REGISTERED NUMBER: |
Strategic Report, |
Report of the Directors and |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
One World Express Inc. Limited |
REGISTERED NUMBER: |
Strategic Report, |
Report of the Directors and |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
One World Express Inc. Limited |
One World Express Inc. Limited (Registered number: 03609414) |
Contents of the Financial Statements |
for the year ended 31 December 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Income Statement | 10 |
Balance Sheet | 11 |
Statement of Changes in Equity | 12 |
Cash Flow Statement | 13 |
Notes to the Cash Flow Statement | 14 |
Notes to the Financial Statements | 15 |
One World Express Inc. Limited |
Company Information |
for the year ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
43 Manchester Street |
London |
W1U 7LP |
One World Express Inc. Limited (Registered number: 03609414) |
Strategic Report |
for the year ended 31 December 2023 |
The directors present their strategic report for the year ended 31 December 2023. |
REVIEW OF BUSINESS |
The company's turnover has increased during the year, as a result of the company's drive to increase sales. During the year, the company focused further on its existing key clients, to consolidate business activity. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The company faces a number of business risks and uncertainties due to prevailing challenging global market conditions. In view of this the directors are looking carefully at both existing and potential markets and to cater to a wider audience which will further strengthen the business. |
Financial instruments |
The company 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 directors consider the level of risk to be acceptable. |
Liquidity risk |
Liquidity risk is the risk that the company will not be able to meet its financial obligations as they fall due. To minimise this risk the directors regularly monitor 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 company 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. |
DEVELOPMENT AND PERFORMANCE |
The directors anticipate the business environment will continue to remain competitive. They believe that the company is in a good financial position and that the risks that have been identified are being well managed. With continuing careful focus on appropriate diversification and development of new products, as well as timely review of the state of the market and the activities of competitors, the directors are confident in the company's ability to maintain and build on this position, albeit with cautious growth expectations. |
Key performance indicators |
2023 2022 |
Turnover (GBP £'000) 23,089 19,485 |
Gross profit margin % 12.75 12.49 |
Turnover has increased from the previous year to £23.089m in 2023 compared to £19.485m in 2022. Gross profit has increased from £2.434m in the previous year to £2.945m in 2023. The increase in gross profit has been driven by lower proportional wages costs compared to the previous year. |
One World Express Inc. Limited (Registered number: 03609414) |
Strategic Report |
for the year ended 31 December 2023 |
RESEARCH AND DEVELOPMENT |
The company continues to invest in infrastructure and technology, enabling seamless integration with online marketplaces around the world. It will place the company in a prime position and allow global expansion in key emerging markets. |
ON BEHALF OF THE BOARD: |
One World Express Inc. Limited (Registered number: 03609414) |
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 courier service. |
The results for the year are set out on page 10. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2023. |
DIRECTORS |
The directors shown below have 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. |
DIRECTORS' RESPONSIBILITIES STATEMENT |
The directors are responsible for preparing the Strategic Report, 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. |
One World Express Inc. Limited (Registered number: 03609414) |
Report of the Directors |
for the year ended 31 December 2023 |
AUDITORS |
The auditors, Shaw Wallace Limited, were appointed on 31st May 2024. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
One World Express Inc. Limited |
Opinion |
We have audited the financial statements of One World Express Inc. Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 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. |
Material uncertainty relating to going concern |
We draw attention to the going concern accounting policy note in the financial statements, which indicates that the company is unable to continue as a going concern without the support of its fellow group companies and the ultimate parent company, One World Holdings Limited. To this extent, a letter of support has been provided by One World Holdings Limited stating that for at least 12 months from the date of approval of the financial statements, One World Holdings Limited and other group companies will provide the necessary funding in a timely manner. |
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 on the basis of the above support. |
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of the report. |
Our opinion is not qualified in this respect. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and 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. |
Report of the Independent Auditors to the Members of |
One World Express Inc. Limited |
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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the 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. |
Responsibilities of directors |
As explained more fully in the Directors' Responsibilities Statement set out on page four, 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 |
One World Express Inc. 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 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 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 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 Express Inc. 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. |
for and on behalf of |
43 Manchester Street |
London |
W1U 7LP |
One World Express Inc. Limited (Registered number: 03609414) |
Income Statement |
for the year ended 31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
(242,734 | ) | (1,315,987 | ) |
Other operating income |
OPERATING PROFIT/(LOSS) | 6 | ( |
) |
Interest receivable and similar income |
Other finance income |
264,683 | (859,221 | ) |
Interest payable and similar expenses | 8 | ( |
) | ( |
) |
Other finance costs | ( |
) |
PROFIT/(LOSS) BEFORE TAXATION | ( |
) |
Tax on profit/(loss) | 9 |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
One World Express Inc. Limited (Registered number: 03609414) |
Balance Sheet |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
CURRENT ASSETS |
Debtors | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 | ( |
) | ( |
) |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
14 |
( |
) |
( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Retained earnings | 19 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
One World Express Inc. Limited (Registered number: 03609414) |
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 |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 December 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 December 2023 |
One World Express Inc. Limited (Registered number: 03609414) |
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 |
Interest paid | ( |
) | ( |
) |
Tax paid |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
New loans in year |
Loan repayments in year | ( |
) |
Amount introduced by directors | - | 131,789 |
Amount withdrawn by directors | (4,961 | ) | - |
Net cash from financing activities |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
2 |
134,026 |
Cash and cash equivalents at end of year | 2 | 776,174 | 300,614 |
One World Express Inc. Limited (Registered number: 03609414) |
Notes to the Cash Flow Statement |
for the year ended 31 December 2023 |
1. | RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.12.23 | 31.12.22 |
£ | £ |
Profit/(loss) before taxation | ( |
) |
Depreciation charges |
Finance costs | 33,607 | 135,222 |
Finance income | (176,651 | ) | (51 | ) |
590,110 | (337,435 | ) |
(Increase)/decrease in trade and other debtors | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
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 | 776,174 | 300,614 |
Year ended 31 December 2022 |
31.12.22 | 1.1.22 |
£ | £ |
Cash and cash equivalents | 300,614 | 134,026 |
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 | 300,614 | 475,560 | 776,174 |
300,614 | 776,174 |
Debt |
Debts falling due after 1 year | (1,284,630 | ) | 156,476 | (1,128,154 | ) |
(1,284,630 | ) | 156,476 | (1,128,154 | ) |
Total | (984,016 | ) | 632,036 | (351,980 | ) |
One World Express Inc. Limited (Registered number: 03609414) |
Notes to the Financial Statements |
for the year ended 31 December 2023 |
1. | STATUTORY INFORMATION |
One World Express Inc. Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 £. |
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. |
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. |
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 reliabley, 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. |
Computer software |
Computer software consists of the costs incurred in establishing the intangible asset. 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 materials and services. Research costs are recognised as an expense when incurred. Computer software is presented in the accounts as the value in use. |
One World Express Inc. Limited (Registered number: 03609414) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Fixed assets are measured at cost less accumulated depreciaiton. At each balance sheet date, the company reviews the carrying amount of its fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash generating unit to which the asset belongs. |
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. |
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 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. |
One World Express Inc. Limited (Registered number: 03609414) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Going concern |
The financial statements have been prepared on a going concern basis, which the director believes to be appropriate as the ultimate parent company, One World Holdings Limited has provided a letter of support stating that it and other group companies will continue to commit and support cash funding required as necessary to ensure that they can meet their obligations and continue operations until at least 12 months from the date of approval of the financial statements. |
One World Express Inc. Limited (Registered number: 03609414) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
3. | TURNOVER |
The turnover and profit (2022 - loss) before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by class of business is given below: |
31.12.23 | 31.12.22 |
£ | £ |
In the opinion of the directors it would be seriously prejudicial to the interest of the company to disclose the particulars of the geographical turnover of the company. Consequently, in accordance with the provisions of the Companies Act 2006, the directors have not disclosed the particulars of turnover. |
4. | EMPLOYEES AND DIRECTORS |
31.12.23 | 31.12.22 |
£ | £ |
Wages and salaries |
Social security costs |
The average number of employees during the year was as follows: |
31.12.23 | 31.12.22 |
Administrative and finance | 21 | 16 |
Operations | 26 | 28 |
5. | DIRECTORS' EMOLUMENTS |
31.12.23 | 31.12.22 |
£ | £ |
Directors' remuneration |
6. | OPERATING PROFIT/(LOSS) |
The operating profit (2022 - operating loss) is stated after charging/(crediting): |
31.12.23 | 31.12.22 |
£ | £ |
Depreciation - owned assets |
Computer software amortisation |
Auditors' remuneration |
Foreign exchange differences | ( |
) |
One World Express Inc. Limited (Registered number: 03609414) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
7. | IRRECOVERABLE LOAN |
In the previous year, amounts owing from One World Express Europe GmbH of £686,043) and Open Postal Systems GmbH of £66,751 were deemed irrecoverable. |
8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.12.23 | 31.12.22 |
£ | £ |
Loan interest |
9. | TAXATION |
Analysis of the tax credit |
The tax credit on the profit for the year was as follows: |
31.12.23 | 31.12.22 |
£ | £ |
Current tax: |
UK corporation tax | ( |
) | ( |
) |
Deferred tax | ( |
) |
Tax on profit/(loss) | ( |
) | ( |
) |
Reconciliation of total tax credit included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
31.12.23 | 31.12.22 |
£ | £ |
Profit/(loss) before tax | ( |
) |
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of |
( |
) |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes | ( |
) |
Depreciation in excess of capital allowances |
Utilisation of tax losses | ( |
) |
Deferred tax | 52,108 | (43,147 | ) |
Tax refund received in repsect of previous periods | (83,805 | ) | (39,798 | ) |
Irrecoverable loan | - | 143,031 |
Total tax credit | (31,109 | ) | (82,945 | ) |
One World Express Inc. Limited (Registered number: 03609414) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
10. | INTANGIBLE FIXED ASSETS |
Computer |
software |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
Amortisation for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
11. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Plant and machinery of £1,872,202 purchased by the company in August 2022 was subsequently transferred to another company within the group, in the same month, at the same value. |
One World Express Inc. Limited (Registered number: 03609414) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade debtors |
Related party |
Other debtors | 363,088 | 353,765 |
VAT |
Deferred tax asset |
Prepayments and accrued income |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
Other creditors |
Related Party | - | 195,000 |
Directors' current accounts | 449,349 | 454,310 |
Accruals and deferred income |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Other loans (see note 15) |
15. | LOANS |
An analysis of the maturity of loans is given below: |
31.12.23 | 31.12.22 |
£ | £ |
Amounts falling due between two and five years: |
Other loans - 2-5 years |
16. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.23 | 31.12.22 |
£ | £ |
Within one year |
Between one and five years |
One World Express Inc. Limited (Registered number: 03609414) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
17. | DEFERRED TAX |
£ |
Balance at 1 January 2023 | ( |
) |
Provided during year |
Charge to Income Statement during year |
Balance at 31 December 2023 | ( |
) |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | £ | £ |
Ordinary shares | £0.001 | 100,000 | 100,000 |
19. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2023 |
Profit for the year |
At 31 December 2023 |
20. | RELATED PARTY DISCLOSURES |
The following company is a related party by virtue of common control |
One World Express Limited (Hong Kong entity) |
Amounts owing by the above related party is £290,024 (2022: £164,420). |
In creditors is a balance of £449,349 (2022: £454,310) owing to the director. |
Related Party Transactions |
The company paid £1,615 (2022: £7,077) to other fellow subsidiaries under common control in relation to purchases and other expenses. The company received rent income totalling £nil (2022: £11,484) from other fellow subsidiaries under common control. Sales to subsidiaries under common control totalled £1,291,565 (2022: £1,452,930). At the year-end amounts receivable from fellow subsidiaries under common control totalled £157,380 (2022: £60,575) and amounts payable totalled £nil (2022: £455). The company also received income totalling £1,569,333 (2022: £128,378) and paid £78,337 (2022: £139,098) in relation to purchases and other expenses to companies under common control. At the year-end, amounts receivable from companies under common control totalled £513,879 (2022: £110,133) and payable totalled £nil (2022: £139,098). |
One World Express Inc. Limited (Registered number: 03609414) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
21. | ULTIMATE CONTROLLING PARTY |
One World Holdings Limited (incorporated in England) is regarded by the directors as being the company's ultimate controlling parent company. |
The consolidated financial statements of One World Holdings Limited can be obtained from: |
One World House |
Pump Lane |
Hayes |
Middlesex |
UB3 3NB |
One World Group Services Limited (incorporated in England) is the company's immediate parent company. The financial statements of One World Group Services Limited can also be obtained from the above address. |
22. | DEBENTURES AND CHARGES |
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 Company and all its property and assets present and future. It also has a fixed and floating charge dated 12/04/2019 over specific bank accounts, and a fixed and floating charge dated 25/04/2019 over the property of the company. |
Barclays also has a personal guarantee (2014) from Atul Bhakta for the sum of £75,000. |