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Registered number: 01724331









A K W Global Logistics Ltd









Annual Report and Financial Statements

For the year ended 31 December 2023

 
A K W Global Logistics Ltd
 
 
Company Information


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




Company secretary
M J Lyons



Registered number
01724331



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




Bankers
HSBC
Arndale Centre

Chester Road

Stretford

Manchester

M23 9BH





 
A K W Global Logistics Ltd
 

Contents



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditors' report
 
5 - 8
Statement of comprehensive income
 
9
Balance sheet
 
10
Statement of changes in equity
 
11
Notes to the financial statements
 
12 - 29


 
A K W Global Logistics Ltd
 
 
Strategic Report
For the year ended 31 December 2023

Introduction
 
The directors are pleased to present the strategic report and financial statements for the year ending 31 December 2023.

Business review
 
The principal activity of the company continues to be logistics, road transport and haulage.
The directors are pleased to confirm that turnover for the year ended 31 December 2023 was £16,792,833 compared to £16,468,521 for the year ended 31 December 2022. The company continues to target domestic trade and will endeavour to grow this service provision.
The Gross Profit for the year was £3,872,669 compared to £3,948,350 for the year ending 31 December 2022, showing a fall in gross profit margin from 24.0% to 23.0% for current period.
Administration costs are at £3,836,163 for the year ending 31 December 2023 compared to £3,344,754 for the year ended 31 December 2022.

Principal risks and uncertainties
 
As in all trading organisations, the directors acknowledge that as well as possible rewards, there are some risks and uncertainties, and the Directors have assessed the main risks.
These main risks which are constantly monitored and reviewed are the availability of qualified drivers and resources to meet future growth, and the efficiency of its own vehicle fleet.
The directors believe that these risks are mitigated by continued efforts to maintain a competitive advantage through high customer service levels, increasing use of technology, investing in a modern fleet and policies to attract and retain high calibre staff. The company is continuing to work within the industry to attract and train more artic drivers as there is a national shortage of drivers.
A K W Global Logistics Limited is dependent upon the efficiency of its vehicle fleet to minimise costs, and maximise utilisation, and is also reliant on the sub-contract partners in assisting to satisfy its customers' needs by providing a high-quality reliable service.
The company is exposed to minimal level of credit risk, liquidity risk and cashflow risk. The company manages these risks by financing its operations through retained profits and confidential invoice financing.
The company makes little use of financial instruments other than an operational bank account and so its exposure to credit risk, liquidity risk and cash flow risk is not material for the assessment of the assets, liabilities, financial position and profit or loss of the company.
Given the recent shift in the overall economic climate during 2023 with significant increasing costs and some uncertainty around future activity the directors believe there is some price risk in the sector. This is being managed by ensuring customer prices are reviewed annually to pass through these operating costs, particularly with fuel where we have reviewed our surcharge mechanism and implemented fuel and driver surcharges in a number of areas across the group. 
A K W Global Logistics Ltd services some large customers, with the top five accounting for a significant proportion of turnover so a loss of one of these could have a significant effect on the business short term. To reduce this risk we have regular service level meetings with the top customers to ensure we are maintaining a high quality service as these customers themselves depend on this high level of service which ensures the retention of their business. If one did leave there is a notice period for large accounts and costs could be reduced if a replacement could not be found quickly.
The directors consider the company is in a strong position to react very quickly and positively to any uplift in demand.

Page 1

 
A K W Global Logistics Ltd
 

Strategic Report (continued)
For the year ended 31 December 2023

Financial key performance indicators
 
The company's financial KPI's focus on several critical areas. Gross margin remains the major factor in shaping the future success of the business and this is evidenced by the improving performance year on year.
Business liquidity runs in parallel with margins and is closely monitored through both debtor and creditor management.
Other financial KPI’s are as follows:
• Working capital management
• Cashflow forecasting
• Review of Turnover:  actual v forecast
• Analysis of overhead expenditure: actual v forecast

Other key performance indicators
 
Non-financial KPI’s are numerous but centre on the following: -
• Supplier on time delivery performance
• Employee workforce management
• Health and Safety


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



B Warrillow
Director

Date: 31 January 2025

Page 2

 
A K W Global Logistics 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 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;

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 £118,780 (2022 - profit £508,200).

The directors do not propose a final dividend (2022: £Nil) and no dividends have been paid during the year. 

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)

Future developments

The future developments of the Company are disclosed in the strategic report. 

Page 3

 
A K W Global Logistics Ltd
 
 
 
Directors' Report (continued)
For the year ended 31 December 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

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 4

 
A K W Global Logistics Ltd
 
 
 
Independent Auditors' Report to the Members of A K W Global Logistics Ltd
 

Opinion


We have audited the financial statements of A K W Global Logistics Ltd (the 'Company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its 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 5

 
A K W Global Logistics Ltd
 
 
 
Independent Auditors' Report to the Members of A K W Global Logistics 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 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 3, 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.


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
 
Page 6

 
A K W Global Logistics Ltd
 
 
 
Independent Auditors' Report to the Members of A K W Global Logistics Ltd (continued)



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.

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.


Page 7

 
A K W Global Logistics Ltd
 
 
 
Independent Auditors' Report to the Members of A K W Global Logistics Ltd (continued)


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 8

 
A K W Global Logistics Ltd
 
 
Statement of Comprehensive Income
For the year ended 31 December 2023

2023
2022
Note
£
£

  

Turnover
 4 
16,792,833
16,468,521

Cost of sales
  
(12,920,164)
(12,520,171)

Gross profit
  
3,872,669
3,948,350

Administrative expenses
  
(3,836,163)
(3,344,754)

Other operating income
 5 
27,500
11,750

Operating profit
 6 
64,006
615,346

Income from fixed assets investments
 9 
260
-

Interest receivable and similar income
 10 
803
46

Interest payable and similar expenses
 11 
(155,662)
(148,907)

(Loss)/profit before tax
  
(90,593)
466,485

Tax on (loss)/profit
 12 
(28,187)
41,715

(Loss)/profit for the financial year
  
(118,780)
508,200

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

The notes on pages 12 to 29 form part of these financial statements.

Page 9

 
A K W Global Logistics Ltd
Registered number: 01724331

Balance Sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 13 
1,067,159
-

Tangible assets
 14 
641,281
888,598

Investments
 15 
24,233
24,233

  
1,732,673
912,831

Current assets
  

Stocks
 16 
70,531
79,637

Debtors: amounts falling due within one year
 17 
21,755,796
22,940,407

Cash at bank and in hand
 18 
539,876
56,661

  
22,366,203
23,076,705

Creditors: amounts falling due within one year
 19 
(14,618,162)
(14,417,064)

Net current assets
  
 
 
7,748,041
 
 
8,659,641

Total assets less current liabilities
  
9,480,714
9,572,472

Provisions for liabilities
  

Deferred tax
 21 
(27,022)
-

Net assets
  
9,453,692
9,572,472


Capital and reserves
  

Called up share capital 
 22 
50,000
50,000

Profit and loss account
 23 
9,403,692
9,522,472

  
9,453,692
9,572,472


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 12 to 29 form part of these financial statements.

Page 10

 

 
A K W Global Logistics Ltd


 

Statement of Changes in Equity
For the year ended 31 December 2023



Called up share capital
Profit and loss account
Total equity


£
£
£



At 1 January 2022 (as restated)
50,000
9,014,272
9,064,272



Comprehensive income for the year


Profit for the year
-
508,200
508,200

Total comprehensive income for the year
-
508,200
508,200





At 1 January 2023
50,000
9,522,472
9,572,472



Comprehensive deficit for the year


Loss for the year
-
(118,780)
(118,780)

Total comprehensive deficit for the year
-
(118,780)
(118,780)



At 31 December 2023
50,000
9,403,692
9,453,692



The notes on pages 12 to 29 form part of these financial statements.

Page 11

 
A K W Global Logistics Ltd
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

1.


General information

A K W Global Logistics Limited is a private company limited by members capital incorporated in England and Wales. The address of the registered office and principal place of business is Alba Way, Stretford Motorway Estate, Stretford, Manchester, M32 0ZHF. The company's registered number is 01724331.
The nature of the company's operations and its principal activity is the provision of road haulage, warehousing and trailer rental 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 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 judgement in applying the Company's accounting policies (see note 3).

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 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 the Registrar.

Page 12

 
A K W Global Logistics Ltd
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
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.

Contract haulage income is recognised on completion of the service. Warehouse services and trailer rental income is recognised on an accruals basis reflecting the contracted rental and storage dates.

 
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.

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

 
2.5

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.6

Interest income

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

 
2.7

Finance costs

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

Page 13

 
A K W Global Logistics Ltd
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.8

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.

 
2.9

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.

 
2.10

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.

 The estimated useful lives range as follows:

Development expenditure
-
5
years straight line

Page 14

 
A K W Global Logistics Ltd
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.11

Tangible fixed assets

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

Depreciation is 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

 
2.12

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.

 
2.13

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

 
2.14

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.

 
2.15

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.

 
2.16

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 15

 
A K W Global Logistics Ltd
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.17

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.

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 16

 
A K W Global Logistics Ltd
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.19

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.

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.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. 
Page 17

 
A K W Global Logistics Ltd
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

2.Accounting policies (continued)


2.19
Financial instruments (continued)


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 amounts of the assets and liabilities within the next financial year. 


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Contract haulage
16,111,037
15,677,753

Warehousing
399,741
458,343

Trailer rental
282,055
332,425

16,792,833
16,468,521


All turnover arose within the United Kingdom.


5.


Other operating income

2023
2022
£
£

Other operating income
27,500
11,750


Other operating income is in relation to rent received and parking revenue.

Page 18

 
A K W Global Logistics Ltd
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

6.


Operating profit

The operating profit is stated after charging/(crediting):

2023
2022
£
£

Rental operating lease charges
1,115,712
1,024,509

Other operating lease rentals
932,721
696,926

Loss/(Profit) on disposal of tangible fixed assets
41,754
182,893


7.


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
11,650
14,500

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.


8.


Employees

Staff costs were as follows:


2023
2022
£
£

Wages and salaries
3,126,225
3,087,561

Social security costs
329,046
312,220

Cost of defined contribution scheme
85,352
70,796

3,540,623
3,470,577


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


        2023
        2022
            No.
            No.







Production staff
77
74



Office and management
26
24

103
98

Page 19

 
A K W Global Logistics Ltd
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

9.


Income from investments

2023
2022
£
£


Income from current asset investments
260
-





10.


Interest receivable and similar income

2023
2022
£
£


Other interest receivable
803
46


11.


Interest payable and similar expenses

2023
2022
£
£


Finance leases and hire purchase contracts
5,966
25,613

Other interest payable
149,696
123,294

155,662
148,907


12.


Taxation


2023
2022
£
£

Corporation tax

Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
28,187
(41,435)

Changes to tax rates
-
(280)

Total deferred tax
28,187
(41,715)


Taxation on profit/(loss) on ordinary activities
28,187
(41,715)
Page 20

 
A K W Global Logistics Ltd
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - lower than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

As restated
2023
2022
£
£


(Loss)/profit on ordinary activities before tax
(90,593)
466,485


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
(21,308)
88,632

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
6,694
289

Fixed asset timing differences
(154)
(1,586)

Changes in deferred tax rates
1,669
(280)

Adjustments to tax charge in respect of prior periods
-
2

Movement in deferred tax not recognised
41,286
-

Group relief
-
(128,772)

Total tax charge for the year
28,187
(41,715)


Factors that may affect future tax charges

From 1 April 2023 the main rate of corporation tax increased to 25%. The 23.52% rate used above reflects 9 months of the new rate and 3 months of the previous rate of 19%.

Page 21

 
A K W Global Logistics Ltd
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

13.


Intangible assets




Development expenditure

£



Cost


Additions
1,118,301



At 31 December 2023

1,118,301



Amortisation


Charge for the year
51,142



At 31 December 2023

51,142



Net book value



At 31 December 2023
1,067,159



At 31 December 2022
-



Page 22

 
A K W Global Logistics Ltd
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

14.


Tangible fixed assets





Leasehold improvements
Plant and   machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost


At 1 January 2023
55,630
2,580,147
573,604
287,020
3,496,401


Additions
-
130,304
-
45,326
175,630


Disposals
-
(38,080)
(334,480)
(2,367)
(374,927)



At 31 December 2023

55,630
2,672,371
239,124
329,979
3,297,104



Depreciation


At 1 January 2023
55,630
2,090,664
282,600
178,909
2,607,803


Charge for the year
-
96,517
5,358
52,136
154,011


Disposals
-
(38,080)
(67,477)
(434)
(105,991)



At 31 December 2023

55,630
2,149,101
220,481
230,611
2,655,823



Net book value



At 31 December 2023
-
523,270
18,643
99,368
641,281



At 31 December 2022
-
489,483
291,004
108,111
888,598

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
-
267,004

Page 23

 
A K W Global Logistics Ltd
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

15.


Fixed asset investments





Investments in subsidiary companies
Investments in associates
Trade investments
Total

£
£
£
£



Cost or valuation


At 1 January 2023
1
32
24,200
24,233



At 31 December 2023

1
32
24,200
24,233






Net book value



At 31 December 2023
1
32
24,200
24,233



At 31 December 2022
1
32
24,200
24,233


Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

AKW Global Logistics Birmingham Ltd
Deer Park Court, Donnington Wood, Telford, England, TF2 7NA
Haulage and warehousing
Ordinary
100%


Associate


These financial statements are separate company financial statements from A K W Global Logistics Limited.


The following was an associate of the Company:


Name

Registered office

Principal activity

Class of shares

Holding

Partnerlink Limited
Alba Way, Stretford Motorway Estate, Stretford, Manchester, England, M32 0ZH
Haulage
Ordinary
30%

Investments in associates are stated at cost.
Based on unaudited management information for the year ended 31 May 2023, capital and reserves of Partnerlink Limited were £183,609 
(2022: £192,519).
In opinion of the directors, the results of Partnerlink are not material to the company.

Page 24

 
A K W Global Logistics Ltd
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

16.


Stocks

2023
2022
£
£

Finished goods and goods for resale
70,531
79,637



17.


Debtors

2023
2022
£
£


Trade debtors
2,477,180
2,352,321

Amounts owed by group undertakings
18,200,025
19,807,762

Amounts owed by joint ventures and associated undertakings
-
4,474

Other debtors
96,016
35,397

Prepayments and accrued income
982,575
739,288

Deferred taxation
-
1,165

21,755,796
22,940,407



18.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
539,876
56,661


Page 25

 
A K W Global Logistics Ltd
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

19.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
3,079,657
1,789,088

Amounts owed to group undertakings
8,652,394
8,140,964

Amounts owed to associates
9,854
-

Other taxation and social security
343,362
696,218

Obligations under finance lease and hire purchase contracts
-
225,244

Invoice discounting facility
1,155,151
1,657,344

Other creditors
58,883
86,004

Accruals and deferred income
1,318,861
1,822,202

14,618,162
14,417,064


Net obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.
The invoice discounting facility is secured on certain book debts of the company.


20.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
-
219,960

Page 26

 
A K W Global Logistics Ltd
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

21.


Deferred taxation




2023
2022


£

£






At beginning of year
1,165
(40,550)


Charged to profit or loss
(28,187)
41,715



At end of year
(27,022)
1,165

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(30,303)
(8,150)

Other timing differences
3,281
9,315

(27,022)
1,165


22.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



50,000 (2022 - 50,000) Ordinary shares of £1.00 each
50,000
50,000



23.


Reserves

Profit and loss account

Includes all current and prior period retained profits and losses.


24.


Contingent liabilities

On 4 October 2018, the company became party to a fixed and floating charge over the assets to secure the liabilities of Kinaxia Logistics Limited and its subsidiary undertakings. Kinaxia Logistics Limited is a wholly owned subsidiary of Kinaxia Limited, the ultimate controlling party.

Page 27

 
A K W Global Logistics Ltd
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

25.


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 £85,352 (2022: £70,796). Contributions totaling £13,122 (2022: £37,256) were payable to the fund at the balance sheet date and are included in creditors.


26.


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
£
£

Land and buildings


Not later than 1 year
1,115,712
1,115,712

Later than 1 year and not later than 5 years
4,462,848
4,462,848

Later than 5 years
4,462,848
5,578,560

10,041,408
11,157,120

2023
2022

£
£

Other


Not later than 1 year
1,040,261
356,703

Later than 1 year and not later than 5 years
3,689,845
158,020

Later than 5 years
2,291,697
-

7,021,803
514,723


27.


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.
The company is a director and 30% shareholder in Partnerlink Limited 
(2022: 30%). During the period under review the company made sales and recharges totalling £95,654 (2022: £92,273) to Partnerlink Limited. Partnerlink Limited made sales and recharges to the company totalling £43,946 (2022: £36,836). At 31 December 2023 the amount due to this company and included within creditors was £10,209 (2022: £2,985) and the amount due from this company and included within debtors was £355 (2022: £7,459).
The company is a 4.7% shareholder in Palletline Limited 
(2022: 4.7%). At 31 December 2023 the amount due to this company and included within creditors was £NIL (2022: £347).
Key management personnel are not remunerated through the company.

Page 28

 
A K W Global Logistics Ltd
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

28.


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.


29.


Controlling party

The immediate parent undertaking is AKW Group Limited, a company registered in England and Wales, company number 04343114.
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.

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