Registration number:
EFS Global Holdings Ltd
for the Year Ended 31 March 2024
EFS Global Holdings Ltd
Contents
Company Information |
|
Strategic Report |
|
Director's Report |
|
Statement of Director's Responsibilities |
|
Independent Auditor's Report |
|
Consolidated Profit and Loss Account |
|
Consolidated Balance Sheet |
|
Balance Sheet |
|
Consolidated Statement of Changes in Equity |
|
Statement of Changes in Equity |
|
Consolidated Statement of Cash Flows |
|
Notes to the Financial Statements |
EFS Global Holdings Ltd
Company Information
Director |
Mr M D Jones |
Registered office |
|
Auditors |
|
EFS Global Holdings Ltd
Strategic Report for the Year Ended 31 March 2024
The director presents his strategic report for the year ended 31 March 2024.
Principal activity
The principal activity of the group is that of a holding company. The principal activity of the group is the provision of freight services and road haulage.
Fair review of the business
It has been a challenging period for the sector as a whole and the Group has maintained an admirable approach to management of costs, customer retention and business development. The Group has continued with policies of improving its systems, processes and, when possible, strengthening its management team. Despite the challenging conditions within the UK market, the directors are satisfied with the results for the year.
Since the year end, the Group has performed above the directors’ expectations.
The group's key financial and other performance indicators during the year were as follows:
Financial KPIs |
Unit |
2024 |
2023 |
Turnover |
£ |
86,760,584 |
39,556,529 |
Gross profit margin |
% |
24 |
25 |
EBITDA |
£ |
7,273,109 |
5,428,975 |
Net assets |
£ |
2,739,095 |
1,007,255 |
Principal risks and uncertainties
The directors of the group manage the group’s risk significantly in conjunction with the management of fuel consumption, drivers’ wages and subcontractors’ costs.
The fuel cost fluctuation is an industry-wide factor caused by oil prices and government fuel tariffs. The group closely monitors fuel prices, and strives to make price conscious fuel purchase policies where possible, and keeps vehicles well maintained to ensure maximum efficiency.
Due to the mobility of the driver market we seek to maintain driver/subcontractor satisfaction and training, which benefits all parties.
The group’s operations are exposed to a variety of financial risks that include the effects of changes to customer credit risk, supply chain risk and trading seasonality. The group has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the group.
Approved and authorised by the
......................................... |
EFS Global Holdings Ltd
Director's Report for the Year Ended 31 March 2024
The director presents his report and the for the year ended 31 March 2024.
Director of the group
The director who held office during the year was as follows:
Financial instruments
Risk Policies
As required by schedule 7.6(1)(a) and 7.6(1)(b) of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 the following information required to be disclosed in the directors report has been disclosed in the Strategic Report on page 2:
• an indication of the financial risk management objectives and policies,
• an indication of the different risks the company is exposed to.
Disclosure of information to the auditor
The director has taken 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 auditor is aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditor is unaware.
Approved and authorised by the
......................................... |
EFS Global Holdings Ltd
Statement of Director's Responsibilities
The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the 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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
EFS Global Holdings Ltd
Independent Auditor's Report to the Members of EFS Global Holdings Ltd
Opinion
We have audited the financial statements of EFS Global Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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 the parent company's affairs as at 31 March 2024 and of the group's 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 auditor 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.
Conclusions 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 ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
EFS Global Holdings Ltd
Independent Auditor's Report to the Members of EFS Global Holdings Ltd
Opinion on other matter 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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Director's Report.
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 the director
As explained more fully in the Statement of Director's Responsibilities [set out on page 4], 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 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 director is 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 director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
EFS Global Holdings Ltd
Independent Auditor's Report to the Members of EFS Global Holdings Ltd
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our respnsibilities, 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 identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the director and other management (as required by auditing standards), and from inspection of the company's regulatory and legal correspondence and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.
The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation, taxation legislation and pension legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statements items.
Secondly, the group is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: anti-bribery and certain aspects of company legislation recognising the financial nature of the company's activities. Auditing standards, limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Through these procedures we are not aware of actual or suspected non-compliance and this did not affect our procedures on the related financial statement items.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
EFS Global Holdings Ltd
Independent Auditor's Report to the Members of EFS Global Holdings Ltd
......................................
For and on behalf of
Fourth Floor
St James House
St James's Row
Lancashire
BB11 1DR
EFS Global Holdings Ltd
Consolidated Profit and Loss Account for the Year Ended 31 March 2024
Note |
2024 |
2023 |
|
Turnover |
86,760,584 |
39,556,529 |
|
Cost of sales |
(66,351,480) |
(29,721,892) |
|
Gross profit |
20,409,104 |
9,834,637 |
|
Administrative expenses |
(18,080,589) |
(6,870,700) |
|
Other operating income |
605,278 |
(7,850) |
|
Operating profit |
2,933,793 |
2,956,087 |
|
Other interest receivable and similar income |
41,844 |
7,755 |
|
Interest payable and similar expenses |
(1,420,133) |
(492,231) |
|
(1,378,289) |
(484,476) |
||
Profit before tax |
1,555,504 |
2,471,611 |
|
Tax on profit |
(700,575) |
(1,464,556) |
|
Profit for the financial year |
854,929 |
1,007,055 |
|
Profit/(loss) attributable to: |
|||
Owners of the company |
798,408 |
1,007,055 |
|
Minority interests |
56,521 |
- |
|
854,929 |
1,007,055 |
EFS Global Holdings Ltd
(Registration number: 14251187)
Consolidated Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
Investment property |
|
|
|
Other financial assets |
204,050 |
109,250 |
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
200 |
200 |
|
Retained earnings |
2,688,505 |
1,007,055 |
|
Equity attributable to owners of the company |
2,688,705 |
1,007,255 |
|
Minority interests |
50,390 |
- |
|
Shareholders' funds |
2,739,095 |
1,007,255 |
Approved and authorised by the
......................................... |
EFS Global Holdings Ltd
(Registration number: 14251187)
Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Investments |
|
|
|
Current assets |
|||
Debtors |
|
- |
|
Creditors: Amounts falling due within one year |
( |
- |
|
Net current assets/(liabilities) |
- |
- |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
200 |
200 |
|
Shareholders' funds |
200 |
200 |
The company made a profit after tax for the financial year of £393,869 (2023 - loss of £-).
Approved and authorised by the
......................................... |
EFS Global Holdings Ltd
Consolidated Statement of Changes in Equity for the Year Ended 31 March 2024
Equity attributable to the parent company
Share capital |
Retained earnings |
Total |
Non-controlling interests - Equity |
Total equity |
|
At 1 April 2023 |
|
|
|
- |
|
Profit for the year |
- |
|
|
|
|
Other comprehensive income |
- |
|
|
- |
|
Total comprehensive income |
- |
|
|
|
|
Dividends |
- |
( |
( |
( |
( |
At 31 March 2024 |
|
|
|
|
|
Share capital |
Retained earnings |
Total |
Total equity |
|
Profit for the year |
- |
|
|
|
New share capital subscribed |
|
- |
|
|
At 31 March 2023 |
200 |
1,007,055 |
1,007,255 |
1,007,255 |
EFS Global Holdings Ltd
Statement of Changes in Equity for the Year Ended 31 March 2024
Share capital |
Retained earnings |
Total |
|
At 1 April 2023 |
|
- |
|
Profit for the year |
- |
|
|
Dividends |
- |
( |
( |
At 31 March 2024 |
|
- |
|
Share capital |
Total |
|
New share capital subscribed |
|
|
At 31 March 2023 |
200 |
200 |
EFS Global Holdings Ltd
Consolidated Statement of Cash Flows for the Year Ended 31 March 2024
Note |
2024 |
2023 |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Profit on disposal of tangible assets |
( |
( |
|
Loss from sales of investment properties |
|
|
|
Profit on disposal of intangible assets |
( |
- |
|
Finance income |
( |
( |
|
Finance costs |
|
|
|
Income tax expense |
|
|
|
|
|
||
Working capital adjustments |
|||
Decrease/(increase) in stocks |
|
( |
|
Increase in trade debtors |
( |
( |
|
Increase in trade creditors |
|
|
|
Cash generated from operations |
|
|
|
Income taxes (paid)/received |
( |
|
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Interest received |
|
|
|
Acquisitions of tangible assets |
( |
( |
|
Proceeds from sale of tangible assets |
|
|
|
Acquisition of intangible assets |
( |
( |
|
Proceeds from sale of intangible assets |
|
- |
|
Acquisition of investment properties |
( |
( |
|
Proceeds from sale of investment properties |
|
( |
|
Acquisition of financial investments other than trading investments |
( |
( |
|
Net cash flows from investing activities |
( |
( |
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Proceeds from issue of ordinary shares, net of issue costs |
- |
|
|
Proceeds from bank borrowing draw downs |
|
|
|
Repayment of other borrowing |
|
|
|
Payments to finance lease creditors |
|
|
|
Dividends paid |
( |
- |
|
Net cash flows from financing activities |
|
|
|
Net increase in cash and cash equivalents |
|
|
EFS Global Holdings Ltd
Consolidated Statement of Cash Flows for the Year Ended 31 March 2024
Note |
2024 |
2023 |
|
Cash and cash equivalents at 1 April |
|
- |
|
Cash and cash equivalents at 31 March |
2,182,153 |
1,582,734 |
EFS Global Holdings Ltd
Notes to the Financial Statements for the Year Ended 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 March 2023.
No profit and loss accounts is presented for the company as permitted by section 408(3) of the Companies Act 2006. Its profit for the financial year was £Nil.
EFS Global Holdings Ltd
Notes to the Financial Statements for the Year Ended 31 March 2024
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Going concern
The financial statements have been prepared on a going concern basis.
Judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the date of the financial position and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Details of these judgements are set out in the accounting policies. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.
The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.
EFS Global Holdings Ltd
Notes to the Financial Statements for the Year Ended 31 March 2024
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Freehold Land and buildings |
2% per annum straight line |
Plant and machinery |
15% p.a. reducing balance / 10% straight line |
Office equipment |
15% p.a. reducing balance / 33% straight line |
Fixtures and fittings |
15% p.a. reducing balance / 15% straight line |
Motor and haulage vehicles |
25% p.a. reducing balance / 20% straight line |
Vans |
25% per annum straight line |
Computer equipment |
100% per annum/15% per annum reducing balance |
EFS Global Holdings Ltd
Notes to the Financial Statements for the Year Ended 31 March 2024
Investment property
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
10 years straight line |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.
EFS Global Holdings Ltd
Notes to the Financial Statements for the Year Ended 31 March 2024
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
EFS Global Holdings Ltd
Notes to the Financial Statements for the Year Ended 31 March 2024
Dividends
Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
Turnover |
The analysis of the group's turnover for the year from continuing operations is as follows:
2024 |
2023 |
|
Sale of goods |
|
|
Rental income from investment property |
|
|
Commissions received |
|
- |
|
|
Other operating income |
The analysis of the group's other operating income for the year is as follows:
2024 |
2023 |
|
Government grants |
|
- |
Miscellaneous other operating income |
|
( |
|
( |
EFS Global Holdings Ltd
Notes to the Financial Statements for the Year Ended 31 March 2024
Other gains and losses |
The analysis of the group's other gains and losses for the year is as follows:
2024 |
2023 |
|
Gain on disposal of tangible assets |
|
|
Gain on disposal of intangible assets |
|
- |
Loss from sales of investment properties |
( |
( |
(13,326) |
65,381 |
Operating profit |
Arrived at after charging/(crediting)
2024 |
2023 |
|
Depreciation expense |
|
|
Amortisation expense |
|
|
Operating lease expense - plant and machinery |
|
|
Profit on disposal of property, plant and equipment |
( |
( |
Other interest receivable and similar income |
2024 |
2023 |
|
Interest income on bank deposits |
|
|
Other finance income |
|
|
|
|
Interest payable and similar expenses |
2024 |
2023 |
|
Interest on bank overdrafts and borrowings |
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
Interest expense on other finance liabilities |
|
|
Foreign exchange gains |
|
|
Other finance costs |
|
|
|
|
EFS Global Holdings Ltd
Notes to the Financial Statements for the Year Ended 31 March 2024
Staff costs |
The aggregate payroll costs (including director's remuneration) were as follows:
2024 |
2023 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other short-term employee benefits |
|
|
Pension costs, defined contribution scheme |
|
|
Other employee expense |
|
|
|
|
The average number of persons employed by the group (including the director) during the year, analysed by category was as follows:
2024 |
2023 |
|
Operations and accounts |
|
|
Direct |
|
|
Management |
|
|
|
|
Auditors' remuneration |
2024 |
2023 |
|
Audit of these financial statements |
32,015 |
15,283 |
EFS Global Holdings Ltd
Notes to the Financial Statements for the Year Ended 31 March 2024
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
2024 |
2023 |
|
Current taxation |
||
UK corporation tax |
|
|
UK corporation tax adjustment to prior periods |
( |
|
1,190,846 |
1,155,449 |
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
( |
|
Arising from changes in tax rates and laws |
- |
( |
Total deferred taxation |
( |
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2024 |
2023 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Tax increase from effect of capital allowances and depreciation |
|
|
Tax increase/(decrease) from other short-term timing differences |
|
( |
Effect of overprovision for tax in previous year |
( |
- |
Effect of expense not deductible in determining taxable profit |
|
|
Tax increase from effect of associates results reported net of tax |
|
|
Increase from change in rate of tax |
|
|
Total tax charge |
|
|
EFS Global Holdings Ltd
Notes to the Financial Statements for the Year Ended 31 March 2024
Intangible assets |
Group
Goodwill |
Other intangible assets |
Total |
|
Cost or valuation |
|||
At 1 April 2023 |
|
- |
|
Additions acquired separately |
|
|
|
Disposals |
( |
- |
( |
At 31 March 2024 |
|
|
|
Amortisation |
|||
At 1 April 2023 |
|
- |
|
Amortisation charge |
|
|
|
At 31 March 2024 |
|
|
|
Carrying amount |
|||
At 31 March 2024 |
|
|
|
At 31 March 2023 |
|
- |
|
EFS Global Holdings Ltd
Notes to the Financial Statements for the Year Ended 31 March 2024
Tangible assets |
Group
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
Total |
|
Cost or valuation |
|||||
At 1 April 2023 |
|
|
|
|
|
Additions |
|
|
|
|
|
Disposals |
- |
- |
( |
( |
( |
At 31 March 2024 |
|
|
|
|
|
Depreciation |
|||||
At 1 April 2023 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Eliminated on disposal |
- |
- |
( |
( |
( |
At 31 March 2024 |
|
|
|
|
|
Carrying amount |
|||||
At 31 March 2024 |
|
|
|
|
|
At 31 March 2023 |
|
|
|
|
|
Included within the net book value of land and buildings above is £586,687 (2023 - £600,718) in respect of freehold land and buildings, £21,078 (2023 - £Nil) in respect of long leasehold land and buildings and £138,716 (2023 - £31,622) in respect of short leasehold land and buildings.
EFS Global Holdings Ltd
Notes to the Financial Statements for the Year Ended 31 March 2024
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
2024 |
2023 |
|
Commercial and other motor vehicles |
8,062,063 |
7,960,085 |
Investment properties |
Group
2024 |
|
At 1 April |
|
Additions |
|
Disposals |
( |
At 31 March |
|
There has been no valuation of investment property by an independent valuer.
Investments |
Company
2024 |
2023 |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
Cost or valuation |
|
At 1 April 2023 |
|
Provision |
|
Carrying amount |
|
At 31 March 2024 |
|
At 31 March 2023 |
|
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
EFS Global Holdings Ltd
Notes to the Financial Statements for the Year Ended 31 March 2024
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
2024 |
2023 |
|||
Subsidiary undertakings |
||||
|
EFS Global, Pendle House, Phoenix Way, Burnley, Lancashire, BB11 5SX England |
|
|
|
|
EFS Global, Pendle House, Phoenix Way, Burnley, Lancashire, BB11 5SX England |
|
|
|
|
EFS Global, Pendle House, Phoenix Way, Burnley, Lancashire, BB11 5SX England |
|
|
|
|
EFS Global, Pendle House, Phoenix Way, Burnley, Lancashire, BB11 5SX England |
|
|
|
Subsidiary undertakings
EFS Investments Limited
The principal activity of EFS Investments Limited is that of a holding company. The principal activity of the group is the provision of freight services and road haulage. The profit for the financial period of EFS Investments Limited was £2,042,248 and the aggregate amount of capital and reserves at the end of the period was £10,450,594.
EFS Transport Ltd
The principal activity of EFS Transport Ltd is that of a holding company. The profit for the financial period of EFS Transport Ltd was £393,856 and the aggregate amount of capital and reserves at the end of the period was £87.
Jones Properties Limited
The principal activity of Jones Properties Limited is that of real estate. The loss for the financial period of Jones Properties Limited was £208,138 and the aggregate amount of capital and reserves at the end of the period was £(325,003).
EFS Global Consulting Ltd
The principal activity of EFS Global Consulting Ltd is that of a holding company. The profit for the subsidiary group for the financial period was £132,630 and the aggregate amount of capital and reserves at the end of the period was £3,447,675.
EFS Global Holdings Ltd
Notes to the Financial Statements for the Year Ended 31 March 2024
Other financial assets |
Group
Financial assets at fair value through profit and loss |
Financial assets at cost less impairment |
Total |
|
Non-current financial assets |
|||
Cost or valuation |
|||
At 1 April 2023 |
- |
109,250 |
109,250 |
Additions |
94,800 |
- |
94,800 |
At 31 March 2024 |
94,800 |
109,250 |
204,050 |
Impairment |
|||
Carrying amount |
|||
At 31 March 2024 |
|
|
204,050 |
Stocks |
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
Other inventories |
|
|
- |
- |
Group
Debtors |
Group |
Company |
||||
Current |
Note |
2024 |
2023 |
2024 |
2023 |
Trade debtors |
|
|
- |
- |
|
Amounts owed by related parties |
|
|
|
- |
|
Other debtors |
|
|
- |
- |
|
Prepayments |
|
|
- |
- |
|
Accrued income |
|
- |
- |
- |
|
|
|
|
- |
EFS Global Holdings Ltd
Notes to the Financial Statements for the Year Ended 31 March 2024
Cash and cash equivalents |
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
Cash on hand |
|
|
- |
- |
Cash at bank |
|
|
- |
- |
Short-term deposits |
|
|
- |
- |
|
|
- |
- |
Creditors |
Group |
Company |
||||
Note |
2024 |
2023 |
2024 |
2023 |
|
Due within one year |
|||||
Loans and borrowings |
|
|
- |
- |
|
Trade creditors |
|
|
- |
- |
|
Amounts due to related parties |
|
|
|
- |
|
Social security and other taxes |
|
|
- |
- |
|
Other payables |
|
|
- |
- |
|
Accruals |
|
|
- |
- |
|
Income tax liability |
2,346,016 |
2,154,975 |
- |
- |
|
|
|
|
- |
||
Due after one year |
|||||
Loans and borrowings |
|
|
- |
- |
|
Other non-current financial liabilities |
|
|
- |
- |
|
|
|
- |
- |
Provisions for liabilities |
Group
Deferred tax |
Total |
|
At 1 April 2023 |
|
|
Increase (decrease) in existing provisions |
( |
( |
Increase (decrease) through business combinations |
|
|
At 31 March 2024 |
|
|
|
EFS Global Holdings Ltd
Notes to the Financial Statements for the Year Ended 31 March 2024
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
Contributions totalling £Nil (2023 - £Nil) were payable to the scheme at the end of the year and are included in creditors.
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
200 |
|
200 |
Loans and borrowings |
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
Non-current loans and borrowings |
||||
Bank borrowings |
|
|
- |
- |
Hire purchase contracts |
|
|
- |
- |
Other borrowings |
|
- |
- |
- |
|
|
- |
- |
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
Current loans and borrowings |
||||
Bank borrowings |
|
|
- |
- |
Hire purchase contracts |
|
|
- |
- |
Other borrowings |
|
|
- |
- |
|
|
- |
- |
Other borrowings are secured by a fixed and floating charge over the assets of the subsidiaries.
EFS Global Limited and EFS Investments limited have acted as guarantors for the hire purchase creditor in Gees Haulage Limited. All hire purchase creditors are secured.
EFS Global Holdings Ltd
Notes to the Financial Statements for the Year Ended 31 March 2024
Obligations under leases and hire purchase contracts |
Group
Finance leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
|
|
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
Later than five years |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Commitments |
Group
Capital commitments
The total amount contracted for but not provided in the financial statements was £
Company
Capital commitments
The total amount contracted for but not provided in the financial statements was £Nil (2023 - £Nil).
EFS Global Holdings Ltd
Notes to the Financial Statements for the Year Ended 31 March 2024
Related party transactions |
Group
Transactions with the director |
2024 |
At 1 April 2023 |
Repayments by director |
At 31 March 2024 |
Mr M D Jones |
|||
Directors loan account |
|
( |
|
2023 |
At 22 July 2022 |
Advances to director |
At 31 March 2023 |
Mr M D Jones |
|||
Directors loan account |
- |
|
|
Summary of transactions with entities with joint control or significant interest
Balances with global group companies
Blue Gecko Ltd
Westeros Property Ltd
Businesses in which the director, Mr M D Jones has an interest
Loans to related parties
2024 |
Entities with joint control or significant influence |
Total |
At start of period |
|
|
Repaid |
( |
( |
At end of period |
|
|
|
2023 |
Entities with joint control or significant influence |
Total |
Advanced |
|
|
At end of period |
|
|
|
EFS Global Holdings Ltd
Notes to the Financial Statements for the Year Ended 31 March 2024
Loans from related parties
2024 |
Entities with joint control or significant influence |
Total |
At start of period |
|
|
Advanced |
|
|
At end of period |
|
|
|
2023 |
Entities with joint control or significant influence |
Total |
Advanced |
|
|
At end of period |
|
|
|