Caseware UK (AP4) 2023.0.135 2023.0.135 No description of principal activitytruetruetruetruetruefalse2023-01-0190false72truefalse NI008228 2023-01-01 2023-12-31 NI008228 2022-01-01 2022-12-31 NI008228 2023-12-31 NI008228 2022-12-31 NI008228 2022-01-01 NI008228 1 2023-01-01 2023-12-31 NI008228 1 2022-01-01 2022-12-31 NI008228 6 2023-01-01 2023-12-31 NI008228 6 2022-01-01 2022-12-31 NI008228 d:Director2 2023-01-01 2023-12-31 NI008228 d:Director3 2023-01-01 2023-12-31 NI008228 d:Director4 2023-01-01 2023-12-31 NI008228 d:RegisteredOffice 2023-01-01 2023-12-31 NI008228 d:Agent1 2023-01-01 2023-12-31 NI008228 e:Buildings e:ShortLeaseholdAssets 2023-01-01 2023-12-31 NI008228 e:Buildings e:ShortLeaseholdAssets 2023-12-31 NI008228 e:Buildings e:ShortLeaseholdAssets 2022-12-31 NI008228 e:LandBuildings 2023-12-31 NI008228 e:LandBuildings 2022-12-31 NI008228 e:PlantMachinery 2023-01-01 2023-12-31 NI008228 e:PlantMachinery 2023-12-31 NI008228 e:PlantMachinery 2022-12-31 NI008228 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 NI008228 e:FurnitureFittings 2023-01-01 2023-12-31 NI008228 e:FurnitureFittings 2023-12-31 NI008228 e:FurnitureFittings 2022-12-31 NI008228 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 NI008228 e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 NI008228 e:FreeholdInvestmentProperty 2023-12-31 NI008228 e:FreeholdInvestmentProperty 2022-12-31 NI008228 e:CurrentFinancialInstruments 2023-12-31 NI008228 e:CurrentFinancialInstruments 2022-12-31 NI008228 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 NI008228 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 NI008228 e:UKTax 2023-01-01 2023-12-31 NI008228 e:UKTax 2022-01-01 2022-12-31 NI008228 e:ShareCapital 2023-12-31 NI008228 e:ShareCapital 2022-12-31 NI008228 e:ShareCapital 2022-01-01 NI008228 e:SharePremium 2023-01-01 2023-12-31 NI008228 e:SharePremium 2023-12-31 NI008228 e:SharePremium 2022-12-31 NI008228 e:SharePremium 2022-01-01 NI008228 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 NI008228 e:RetainedEarningsAccumulatedLosses 2023-12-31 NI008228 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 NI008228 e:RetainedEarningsAccumulatedLosses 2022-12-31 NI008228 e:RetainedEarningsAccumulatedLosses 2022-01-01 NI008228 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 NI008228 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-12-31 NI008228 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 NI008228 e:AcceleratedTaxDepreciationDeferredTax 2022-12-31 NI008228 e:TaxLossesCarry-forwardsDeferredTax 2023-12-31 NI008228 e:TaxLossesCarry-forwardsDeferredTax 2022-12-31 NI008228 d:OrdinaryShareClass1 2023-01-01 2023-12-31 NI008228 d:OrdinaryShareClass1 2023-12-31 NI008228 d:OrdinaryShareClass1 2022-12-31 NI008228 d:OrdinaryShareClass2 2023-01-01 2023-12-31 NI008228 d:OrdinaryShareClass2 2023-12-31 NI008228 d:OrdinaryShareClass2 2022-12-31 NI008228 d:FRS102 2023-01-01 2023-12-31 NI008228 d:Audited 2023-01-01 2023-12-31 NI008228 d:FullAccounts 2023-01-01 2023-12-31 NI008228 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI008228 e:Subsidiary1 2023-01-01 2023-12-31 NI008228 e:Subsidiary1 1 2023-01-01 2023-12-31 NI008228 e:Subsidiary2 2023-01-01 2023-12-31 NI008228 e:Subsidiary2 1 2023-01-01 2023-12-31 NI008228 e:WithinOneYear 2023-12-31 NI008228 e:WithinOneYear 2022-12-31 NI008228 e:BetweenOneFiveYears 2023-12-31 NI008228 e:BetweenOneFiveYears 2022-12-31 NI008228 6 2023-01-01 2023-12-31 NI008228 f:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: NI008228










IFS Global Logistics Ltd










Annual Report and Financial Statements

For the Year Ended 31 December 2023

 
IFS Global Logistics Ltd
 

Company Information


Directors
G R Hanna 
M Johnston 
S Fleck 




Registered number
NI008228



Registered office
IFS Logistics Park
Seven Mile Straight

Antrim

Co Antrim

BT41 4QE




Independent auditors
ASM (B) Ltd
Chartered Accountants & Statutory Auditors

Glendinning House

6 Murray Street

Belfast

BT1 6DN




Bankers
Bank of Ireland
275-279 Antrim Road

Glengormley





 
IFS Global Logistics Ltd
 

Contents



Page
Strategic Report
 
 
1
Directors' Report
 
 
2 - 3
Independent Auditors' Report
 
 
4 - 7
Statement of Comprehensive Income
 
 
8
Balance Sheet
 
 
9
Statement of Changes in Equity
 
 
10
Notes to the Financial Statements
 
 
11 - 22


 
IFS Global Logistics Ltd
 

Strategic Report
For the Year Ended 31 December 2023

Introduction
 
The directors present their strategic report for the year ended 31 December 2023. The directors, in preparing their strategic report, have complied with s414 of the Companies Act 2006.

Business review
 
The principal activity of the company continued to be that of freight contracting.
The directors consider the outcome for the year and the year end financial position to be satisfactory and to have been achieved in a challenging operating environment.

Principal risks and uncertainties
 
The principal risks facing the company are credit, margin, regulatory and other financial risks.  The company has appropriate controls in place to manage these risks. 
The key business risk and uncertainties affecting the company are considered to relate to competition from both other local and national freight forwarding contractors, employee retention, the business impact of Brexit including the Northern Ireland Protocol and the Windsor Framework and general economic conditions.  
Due to the company's reputation, standing and position in the market place, the directors are of the opinion that the risks and uncertainties facing the company can be adequately managed.  

Financial key performance indicators
 
The directors consider turnover, gross profit margin, profit before tax and equity shareholders’ funds as the main measures of financial performance.  Turnover has decreased from £16,797,611 to £9,327,076,989 in 2023 reflecting the drop in international shipping costs and demand reduction in the year.  Gross margin increased from 29.1% to 44.2% in the current year.  Profit before tax decreased from £1,399,088 to £510,733 in 2023.  Net assets remain strong at £1,551,043 (2022: £2,359,190).


This report was approved by the board on 27 June 2024 and signed on its behalf.






G R Hanna
Director

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Page 1

 
IFS Global Logistics Ltd
 

 
Directors' Report
For the Year Ended 31 December 2023

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

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgments 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £405,688 (2022 - £1,164,550).

Dividends paid in the year amounted to £1,213,835 (2022 - £1,431,417).

Directors

The directors who served during the year were:

G R Hanna 
M Johnston 
S Fleck 

Future developments

The directors expect that all future developments will relate to the principal activities of the Group.

Engagement with employees

The Ireland Freight Services (UK) Group are committed to carrying on all its activities in a socially responsible manner, including its ongoing committment to equality and employee participation.

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Page 2

 
IFS Global Logistics Ltd
 

 
Directors' Report (continued)
For the Year Ended 31 December 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsASM (B) Ltdwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 27 June 2024 and signed on its behalf.
 





G R Hanna
Director

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IFS Global Logistics Ltd
 

 
Independent Auditors' Report to the Members of IFS Global Logistics Ltd
 

Opinion


We have audited the financial statements of IFS Global Logistics Ltd (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


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


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


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


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Page 4

 
IFS Global Logistics Ltd
 

 
Independent Auditors' Report to the Members of IFS Global Logistics Ltd (continued)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


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


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


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


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Page 5

 
IFS Global Logistics Ltd
 

 
Independent Auditors' Report to the Members of IFS Global Logistics Ltd (continued)


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


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: timing of revenue recognition, posting of unusual journals together with complex transactions and subjectivity of valuations used for investment properties and unlisted investments held in the company.
We designed audit procedures to respond to these risks, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.   Our audit procedures included: specific tests over revenue recognition, enquiries of management about their own identification and assessment of risks of irregularities, sample testing of journals posted during the year, verifying the underlying assumptions adopted for the investment property valuations and those for the unlisted investments and a review of areas of judgement for indicators of management bias to address the risks.


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


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


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IFS Global Logistics Ltd
 

 
Independent Auditors' Report to the Members of IFS Global Logistics Ltd (continued)


Use of our report
 

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





Brian Clerkin (Senior Statutory Auditor)
  
for and on behalf of
ASM (B) Ltd
 
Chartered Accountants & Statutory Auditors
  
Glendinning House
6 Murray Street
Belfast
BT1 6DN

28 June 2024
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IFS Global Logistics Ltd
 

Statement of Comprehensive Income
For the Year Ended 31 December 2023

2023
2022
Note
£
£

  

Turnover
 3 
9,327,076
16,797,611

Cost of sales
  
(5,204,806)
(11,911,477)

Gross profit
  
4,122,270
4,886,134

Administrative expenses
  
(3,702,019)
(3,629,366)

Other operating income
 4 
6,891
10,952

Operating profit
  
427,142
1,267,720

Income from participating interests
  
88,000
132,000

Interest payable and similar expenses
 6 
(4,409)
(632)

Profit before tax
  
510,733
1,399,088

Tax on profit
 7 
(105,045)
(234,538)

Profit for the financial year
  
405,688
1,164,550

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

The notes on pages 11 to 22 form part of these financial statements.

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IFS Global Logistics Ltd
Registered number: NI008228

Balance Sheet
As at 31 December 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Tangible assets
 9 
260,666
157,452

Investments
 10 
279,217
279,217

Investment property
 11 
255,000
255,000

  
794,883
691,669

Current assets
  

Debtors: amounts falling due within one year
 12 
2,068,222
3,284,109

Cash at bank and in hand
 13 
809,700
1,207,600

  
2,877,922
4,491,709

Creditors: amounts falling due within one year
 14 
(2,066,478)
(2,792,361)

Net current assets
  
 
 
811,444
 
 
1,699,348

Total assets less current liabilities
  
1,606,327
2,391,017

Provisions for liabilities
  

Deferred tax
 16 
(55,284)
(31,827)

Net assets
  
1,551,043
2,359,190


Capital and reserves
  

Called up share capital 
 17 
60,985
60,985

Share premium account
 18 
53,166
53,166

Profit and loss account
 18 
1,436,892
2,245,039

  
1,551,043
2,359,190


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 June 2024.




G R Hanna
Director

The notes on pages 11 to 22 form part of these financial statements.

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IFS Global Logistics Ltd
 

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


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
60,985
53,166
2,511,906
2,626,057



Profit for the year
-
-
1,164,550
1,164,550

Dividends: Equity capital
-
-
(1,431,417)
(1,431,417)



At 1 January 2023
60,985
53,166
2,245,039
2,359,190



Profit for the year
-
-
405,688
405,688

Dividends: Equity capital
-
-
(1,213,835)
(1,213,835)


At 31 December 2023
60,985
53,166
1,436,892
1,551,043


The notes on pages 11 to 22 form part of these financial statements.

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Page 10

 
IFS Global Logistics Ltd
 

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

1.


General information

IFS Global Logistics Ltd is a private company limited by shares incorporated in Northern Ireland within the United Kingdom.  The registration number and address of the registered office are given in the company information section of these financial statements.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Ireland Freight Services (UK) Limited as at 31 December 2023 and these financial statements may be obtained from Companies House, Second Floor, The Linenhall, 32-38 Linenhall Street, Belfast, BT2 8BG.

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

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IFS Global Logistics Ltd
 

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

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.5

Going concern

The directors of IFS Global Logistics Ltd have reviewed the resources available, including those from the wider Ireland Freight Services (UK) Ltd group, and believe that the Company has adequate resources to continue in operational existence for the foreseeable future.
The directors believe that it is appropriate to continue to adopt the going concern basis in preparing the financial statements.

 
2.6

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

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IFS Global Logistics Ltd
 

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

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

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

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

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

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

 
2.8

Tangible fixed assets

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

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

Depreciation is provided on the following basis:

Leasehold improvements
-
Over remaining period of lease
Plant and machinery
-
20%
Fixtures and fittings
-
20%

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

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

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IFS Global Logistics Ltd
 

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

2.Accounting policies (continued)

 
2.9

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.10

Investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.11

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
 
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IFS Global Logistics Ltd
 

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

2.Accounting policies (continued)


2.11
Financial instruments (continued)


Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

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Page 15

 
IFS Global Logistics Ltd
 

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

2.Accounting policies (continued)

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Turnover

The whole of the turnover is attributable to freight logistics.

All turnover arose within the United Kingdom.


4.


Other operating income

2023
2022
£
£

Net rents receivable
6,891
10,952

6,891
10,952



5.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
12,500
10,000

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

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IFS Global Logistics Ltd
 

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

6.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
887
632

Other interest payable
3,522
-

4,409
632


7.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
81,588
240,386


Total current tax

81,588
240,386

Deferred tax


Origination and reversal of timing differences
23,457
(5,848)

Total deferred tax
23,457
(5,848)


Tax on profit
105,045
234,538

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
510,733
1,399,088


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
120,125
265,827

Effects of:


Expenses not deductible for tax purposes
(2,527)
5,343

Capital allowances for year in excess of depreciation
(15,312)
(351)

Non-taxable income
(20,698)
(25,080)

Group relief
-
(5,353)

Deferred tax movement
23,457
(5,848)

Total tax charge for the year
105,045
234,538

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Page 17

 
IFS Global Logistics Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023
 
7.Taxation (continued)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


8.


Dividends

2023
2022
£
£


Equity dividends paid
1,213,835
1,431,417

1,213,835
1,431,417


9.


Tangible fixed assets





Leasehold improve-ments
Plant and machinery
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 January 2023
-
434,393
346,613
781,006


Additions
129,560
2,626
55,974
188,160


Disposals
-
-
(24,504)
(24,504)



At 31 December 2023

129,560
437,019
378,083
944,662



Depreciation


At 1 January 2023
-
350,347
273,207
623,554


Charge for the year on owned assets
18,934
23,627
41,570
84,131


Disposals
-
-
(23,689)
(23,689)



At 31 December 2023

18,934
373,974
291,088
683,996



Net book value



At 31 December 2023
110,626
63,045
86,995
260,666



At 31 December 2022
-
84,046
73,406
157,452

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IFS Global Logistics Ltd
 

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

           9.Tangible fixed assets (continued)




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Short leasehold improvements
110,626
-

110,626
-



10.


Fixed asset investments





Investments in subsidiary companies
Unlisted investments
Total

£
£
£



Cost or valuation


At 1 January 2023
277,217
2,000
279,217



At 31 December 2023
277,217
2,000
279,217





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

IFS Contract Services Ltd
Ordinary
100%
Cmass Ltd
Ordinary
88%

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Page 19

 
IFS Global Logistics Ltd
 

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

11.


Investment property


Freehold investment property

£



Valuation


At 1 January 2023
255,000



At 31 December 2023
255,000

The 2023 valuations were made by the directors, on an open market value for existing use basis.





12.


Debtors

2023
2022
£
£


Trade debtors
1,556,140
2,613,753

Amounts owed by group undertakings
143,318
120,708

Other debtors
166,554
361,073

Prepayments and accrued income
202,210
188,575

2,068,222
3,284,109



13.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
809,700
1,207,600

809,700
1,207,600


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Page 20

 
IFS Global Logistics Ltd
 

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

14.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
511,302
666,196

Amounts owed to group undertakings
855,773
828,115

Corporation tax
31,588
140,386

Other creditors
667,815
1,154,164

Accruals and deferred income
-
3,500

2,066,478
2,792,361



15.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
809,700
1,207,600




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


16.


Deferred taxation




2023
2022


£

£






At beginning of year
(31,827)
(37,675)


Charged to profit or loss
(23,457)
5,848



At end of year
(55,284)
(31,827)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(56,266)
(34,190)

Other timing differences
982
2,363

(55,284)
(31,827)

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Page 21

 
IFS Global Logistics Ltd
 

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

17.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



60,885 (2022 - 60,885) Ordinary shares of £1.00 each
60,885
60,885
100 (2022 - 100) Ordinary Class A shares of £1.00 each
100
100

60,985

60,985



18.


Reserves

Share premium account

The share premium account represents the premium arising on the issue of shares net of issue costs.

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.


19.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
260,563
130,514

Later than 1 year and not later than 5 years
508,279
224,153

768,842
354,667


20.Other financial commitments

The company is party to a cross guarantee which is secured by way of a debenture over the assets and undertakings of the company, a Letter of Set Off Appropriation and Combination and a Guarantee and Indemnity from IFS Courier Express Ltd, Ireland Freight Services (UK) Ltd, Williames Airfreight Ltd and BRS Air Cargo.


21.


Controlling party

The ultimate parent undertaking continues to be Ireland Freight Services (UK) Limited, a company incorporated in Northern Ireland.  The registered office of the parent undertaking is IFS Logistics Park, Seven Mile Straight, Antrim, Co. Antrim, BT41 4QE.  The ultimate controlling party during the year was the Estate of Mr W Anderson (Deceased).


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Page 22