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Registered number: 04343114









AKW Group Limited









Annual Report and Financial Statements

For the Year Ended 31 December 2023

 
AKW Group Limited
 
 
Company Information


Directors
M J Lyons 
B J Germany (appointed 21 December 2024)
G Jenkins (appointed 21 December 2024)
B J Warrillow (appointed 21 December 2024)




Company secretary
M J Lyons



Registered number
04343114



Registered office
Alba Way Stretford Motorway Estate
Stretford

Manchester

M32 0ZH




Independent auditors
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors

3 Stockport Exchange

Stockport

Cheshire

SK1 3GG





 
AKW Group Limited
 

Contents



Page
Strategic Report
 
1
Directors' Report
 
2 - 3
Independent Auditors' Report
 
4 - 7
Profit and Loss Account
 
8
Balance Sheet
 
9
Statement of Changes in Equity
 
10
Notes to the Financial Statements
 
11 - 18


 
AKW Group Limited
 
 
Strategic Report
For the Year Ended 31 December 2023

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

Business review
 
The principal activity of the company continued to be that of a holding company of its subsidiary undertakings. These subsidiaries are principally engaged in the provision of general haulage and warehousing services in the UK.
The directors are satisfied with the performance of the investments.
The company has not traded during the year as it is an intermediate holding company. As the company does not trade, the directors do not monitor the results and performance of the company using key performance indicators. The company does not have any financial risk management policies as these are relevant due to the fact that the company does not trade and also as there are not financing facilities in place. 
The company's net assets are £2,908,866 
(2022: £2,908,994).

Directors' statement of compliance with duty to promote the success of the Company
 
The Companies Act 2006 (CA2006) sets out a number of general duties which Directors owe to the Company and Group. New legislation introduced to help stakeholders better understand how the Directors have discharged their duty to promote the success of the Company and Groupm while having regard to the matters set out in section 172 (1) (a) to (f) of the CA2006 (s172 factors). In 2023 the Directors continued to exercise all their duties, while having regard to these and other factors as they reviewed and considered proposals from senior management and governed the Company on behalf of its shareholders.


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



B J Warrillow
Director

Date: 31 January 2025

Page 1

 
AKW Group 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;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £128 (2022 - £243).

Directors

The directors who served during the year were:

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

Future developments

Information pertaining to future developments has been included within the Strategic 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.

Page 2

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

Post balance sheet events

In March 2024, the trading subsidiary AKW Global Logistics Birmingham Ltd 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.

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





B J Warrillow
Director

Date: 31 January 2025

Page 3

 
AKW Group Limited
 
 
 
Independent Auditors' Report to the Members of AKW Group Limited
 

Opinion


We have audited the financial statements of AKW Group Limited (the 'Company') for the year ended 31 December 2023, which comprise the Profit and Loss Account, 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 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 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.


Page 4

 
AKW Group Limited
 
 
 
Independent Auditors' Report to the Members of AKW Group Limited (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 Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

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


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


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


Responsibilities of directors
 

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


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


Page 5

 
AKW Group Limited
 
 
 
Independent Auditors' Report to the Members of AKW Group 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:

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 non-compliance 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 policy, 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.

 
Page 6

 
AKW Group Limited
 
 
 
Independent Auditors' Report to the Members of AKW Group Limited (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 Stockport Exchange
Stockport
Cheshire
SK1 3GG

31 January 2025
Page 7

 
AKW Group Limited
 
 
Profit and Loss Account
For the year ended 31 December 2023

2023
2022
Note
£
£

  

Administrative expenses
  
(136)
(244)

Operating loss
  
(136)
(244)

Interest receivable and similar income
 6 
8
1

Loss before tax
  
(128)
(243)

Tax on loss
  
-
-

Loss for the financial year
  
(128)
(243)

The notes on pages 11 to 18 form part of these financial statements.

Page 8

 
AKW Group Limited
Registered number: 04343114

Balance Sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 7 
877,570
877,570

Current assets
  

Debtors: amounts falling due within one year
 8 
6,911,446
6,836,420

Cash at bank and in hand
 9 
4,735
81,064

  
6,916,181
6,917,484

Creditors: amounts falling due within one year
 10 
(4,884,885)
(4,886,060)

Net current assets
  
 
 
2,031,296
 
 
2,031,424

Total assets less current liabilities
  
2,908,866
2,908,994

  

Net assets
  
2,908,866
2,908,994


Capital and reserves
  

Called up share capital 
 11 
88,022
88,022

Share premium account
 12 
1,734,329
1,734,329

Profit and loss account
 12 
1,086,515
1,086,643

  
2,908,866
2,908,994


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 11 to 18 form part of these financial statements.

Page 9

 
AKW Group Limited
 

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


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

£
£
£
£

At 1 January 2023
88,022
1,734,329
1,086,643
2,908,994


Comprehensive income for the year

Loss for the year
-
-
(128)
(128)
Total comprehensive income for the year
-
-
(128)
(128)


At 31 December 2023
88,022
1,734,329
1,086,515
2,908,866


The notes on pages 11 to 18 form part of these financial statements.


Statement of Changes in Equity
For the Year Ended 31 December 2022


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

£
£
£
£

At 1 January 2022
88,022
1,734,329
1,086,886
2,909,237


Comprehensive income for the year

Loss for the year
-
-
(243)
(243)
Total comprehensive income for the year
-
-
(243)
(243)


At 31 December 2022
88,022
1,734,329
1,086,643
2,908,994


The notes on pages 11 to 18 form part of these financial statements.

Page 10

 
AKW Group Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

1.


General information

AKW Group Limited is a private company limited by members capital incorporated in England and Wales, registered number 04343114. The address of the registered office and principal place of business is Alba Way Stretford Motorway Estate, Stretford, Manchester, England, M32 0ZH.
The company ceased trading on 31 August 2019, by which point all trade had been transferred to fellow subsidiary companies. The intention of the directors is to continue as a dormant entity, once all liabilities have been settled.

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 33 Related Party Disclosures paragraph 33.7.

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

 
2.3

Interest income

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

 
2.4

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.5

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.

Page 11

 
AKW Group Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.6

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.

 
2.7

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.

 
2.8

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.

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.
 
Page 12

 
AKW Group Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)


2.8
Financial instruments (continued)


Financial liabilities

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

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

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



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.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preperation of the financial statements requires management to make significant judgements and estimates that affect amounts recognised for assets and liabilities at the reporting date and the amounts of revenue and expenses incurred during the period. Actual outcomes may differ from these judgements, estimates and assumptions. 
The directors believe that judgements, estimates and assumptions do not have a significant risk of causing a material difference to the carrying amount of the assets and liabilities within the next financial year.

Page 13

 
AKW Group Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

4.


Auditors' remuneration

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


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
1,150
825

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.


5.


Employees




The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).


6.


Interest receivable

2023
2022
£
£


Other interest receivable
8
1

Page 14

 
AKW Group Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

7.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
4,156,335



At 31 December 2023

4,156,335



Impairment


At 1 January 2023
3,278,765



At 31 December 2023

3,278,765



Net book value



At 31 December 2023
877,570



At 31 December 2022
877,570

Page 15

 
AKW Group Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

AKW Warehousing Limited
26 Bond, Europa Way, Trafford Park, Manchester, M17 1WF
Non-trading holding company
Ordinary
100%
Kinaxia Logistics & Fulfilment Ltd
26 Bond, Europa Way, Trafford Park, Manchester, M17 1WF
General warehousing and contract packing
Ordinary
100%
AKW Global Logistics Limited
Alba Way Stretford Motorway Estate, Stretford, Manchester, England, M32 0ZH
Haulage and distribution
Ordinary
100%
AKW Global Logistics Birmingham Limited
Deer Park Court Deer Park Court, Donnington Wood, Telford, England, TF2 7NA
Haulage and distribution
Ordinary
100%
Global Logistics (UK) Limited
Alba Way, Stretford Motorway Estate, Manchester, M32 0ZH
Dormant
Ordinary
100%
AKW Global Warehousing
26 Bond, Europa Way Europa Way, Trafford Park, Manchester, England, M17 1WF
Dormant
Ordinary
100%
A.K Worthington Limited
C/O Akw Global Logistics- Alba Way Stretford Motorway Estate, Stretford, Manchester, M32 0ZH
Dormant
Ordinary
100%


8.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
6,876,455
6,801,402

Other debtors
34,978
34,961

Prepayments and accrued income
13
57

6,911,446
6,836,420



9.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
4,735
81,064


Page 16

 
AKW Group Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
4,871,839
4,871,839

Other taxation and social security
7,639
7,639

Accruals and deferred income
5,407
6,582

4,884,885
4,886,060



11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



55,550 (2022 - 55,550) A Ordinary Shares shares of £1.00 each
55,550
55,550
4,398 (2022 - 4,398) B Ordinary Shares shares of £1.00 each
4,398
4,398
6,206 (2022 - 6,206) C Ordinary Shares shares of £0.01 each
62
62
22,005 (2022 - 22,005) D Ordinary Shares shares of £1.00 each
22,005
22,005
694 (2022 - 694) E Ordinary Shares shares of £0.01 each
7
7
300 (2022 - 300) F Ordinary Shares shares of £10.00 each
3,000
3,000
300 (2022 - 300) G Ordinary Shares shares of £10.00 each
3,000
3,000

88,022

88,022

The rights and rewards of all classes of shares rank pari passu.



12.


Reserves

Share premium account

Share premium includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Profit and loss account

Includes all current and prior period retained profit and losses. 


13.


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.

Page 17

 
AKW Group Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

14.


Related party transactions

The company has taken advantage of the exemption in FRS 102 not to disclose transactions entered into between two or more members of a group whereby the subsidiary that is a party to transaction is wholly owned by a member.


15.


Post balance sheet events

In March 2024, the trading subsidiary AKW Global Logistics Birmingham Ltd 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.


16.


Controlling party

The company's immediate parent undertaking is Kinaxia Transport and Warehousing Limited, a company registered in England and Wales, company number 09447448.
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