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Registered number: 09445745









Kinaxia Logistics Limited









Annual Report and Financial Statements

For the Year Ended 31 December 2023

 
Kinaxia Logistics Limited
 
 
Company Information


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




Registered number
09445745



Registered office
Kinaxia
Adlington Business Park

Adlington

Macclesfield

SK10 4NL




Independent auditors
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors

3 Stockport Exchange

Stockport

Cheshire

SK1 3GG





 
Kinaxia Logistics 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 - 17


 
Kinaxia Logistics Limited
 
 
Strategic Report
For the Year Ended 31 December 2023

Introduction
 
The directors present their strategic report and the 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. It has not traded during the year. 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’s net assets are £8,401,571 
(2022: £8,401,604).
Principal risks and uncertainties
The company does not have any financial risk management policies as these are not relevant due to the fact that the company does not trade and also as there are no financing facilities in place.

Financial key performance indicators
As the company does not trade, the directors do not monitor the results and performance of the company using key performance indicators. 

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 has been introduced to help stakeholders better understand how the Directors have discharged their duty to promote the success of the Company and Group, 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.
The Company provides services to other group companies in the Kinaxia group. Whilst the directors have ultimate responsibility, Kinaxia Limited is run by an Executive Committee comprising the Group Directors and the Managing Directors of the operating subsidiaries. The Executive Committee meets regularly to review and monitor the business performance of individual subsidiaries and the Group. It is the job of the local management teams to form relationships with business partners and engage with customers and key suppliers through a variety of channels/ knowledge gained from these interactions is then used to guide the decisions of individual businesses and shared to enhance and improve the long term reputation and profitability of the Group. Shareholder value remains at the core of all strategic decision making. 


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



B Warrillow
Director

Date: 31 January 2025

Page 1

 
Kinaxia Logistics 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 judgements and accounting estimates that are reasonable and prudent;

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

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 £33 (2022 - loss £90).

The directors do not recommend the payment of a dividend (2022: £Nil).

Directors

The directors who served during the year were:

P R Fields (resigned 21 December 2024)
G R Norfolk (resigned 21 December 2024)
B J Germany 
N Ashworth (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 2

 
Kinaxia Logistics 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 Warrillow
Director

Date: 31 January 2025

Page 3

 
Kinaxia Logistics Limited
 
 
 
Independent Auditors' Report to the Members of Kinaxia Logistics Limited
 

Opinion


We have audited the financial statements of Kinaxia Logistics 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 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 4

 
Kinaxia Logistics Limited
 
 
 
Independent Auditors' Report to the Members of Kinaxia Logistics 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

 
Kinaxia Logistics Limited
 
 
 
Independent Auditors' Report to the Members of Kinaxia Logistics 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:

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, and the Coronavirus Job Retention Scheme.

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 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 6

 
Kinaxia Logistics Limited
 
 
 
Independent Auditors' Report to the Members of Kinaxia Logistics 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 identified 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

 
Kinaxia Logistics Limited
 
 
Profit and Loss Account
For the Year Ended 31 December 2023

2023
2022
£
£

  

Turnover
  
-
-

Gross profit
  
-
-

Administrative expenses
  
(33)
(90)

Loss before tax
  
(33)
(90)

Tax on loss
  
-
-

Loss for the financial year
  
(33)
(90)



The notes on pages 11 to 17 form part of these financial statements.

Page 8

 
Kinaxia Logistics Limited
Registered number: 09445745

Balance Sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 6 
8,401,725
8,401,725

Current assets
  

Debtors: amounts falling due within one year
 7 
1,911,938
1,911,938

Cash at bank and in hand
 8 
8,292
8,325

  
1,920,230
1,920,263

Creditors: amounts falling due within one year
 9 
(1,920,384)
(1,920,384)

Net current liabilities
  
 
 
(154)
 
 
(121)

Total assets less current liabilities
  
8,401,571
8,401,604

Net assets
  
8,401,571
8,401,604


Capital and reserves
  

Called up share capital 
 10 
100
100

Share premium account
 11 
8,401,625
8,401,625

Profit and loss account
 11 
(154)
(121)

  
8,401,571
8,401,604


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



B Warrillow
Director

Date: 31 January 2025

The notes on pages 11 to 17 form part of these financial statements.

Page 9

 
Kinaxia Logistics 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
100
8,401,625
(121)
8,401,604


Comprehensive income for the year

Loss for the year
-
-
(33)
(33)
Total comprehensive income for the year
-
-
(33)
(33)


At 31 December 2023
100
8,401,625
(154)
8,401,571



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
100
8,401,625
(31)
8,401,694


Comprehensive income for the year

Loss for the year
-
-
(90)
(90)
Total comprehensive income for the year
-
-
(90)
(90)


At 31 December 2022
100
8,401,625
(121)
8,401,604


The notes on pages 11 to 17 form part of these financial statements.

Page 10

 
Kinaxia Logistics Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

1.


General information

Kinaxia Logistics Limited is a private company limited by members capital incorporated in England and Wales, registered number 09445745. The address of the registered office and principle place of business is Kinaxia, Adlington Business Park, Adlington, Macclesfield, SK10 4NL. 
The nature of the company's operations and principal activity is that of an intermediary holding company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The 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.

 
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 the Registrar of Companies.

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

 
2.4

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.5

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.

Page 11

 
Kinaxia Logistics Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.6

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.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.
In the opinion of the directors, there are no key assumptions concerning the future, or other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year end.


4.


Auditors' remuneration

The auditors remuneration is borne by the subsidiary Kinaxia Transport & Warehousing Limited and is £550 (2022: £550).



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


        2023
        2022
            No.
            No.







Directors
4
4

During the year, no director received any emoluments.

Page 12

 
Kinaxia Logistics Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
8,401,725



At 31 December 2023
8,401,725





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Kinaxia Transport and Warehousing Limited
Adlington Industrial Estate, London Road Adlington,Macclesfield, Cheshire, SK10 4NL
Intermediate holding company
Ordinary
100%
*Bay Freight Limited
Tameside Freight Terminal, Premier House, Tame Street, Stalybridge, SK15 1ST
General haulage and warehousing
Ordinary
100%
*Cammack Limited
Unit 11, Spitfire Drive, Earls Colne Business Park, Earls Colne, Essex, CO6 2NS
Dormant
Ordinary
100%
*Foulger Transport Limited
The Circuit, Snetterton, Norfolk, NR16 2JU
General haulage and warehousing
Ordinary
100%
*GAG57 Limited
The Circuit, Snetterton,Norfolk, NR16 2JU
Dormant
Ordinary
100%
*Lambert Brothers Holdings Limited
Woodside Avenue, Eastleigh, Hampshire, SO50 4ZR
Property investment
Ordinary
100%
*Lambert Brothers Haulage Limited
Woodside Avenue, Eastleigh, Hampshire, SO50 4ZR
General haulage and warehousing
Ordinary
100%
*N C Cammack Limited
Unit 11, Spitfire Drive, Earls Colne Business Park, EarlsColne, Essex, CO6 2NS
General haulage and warehousing
Ordinary
100%
*William Kirk Limited
Adlington Industrial Estate, London Road Adlington,Macclesfield, Cheshire, SK10 4NL
General haulage and warehousing
Ordinary
100%
Page 13

 
Kinaxia Logistics Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023
Subsidiary undertakings (continued)


Name

Registered office

Principal activity

Class of shares

Holding

*Panic Transport (Contracts) Limited
Europark A5 Watling Street, Clifton Upon Dunsmore, Rugby, England, CV23 0AL
General haulage and warehousing
Ordinary
100%
*Mark Thompson Transport Limited
The Acres, Stretton Distribution Centre Grappenhall Lane, Appleton, Warrington, Cheshire, England, WA4 4QT
General haulage
Ordinary
100%
*A. J. Maiden & Son Limited
Deer Park Court, Donnington Wood, Telford, Shropshire, England, TF2 7NA
Haulage and Warehousing
Ordinary
100%
*AKW Group Limited
Alba Way, Stretford Motorway Estate, Stretford, Manchester, M32 0ZH
Intermediate holding company
Ordinary
100%
*AKW Global Logistics Limited
Alba Way, Stretford Motorway Estate, Stretford, Manchester, M32 0ZH
General haulage
Ordinary
100%
*AKW Global Logistics Birmingham Limited
Deer Park Court, Donnington Wood, Telford, Shropshire, England, TF2 7NA
General haulage
Ordinary
100%
*AKW Warehousing Limited
26 Bond, Europa Way Trafford Park, Manchester, M171WF
Warehousing
Ordinary
100%
*Kinaxia Logistics & Fulfilment Ltd
26 Bond, Europa Way Trafford Park, Manchester, M171WF
Warehousing
Ordinary
100%
*Global Logistics (UK) Limited
Alba Way, Stretford Motorway Estate, Stretford, Manchester, M32 0ZH
Dormant
Ordinary
100%
*A K Worthington Limited
Alba Way, Stretford Motorway Estate, Stretford, Manchester, M32 0ZH
Dormant
Ordinary
100%
*Fresh Freight Limited
The Railhead Building Earlsway, Team Valley TradingEstate, Gateshead, Tyne & Wear, NE11 0QY
General haulage and warehousing
Ordinary
100%
*David Hathaway Transport Limited
Woodward Avenue, Westerleigh Business Park, Yate, Bristol, BS37 5YS
General haulage and warehousing
Ordinary
100%
*Internet Distribution HighwayLimited
The Railhead Building, Earlsway, Team Valley Trading Estate, Gateshead, NE11 0QY
Dormant
Ordinary
100%
*Specialist Logistics Solutions(SLS) Limited
The Railhead Building, Earlsway, Team Valley Trading Estate, Gateshead, NE11 0QY
Dormant
Ordinary
100%
Page 14

 
Kinaxia Logistics Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023
Subsidiary undertakings (continued)


Name

Registered office

Principal activity

Class of shares

Holding

*AKW Global Warehousing Ltd
26 Bond, Europa Way Trafford Park, Manchester, M171WF
Dormant
Ordinary
100%
*Flybikefly Limited
Woodward Avenue, Westerleigh Business Park, Yate, Bristol, BS37 5YS
Dormant
Ordinary
100%
*Flybikefly.com Limited
Woodward Avenue, Westerleigh Business Park, Yate, Bristol, BS37 5YS
Dormant
Ordinary
100%
*Kinaxia Logistics Training Limited
Fawside Farm, Longnor, Buxton, Derbyshire, SK17 0RA
Dormant
Ordinary
100%

*Indirect subsidiaries.


7.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
1,911,938
1,911,938



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
8,292
8,325



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
1,920,384
1,920,384


Page 15

 
Kinaxia Logistics Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



11.


Reserves

Share premium
This reserve records the amount above the nominal value received for shares sold, less transaction costs.
Profit and loss account
Profit and loss account includes current and prior periods profits and losses.


12.


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 the transaction is wholly owned by a member.


13.


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.

Page 16

 
Kinaxia Logistics Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

14.


Controlling party

The immediate parent undertaking is Kinaxia Limited, a company registered in England and Wales, company number 07466536. 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 17