Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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UNISERVE LIMITED
COMPANY INFORMATION
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UNISERVE LIMITED
CONTENTS
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UNISERVE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
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.
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.
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UNISERVE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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.
The Company’s key performance indicators are turnover and profit before tax, details of which are set out above in the business review.
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.
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UNISERVE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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.
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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.
The Directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
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 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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).
The Directors who served during the year were:
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UNISERVE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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.
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.
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.
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.
There have been no significant events affecting the Company since the year end.
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UNISERVE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The auditors, MHA, will 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.
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UNISERVE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNISERVE LIMITED
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 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).
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.
In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.
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UNISERVE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNISERVE LIMITED (CONTINUED)
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 Report. 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. 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.
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.
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.
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UNISERVE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNISERVE LIMITED (CONTINUED)
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.
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UNISERVE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNISERVE LIMITED (CONTINUED)
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 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.
for and on behalf of
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)
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UNISERVE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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UNISERVE LIMITED
REGISTERED NUMBER: 01826635
BALANCE SHEET
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 31 form part of these financial statements.
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UNISERVE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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UNISERVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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
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:
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.
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UNISERVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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.
Functional and presentation currency
Transactions and balances
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.
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UNISERVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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UNISERVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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UNISERVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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UNISERVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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.
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UNISERVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (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.
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UNISERVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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 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. 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:
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UNISERVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The whole of the turnover is attributable to the Company's principal activities.
Analysis of turnover by country of destination:
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UNISERVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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UNISERVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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UNISERVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
11.Taxation (continued)
There were no factors that may affect future tax charges.
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