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Registered number: 02602566









SCAN GLOBAL LOGISTICS (UK) LTD









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
SCAN GLOBAL LOGISTICS (UK) LTD
 
 
COMPANY INFORMATION


Directors
C N Holst 
A D Melgaard 
L Syberg 
H Christensen 
N R Murray 




Registered number
02602566



Registered office
Unit A2 Skyway 14
Calder Way

Colnbrook

Slough

SL3 0BQ




Independent auditors
Barnes Roffe LLP
Chartered Accountants & Statutory Auditors

3 Brook Business Centre

Cowley Mill Road

Uxbridge

Middlesex

UB8 2FX





 
SCAN GLOBAL LOGISTICS (UK) LTD
 

CONTENTS



Page
Strategic report
1 - 2
Directors' report
3 - 6
Independent auditors' report
7 - 10
Statement of comprehensive income
11
Statement of financial position
12
Statement of changes in equity
13
Notes to the financial statements
14 - 27


 
SCAN GLOBAL LOGISTICS (UK) LTD
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The directors present their Strategic report for the year ended 31 December 2024. 

Business review and future development
 
The company's turnover increased by 24.23% to £57,679,397 (2023 - £46,429,051) whilst the company generated profit after tax for the year of £3,980,160, an increase of 11.09% (2023 - £3,582,619) through effective resource and cost management controls.
The company aim was to maintain business and market share in an incredibly aggressive market and gain new customers through effective sales and  the benefits of the global network. The ocean activities were particularly impacted by the significant change in market conditions, although airfreight was also affected financially.
The economic and market outlook in the UK remains positive, and we therefore expect to grow the business in the coming years through excellent service to customers, competitive pricing and capitalising on the growing global infrastructure to create a strong competitive advantage.
Principal risks and uncertainties
The company operates a lowly geared model, and its main financial instrument is cash. The company has various other financial instruments such as trade debtors and trade creditors which arise directly from its operations. The company monitors its use of financial instruments and the risks that may arise on an ongoing basis.
The main risks for financial instruments are detailed below. The company reviews and agrees policies for managing the risks detailed below to minimise exposure.
Foreign exchange risk
The company is subject to foreign exchange risk on some of its transactions. This is managed in accordance with its business activity.
Credit risk
The company only trades with recognised, creditworthy third parties. In addition to receivable balances are monitored on an ongoing basis with the result that the company's exposure to bad debts is not significant.
Cash flow risk
The Board continually monitors the cash requirements of the company to ensure that the company has ready access to the funds that the board deem necessary at any time during the year. The monitoring and review of future projections by the board ensures that there are adequate facilities readily available from the company's finance providers to support the company's cash flow requirements.
The above factors represent the primary challenges the company must overcome to improve its financial performance.

Page 1

 
SCAN GLOBAL LOGISTICS (UK) LTD
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Stakeholder engagement
 
As the Board of Scan Global Logistics (UK) Ltd, we have a legal responsibility under section 172 of the Companies Act 2006 to act in the way we consider, in good faith, would be most likely to promote the group's success for the benefit of its members as a whole, and to have regard to the long-term effect of our decisions on the company and its stakeholders, and in doing so have regard (amongst other matters) to:
The directors have considered the reputation of the company with customers, employees and suppliers in their everyday decision making.
The directors have taken into account the financial returns of future business and the best inetersts of the company when making strategic decisions.
The directors carefully consider the consequences of all projects, ensuring they are fully planned and costed, taking account of the potential financial returns as well as the wider impacts on the business and the environment. In addition, the company's operations continually strive for the minimum environmental impact.

Financial key performance indicators
 
The directors consider the key performance indicators of the company to be turnover and gross profit.
The company's turnover for the financial year was £57,679,397 
(2023 - £46,429,051).
The company's gross profit for the financial year was £10,234,240 
(2023 - £9,501,979).


This report was approved by the board on 26 February 2025 and signed on its behalf.



C N Holst
Director

Page 2

 
SCAN GLOBAL LOGISTICS (UK) LTD
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

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;

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.

Going concern
The financial statements have been prepared on a going concern basis. The directors have considered the factors that impact the company’s future development, performance, cash flows and financial position in forming their opinion on the going concern basis. The directors believe that the company has adequate resources to continue to operate and meet its obligations as they fall due for the foreseeable future and therefore the use of the going concern assumption remains appropriate.

Results and dividends

The profit for the year, after taxation, amounted to £3,980,160 (2023 - £3,582,619).

During the year, the company paid £16,500,000 in dividends (2023 - £Nil).

Page 3

 
SCAN GLOBAL LOGISTICS (UK) LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


Directors

The directors who served during the year were:

C N Holst 
M Talbot (resigned 8 March 2024)
A D Melgaard 
L Syberg 
H Christensen 
N R Murray (appointed 10 June 2024)

Matters covered in the Strategic report
The company has chosen in accordance with section 414C of the Companies Act 2006, to set out the following information, otherwise be required to be in the Directors' report, within the Strategic report; financial risk management, and future developments in the business.
Statement of carbon emissions in compliance with Streamlined Energy and Carbon Reporting (“SECR”)
Here follows the SECR covering energy use and associated greenhouse gas emissions relating to gas, electricity and transport, intensity ratios and information relating to energy efficiency actions.
Current reporting year
     
Total electricity use             275,876 kWh  
Total gas use             0   kWh    
Total transport fuel            140,273  kWh   
Total energy from other sources   51,748  kWh     
Total energy use (all sources)       467,897  kWh  
Total carbon emissions (electricity)   57   tCO2e    
Total carbon emissions (gas)        0   tCO2e 
Total carbon emissions (transport fuel)  37   tCO2e  
Total carbon emissions (WTT)      24   tCO2e  
Total carbon emissions (T&D)      5   tCO2e  
Total carbon emissions (other sources) 11   tCO2e    
Total carbon emissions           134  tCO2e 
Total estate                98,229 sqft  
Carbon intensity ratio        1.36   kgCO2e per sqft

Page 4

 
SCAN GLOBAL LOGISTICS (UK) LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Prior reporting year

Total electricity use            298,418   kWh
Total gas use             3,989       kWh
Total transport fuel            202,638   kWh
Total energy from other sources   46,327   kWh
Total energy use (all sources)       551,372   kWh
Total carbon emissions (electricity)   62     tCO2e
Total carbon emissions (gas)        1    tCO2e
Total carbon emissions (transport fuel)  48      tCO2e
Total carbon emissions (WTT)      28    tCO2e
Total carbon emissions (T&D)      5   tCO2e
Total carbon emissions (other sources)  10    tCO2e
Total carbon emissions           154      tCO2e
Total estate                114,956   sqft
Carbon intensity ratio        1.34     kgCO2e per sqft
Carbon and energy efficiency actions
We are committed to responsible carbon management and will practise energy efficiency throughout our organisation, wherever it's cost effective. We recognise that climate change is one of the most serious environmental challenges currently threatening the global community and we understand we have a role to play in reducing greenhouse gas emissions.
We have implemented the policies below for the purpose of increasing the business energy efficiency in the relevant financial year.
o Implemented hybrid working.
o Encouraged online meetings.
o Reduced travel.
Methodology used in the calculation of disclosures
ESOS methodology (as specified in Complying with the Energy Savings Opportunity Scheme version 6, published by the Environment agency, 21.01.21) used in conjunction with Government GHG reporting conversion factors.
For carbon only related matters, the SECR methodology as specified in "Environmental reporting guidelines: including Streamlined Energy and Carbon Reporting and greenhouse gas reporting" was used in conjunction with Government GHG reporting conversion factors.
https://assets.publishing .service.gov.uk /government/uploads /system/uploads/attachment_data /file/850130 /Env-reporting -guidance_inc_SECR_31March .pdf

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 5

 
SCAN GLOBAL LOGISTICS (UK) LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Post balance sheet events

There are no subsequent events that require disclosure or adjustments to the financial statements.

Auditors

The auditorsBarnes Roffe LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 26 February 2025 and signed on its behalf.
 





C N Holst
Director

Page 6

 
SCAN GLOBAL LOGISTICS (UK) LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCAN GLOBAL LOGISTICS (UK) LTD
 

Opinion


We have audited the financial statements of Scan Global Logistics (UK) Ltd (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Statement of financial position, 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 2024 and of its profit 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.


Page 7

 
SCAN GLOBAL LOGISTICS (UK) LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCAN GLOBAL LOGISTICS (UK) LTD (CONTINUED)


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.


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.


Page 8

 
SCAN GLOBAL LOGISTICS (UK) LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCAN GLOBAL LOGISTICS (UK) LTD (CONTINUED)


 

Auditors' responsibilities for the audit of the financial statements
 
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows: 
 
The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
We identified the laws and regulations applicable to the company through discussion with directors and other management, and from our commercial knowledge and experience of the relevant sector;
The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, are as follows:
o Companies Act 2006.
o FRS102.
o Employment legislation.
o Tax legislation.
 
We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and reviewing board minutes; and
Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified. The audit team remained alert to instances of non-compliance throughout the audit.


We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by: 
 
Making enquiries of management as to where they consider there was susceptibility to fraud and their knowledge of actual suspected and alleged fraud; 
Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;
Reviewing the financial statements and testing the disclosures against supporting documentation;
Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
Inspecting and testing journal entries to identify unusual or unexpected transactions;
Assessing whether judgement and assumptions made in determining significant accounting estimates were indicative of management bias; and
Investigating the rationale behind significant transactions, or transactions that are unusual or outside the company’s usual course of business.
 
Page 9

 
SCAN GLOBAL LOGISTICS (UK) LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCAN GLOBAL LOGISTICS (UK) LTD (CONTINUED)


The areas that we identified as being susceptible to misstatement through fraud were:
 
Management bias in the estimates and judgements made;
Management override of controls; and 
Posting of unusual journals or transactions.



Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


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.





Elliot S J Arwas (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants & Statutory Auditors
3 Brook Business Centre
Cowley Mill Road
Uxbridge
Middlesex
UB8 2FX

3 March 2025
Page 10

 
SCAN GLOBAL LOGISTICS (UK) LTD
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
57,679,397
46,429,051

Cost of sales
  
(47,445,157)
(36,927,072)

Gross profit
  
10,234,240
9,501,979

Administrative expenses
  
(6,554,473)
(6,336,419)

Other operating income
 5 
879,336
974,841

Operating profit
 6 
4,559,103
4,140,401

Interest receivable and similar income
 10 
660,304
551,009

Interest payable and similar expenses
 11 
(20,459)
(13,102)

Profit before tax
  
5,198,948
4,678,308

Tax on profit
 12 
(1,218,788)
(1,095,689)

Profit for the financial year
  
3,980,160
3,582,619

Total comprehensive income for the year
  
3,980,160
3,582,619

The notes on pages 14 to 27 form part of these financial statements.
Page 11

 
SCAN GLOBAL LOGISTICS (UK) LTD
REGISTERED NUMBER: 02602566

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024


2024

2023
Note
£
£
£
£

Fixed assets
  

Tangible assets
 14 
334,936
375,604

  
334,936
375,604

Current assets
  

Debtors: amounts falling due within one year
 15 
14,997,005
23,338,805

Cash at bank and in hand
 16 
4,462,260
2,444,061

  
19,459,265
25,782,866

Creditors: amounts falling due within one year
 17 
(12,731,076)
(6,333,167)

Net current assets
  
 
 
6,728,189
 
 
19,449,699

Total assets less current liabilities
  
7,063,125
19,825,303

Provisions for liabilities
  

Other provisions
 19 
(330,000)
(572,338)

  
 
 
(330,000)
 
 
(572,338)

Net assets
  
6,733,125
19,252,965


Capital and reserves
  

Called up share capital 
 20 
11,943
11,943

Capital redemption reserve
 21 
2,985
2,985

Profit and loss account
 21 
6,718,197
19,238,037

  
6,733,125
19,252,965


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 February 2025.




C N Holst
Director

The notes on pages 14 to 27 form part of these financial statements.
Page 12

 
SCAN GLOBAL LOGISTICS (UK) LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2024
11,943
2,985
19,238,037
19,252,965


Comprehensive income for the year

Profit for the year
-
-
3,980,160
3,980,160
Total comprehensive income for the year
-
-
3,980,160
3,980,160


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(16,500,000)
(16,500,000)


At 31 December 2024
11,943
2,985
6,718,197
6,733,125



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2023
11,943
2,985
15,655,418
15,670,346


Comprehensive income for the year

Profit for the year
-
-
3,582,619
3,582,619
Total comprehensive income for the year
-
-
3,582,619
3,582,619


At 31 December 2023
11,943
2,985
19,238,037
19,252,965


The notes on pages 14 to 27 form part of these financial statements.

Page 13

 
SCAN GLOBAL LOGISTICS (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Scan Global Logistics (UK) Ltd is a company limited by shares, incorporated in England and Wales. The address of the registered office is Unit A2 Skyway 14, Calder Way, Colnbrook, Slough, SL3 0BQ.
The company specialises as a freight forwarding agent. 

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

Going concern

The financial statements have been prepared on a going concern basis. The directors have considered the factors that impact the company’s future development, performance, cash flows and financial position in forming their opinion on the going concern basis. The directors believe that the company has adequate resources to continue to operate and meet its obligations as they fall due for the foreseeable future and therefore the use of the going concern assumption remains appropriate.

  
2.3

Cash flow

The company has taken exemption from producing a cashflow statement as it is included in the parent's consolidated financial statements. The consolidated financial statements can be obtained from the registered office of the ultimate parent undertaking, Skill Luxembourg Holdings S.a.r.l., office 20, Avenue Monterey, L-2163, Luxembourg.

  
2.4

Revenue

Revenue from a contract to provide services is recognised in the year 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 reporting date can be measured reliably; and
• the costs incurred and the costs to complete the contract can be measured reliably.
Revenue is recognised when services are provided to customers.

Page 14

 
SCAN GLOBAL LOGISTICS (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.5

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

Depreciation is provided on the following basis:

Leasehold improvements
-
Straight line over the lease period
Other fixed assets
-
Straight line over 3-5 years
Motor vehicles
-
Straight line over 4 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

 
2.6

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.

 
2.7

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.

 
2.8

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.

Page 15

 
SCAN GLOBAL LOGISTICS (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

Foreign currency translation

Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each year end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of comprehensive income except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of comprehensive income within 'other operating income'.

 
2.10

Finance costs

Finance costs are charged to the Statement of comprehensive income 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.

 
2.11

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income 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.

Page 16

 
SCAN GLOBAL LOGISTICS (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.12

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 the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.13

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

  
2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of comprehensive income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

Page 17

 
SCAN GLOBAL LOGISTICS (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.15

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income 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 reporting 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 reporting 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 reporting date.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
In preparing these financial statements, the directors have had to make the following judgments in applying the above accounting policies that have had the most significant effect on the amounts recognised in the financial statements.
1. Determine whether trade debtors are recoverable. Factors taken into consideration include credit insurance and expected recovery.
2. Making annual assessments over provisions held in the financial statements, based on known obligations that can be reliably estimated.

Page 18

 
SCAN GLOBAL LOGISTICS (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Turnover

The whole of the turnover is attributable to the principle activity of the company.

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
31,754,724
20,623,408

Rest of Europe
5,798,692
3,586,146

Rest of the world
20,125,981
22,219,497

57,679,397
46,429,051



5.


Other operating income

2024
2023
£
£

Intercompany fees receivable
856,444
950,636

Sundry income
22,892
24,205

879,336
974,841



6.


Operating profit

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

2024
2023
£
£

Depreciation of tangible fixed assets
157,136
163,309

Exchange differences
(16,722)
105,259

Other operating lease rentals
216,881
255,021

Page 19

 
SCAN GLOBAL LOGISTICS (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Auditors' remuneration

2024
2023
£
£



Fees payable to the Company's auditors for the audit of the Company's financial statements
23,800
23,110

All other services
7,215
6,196

31,015
29,306


8.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
4,293,265
3,675,106

Social security costs
638,266
483,824

Cost of defined contribution scheme
248,723
155,146

5,180,254
4,314,076


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


        2024
        2023
            No.
            No.







Directors
5
5



Office and management
78
49



Drivers and warehouse staff
28
45

111
99

Page 20

 
SCAN GLOBAL LOGISTICS (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Directors' remuneration

2024
2023
£
£



Directors' emoluments
358,060
468,642

358,060
468,642

The highest paid director received remuneration of £265,442 (2023 - £439,037).
The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £Nil (2023 - £Nil).
Remuneration of key management is as disclosed for directors.


10.


Interest receivable

2024
2023
£
£


Interest receivable from group companies
612,233
446,214

Other interest receivable
48,071
104,795

660,304
551,009


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
6,982
1,214

Other loan interest payable
13,477
11,888

20,459
13,102

Page 21

 
SCAN GLOBAL LOGISTICS (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
1,245,954
1,137,200

Adjustments in respect of previous years
(99)
-


1,245,855
1,137,200


Total current tax
1,245,855
1,137,200

Deferred tax


Origination and reversal of timing differences
(27,067)
(41,511)

Total deferred tax
(27,067)
(41,511)


Tax on profit
1,218,788
1,095,689
Page 22

 
SCAN GLOBAL LOGISTICS (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 23.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
5,198,948
4,678,308


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%)
1,299,737
1,099,407

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
3,104
4,298

Capital allowances for year differing to depreciation
6,412
(12,175)

Other timing differences leading to a (decrease)/increase in the tax charge
(63,299)
45,670

Adjustments to tax charge in respect of prior years
(99)
-

Deferred tax adjustment
(27,067)
(41,511)

Total tax charge for the year
1,218,788
1,095,689


Factors that may affect future tax charges

There are no significant factors that may affect future tax charges.


13.


Dividends

2024
2023
£
£


Dividends
16,500,000
-

16,500,000
-

Page 23

 
SCAN GLOBAL LOGISTICS (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Tangible fixed assets





Long-term leasehold property
Other fixed assets
Motor vehicles
Total

£
£
£
£



Cost


At 1 January 2024
257,213
1,240,822
100,290
1,598,325


Additions
2,163
114,305
-
116,468


Disposals
(8,283)
(140,978)
(650)
(149,911)



At 31 December 2024

251,093
1,214,149
99,640
1,564,882



Depreciation


At 1 January 2024
176,207
972,799
73,715
1,222,721


Charge for the year 
37,471
110,630
9,035
157,136


Disposals
(8,283)
(140,978)
(650)
(149,911)



At 31 December 2024

205,395
942,451
82,100
1,229,946



Net book value



At 31 December 2024
45,698
271,698
17,540
334,936



At 31 December 2023
81,006
268,023
26,575
375,604


15.


Debtors

2024
2023
£
£


Trade debtors
14,396,865
8,183,956

Amounts owed by group undertakings
-
14,663,268

Other debtors
157,694
168,326

Prepayments and accrued income
415,379
323,255

Deferred taxation
27,067
-

14,997,005
23,338,805


Page 24

 
SCAN GLOBAL LOGISTICS (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

16.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
4,462,260
2,444,061

4,462,260
2,444,061



17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
8,302,179
4,706,989

Amounts owed to group undertakings
3,790,960
959,229

Other taxation and social security
218,390
186,824

Other creditors
51,760
50,154

Accruals and deferred income
367,787
429,971

12,731,076
6,333,167



18.


Deferred taxation




2024


£






Credited to the Statement of comprehensive income
27,067



At end of year
27,067

The deferred tax asset is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(60,127)
-

Short term timing difference
87,194
-

27,067
-

Page 25

 
SCAN GLOBAL LOGISTICS (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

19.


Provisions




Provision for dilapidation

£





At 1 January 2024
572,338


Credited to the Statement of comprehensive income
(242,338)



At 31 December 2024
330,000

The provision is in relation to dilapidations for offices occupied under an operating lease.


20.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



11,943 Ordinary shares of £1 each
11,943
11,943



21.


Reserves

Capital redemption reserve

The capital redemption reserve relates to the shares purchased and cancelled.

Profit and loss account

The profit and loss account is the company’s distributable reserves, including current and all prior year retained profits and losses, net of dividends paid. 


22.


Contingent liabilities

A cross guarantee has been given to British Airways plc to a maximum of $500,000 (USD) (2023 - $500,000 (USD)) to cover services provided to Horizon International Cargo Inc.


23.


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 £248,723 (2023 - £155,146). Contributions totalling £35,213 (2023 - £41,366) were payable to the fund at the reporting date and are included in creditors.

Page 26

 
SCAN GLOBAL LOGISTICS (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

24.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£

Land and buildings


Not later than 1 year
1,198,768
1,095,004

Later than 1 year and not later than 5 years
1,941,253
2,694,543

3,140,021
3,789,547


25.


Related party transactions

The company has taken advantage allowed by Financial Reporting Standard 102 not to disclose transactions with the ultimate parent company and other wholly owned subsidiary undertakings of the group.


26.


Post balance sheet events

There are no subsequent events that require disclosure or adjustments to the financial statements.


27.


Ultimate parent undertaking and controlling party

The immediate parent undertaking is Horizon International Holdings Limited, a company incorporated in England and Wales, with registered office Unit A2 Calder Way, Colnbrook, Slough, England, SL3 0BQ. 
The ultimate parent undertaking is Skill Luxembourg Holdings S.a.r.l., a company incorporated in the Luxembourg with a registered office 20, Avenue Monterey, L-2163, Luxembourg.
The smallest group in which these accounts are consolidated is SGL Group ApS. The largest group in which these accounts are consolidated is Skill Luxembourg Holdings S.a.r.l. The consolidated financial statements can be obtained from its registered office 20, Avenue Monterey, L-2163, Luxembourg.
 
There is no ultimate controlling party. 
 
Page 27