments resulted in the following:

- The introduction of a Capital Contribution Reserve totalling £117,220 as at 31 December 2022 and a reduction in Other Loans by the same amount.
- The reclassification of the loan from amounts falling due within one year to amounts falling due after more than one year; this adjustment totalled £582,780.

Selvic Handling & Warehousing Limited (Registered number: 02831201)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


6. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 January 2023 3,494,458 181,005 3,675,463
Revaluations 767,233 - 767,233
At 31 December 2023 4,261,691 181,005 4,442,696
DEPRECIATION
At 1 January 2023 849,344 98,653 947,997
Charge for year 61,800 20,587 82,387
At 31 December 2023 911,144 119,240 1,030,384
NET BOOK VALUE
At 31 December 2023 3,350,547 61,765 3,412,312
At 31 December 2022 2,645,114 82,352 2,727,466

Cost or valuation at 31 December 2023 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2023 767,233 - 767,233
Cost 3,494,458 181,005 3,675,463
4,261,691 181,005 4,442,696

If land and buildings had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 3,494,458 3,494,458
Aggregate depreciation 911,143 849,343

Value of land in freehold land and buildings 2,583,315 2,645,115

The warehouse was revalued as at 31 December 2023 at the market value of £800,000. This value is deemed reasonable by the Directors.

Selvic Handling & Warehousing Limited (Registered number: 02831201)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 279,447 57,780
Other debtors 31,412 26,496
310,859 84,276

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 33,899 26,497
Taxation and social security 65,372 40,899
Other creditors 889,753 788,626
989,024 856,022

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other creditors 670,746 632,780

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
10,000 Ordinary 1 10,000 10,000

11. RESERVES
Fair
value
reserve
£   
Introduced 767,233

At 31 December 2023 767,233

12. OTHER FINANCIAL COMMITMENTS

Within creditor amounts falling due after more than one year is a loan taken at below the market rate of interest. The loan is being discounted at a rate of 6% over the loan term of 3 years, with 2 years remaining at the balance sheet date. The discounting adjustment is being released through the capital contribution reserve held on the balance sheet.

Selvic Handling & Warehousing Limited (Registered number: 02831201)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


13. RELATED PARTY DISCLOSURES

M9 Logistics Limited
There is a loan from M9 Logistics Limited, a company that owns the entire share capital of Selvic Handling & Warehousing Limited. The amount outstanding at the balance sheet date was £670,746 (2022: £632,780).

Selvic Shipping Services Limited
A company in which M9 Logistics Limited is a majority shareholder.

During the year the company made sales amounting to £333,333 (2022: £250,000). The company also made purchases of £nil (2022: £nil). There were also intercompany transactions totalling £93,620 (2022: £49,649). At 31st December 2023 there was an aggregate of £695,953 (2022: £754,000) due to Selvic Shipping Services Limited. The intercompany balance totalling £862,620 (2022: £769,000) is within other creditors.

14. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is M9 Logistics Limited.