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Registered number: 01826635










UNISERVE LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
UNISERVE LIMITED
 
 
COMPANY INFORMATION


Directors
I R Liddell 
S W G Ireland 




Company secretary
N K Brooks



Registered number
01826635



Registered office
Upminster Court
133 Hall Lane

Upminster

Essex

RM14 1AL




Independent auditors
MHA

The Pinnacle

Midsummer Boulevard

Milton Keynes

Buckinghamshire

MK9 1FD





 
UNISERVE LIMITED
 

CONTENTS



Page
Strategic report
 
1 - 3
Directors' report
 
4 - 6
Independent auditors' report
 
7 - 10
Statement of comprehensive income
 
11
Balance sheet
 
12
Statement of changes in equity
 
13
Notes to the financial statements
 
14 - 31

 
UNISERVE LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The Directors present their strategic report on Uniserve Limited (“the Company”) for the period ended 31 December 2023. 

The Company provides global supply chain management services and international freight services by sea, air and land to manufacturers and retailers around the world. 

Business review
 
Post the start of the COVID-19 pandemic, shipping via ocean containers became exceptionally challenging, resulting in a massive increase in sea freight pricing, which drove costs and revenue to increase by a factor of 10. However, during FY22, the trend reversed, with prices remaining high in the first half of the year but falling substantially in the latter half, reaching lows not seen for many years by the end of the year. This led to a significant drop in revenue during FY22 compared to FY21.
During the first three quarters of FY23, the decline in ocean freight pricing stabilised at lower levels, leading to continued pressure on revenue compared to the pandemic-era highs. In October 23 Houthi started attacking  vessels in the Red Sea. In the following months major shipping lines began sending their vessels around Africa instead of using the Suez Canal which led to significant increases in freight rates and costs. Meanwhile, we have also experienced a further increase in costs across all parts of the business, driven by inflation, higher labour expenses, and rising operational costs. Despite these challenges, we remain focused on operational efficiency and exploring opportunities to adapt to the evolving market conditions.
Turnover has decreased to £200.5m for the 12 month period to December 2023 from £606.4m for the 12 months to December 2022. Profit before tax has increased to £55.2m for the period from £35.0m in 2022. We have attracted additional business from Commercial and Government clients with significant volumes due to the market struggling to provide solutions. 
Our new 750,000 sq ft Mega Distribution Centre in Felixstowe has been operational for the full period under review and this has added substantially to our warehousing estate and provided specialist operations for the efulfilment, frozen food stuff, electronic and automotive sectors. This has enhanced our entire UK warehousing and distribution operations and has significantly increased our volumes.
Overall the speed the business has been able to adjust to the changing demands created by the pandemic and subsequent global supply chain disruptions and capacity issues has made our services even more attractive to our customers.

Page 1

 
UNISERVE LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Principal risks and uncertainties
 
The Directors have considered the principal risks and uncertainties facing the Company which continue to be actively monitored. 
Foreign currency risk 
The Company’s principal foreign currency exposures result from trading with foreign companies. Bank accounts are maintained in several foreign currencies and the Company also utilises forward cover contracts to mitigate foreign currency risks. 
Credit risks 
The Company has credit verification procedures that are followed to assess the credit worthiness of clients and continually monitors credit limits and payment patterns manage credit risk. 
Commercial risks 
The Company has exposure to commercial risks. Recently these have included above inflationary cost increases in a number of areas including utility bills, fuel prices, wages and volatility in foreign exchange rates. These are managed and monitored on an ongoing basis and are passed on to clients where necessary. 
Covid-19 
The effects of the pandemic are no longer having a major impact on supply chains. 
Russia – Ukraine War 
The Russia – Ukraine situation is impacting various aspects and it is difficult to predict the overall effect this will have on the economy. Although the Company does not trade with either country the impact overall on supply chains could have an impact on the Company’s business. 
Unrest in the Middle-East 
Unrest in the Middle East poses challenges to industry, as the region is a critical hub for global trade and energy supplies. Escalating tensions or conflicts can disrupt key shipping routes, such as the Strait of Hormuz or the Suez Canal, leading to delays, increased insurance costs, and rerouting expenses. Additionally, instability in oil-producing nations can drive up fuel prices, further straining operating margins. Logistics firms must prepare for these risks by diversifying supply chains, monitoring geopolitical developments, and establishing contingency plans to mitigate potential disruptions. 

Financial key performance indicators
 
The Company’s key performance indicators are turnover and profit before tax, details of which are set out above in the business review. 

Other key performance indicators
 
The Company’s other key performance indicators include customer satisfaction reviews, client retention and growth reviews, warehousing pick accuracy statistics and on time delivery statistics. 

Page 2

 
UNISERVE LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Directors' statement of compliance with duty to promote the success of the Company
 
From the perspective of the board, as a result of the group governance structure, the matters that it is responsible for considering under Section 172 (1) of the Companies Act 2006 (‘s172’) have been considered to an appropriate extent by the group board in relation both to the group and to this entity. The board has also considered relevant matters where appropriate. To the extent necessary for an understanding of the development, performance and position of the entity, an explanation of how the group board has considered the matters set out in s172 (for the group and for the entity) is set out on the Strategic Report of the group’s annual report, which does not form part of this report.


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



................................................
I R Liddell
Director

Date: 28 January 2025
Page 3

 
UNISERVE LIMITED
 
 
 
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;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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.

Principal activity

The principal activity of the Company continued to be that of providing global supply chain management services and international freight services by sea, air and land to manufacturers and retailers around the world.

Results and dividends

The profit for the year, after taxation, amounted to £62,218 thousand (2022 - £28,924 thousand).

No dividends have been paid or proposed in the current year (2022 - £Nil).

Directors

The Directors who served during the year were:

I R Liddell 
S W G Ireland 

Page 4

 
UNISERVE LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Future developments

Uniserve Limited ("Uniserve") has a diverse range of services and facilities and we will continue to invest in new supply chain technologies and efficiencies. We will be increasing our infrastructure through acquisition of national and international properties and service providers, as well as providing education as a major benefit for working for Uniserve and being a client of ours. 

Engagement with employees

From the perspective of the board, as a result of the group governance structure, the group board has taken the lead in carrying out the duties of a board in respect of the Company’s employees, including engaging with them, having regard to their interests and the effect of that regard (including on the principal decisions taken by the Company during the financial year). The board of the Company has also considered relevant matters where appropriate. An explanation of how the group board has carried out these responsibilities (for the group and for the entity) is set out on the Strategic Report of the group’s annual report, which does not form part of this report.

Engagement with suppliers, customers and others

Similarly, from the perspective of the board, as a result of the group governance structure, the group board has taken the lead in carrying out the duties of a board in respect of the Company’s other stakeholders. The board of the Company has also considered relevant matters where appropriate. An explanation of how the directors on the group board have had regard to the need to foster the Company’s business relationships with suppliers, customers and others, and the effect of that regard, including on the principal decisions taken by the Company during the financial year, is set out (for the group and for the entity) on the Strategic Report of the group’s annual report, which does not form part of this report. 

Disabled employees

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the Company continues and that the appropriate training is arranged. It is the policy of the Company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Greenhouse gas emissions, energy consumption and energy efficiency action

The Company has not separately presented streamlined energy and carbon reporting disclosures for the year ended December 2023. This is on the basis that the parent company, GB Europe Holdings Limited, is including full disclosures for the group on a consolidated basis for the year ended December 2023. In future reporting periods it is the intention of the Directors to separately present these disclosures within the Uniserve Holdings Limited annual report.

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.

Page 5

 
UNISERVE LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Auditors

The auditorsMHAwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





................................................
I R Liddell
Director

Date: 28 January 2025
Page 6

 
UNISERVE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNISERVE LIMITED
 

Opinion


We have audited the financial statements of Uniserve Limited (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.


Page 7

 
UNISERVE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNISERVE LIMITED (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 4, 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.


Page 8

 
UNISERVE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNISERVE LIMITED (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:

-  Enquiry of management and those charged with governance around actual, potential or suspected    litigation, claims, non-compliance with applicable laws and regulations and fraud;
-  Reviewing of financial statements disclosures and testing to supporting documentation to assess     compliance with applicable laws and regulations;
-  Performing audit work over the risk of management override, including testing of journal entries and other   adjustments for appropriateness; and
-  Performing substantive tests of detail over the completeness of income within the financial system.
 


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.
Page 9

 
UNISERVE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNISERVE LIMITED (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.





Simon Knibbs MA FCA (Senior statutory auditor)
for and on behalf of
MHA
Chartered Accountants & Statutory Auditor
Milton Keynes, United Kingdom

Date: 
 
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)
28 January 2025
Page 10

 
UNISERVE LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022 
As restated
Note
£000
£000

  

Turnover
 4 
200,495
606,419

Cost of sales
  
(116,494)
(425,059)

Gross profit
  
84,001
181,360

Administrative expenses
  
(19,466)
(130,541)

Other operating income
 5 
3,259
1,037

Operating profit
 6 
67,794
51,856

Interest receivable and similar income
 9 
394
82

Interest payable and similar expenses
 10 
(10,701)
(16,950)

Profit before tax
  
57,487
34,988

Tax on profit
 11 
4,731
(6,064)

Profit for the financial year
  
62,218
28,924

Total comprehensive income for the year
  
62,218
28,924

The notes on pages 14 to 31 form part of these financial statements.
Page 11

 
UNISERVE LIMITED
REGISTERED NUMBER: 01826635

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022 
As restated
Note
£000
£000

Fixed assets
  

Tangible assets
 12 
26,666
50,193

  
26,666
50,193

Current assets
  

Debtors: amounts falling due within one year
 13 
532,476
644,737

Cash at bank and in hand
 14 
6,402
8,494

  
538,878
653,231

Creditors: amounts falling due within one year
  
(167,571)
(291,088)

Net current assets
  
 
 
371,307
 
 
362,143

Total assets less current liabilities
  
397,973
412,336

Provisions for liabilities
  

Deferred taxation
 16 
(6,370)
(12,404)

Other provisions
 17 
(60,952)
(131,499)

  
 
 
(67,322)
 
 
(143,903)

Net assets
  
330,651
268,433


Capital and reserves
  

Called up share capital 
 18 
-
-

Profit and loss account
 19 
330,651
268,433

  
330,651
268,433


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
I R Liddell
Director

Date: 28 January 2025

The notes on pages 14 to 31 form part of these financial statements.

Page 12

 
UNISERVE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Profit and loss account
Total equity

£000
£000


At 1 January 2022
239,509
239,509


Comprehensive income for the year

Profit for the year
28,924
28,924



At 1 January 2023 (as previously stated)
271,882
271,882

Prior year adjustment - correction of error
(3,449)
(3,449)


At 1 January 2023 (as restated)
268,433
268,433


Comprehensive income for the year

Profit for the year
62,218
62,218


At 31 December 2023
330,651
330,651


The notes on pages 14 to 31 form part of these financial statements.

Page 13

 
UNISERVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Uniserve Limited is a private company limited by shares incorporated in England and Wales, registered number 01826635. The address of its registered office and principal place of business is Upminster Court, 133 Hall Lane, Upminster, Essex, United Kingdom, RM14 1AL.
The principal activity of the Company has continued to be that of providing global supply chain management services and international freight services by sea, air and land to manufacturers and retailers around the world.
The financial statements are presented in Sterling, which is also the functional currency of the Company.

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 (see note 3).

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 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirements of Section 33 Related Party Disclosures: Compensation for key management personnel.

This information is included in the consolidated financial statements of GB Europe Holdings Limited as at 31 December 2023 and these financial statements may be obtained from Companies House.

Page 14

 
UNISERVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Going concern

The financial statements have been prepared on a going concern basis. The directors have considered relevant information, including the annual budget, forecast future cash flows and impact of subsequent events in making their assessment. This assessment also considered the level of funding support available to the Company from the Group as well as the ability of the Group to repay the outstanding intercompany balances.
On the basis of the above assessment the directors consider the Company to be a going concern.

 
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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.5

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:

Revenue from freight forwarding services
The provision for freight forwarding services include land, sea and air freight. Revenue from services delivered are recognised at the time of delivery based on the price specified in the contract with the customer. In both cases, revenue is recognised when the services are rendered, which coincide with the date of arrival or departure of shipments.
Revenue from warehousing
Revenue for warehousing is recognised over the period of time that the goods are held at Uniserve sites.

Page 15

 
UNISERVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 16

 
UNISERVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

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. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.11

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:

Freehold property
-
10% straight line
Plant and machinery
-
10% straight line
Motor vehicles
-
25% straight line
Fixtures and fittings
-
20% straight line
Computer equipment
-
25% straight line
Containers
-
Reducing balance method over 3 year useful life

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.

Page 17

 
UNISERVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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.

 
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

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.
Page 18

 
UNISERVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

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

Basic financial assets

Basic financial assets, which include trade and other receivables, 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.

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.

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.

Page 19

 
UNISERVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.16
Financial instruments (continued)

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.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 20

 
UNISERVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, which are described in note 2, management is required to make judgments, estimates and assumptions about the carrying value of assets and liabilities that are not readily separated from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed  on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Critical judgments
The following judgments (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Container depreciation policy
Management has made a judgment on the appropriate container depreciation policy and has decided to apply depreciation rates of 50%, 30% and 20% over 3 years to reflect the consumption of the asset. The need for an impairment was investigated but it was concluded that no impairment is required.

Claims
Claims provisions represent claims against the Company in respect of services and goods provided. The amount provided represents management's best estimate of the amount required to settle the obligation at the reporting date. The Company has not disclosed all of the information required by paragraphs 21.14 to 21.15 of FRS 102 on the grounds that it could seriously prejudice the position of the entity.

Provisions are measured at the present value of the expenditure expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation.

Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Impairment of group loans
The Company makes an estimate of the recoverable value of group loans. When assessing the impairment of group loans management considers whether there is objective evidence of impairment including:
- economic or legal reasons which would suggest the debtor is suffering financial difficulties; and
- observable data indicating that there has been a measurable decrease in the estimated future    cash flows from a group of financial assets since the initial recognition of those assets.

Page 21

 
UNISERVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

The whole of the turnover is attributable to the Company's principal activities.

Analysis of turnover by country of destination:

2023
2022
£000
£000

United Kingdom
180,193
523,619

Rest of Europe
20,302
82,800

200,495
606,419



5.


Other operating income

2023
2022
£000
£000

Release of dilapidations provision and sundry income
3,259
1,037



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£000
£000

Depreciation of owned tangible fixed assets
25,128
47,613

Exchange differences
(926)
(1,169)

Other operating lease rentals
14,904
16,400


7.


Auditors' remuneration

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


2023
2022
£000
£000

Fees payable to the Company's auditors for the audit of the Company's financial statements
70
79

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.

Page 22

 
UNISERVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Employees

Staff costs were as follows:


2023
2022
£000
£000

Wages and salaries
24,869
23,063

Social security costs
2,656
2,617

Cost of pension defined contribution scheme
429
348

27,954
26,028


The average monthly number of employees, including the Directors, during the year was as follows:


        2023
        2022
            No.
            No.







Administration, marketing and commercial
250
210



Warehouse
218
195



Drivers
196
179

664
584

The Directors of the Company are remunerated by the immediate parent company for their roles across a number of group entities.


9.


Interest receivable

2023
2022
£000
£000


Other interest receivable
394
82


10.


Interest payable and similar expenses

2023
2022
£000
£000


Bank interest payable
189
-

Interest charge on provisions
10,512
16,950

Page 23

 
UNISERVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Taxation


2023
2022
As restated
£000
£000

Corporation tax


Current tax on profits for the year
1,303
10,439

Adjustments in respect of previous periods
-
3,468


1,303
13,907


Total current tax
1,303
13,907

Deferred tax


Origination and reversal of timing differences
(6,034)
(14,237)

Changes to tax rates
-
6,394

Total deferred tax
(6,034)
(7,843)


Tax on profit
(4,731)
6,064
Page 24

 
UNISERVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
11.Taxation (continued)


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
As restated
£000
£000


Profit on ordinary activities before tax
57,487
34,988


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
13,521
6,648

Effects of:


Expenses not deductible for tax purposes
623
248

Change in unrecognised deferred tax assets
-
(6,221)

Adjustments to tax charge in respect of prior periods
109
19

Fixed asset differences
69
(1,056)

Deferred tax adjustment in respect of prior years
-
2,977

Remeasurement of deferred tax for
changes in tax rates
(357)
-

Other tax adjustments relating to releifs and transfers
(421)
-

Prior year tax adjustment
-
3,449

Group relief
(18,345)
-

Foreign tax credits
70
-

Total tax charge for the year
(4,731)
6,064


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 25
 


 
UNISERVE LIMITED


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


12.


Tangible fixed assets






Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Containers
Total

£000
£000
£000
£000
£000
£000
£000



Cost or valuation


At 1 January 2023
343
3,641
1,149
3,146
140
104,415
112,834


Additions
75
229
588
132
-
1,241
2,265


Disposals
-
-
-
-
-
(1,793)
(1,793)



At 31 December 2023

418
3,870
1,737
3,278
140
103,863
113,306



Depreciation


At 1 January 2023
65
1,199
64
571
140
60,601
62,640


Charge for the year on owned assets
39
668
236
411
-
23,774
25,128


Disposals
-
-
-
-
-
(1,128)
(1,128)



At 31 December 2023

104
1,867
300
982
140
83,247
86,640



Net book value



At 31 December 2023
314
2,003
1,437
2,296
-
20,616
26,666



At 31 December 2022
278
2,442
1,085
2,574
-
43,814
50,193

Page 26
 
UNISERVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Debtors

2023
2022
£000
£000


Trade debtors
19,373
45,998

Amounts owed by group undertakings
501,921
577,896

Amounts owed by joint ventures and associated undertakings
394
6,150

Other debtors
3,126
3,383

Prepayments and accrued income
7,662
11,310

532,476
644,737



14.


Cash and cash equivalents

2023
2022
£000
£000

Cash at bank and in hand
6,402
8,494



15.


Creditors: Amounts falling due within one year

2023
2022
As restated
£000
£000

Trade creditors
15,885
25,442

Amounts owed to group undertakings
83,638
189,755

Amounts owed to other participating interests
11,671
1,804

Corporation tax
27,624
24,758

Other taxation and social security
731
758

Accruals and deferred income
28,022
48,571

167,571
291,088


Page 27

 
UNISERVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Deferred taxation




2023
2022


£000

£000






At beginning of year
(12,404)
(20,246)


Charged to profit or loss
6,034
7,842



At end of year
(6,370)
(12,404)

The provision for deferred taxation is made up as follows:

2023
2022
£000
£000


Accelerated capital allowances
(6,412)
(12,448)

Pension and bad debt provisions
42
44

(6,370)
(12,404)


17.


Provisions




Claims provisions
Dilapidations provisions
Total

£000
£000
£000





At 1 January 2023
124,093
7,406
131,499


Charged to profit or loss
8,263
-
8,263


Unwind of discount
7,753
-
7,753


Released in year
(86,563)
-
(86,563)



At 31 December 2023
53,546
7,406
60,952

Claims provisions represent claims against the Company in respect of services and goods provided. The amount provided represents management's best estimate of the amount required to settle the obligation at the reporting date. The Company has not disclosed all of the information required by paragraphs 21.14 to 21.15 of FRS 102 on the grounds that it could seriously prejudice the position of the entity.

The dilapidation provisions relate to a number of leases with different terms and hence the provisions are expected to be utilised at differing terms between 1 and 15 years.

Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation.

Page 28

 
UNISERVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Share capital

2023
2022
£000
£000
Allotted, called up and fully paid



102 (2022 - 102) Ordinary shares of £1.00 each
-
-



19.


Reserves

Profit and loss account

The profit and loss account reserve includes all current and prior period retained profits and losses.


20.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £429,000 (2022 - £348,000). Contributions totalling £96,000 (2022 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.


21.


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:


Company
Company
2023
2022
£000
£000

Not later than 1 year
3,665
4,419

Later than 1 year and not later than 5 years
2,974
6,003

Later than 5 years
-
91

6,639
10,513

Page 29

 
UNISERVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

22.


Related party transactions

The Company has taken advantage of the exemptions conferred in FRS 102 s. 33 not to disclose transactions with other group companies where 100% of the voting rights are controlled within the group.
As at 31 December 2023, the Company owed £83,638,000 (2022 - £189,755,000) to companies within the same group.
As at 31 December 2023, the Company was owed £501,921,000 (2022 - £577,896,000) from companies within the same group.
As at 31 December 2023, the Company owed £11,671,000 (2022 - £1,804,000) to associates.
As at 31 December 2023, the Company was owed £394,000 (2022 - £6,150,000) from associates.
During the year, the Company made sales of £24,070,000 (2022 - £37,773,000) to and purchases of £83,573,000 (2022 - £301,551,000) from companies within the same group.
During the year, the Company made sales of £1,378,000 (2022 - £48,309,000) to and purchases of £Nil (2022 - £1,258,000) from associates.


23.


Prior year adjustment

During the current financial year, it was identified that an error was made in the corporation tax liability in the financial statements for the year ended 31 December 2022.  The provision for corporation tax liability was incorrectly calculated resulting in an understatement of £3,448,805 and the corresponding tax expense was understated by the same amount.
In accordance with section 10 of FRS 102, the financial statements for the prior year have been restated to reflect the correction of this error.  The impact of the adjustment is as follows:
Statement of Income and Retained Earnings:
• The tax expense for the prior year has been increased by £3,448,805
Balance sheet;
• The tax liability as at 31 December 2022 has been increased by £3,448,805
• The retained earnings as at 31 December 2022 have been reduced by £3,448,805 to reflect the additional tax liability.

Page 30

 
UNISERVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

24.


Controlling party

The immediate UK parent company is Uniserve Holdings Limited, a company incorporated in England and Wales.

The ultimate parent company is GB Global Holdco. Pte. Ltd., a company incorporated in Singapore.
The smallest and largest UK parent undertaking for which consolidated accounts are prepared is GB Europe Holdings Limited. These consolidated accounts may be obtained from the Companies House website.
The largest parent undertaking for which consolidated accounts are prepared is  GB Global Holdco. Pte. Ltd.
The ultimate controlling party is Mr I R Liddell by virtue of his shareholding in the ultimate parent company.

Page 31