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Registered number: 08506470









AKW Global Logistics Birmingham Ltd.









Directors' Report and Financial Statements

For the year ended 31 December 2023

 
AKW Global Logistics Birmingham Ltd.
 
 
Company Information


Directors
M J Lyons 
G R Norfolk (resigned 21 December 2024)
P R Fields (resigned 21 December 2024)
B J Germany (appointed 21 December 2024)
G Jenkins (appointed 21 December 2024)
B J Warrillow (appointed 21 December 2024)




Registered number
08506470



Registered office
Deer Park Court
Donnington Wood

Telford

TF2 7NA




Independent auditors
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors

3 Exchange Square

Stockport

SK1 3GG





 
AKW Global Logistics Birmingham Ltd.
 

Contents



Page
Directors' report
 
1 - 2
Independent auditors' report
 
3 - 6
Statement of comprehensive income
 
7
Balance sheet
 
8 - 9
Notes to the financial statements
 
10 - 18


 
AKW Global Logistics Birmingham Ltd.
 
 
 
Directors' Report
For the year ended 31 December 2023

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

Directors' responsibilities statement

The directors are responsible for preparing the 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 judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and 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.

Directors

The directors who served during the year were:

M J Lyons 
G R Norfolk (resigned 21 December 2024)
P R Fields (resigned 21 December 2024)

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.

Page 1

 
AKW Global Logistics Birmingham Ltd.
 
 
 
Directors' Report (continued)
For the year ended 31 December 2023

Post balance sheet events

In March 2024, the company ceased trading following a strategic review of the business prompted by the impending renewal of its property lease. Management concluded that it was not economically viable to renew the lease under the terms offered. Consequently, the trade and assets were either redistributed within the Group or transferred to a third party.
On 21 December 2024, following an extended restructuring process, the Group repaid in full the entire term loan facility agreement with DE Shaw and replaced it with a new term loan of £39 million, alongside 90% equity in the Group. The loan notes carry a fixed interest rate of 8%, payable in cash if certain liquidity conditions are met or, alternatively, rolled up as Payment In Kind (PIK) interest. The loan is secured by a fixed and floating charge over the assets of the Group.
The new facility is due for repayment in June 2027, with an option to break in June 2026. This successful restructuring provides the Group with short- to medium-term financial stability, enabling it to focus on delivering its strategic objectives.
On 21 December 2024, the ultimate controlling party of Kinaxia Limited changed from Ensco 1477 Limited to DELALV Delaware Holdco, L.L.C., a company registered in Delaware, USA. The transfer of control occurred as part of a group restructuring.

Auditors

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

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

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





B J Warrillow
Director

Date: 31 January 2025

Page 2

 
AKW Global Logistics Birmingham Ltd.
 
 
 
Independent Auditors' Report to the Members of AKW Global Logistics Birmingham Ltd.
 

Opinion


We have audited the financial statements of AKW Global Logistics Birmingham Ltd. (the 'Company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Balance sheet 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 loss 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.


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 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.


Page 3

 
AKW Global Logistics Birmingham Ltd.
 
 
 
Independent Auditors' Report to the Members of AKW Global Logistics Birmingham Ltd. (continued)


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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' report has 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 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; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 1, 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 4

 
AKW Global Logistics Birmingham Ltd.
 
 
 
Independent Auditors' Report to the Members of AKW Global Logistics Birmingham Ltd. (continued)


Auditors' responsibilities for the audit of the financial statements
 

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


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

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
Identifying and assessing potential risks related to irregularities
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered the following:
The nature of the industry and sector in which the company operates; the control environment and business
performance including key drivers for directors' remuneration, bonus levels and performance targets.
The outcome of enquiries of local management and parent company management, including whether management
was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge
of any actual, suspected, or alleged fraud.
Supporting documentation relating to the Company's policies and procedures for:
° Identifying, evaluating, and complying with laws and regulations
°Detecting and responding to the risks of fraud
The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the
financial statements and any potential indicators of fraud.
The legal and regulatory framework in which the Company operates, particularly those laws and regulations which
have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or
which had a fundamental effect on the operations of the Company, including General Data Protection requirements,
Anti-bribery and Corruption, Goods Vehicle (Licensing of Operators) Act, and The Vehicle Drivers Regulations.
 
Audit response to risks identified

Our procedures to respond to the risks identified included the following:

Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with
the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
Discussions with management, including consideration of known or suspected instances of non-compliance with
laws and regulations and fraud.
Evaluation and testing of the operating effectiveness of management’s controls designed to prevent and detect
irregularities.
Enquiring of management about any actual and potential litigation and claims.
Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of
material misstatement due to fraud.
Reading minutes of meetings of those charges with governance.

 
Page 5

 
AKW Global Logistics Birmingham Ltd.
 
 
 
Independent Auditors' Report to the Members of AKW Global Logistics Birmingham Ltd. (continued)


We have also considered the risk of fraud through management override of controls by:

Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to
identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or
error.
Challenging assumptions made by management in their significant accounting estimates, and assessing whether the
judgements made in making accounting estimates are indicative of a potential bias; and
Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of
business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members
and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
 
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws
and regulations are from the events and transactions reflected in the financial statements, the less likely we would become
aware of them. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting
one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional
misrepresentations, or through collusion.


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.


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.





John Glover (Senior statutory auditor)
for and on behalf of
Hurst Accountants Limited
Chartered Accountants
Statutory Auditors
3 Exchange Square
Stockport
SK1 3GG

31 January 2025
Page 6

 
AKW Global Logistics Birmingham Ltd.
 
 
Statement of Comprehensive Income
For the year ended 31 December 2023

2023
2022
£
£

  

Turnover
  
4,264,101
4,920,528

Cost of sales
  
(3,693,797)
(4,223,306)

Gross profit
  
570,304
697,222

Administrative expenses
  
(863,256)
(685,746)

Operating (loss)/profit
  
(292,952)
11,476

Income from fixed assets investments
  
286
-

Interest payable and similar expenses
  
(1,325)
(2,702)

(Loss)/profit before tax
  
(293,991)
8,774

Tax on (loss)/profit
  
714
487

(Loss)/profit for the financial year
  
(293,277)
9,261

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

The notes on pages 10 to 18 form part of these financial statements.

Page 7

 
AKW Global Logistics Birmingham Ltd.
Registered number: 08506470

Balance Sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
-
-

Tangible assets
 5 
42,628
69,610

Investments
 6 
30,361
30,361

  
72,989
99,971

Current assets
  

Stocks
 7 
7,973
3,168

Debtors: amounts falling due within one year
 8 
617,157
943,688

Cash at bank and in hand
 9 
28,229
115,956

  
653,359
1,062,812

Creditors: amounts falling due within one year
 10 
(802,714)
(945,872)

Net current (liabilities)/assets
  
 
 
(149,355)
 
 
116,940

Total assets less current liabilities
  
(76,366)
216,911

  

Net (liabilities)/assets
  
(76,366)
216,911


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
(76,368)
216,909

  
(76,366)
216,911


Page 8

 
AKW Global Logistics Birmingham Ltd.
Registered number: 08506470
    
Balance Sheet (continued)
As at 31 December 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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




B J Warrillow
Director

Date: 31 January 2025

The notes on pages 10 to 18 form part of these financial statements.

Page 9

 
AKW Global Logistics Birmingham Ltd.
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

1.


General information

AKW Global Logistics Birmingham Ltd is a private company limited by members capital incorporated in England. The address of the registered office and principal place of business is Deer Park Court, Donnington Wood, Telford, England, TF2 7NA. The company's registered number is 08506470.
The nature of the company's operation and its principal activity is the provision of road haulage and warehousing services.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006
 
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

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

The following principal accounting policies have been applied:

 
2.2

Going concern

The accounts have been prepared on a going concern basis. After the balance sheet date, the group have decided to cease the trading of AKW Global Logistics Birmingham Limited effective from 22 March 2024. The entity will become dormant and assets and liabilites have been transferred to Kinaxia Logistics & Fulfilment Limited, a fellow group undertaking. 

 
2.3

Revenue

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

Rendering of services

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

 
2.4

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.

Page 10

 
AKW Global Logistics Birmingham Ltd.
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.5

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.

 
2.6

Current and deferred taxation

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

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

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

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

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 11

 
AKW Global Logistics Birmingham Ltd.
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

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

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

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

Depreciation is provided on the following basis:

Leasehold improvements
-
Straight line over the length of the lease
Plant and machinery
-
Racking 10 years straight line, other plant and machinery 5 years straight line
Motor vehicles
-
Trailers 20% reducing balance, vehicles 25% reducing balance
Fixtures and fittings
-
5 years straight line

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.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

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

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

Page 12

 
AKW Global Logistics Birmingham Ltd.
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.11

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.

 
2.12

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.

 
2.13

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.

 
2.14

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Page 13

 
AKW Global Logistics Birmingham Ltd.
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 28 (2022 - 30).


4.


Intangible assets




Goodwill

£



Cost


At 1 January 2023
46,000



At 31 December 2023

46,000



Amortisation


At 1 January 2023
46,000



At 31 December 2023

46,000



Net book value



At 31 December 2023
-



At 31 December 2022
-



Page 14

 
AKW Global Logistics Birmingham Ltd.
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

5.


Tangible fixed assets





Leasehold improvements
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
50,902
119,449
94,040
6,131
270,522


Disposals
-
-
(28,168)
-
(28,168)



At 31 December 2023

50,902
119,449
65,872
6,131
242,354



Depreciation


At 1 January 2023
50,902
103,994
43,990
2,026
200,912


Charge for the year
-
5,163
10,827
1,225
17,215


Disposals
-
-
(18,401)
-
(18,401)



At 31 December 2023

50,902
109,157
36,416
3,251
199,726



Net book value



At 31 December 2023
-
10,292
29,456
2,880
42,628



At 31 December 2022
-
15,455
50,050
4,105
69,610


6.


Fixed asset investments





Investments in subsidiary companies
Other fixed asset investments
Total

£
£
£



Cost or valuation


At 1 January 2023
1
30,360
30,361



At 31 December 2023
1
30,360
30,361






Net book value



At 31 December 2023
1
30,360
30,361



At 31 December 2022
1
30,360
30,361

Page 15

 
AKW Global Logistics Birmingham Ltd.
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

7.


Stocks

2023
2022
£
£

Fuel and Tyres
7,973
3,168



8.


Debtors

2023
2022
£
£


Trade debtors
417,908
551,675

Amounts owed by group undertakings
9,838
205,513

Prepayments and accrued income
183,388
181,191

Deferred taxation
6,023
5,309

617,157
943,688



9.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
28,229
115,956



10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
523,360
567,264

Amounts owed to group undertakings
32,316
39,663

Other taxation and social security
59,920
86,908

Proceeds of factored debts
133,527
189,354

Other creditors
10,849
12,680

Accruals and deferred income
42,742
50,003

802,714
945,872


The invoice discounting facility is secured on certain book debts of the company.

Page 16

 
AKW Global Logistics Birmingham Ltd.
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

11.


Contingent liabilities

There is a fixed and floating charge over the assets of the company to secure the liabilities of Kinaxia Logistics Limited and its subsidiaries. 


12.


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 £24,440 (2022: £24,312) . Contributions totalling £2,269 (2022: £2,670) were payable to the fund at the balance sheet date.


13.


Commitments under operating leases

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

2023
2022
£
£



Not later than 1 year
48,750
195,000

Later than 1 year and not later than 5 years
-
48,750

48,750
243,750

2023
2022

£
£



Not later than 1 year
48,360
52,973

Later than 1 year and not later than 5 years
185,280
2,040

Later than 5 years
73,340
-

306,980
55,013

Page 17

 
AKW Global Logistics Birmingham Ltd.
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

14.


Post balance sheet events

In March 2024, the company ceased trading following a strategic review of the business prompted by the impending renewal of its property lease. Management concluded that it was not economically viable to renew the lease under the terms offered. Consequently, the trade and assets were either redistributed within the Group or transferred to a third party.
On 21 December 2024, following an extended restructuring process, the Group repaid in full the entire term loan facility agreement with DE Shaw and replaced it with a new term loan of £39 million, alongside 90% equity in the Group. The loan notes carry a fixed interest rate of 8%, payable in cash if certain liquidity conditions are met or, alternatively, rolled up as Payment In Kind (PIK) interest. The loan is secured by a fixed and floating charge over the assets of the Group.
The new facility is due for repayment in June 2027, with an option to break in June 2026. This successful restructuring provides the Group with short- to medium-term financial stability, enabling it to focus on delivering its strategic objectives.
On 21 December 2024, the ultimate controlling party of Kinaxia Limited changed from Ensco 1477 Limited to DELALV Delaware Holdco, L.L.C., a company registered in Delaware, USA. The transfer of control occurred as part of a group restructuring.


15.


Controlling party

The immediate parent undertaking is A K W Global Logistics Limited, a company registered in England and Wales, company number 01724331. 
Kinaxia Limited is the parent company for the smallest and largest group for which consolidated group accounts are prepared. The registered address of Kinaxia Limited is Kinaxia, Adlington Business Park, Adlington, Macclesfield, England, SK10 4NL.
The consolidated financial statements of Kinaxia Limited is available to the public and may be obtained from the Registrar of Companies, Companies House, Crown Way, Cardiff, C14 3UZ.
Ensco 1477 Limited, a company registered in England and Wales, company number 14593321, was the immediate parent company of Kinaxia Limited and the ultimate parent company of the Group till 21 December 2024. The registered address of Ensco 1477 Limited is C/O Gateley Legal, Ship Canal House, 98 King Street, Manchester, Lancashire, M2 4WU. There is no overall controlling party of Ensco 1477 Limited.
On 21 December 2024, the ultimate controlling party of Kinaxia Limited changed from Ensco 1477 Limited to DELALV Delaware Holdco, L.L.C., a company registered in Delaware, USA. The transfer of control occurred as part of a group restructuring. The sole shareholder of DELALV Delaware Holdco, L.L.C. is DELALV Portfolios, L.L.C. 
Dr D.E.Shaw is considered the controlling party of Kinaxia Limited due to his ownership of the voting rights.

Page 18