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Registered number: 11407090














ORIENTAL GLOBAL LOGISTICS LIMITED
 FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
ORIENTAL GLOBAL LOGISTICS LIMITED
 

CONTENTS



Page
Statement of financial position
 
1
Notes to the financial statements
 
2 - 7


 
ORIENTAL GLOBAL LOGISTICS LIMITED
REGISTERED NUMBER:11407090

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
79,761
85,848

Current assets
  

Debtors: amounts falling due within one year
 5 
718,215
607,951

Bank current accounts
  
543,802
850,373

  
1,262,017
1,458,324

  

Creditors: amounts falling due within one year
 6 
(1,357,704)
(1,454,249)

Net current (liabilities)/assets
  
 
 
(95,687)
 
 
4,075

Provisions for liabilities
  

Deferred tax
  
(15,155)
(16,311)

Net (liabilities)/assets
  
(31,081)
73,612


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(31,181)
73,512

  
(31,081)
73,612


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 February 2025.




M A Royden
Director

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 
ORIENTAL GLOBAL LOGISTICS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Oriental Global Logistics Limited is a Limited Comapny incorporated and domiciled in England and Wales, with its registration office address at 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, WD6 1JD. 
The principal activity of the Company is that of operating of warehousing and storage facilities for freight transport activities. 

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company made a loss for the year and at the balance sheet date has net current liabilities and net liabilities. The Directors have obtained assurance from the shareholders that funds will be made available to the company so that it will be able to carry on trading and meet its financial obligations as and when they fall due for at least twelve months from the date the accounts are approved. The accounts have been prepared under going concern on this basis. 

 
2.3

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 period 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.

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover is recognised on the date of arrival of freight.

Page 2

 
ORIENTAL GLOBAL LOGISTICS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Interest income

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

 
2.6

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.

 
2.7

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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

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 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.


Page 3

 
ORIENTAL GLOBAL LOGISTICS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

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 staight line and the reducing balance method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
Straight line over the term of the lease
Fixtures and fittings
-
15%
Reducing balance
Office equipment
-
50%
 Reducing balance

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 profit or loss.

 
2.10

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.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.11

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.


Employees

The average monthly number of employees, including directors, during the year was 15 (2022 - 15).

Page 4

 
ORIENTAL GLOBAL LOGISTICS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Short-term leasehold property
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
70,338
52,000
14,181
136,519


Additions
-
52,455
5,584
58,039


Disposals
(70,338)
-
-
(70,338)



At 31 December 2023

-
104,455
19,765
124,220



Depreciation


At 1 January 2023
28,984
11,204
10,484
50,672


Charge for the year on owned assets
3,091
19,176
3,595
25,862


Disposals
(32,075)
-
-
(32,075)



At 31 December 2023

-
30,380
14,079
44,459



Net book value



At 31 December 2023
-
74,075
5,686
79,761



At 31 December 2022
41,354
40,797
3,697
85,848


5.


Debtors

2023
2022
£
£


Trade debtors
282,477
331,251

Other debtors
33,103
32,780

Prepayments and accrued income
402,635
243,920

718,215
607,951


Page 5

 
ORIENTAL GLOBAL LOGISTICS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
248,082
165,430

Amounts owed to group undertakings
750,977
951,506

Amounts owed to associates
171,330
200,328

Other taxation and social security
19,703
16,942

Other creditors
35,440
54,683

Accruals and deferred income
132,172
65,360

1,357,704
1,454,249



7.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



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



8.


Pension commitments

The entity operates a defined contributions pension scheme. The assets of the scheme are held sepately from those of the entity in an independently administred fund. The pension cost charge represents contributions payable by the entity to the fund and amounted to £15,385 (2022 - £22,465) 


9.


Related party transactions

During the year the Company made sales of £147,869 (2022 - £349,214) to, and purchases of £398,693 (2022 - £320,164 ) from, entities within the Group. 
At the statement of financial position date the Company owed £750,977 (2022 - £951,504) to entities within the Group. 


10.


Controlling party

The immediate parent undertaking is Global Forwarding Limited 
The directors consider that the ultimate controlling party is Hecny Transportation Limited, a company incorporated in Hong Kong. 

Page 6

 
ORIENTAL GLOBAL LOGISTICS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 28 February 2025 by Sean Brennan FCCA (Senior statutory auditor) on behalf of Sopher + Co LLP.

 
Page 7