Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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COMPANY INFORMATION
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CONTENTS
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GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The Group offers a worldwide sea, land and air freight service from offices in North America, Europe and Asia.
As part of the Hong Kong based Hecny Group, we have access to over 270 logistics partners (through owned offices and agents) enabling us to reach most parts of all major markets, and negotiate very competitive rates.
The principal activity of the Group continued to be that of a freight forwarder.
The Directors found that the Group's performance had significantly declined, with a decrease in both turnover and profit compared to the previous year. Specifically, the Group's turnover decreased by £39m compared to last year, which was attributed to lower volumes and ocean rates from China to the USA and UK. Freight rates on all services also fell in response to consumer demand. This was an industry wide situation on the back of huge demand over the Covid period and as such we have seen reduced buying patterns in all our main markets. The Group is committed to diversifying the business in sea, air, and 3PL handling, which has been successful so far. We have secured a significant 5PL contract and expect this side of the business to increase in 2025. We have expanded our global reach to cover seven major trade lanes and markets, making us less susceptible to economic downturns. Despite facing competition from other freight forwarders and ocean carriers, we have managed to maintain a healthy GP Margin.
We believe 2025 will be a very challenging year for the logistics industry. Change of carrier consortiums in the east-west trades will mean more tonnage coming into the trades and will undoubtedly result in lower freight rates, which in turn means a lower returns industry wide. Add to this, the uncertainty in global trades due to US potential tariffs, ex China and EU to the US, two of our biggest markets.
The Group trades in the major currencies; Sterling, US dollars and Euros. It minimises any currency risk by settling in cost price currency. The Group is well structured and resilient. "Management decision-making and control mechanisms" are robust. It continues to enter into new markets and new areas of revenue, specifically warehousing, control tower opportunities, customs, European trucking and project cargo allowing diversification away from pure play container movements.
Key performance indicators are measured on a monthly basis. These cover customer performance, turnover, gross profit, overheads, cash flow and accounts receivable. Each of these are measured against budgets and KPIs by senior management in London and Hong Kong.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The Board of Directors consider that they have acted in the way they consider, in good faith, would be most likely to promote the success of the Group for the benefit of its members as a whole (having regard to the stakeholders and matters set out in S172(1)(a-f) of the Act) in the decisions taken during the financial year ended 31 December 2023.
Consideration of long-term consequences are an inherent part of the Group's decision-making processes. As a privately-owned Group, the board considers that the interests of the Group and its shareholder are aligned in seeking sustainable value creation over the longer term through it's operations, promoting long term strategic decision-making. These factors also drive a continuing focus on the maintenance of durable relationships with stakeholders, built on the Group's reputation with clients and suppliers. The Group operates in a sector characterised by long term relationships with stakeholders. Maintaining a reputation for high standards of business conduct is vital and the Group expects all members of the supply chain to always act with integrity, acting openly, honestly and ethically. The Group has zero tolerance to fraud and consistently maintains effective oversight and scrutiny processes, executed with independence and impartiality. Integrity is underpinned with policies in relation to bribery and corruption, data protection, equality, diversity and inclusion, modern slavery, fraud and whistleblowing, each of which is reinforced through appropriate measures.
This report was approved by the board on 28 February 2025 and signed on its behalf.
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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.
The Directors who served during the year were:
C C K Lee was removed as a Director and C W So was appointed as a Director after the year end but before the approval date of the financial statements.
The profit for the year, after taxation and minority interests, amounted to £1,751,500 (2022 - £3,061,199).
The Directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Group'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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The Directors see continued growth of business, especially from Asia to USA, where the USA economy remains strong. Hecny, our parent company, are able to lever their large volume in the Trans Pacific market and, coupled with the Asian agency set up, places Global in a very competitive position in this market. We also see opportunities in new markets, specifically the Middle East where we have engaged new agents.
We believe Asia to UK will see a slight downturn as the U.K economy reduces and additional space coming into the market will result on freight rate pressure. Trans Atlantic space will be stable, freight rates will depend on USA tariffs implemented and the potential effect on exports into the USA.
The Group has continued throughout the year to provide employees with relevant information and to seek their views on matters of common concern. Priority is given to ensuring that employees are aware of all significant matters affecting the Group's performance and of any significant organisational changes.
The Group does not confirm to any code or standard regarding payment practice. However, it is the Group's policy to settle the terms of payment with suppliers when business is agreed, to ensure that suppliers are made aware of them and to pay invoices in accordance with these terms.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Introduction
Purpose: This report provides a transparent overview of the Group's energy use, carbon emissions, and greenhouse gas (GHG) impacts, reflecting our commitment to environmental responsibility and regulatory compliance. The report aligns with Streamlined Energy and Carbon Reporting (SECR) requirements and guidelines from the GHG Protocol. Scope: This report covers the period from January to December 2023, focusing on the Group's UK-based locations, specifically the Hayes, London, and Manchester offices. The primary emphasis is on Scope 1 and Scope 3 emissions: • Scope 1: Direct emissions from company-owned assets, including fleet vehicles and facility operations. • Scope 2: Indirect emissions from purchased electricity, heating and cooling used in company operations. • Scope 3: Selected indirect emissions, such as employee commuting and business travel. While Scope 3 reporting is voluntary, Global Forwarding Ltd recognises its importance and has begun measuring some third-party emissions. However, emissions related to third-party logistics activities are excluded from this report due to current data collection limitations. As data collection processes improve, we anticipate including these emissions in future reports to provide a more comprehensive overview of our environmental impact. Objective: To track, manage, and communicate our environmental impact transparently, supporting the sustainability goals of the Group. Greenhouse Gas (GHG) Emissions Scope 1 Emissions (Direct Emissions) Scope 1 emissions refer to direct greenhouse gas emissions from company-controlled sources, including fleet vehicles (trucks) used by Global Forwarding Ltd. • Data Collection: Fleet emissions are calculated based on fuel consumption data from company-owned trucks. This data is tracked monthly, and emissions are calculated using Business, Energy and Industrial Strategy (BEIS) conversion factors for fuel types. Total Fleet Emissions (2023): - Fuel Consumption: 73,773.57 gallons - Emissions Factor (CO2 per unit of fuel): 656,446.64kg CO2e - Total Scope 1 Emissions: 657103.1 CO2e Scope 2 Emissions (Indirect Emissions from Electricity) Scope 2 emissions refer to indirect emissions from purchased electricity used in office operations, primarily for lighting, heating, and office equipment. • Total Scope 2 Emissions: 12.6 tonnes of CO2 equivalent (tCO2e). • Electricity Consumption (2023): 54,077.1 kWh
Scope 3 Emissions (Other Indirect Emissions)
Scope 3 emissions include all other indirect emissions, such as business travel, waste, and water usage. • Business Travel: o Rail: 76.43 tCO2e o Taxi: 78.56 tCO2e o Flights: 34,441 tCO2e o Mileage: 20,848.88 tCO2e o Employees' Commute: 31,553.31 tCO2e Water Usage (Total Water Supplied): • Sewage Water: 212.45 cubic meters • Treatment Water: 229.61 cubic meters • Waste Recycling: o 50% recyclable waste collected in 1,200-litre waste wheeled bins.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
GHG Reduction Initiatives and Targets Global Forwarding Ltd has set ambitious goals for reducing greenhouse gas emissions, with the target of achieving Net Zero by 2050. Specific initiatives include: • Fleet Emissions Reduction: Transition to electric vehicles (EVs) for 20% of the fleet by 2027. • Energy Efficiency: Implement LED lighting and energy-saving practices, targeting a 5% reduction in electricity consumption by 2024. • Employee Engagement: Promote business travel alternatives such as virtual meetings and use of public transportation. Intensity Metrics The emissions intensity is approximately 1,841.82 CO2e per employee. Energy Efficiency Activities Over the financial year, Global Forwarding Ltd has implemented several energy efficiency initiatives: • LED Lighting: 100% of office spaces in Hayes and Manchester have been upgraded. • Energy-efficient equipment: Introduced energy-efficient printers and HVAC systems. • EV Charging Stations: Installed in each office location to encourage employee use of electric vehicles. Greenhouse Gas Emissions - Qualitative Targets and Quantitative Objectives The following section provides qualitative targets and quantitative objectives to support emissions reductions in various operational areas. 1. Electricity Consumption (kWh - Split between Global and OGL Divisions) - Qualitative Target: Ensure accurate energy tracking and allocation between divisions for a fair representation of environmental impact. - Quantitative Objective: Split electricity usage data monthly by department, aiming for a 5% reduction in annual energy consumption across all divisions by year-end. 2. Business Travel by Rail (Business Development Manager Start and End Destinations) - Qualitative Target: Improve emissions tracking by capturing full journey details for rail travel. - Quantitative Objective: Record start and end points for all rail journeys, enabling accurate CO2 emissions calculations. Aim for a 10% annual reduction in rail-related emissions by promoting virtual meetings. 3. Electric EV Charger Usage (Promotion) - Qualitative Target: Increase staff awareness and use of EV chargers to reduce emissions. - Quantitative Objective: Achieve a 25% increase in EV charger usage through incentives like priority parking by the end of the fiscal year. 4. Cycle to Work Incentive - Qualitative Target: Promote cycling to work by providing safe storage and participation incentives. - Quantitative Objective: Increase participation in the cycle-to-work scheme by 10%, and expand bike storage capacity to accommodate at least 10 bikes by the end of 2025. 5. Waste Reduction and Recycling - Qualitative Target: Reduce waste generated on-site and improve recycling rates. - Quantitative Objective: Reduce overall waste output by 15% and increase recycling by 20% through separate recycling bins and awareness campaigns. 6. London Underground Travel (Promote as a Low-Carbon Alternative) - Qualitative Target: Encourage employees to use the London Underground for travel within Greater London as a low-carbon alternative. - Quantitative Objective: Increase London Underground travel for business purposes by 15% by 2025. 7. Business Travel by Train - Qualitative Target: Promote train travel over taxis for short-distance business travel as an eco-friendly option.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- Quantitative Objective: Achieve a 30% shift from taxi to train travel for journeys under 3 hours by 2025.
8. Uber Journeys (Emissions Tracking) - Qualitative Target: Capture accurate emissions data for Uber journeys by tracking mileage from receipts. - Quantitative Objective: Capture 100% of Uber receipts by the end of 2025 to track mileage and emissions data accurately. 9. Business Travel by Taxi - Qualitative Target: Reduce taxi reliance by promoting train travel for short intra-city trips. - Quantitative Objective: Decrease taxi usage by 20% by encouraging train travel by 2025.
There have been no significant events affecting the Group since the year end.
Under section 487(2) of the Companies Act 2006, Sopher + Co LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
This report was approved by the board on
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLOBAL FORWARDING LIMITED
We have audited the financial statements of Global Forwarding Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Group Statement of Comprehensive Income, the Group and Company Statements of Financial Position, the Group and Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The 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 Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's 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.
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 Group 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.
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 Group's or the parent 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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLOBAL FORWARDING LIMITED (CONTINUED)
The Directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
∙the parent Company 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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLOBAL FORWARDING LIMITED (CONTINUED)
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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.
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 Group 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 laws 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 Group through discussions with directors and other management, and from our commercial knowledge and experience of the relevant sector;
∙we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Group, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the Group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
∙making enquiries of management as to where they considered there was susceptibility to fraud, 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; and
∙understanding the design of the Group’s remuneration policies.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLOBAL FORWARDING LIMITED (CONTINUED)
To address the risk of fraud through management bias and override of controls, we:
∙performed analytical procedures to identify any unusual or unexpected relationships;
∙tested journal entries to identify unusual transactions;
∙assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
∙investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
∙agreeing financial statement disclosures to underlying supporting documentation;
∙reading the minutes of meetings of those charged with governance;
∙enquiring of management as to actual and potential litigation and claims; and
∙reviewing correspondence with HMRC.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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 2006. Our 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
5 Elstree Gate
Elstree Way
Borehamwood
Hertfordshire
WD6 1JD
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 February 2025.
The notes on pages 19 to 36 form part of these financial statements.
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COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 19 to 36 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
16.Tangible fixed assets (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Revaluation reserve
Profit and loss account
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £123,913 (2022 - £96,782).
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