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REGISTERED NUMBER: 09418333 (England and Wales)















Group Strategic Report,

Report of the Director and

Audited

Consolidated Financial Statements

for the Year Ended 31 December 2023

for

One World Holdings Limited

One World Holdings Limited (Registered number: 09418333)

Contents of the Consolidated Financial Statements
for the year ended 31 December 2023










Page

Company Information 1

Group Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 6

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 18


One World Holdings Limited

Company Information
for the year ended 31 December 2023







DIRECTOR: Mr A S Bhakta





REGISTERED OFFICE: One World House
Pump Lane
Hayes
Middlesex
UB3 3NB





REGISTERED NUMBER: 09418333 (England and Wales)





AUDITORS: Shaw Wallace Limited
43 Manchester Street
London
W1U 7LP

One World Holdings Limited (Registered number: 09418333)

Group Strategic Report
for the year ended 31 December 2023


The director presents his strategic report of the company and the group for the year ended 31 December 2023.

REVIEW OF BUSINESS
One World group's turnover has increased from £25m in 2022 to £27.1m in 2023. During the year, the group continued to focused on its existing key clients to increase market share and consolidate business activity. The sale of freehold property in 2022 has been re-invested in the year to purchase an additional freehold property and the directors expect this to generate further revenue in the future.

PRINCIPAL RISKS AND UNCERTAINTIES
The group faces a number of business risks and uncertainties due to prevailing challenging global market conditions. In view of this the director is looking carefully at both existing and potential markets and to cater to a wider audience which will further strengthen the business.

Financial instruments
The group has a normal level of exposure to foreign exchange, credit, liquidity and cash flow interest rate risk that arise from trading activities which are conducted mainly in sterling. Foreign currency transactions are covered by foreign currency contracts to minimize exposure to exchange rate volatility. There is some exposure to interest rate risk through the use of borrowings with variable rates, but these are over relatively short periods and the director considers the level of risk to be acceptable.

Liquidity risk
Liquidity risk is the risk that the director will not be able to meet its financial obligations as they fall due. To minimise this risk the director regularly monitors liquidity and ongoing working capital requirements.

Interest rate risk
The business is exposed to cash flow interest rate risk on floating rate deposits, bank overdrafts and loans. The group does not use interest rate derivatives to manage the mix of fixed and variable rate debts but does closely monitor its interest cover ratio.

Credit risk
Trade debtors are monitored on an ongoing basis and provision is made for doubful debts where necessary. Credit checks are conducted on new and existing customers to mitigate credit risk.

War in Ukraine
The war in Ukraine has impacted the business in that it has resulted in flucutating fuel costs. A prolonged war could have an adverse effect on customer behaviour which will impact parcel volumes. The directors regulary monitor and review the financial impact of rising fuel costs and customer behaviour in order to take action to mitigate the impact on the business.

RESEARCH AND DEVELOPMENT
The group continues to invest in infrastructure and technology, enabling seamless integration with online marketplaces around the world. It will put us in a prime position and allow us to expand globally in key emerging markets.


One World Holdings Limited (Registered number: 09418333)

Group Strategic Report
for the year ended 31 December 2023

DEVELOPMENT AND PERFORMANCE
The director anticipates the business environment will remain competitive, that the company is in a good financial position and that the risks that have been identified are being well managed. With careful focus on appropriate diversification and development of new products, as well as continuous review of the state of the market and the activities of competitors, the director is confident in the group's ability to maintain and build on this position, albeit with cautious growth expectations.

Key performance indicators
2023 2022

Turnover (GBP £'000) 27,106 24,983
Gross profit margin % 15.04 16.23

Turnover has increased to £27.106m in 2023 compared to £24.983m in 2022. Gross profit is up from £4.054m in the previous year to £4.078m in 2023. The gross profit margin is lower than the previous year at 15.04% compared to 16.23% in 2022.

ON BEHALF OF THE BOARD:





Mr A S Bhakta - Director


23 September 2024

One World Holdings Limited (Registered number: 09418333)

Report of the Director
for the year ended 31 December 2023


The director presents his report with the financial statements of the company and the group for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of transport, logistics and courier services.

The results for the year are set out on page 10.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

DIRECTOR
Mr A S Bhakta held office during the whole of the period from 1 January 2023 to the date of this report.

DISCLOSURE IN THE STRATEGIC REPORT
The company has chosen in accordance with Companies Act 2006, s. 414C(ii) of the Companies Act, the Company has set out certain information in its Strategic report that is otherwise required to be disclosed in the director's report. This includes information regarding results, research and development and risk management.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the revised financial statements in accordance with applicable law and regulations.

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

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

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the revised financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group 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 director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he 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 group's auditors are aware of that information.

One World Holdings Limited (Registered number: 09418333)

Report of the Director
for the year ended 31 December 2023


AUDITORS
The auditors, Shaw Wallace Limited, were appointed on 31st May 2024.

ON BEHALF OF THE BOARD:





Mr A S Bhakta - Director


23 September 2024

Report of the Independent Auditors to the Members of
One World Holdings Limited


Opinion
We have audited the financial statements of One World Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 December 2023 and of the group's loss 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 group 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.

Material uncertainty relating to going concern
In auditing the financial statements, we have concluded that the director's 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 the 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
One World Holdings Limited


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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is responsible for assessing the group's and 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
One World Holdings 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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the courier service sector; we focused on specific laws and regulations which we considered may have a direct material effect on the revised financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, and health and safety legislation; we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s revised financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3
- were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: agreeing revised financial statement disclosures to underlying supporting documentation; reading the minutes of meetings of those charged with governance; enquiring of management as to actual and potential litigation and claims; and reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company’s legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

Report of the Independent Auditors to the Members of
One World Holdings Limited


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.




Hitesh Gadhia (Senior Statutory Auditor)
for and on behalf of Shaw Wallace Limited
43 Manchester Street
London
W1U 7LP

23 September 2024

One World Holdings Limited (Registered number: 09418333)

Consolidated
Income Statement
for the year ended 31 December 2023

31.12.23 31.12.22
Notes £ £

TURNOVER 27,106,088 24,982,592

Cost of sales (23,028,085 ) (20,928,451 )
GROSS PROFIT 4,078,003 4,054,141

Administrative expenses (4,829,295 ) (5,496,675 )
(751,292 ) (1,442,534 )

Other operating income 621,461 685,908
OPERATING LOSS 4 (129,831 ) (756,626 )

Interest receivable and similar income 4,534 636
Other finance income 173,554 -
48,257 (755,990 )

Interest payable and similar expenses 6 (515,379 ) (247,889 )
Other finance costs - (90,909 )
LOSS BEFORE TAXATION (467,122 ) (1,094,788 )

Tax on loss 7 111,096 (386,374 )
LOSS FOR THE FINANCIAL YEAR (356,026 ) (1,481,162 )
Loss attributable to:
Owners of the parent (269,947 ) (1,433,106 )
Non-controlling interests (86,079 ) (48,056 )
(356,026 ) (1,481,162 )

One World Holdings Limited (Registered number: 09418333)

Consolidated
Other Comprehensive Income
for the year ended 31 December 2023

31.12.23 31.12.22
Notes £ £

LOSS FOR THE YEAR (356,026 ) (1,481,162 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(356,026

)

(1,481,162

)

Total comprehensive income attributable to:
Owners of the parent (269,947 ) (1,433,106 )
Non-controlling interests (86,079 ) (48,056 )
(356,026 ) (1,481,162 )

One World Holdings Limited (Registered number: 09418333)

Consolidated Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £ £
FIXED ASSETS
Intangible assets 9 2,213,600 2,823,451
Tangible assets 10 14,193,227 12,445,354
Investments 11 - -
16,406,827 15,268,805

CURRENT ASSETS
Debtors 12 2,663,318 2,579,178
Cash at bank and in hand 1,120,564 1,821,495
3,783,882 4,400,673
CREDITORS
Amounts falling due within one year 13 (8,258,418 ) (7,922,975 )
NET CURRENT LIABILITIES (4,474,536 ) (3,522,302 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,932,291

11,746,503

CREDITORS
Amounts falling due after more than one
year

14

(7,504,383

)

(6,930,690

)

PROVISIONS FOR LIABILITIES 17 (421,058 ) (448,937 )
NET ASSETS 4,006,850 4,366,876

CAPITAL AND RESERVES
Called up share capital 18 120,000 120,000
Retained earnings 19 3,828,572 4,098,519
SHAREHOLDERS' FUNDS 3,948,572 4,218,519

NON-CONTROLLING INTERESTS 20 58,278 148,357
TOTAL EQUITY 4,006,850 4,366,876

The financial statements were approved by the director and authorised for issue on 23 September 2024 and were signed by:





Mr A S Bhakta - Director


One World Holdings Limited (Registered number: 09418333)

Company Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £ £
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 - -
Investments 11 112,000 114,000
112,000 114,000

CURRENT ASSETS
Debtors 12 188,000 10,000

CREDITORS
Amounts falling due within one year 13 (29,810 ) (4,360 )
NET CURRENT ASSETS 158,190 5,640
TOTAL ASSETS LESS CURRENT
LIABILITIES

270,190

119,640

CAPITAL AND RESERVES
Called up share capital 18 120,000 120,000
Retained earnings 150,190 (360 )
SHAREHOLDERS' FUNDS 270,190 119,640

Company's profit for the financial year 150,550 -

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 director and authorised for issue on 24 September 2024 and were signed by:





Mr A S Bhakta - Director


One World Holdings Limited (Registered number: 09418333)

Consolidated Statement of Changes in Equity
for the year ended 31 December 2023

Called up
share Retained Non-controlling Total
capital earnings Total interests equity
£ £ £ £ £
Balance at 1 January 2022 120,000 5,531,625 5,651,625 196,413 5,848,038

Changes in equity
Total comprehensive income - (1,433,106 ) (1,433,106 ) (48,056 ) (1,481,162 )
Balance at 31 December 2022 120,000 4,098,519 4,218,519 148,357 4,366,876

Changes in equity
Total comprehensive income - (269,947 ) (269,947 ) (86,079 ) (356,026 )
Balance at 31 December 2023 120,000 3,828,572 3,948,572 62,278 4,010,850

One World Holdings Limited (Registered number: 09418333)

Company Statement of Changes in Equity
for the year ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£ £ £
Balance at 1 January 2022 120,000 (360 ) 119,640

Changes in equity
Balance at 31 December 2022 120,000 (360 ) 119,640

Changes in equity
Total comprehensive income - 150,550 150,550
Balance at 31 December 2023 120,000 150,190 270,190

One World Holdings Limited (Registered number: 09418333)

Consolidated Cash Flow Statement
for the year ended 31 December 2023

31.12.23 31.12.22
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 1,677,323 2,378,607
Interest paid (515,379 ) (247,889 )
Tax paid 83,805 (5,251 )
Net cash from operating activities 1,245,749 2,125,467

Cash flows from investing activities
Purchase of tangible fixed assets (2,398,046 ) (6,962,836 )
Sale of tangible fixed assets - 1,883,933
Sale of fixed asset investments 9,944 -
Interest received 4,534 636
Net cash from investing activities (2,383,568 ) (5,078,267 )

Cash flows from financing activities
New loans in year 1,117,352 2,555,000
Loan repayments in year (428,349 ) (100,911 )
Amount introduced by directors - 115,658
Amount withdrawn by directors (252,115 ) (132,321 )
Net cash from financing activities 436,888 2,437,426

Decrease in cash and cash equivalents (700,931 ) (515,374 )
Cash and cash equivalents at beginning of
year

2

1,821,495

2,336,869

Cash and cash equivalents at end of year 2 1,120,564 1,821,495

One World Holdings Limited (Registered number: 09418333)

Notes to the Consolidated Cash Flow Statement
for the year ended 31 December 2023


1. RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
31.12.23 31.12.22
£ £
Loss before taxation (467,122 ) (1,094,788 )
Depreciation charges 1,260,107 955,715
Profit on disposal of fixed assets (9,944 ) -
Interest on other loans 173,554 -
Government grants (9,032 ) (9,027 )
Finance costs 515,379 338,798
Finance income (178,088 ) (636 )
1,284,854 190,062
(Increase)/decrease in trade and other debtors (84,140 ) 1,074,815
Increase in trade and other creditors 476,609 1,113,730
Cash generated from operations 1,677,323 2,378,607

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£ £
Cash and cash equivalents 1,120,564 1,821,495
Year ended 31 December 2022
31.12.22 1.1.22
£ £
Cash and cash equivalents 1,821,495 2,336,869


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.1.23 Cash flow At 31.12.23
£ £ £
Net cash
Cash at bank and in hand 1,821,495 (700,931 ) 1,120,564
1,821,495 (700,931 ) 1,120,564
Debt
Debts falling due within 1 year (217,994 ) (115,310 ) (333,304 )
Debts falling due after 1 year (6,930,690 ) (573,693 ) (7,504,383 )
(7,148,684 ) (689,003 ) (7,837,687 )
Total (5,327,189 ) (1,389,934 ) (6,717,123 )

One World Holdings Limited (Registered number: 09418333)

Notes to the Consolidated Financial Statements
for the year ended 31 December 2023


1. STATUTORY INFORMATION

One World Holdings 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 General 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 £.

Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company One World Holdings Limited together with all entities controlled by the parent company its subsidiaries. All financial statements are made up to 31 December 2022. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group. All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Turnover
Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Goodwill on consolidation
Goodwill in the group arose in 2019 upon acquisition of two subsidiaries, Viva Xpress Logistics (UK) Limited and Viva Transport Services (UK) Limited, and in 2021 upon the acquisition of a further subidiary Post 'N' Packages Limited . Goodwill is amortised over 5 years on a straight line basis.

Computer software
Computer software consists of the costs incurred in establishing the intangible assets. The cost is amortised over a 10 year period. Costs directly attributable to the development of computer software are capitalised as intangible assets only when technical feasibility of the project is demonstrated, the company has an intention and ability to complete and use the software, and the costs can be measured reliably. Such costs include purchases of material and services. Research costs are recognised as an expense when incurred.

One World Holdings Limited (Registered number: 09418333)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - 1% on cost
Long leasehold - 1% on cost
Improvements to property - 25% on reducing balance
Plant and machinery - 33% on cost, 25% on reducing balance, 20% on cost and 15% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Fixed assets are measured at cost less accumulated depreciation. Included in freehold property is land which is not depreciated.

Financial instruments
The company 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 company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

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

Basic financial assets
Basic financial assets, which include trade and other receivables 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 method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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 company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, include trade and other payables, are initially recognised at transaction prices, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables 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 they are not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.


One World Holdings Limited (Registered number: 09418333)

Notes to the Consolidated 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 Consolidated 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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

Going concern
The financial statements have been prepared on the going concern basis not withstanding net current liabilities of £4,474,536 (2022: £3,522,302) as the director has a reasonable expectation that the group has adequate resources to continue in operational existence. The validity of this assumption depends on the continued support from the director and creditors.

If the group were unable to continue in existence for the foreseeable future, adjustments would be necessary to reduce the balance sheet values of assets to their recoverable amounts, to reclassify fixed assets as current assets and to provide for further liabilities which might arise.

One World Holdings Limited (Registered number: 09418333)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Significant judgements and estimates
In the application of the company'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 the current and future periods.

Critical judgements
In the director's view there are no significant judgements or estimates made.

3. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
£ £
Wages and salaries 2,424,398 2,376,789
Social security costs 23,144 27,929
Other pension costs 5,303 9,850
2,452,845 2,414,568

The average number of employees during the year was as follows:
31.12.23 31.12.22

Administrative and finance 30 25
Operations 47 55
77 80

31.12.23 31.12.22
£ £
Director's remuneration 185,654 222,500

4. OPERATING LOSS

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

31.12.23 31.12.22
£ £
Depreciation - owned assets 650,173 345,211
Profit on disposal of fixed assets (9,944 ) -
Goodwill amortisation 223,110 223,110
Computer software amortisation 386,741 387,391
Auditors' remuneration 47,005 14,278
Foreign exchange differences 12,797 81,509

One World Holdings Limited (Registered number: 09418333)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


5. EXCEPTIONAL ITEMS
31.12.23 31.12.22
£ £
Exceptional items - (752,794 )

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.23 31.12.22
£ £
Loan interest 515,379 247,889

7. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the loss for the year was as follows:
31.12.23 31.12.22
£ £
Current tax:
UK corporation tax (83,217 ) (39,798 )

Deferred tax (27,879 ) 426,172
Tax on loss (111,096 ) 386,374

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.23 31.12.22
£ £
Loss before tax (467,122 ) (1,094,788 )
Loss multiplied by the standard rate of corporation tax in the UK of 25 %
(2022 - 19 %)

(116,781

)

(208,010

)

Effects of:
Expenses not deductible for tax purposes 4,149 175,508
Income not taxable for tax purposes (43,785 ) -
Capital allowances in excess of depreciation - (408,892 )
Depreciation in excess of capital allowances 124,067 -
Utilisation of tax losses 41,938 441,394
Adjustments to tax charge in respect of previous periods (9,589 ) -


Deferred tax (27,878 ) 426,172
Tax relief in respect of prior periods (83,217 ) (39,798 )
Total tax (credit)/charge (111,096 ) 386,374

One World Holdings Limited (Registered number: 09418333)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. INTANGIBLE FIXED ASSETS

Group
Computer
Goodwill software Totals
£ £ £
COST
At 1 January 2023 1,115,548 4,171,743 5,287,291
Disposals (626,624 ) - (626,624 )
At 31 December 2023 488,924 4,171,743 4,660,667
AMORTISATION
At 1 January 2023 787,368 1,676,472 2,463,840
Amortisation for year 223,110 386,741 609,851
Eliminated on disposal (626,624 ) - (626,624 )
At 31 December 2023 383,854 2,063,213 2,447,067
NET BOOK VALUE
At 31 December 2023 105,070 2,108,530 2,213,600
At 31 December 2022 328,180 2,495,271 2,823,451

10. TANGIBLE FIXED ASSETS

Group
Freehold Short Long Improvements
property leasehold leasehold to property
£ £ £ £
COST
At 1 January 2023 6,504,312 2,853 3,274,240 315,996
Additions 1,892,352 - - 380,035
At 31 December 2023 8,396,664 2,853 3,274,240 696,031
DEPRECIATION
At 1 January 2023 158,405 2,853 163,710 94,140
Charge for year 79,236 - 32,743 102,983
At 31 December 2023 237,641 2,853 196,453 197,123
NET BOOK VALUE
At 31 December 2023 8,159,023 - 3,077,787 498,908
At 31 December 2022 6,345,907 - 3,110,530 221,856

One World Holdings Limited (Registered number: 09418333)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


10. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£ £ £ £ £
COST
At 1 January 2023 4,319,361 137,965 235,950 334,213 15,124,890
Additions 13,739 14,405 97,515 - 2,398,046
At 31 December 2023 4,333,100 152,370 333,465 334,213 17,522,936
DEPRECIATION
At 1 January 2023 1,850,290 47,668 137,331 225,139 2,679,536
Charge for year 355,844 24,487 28,121 26,759 650,173
At 31 December 2023 2,206,134 72,155 165,452 251,898 3,329,709
NET BOOK VALUE
At 31 December 2023 2,126,966 80,215 168,013 82,315 14,193,227
At 31 December 2022 2,469,071 90,297 98,619 109,074 12,445,354

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£
COST
At 1 January 2023 114,000
Disposals (2,000 )
At 31 December 2023 112,000
NET BOOK VALUE
At 31 December 2023 112,000
At 31 December 2022 114,000

One World Holdings Limited (Registered number: 09418333)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


11. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

One World Group Services Limited *
Registered office: One World House, Pump Lane, Hayes, Middlesex, UB3 3NB, UK Registered number: 09452898
Nature of business: Investment in subsidiaries
%
Class of shares: holding
Ordinary 100.00
31.12.23 31.12.22
£ £
Aggregate capital and reserves (412,403 ) (287,057 )
Loss for the year (125,346 ) (386,101 )

One World Acquisitions Ltd *
Registered office: One World House, Pump Lane, Hayes, Middlesex, UB3 3NB, UK Registered number: 10977853
Nature of business: Investment in subsidiaries
%
Class of shares: holding
Ordinary 100.00
31.12.23 31.12.22
£ £
Aggregate capital and reserves - (4,435 )
Loss for the year - (780 )

On 16th January 2023, owenership of Viva Transport Services Ltd was transferred from One World Acquisitions Ltd to a fellow subsidiary company within the group - One World Group Services Ltd.

On the same date ownership of One World Acquisitions Ltd was transferred from One World Holdings Limited to Atul Bhakta.

One World Solutions (UK) Ltd
Registered office: One World House, Pump Lane, Hayes, Middlesex, UB3 3NB, UK Registered number: 09354231
Nature of business: Software development
%
Class of shares: holding
Ordinary 100.00
31.12.23 31.12.22
£ £
Aggregate capital and reserves (323,887 ) (297,314 )
Loss for the year (26,573 ) (63,915 )

One World Holdings Limited (Registered number: 09418333)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


11. FIXED ASSET INVESTMENTS - continued

One World Commercial Real Estate Ltd
Registered office: One World House, Pump Lane, Hayes, Middlesex, UB3 3NB, UK Registered number: 10978120
Nature of business: Investment and property holding
%
Class of shares: holding
Ordinary 100.00
31.12.23 31.12.22
£ £
Aggregate capital and reserves 4,356,536 4,223,959
Profit for the year 132,577 337,731

Brands 2 You Limited *
Registered office: One World House, Pump Lane, Hayes, Middlesex, UB3 3NB, UK Registered number: 09612418
Nature of business: Retail and sale of goods
%
Class of shares: holding
Ordinary 100.00
31.12.23 31.12.22
£ £
Aggregate capital and reserves - 173,540
Loss for the year - (33,257 )

On 16th January 2023, there was a reorganisation of the group whereby ownership of Brands 2 You Limited was transferred to the director.


*
All outstanding liabilities of these undertakings as at 31 December 2023 have been provided with a parent company guarantee under section 479C of the Companies Act 2006. Their individual financial statements for the year ended 31 December 2023 were therefore entitled to exemption from audit under section 479A of the Companies Act 2006.This will also apply to the following subsidiaries of the above;

Post 'N' Packages Limited
- Registered number 06693460
- Nature of business; licensed carrier
- Registered office; One World House, Pump Lane, Hayes, Middlesex, UB3 3NB, UK

Viva Xpress Logistics (UK) Limited
- Registered number 05318068
- Nature of business; transport and logistics services
- Registered office; One World House, Pump Lane, Hayes, Middlesex, UB3 3NB, UK

Viva Transport Services (UK) Limited
- Registered number 05370141
- Nature of business; investment in subsidiaries
- Registered office; One World House, Pump Lane, Hayes, Middlesex, UB3 3NB, UK


One World Holdings Limited (Registered number: 09418333)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£ £ £ £
Trade debtors 1,936,379 1,743,524 - -
Related party 1,001 1,101 178,000 -
Other debtors 391,421 487,385 - -
VAT 170,652 194,900 - -
Called up share capital not paid 10,000 10,000 10,000 10,000
Prepayments and accrued income 153,865 142,268 - -
2,663,318 2,579,178 188,000 10,000

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£ £ £ £
Bank loans and overdrafts (see note 15) 333,304 217,994 - -
Trade creditors 3,074,413 2,818,063 - -
Tax 588 - - -
Social security and other taxes 62,796 167,181 - -
Other creditors 163,393 202,369 - -
Related party 2,120,179 1,707,783 4,000 4,000
Customer deposits 11,667 37,500 - -
Directors' current accounts 2,063,462 2,315,577 360 360
Accrued expenses 428,616 456,508 25,450 -
8,258,418 7,922,975 29,810 4,360

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
31.12.23 31.12.22
£ £
Bank loans (see note 15) 6,376,229 5,646,060
Other loans (see note 15) 1,128,154 1,284,630
7,504,383 6,930,690

One World Holdings Limited (Registered number: 09418333)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


15. LOANS

An analysis of the maturity of loans is given below:

Group
31.12.23 31.12.22
£ £
Amounts falling due within one year or on demand:
Bank loans 333,304 217,994
Amounts falling due between one and two years:
Bank loans - 1-2 years 43,061 3,191,432
Amounts falling due between two and five years:
Bank loans - 2-5 years 2,746,208 189,851
Other loans - 2-5 years 1,128,154 1,284,630
3,874,362 1,474,481
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 3,586,960 2,264,777

Creditors include bank loans which are secured by fixed and floating charges over the groups' assets as outlined in the notes to the accounts.

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable
operating leases
31.12.23 31.12.22
£ £
Within one year 802,871 802,871
Between one and five years 2,968,916 3,671,786
In more than five years 20,000 120,000
3,791,787 4,594,657

17. PROVISIONS FOR LIABILITIES

Group
31.12.23 31.12.22
£ £
Deferred tax 421,058 448,937

One World Holdings Limited (Registered number: 09418333)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


17. PROVISIONS FOR LIABILITIES - continued

Group
Deferred tax
£
Balance at 1 January 2023 448,937
Provided during year 6,277
Credit to Income Statement during year (34,156 )
Balance at 31 December 2023 421,058

18. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 31.12.23 31.12.22
value: £ £
120,000,000 Share capital 1 £0.001 120,000 120,000

During the year 120,000 Ordinary shares of £1 each were converted to 120,000,000 Ordinary shares of £0.001 each

19. RESERVES

Group
Retained
earnings
£

At 1 January 2023 4,098,519
Deficit for the year (269,947 )
At 31 December 2023 3,828,572


20. NON-CONTROLLING INTERESTS

Non-controlling interests represent 24% holding in Viva Transport Services (UK) Limited and Viva Xpress Logistics (UK) Limited (which is 100% owned by Viva Transport Services (UK) Limited), as well as 24% holding in Post 'N' Packages Limited.

One World Holdings Limited (Registered number: 09418333)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


21. RELATED PARTY DISCLOSURES

The following companies are related parties by virture of common control:
One World Express Europe GmbH
Ops Open Postal Systems GmbH
GDIH First Response & Security Solutions Ltd
One World Express Limited (Hong Kong entity)
One World Express Inc. Limited
Post 'N' Packages Limited
Viva Transport Services (UK) Limited
Viva Xpress Logistics (UK) Limited
Viva Transport Group
Viva Xpress Logistics (BE)
One World Acquisitions Limited
Brands 2 You Limited

The group has taken advantage of the exemption available in FRS 102 Section 33.1A "Related party disclosures" whereby it has not disclosed transactions with any wholly owned subsidiary undertakings.

Amounts owing from the above related parties are as follows; GDIH First Response & Security Solutions Ltd of £nil (2022: £1,100), One World Acquisitions Limited £1,000 (2022: nil) . Balances owing to One World Express Limited (Hong Kong entity) total £1,582,178 (2022:£1,707,782 ), and Brands 2 You Limited of £538,000 (2022: £nil). These companies are related parties by virtue of common control.

During the year sales totalling £1,569,333 (2022: £128,378) and purchases of £83,177 (2022: £139,098) were made to and from companies under common control. At the year end amounts receivable from companies under common control totalled £514,179 (2022: £110,133) and amounts payable to companies under common control totalled £368,111 (2022: £465,233).

Consultancy fees payable to the director and the director of a subsidiary company in the year totalled £60,000 (2022: £69,185).

Included within creditors are amounts owing to the director of £2,063,462 (2022 :£2,315,577).

22. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is A S Bhakta.

One World Holdings Limited (Registered number: 09418333)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023


23. DEBENTURES AND CHARGES

The following debentures and charges are in place for companies in the group:

Yorkshire Building Society have charges dated 01/03/22, 03/05/22 and 20/03/2023 over the properties at 5 & 9 David Road, Colnbrook, SL3 0DB, and 1A-1B Carlton Road, Coventry, CV6 7FL.

Barclays Bank plc has a deed of charge dated 05/11/2007 over the credit balances on the USD business reserve account as well as a fixed and floating charge dated 25/06/2004 over the above Company and all its property and assets present and future. It also has a fixed and floating charge dated 12/04/19 over accounts, and a fixed and floating charge dated 25/04/2019 over the property of the above company.

Barclays also has a personal guarantee (2014) from Atul Bhakta for the sum of £75,000.

Lloyds Bank PLC have a fixed and floating charge dated 06/07/2018 over all the property and undertaking of the company.

Lloyds Bank PLC have a fixed and floating charge dated 06/07/2018 over Unit 4 Amberley Way, Hounslow, Middlesex, One World house, Pump lane, Hayes UB3 3NB , Phase 1, Plot D, Woodgate business park, Clapgate Lane, Bartley Green, Birmingham, goodwill and intellectual property rights of the Company.