Company registration number: SC070599
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ANNUAL REPORT AND FINANCIAL STATEMENTS
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FOR THE YEAR ENDED
31 DECEMBER 2023
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HILLEBRAND GORI SCOTLAND LIMITED (FORMERLY J F HILLEBRAND SCOTLAND LIMITED)
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HILLEBRAND GORI SCOTLAND LIMITED (FORMERLY J F HILLEBRAND SCOTLAND LIMITED)
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COMPANY INFORMATION
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J C Kelly (resigned 31 January 2024)
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G Herman (resigned 31 January 2024)
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C L Baker (appointed 1 February 2024)
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S W Ansell (appointed 1 February 2024)
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Riverside Braehead 4 Kings Inch Way
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Chartered Accountants & Statutory Auditor
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HILLEBRAND GORI SCOTLAND LIMITED (FORMERLY J F HILLEBRAND SCOTLAND LIMITED)
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CONTENTS
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Directors' Responsibilities Statement
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Independent Auditor's Report
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Statement of Comprehensive Income
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Statement of Financial Position
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Statement of Changes in Equity
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Notes to the Financial Statements
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HILLEBRAND GORI SCOTLAND LIMITED (FORMERLY J F HILLEBRAND SCOTLAND LIMITED)
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STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present their strategic report, annual report and the audited financial statements of the Company for the year ended 31 December 2023.
Objectives and Strategies
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The company is part of the Hillebrand Gori Group, which is part of the Global Freight Forwarding division of Deutsche Post AG. This division is responsible for air, ocean and road freight transport. The principal activity of Hillebrand Gori Group and this entity Hillebrand Gori Scotland Ltd, is our freight forwarding services to the Beer, Wine and Spirits market.
With our global product offering in air, ocean and road transport we aim to achieve growth that exceeds the market average. To achieve this goal, we are continually expanding our product and services portfolio and improving our internal processes.
The growth objective will be achieve through a number of activities including developing new customers, and leveraging the comprehensive transport network which has been created by the group.
Our business model is asset-light, as it is based on the brokerage of transport services between our customers and freight carriers. This allows us to consolidate shipments and purchase cargo space at better conditions. Our global presence ensures network optimisation and the ability to meet the increasing demand for efficient outing and multimodal transport.
Our logistics solutions span the entire supply chain, from production to retail partners. We collect and deliver goods, handle customs formalities, and insure the load. In this way we can ensure safety and reliability across national borders. Our customers come from companies of all sizes, and operate primarily in the Beer, Wine and Spirits market.
In August 2021 DPDHL agreed to acquire up to 100% of the Hillebrand Group and its subsidiaries, The strategic combination of Hillebrand Gori with DHL’s Global Forwarding Freight division will strengthen our Group’s position in the dynamic ocean freight forwarding market. The acquisition was subject to merger control clearance which was concluded in March 2022. Integrating our brands together combines our world-leading services and offers a further enhanced customer experience.
Hillebrand Gori will continue to invest within its core commodity range Wines, Beers & Spirits. Developments within supply chain solutions and IT investment will continue to lead the service industry, delivering further value to our partners. Business Development remains a priority, with the focus on maximising our extensive range of service solutions through our current and future partners.
Trading volumes remain strong for 2022 and into 2023. The main factors contributing to the stability of our organisation is that we continue to develop value added services, expand our service range and improve cohesion through corporate, area and local negotiations. A solid return from majority of tenders, both at local and group level, our sales delivery and concentrated brand advertising and awareness has served to reinforce our continued high standing within the market. Exemplary internal and external KPI performance remains a key driver and focus within our business, with a clear comprehension of service excellence within our business unit has also reinforced our strong professional integrity.
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HILLEBRAND GORI SCOTLAND LIMITED (FORMERLY J F HILLEBRAND SCOTLAND LIMITED)
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
For the year under review profit after tax is £1,058,078 (2022: £1,716,956).
Economic changes, political unrest, consolidation within the shipping industry and sizeable fluctuations within floating cost components in a backdrop of capacity constraints continue to challenge the financial dynamics within Hillebrand Gori. That said, our inherent understanding of the global market and continued investment within the beverage shipping sector, integrated with our core beliefs of protection and innovation with our customer and service partners has sustained an unrivalled market position in both cost and service.
Revenue declined year on year by 13% mainly due to stabilisation of market conditions post Brexit and COVID, lower Freight rates resulted in reduced revenue whilst achieving improved GP return.
Revenue and GP also impacted negatively by Russia / Ukraine conflict and positively due to DHL integration which significantly changed our customer base.
Revenue decreased by 13% to £39,393,061 (from £45,423,758 in 2022) as the market returned to pre-COVID normality.
Gross Profit increased by 14.8% to £6,845,210 (from £5,959,572 in 2022).
Operating profit decreased by 29.6% to £1,173,356 (from £1,667,527 in 2022) as a result of increased Gross Profit and cost Control.
The overall decrease in profit after tax of 38.4% to £1,058,078 (from £1,716,956 in 2022)
It is the view of the Directors that the accounts presented here represent a true and fair view of the state of affairs of the company and the results for the twelve months to 31 December 2023.
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HILLEBRAND GORI SCOTLAND LIMITED (FORMERLY J F HILLEBRAND SCOTLAND LIMITED)
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The board of directors of Hillebrand Gori Scotland Limited consider, both individually and together, they have acted in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole (while having regard to the stakeholders and matters set out in s172(a)(a-f) of the act) in the decisions taken in the year ended 31 December 2023.
In doing so have regard for (amongst other matters)
• The likely consequences of any decision in the long-term
• The interests of the company’s employees
• The need to foster the company’s business relationships with suppliers, customers and others.
• The impact of the company’s operations on the community and the environment
• The desirability of the company maintaining a reputation for high standard of business conduct
• The desire to act fairly with members of the company.
The board of directors has been changed in line with the current management structure.
No dividends were declared and paid in 2023 due to acquisition of BWS (Beer, Wine and Spirits) business from DHL Global Forwarding UK Limited.
The Merger Reserve was created due to the acquisition of the BWS (Beer, Wine and Spirits) business from DHL Global Forwarding UK Limited.
Interests of the company
The directors of the company act in good faith in ensuring long term profitiability and continued growth.
The directors give careful consideration to the factors set out above in discharging their duties under section 172(1). The stakeholders the Board has identified with regard to this are:
• Our Customers
• Our Suppliers
• Our Employees
• Our Investors
This is covered by our 3 bottom lines, Provider of choice, Employer of choice and Investor of choice.
Relationships with customers and suppliers
Hillebrand Gori are the leading service provider in the forwarding, transport and logistics of wine, beer, spirits. The directors remain confident in the stability of our business which will be driven through continued development of value-added services, the expansion of our service range and improved cohesion through corporate, area and local negotiations.
As a provider of choice, we aim to have long lasting customer relationships which are all based upon responsible business practice that complies with applicable laws and ethical standards. We have an established Code of conduct, We require our supplier to act in the same way and ask the to sign our Supplier code of conduct.
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HILLEBRAND GORI SCOTLAND LIMITED (FORMERLY J F HILLEBRAND SCOTLAND LIMITED)
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Environment
With regards to the environmental strategy, as well as enhancing customer experience, we continue to promote and develop our web-based order management platform called myHillebrand, which documents and records the carbon emissions for every movement of beverages entrusted to us. This calculator replaces the original UK drinks industry standard for calculating emissions which Hillebrand Gori created alongside the WSTA. With this platform, customers are now able to instantly quantify the emissions associated to their shipments, better analyse their global footprint and make steps to reduce the impact of their operations. This data and these calculations are presented for each leg of the journey from collection to delivery.
The Hillebrand Gori Group also invested in dedicated resource and training in relation to our Go Green / Sustainability Strategy. As part of the DHL Group, and the Go-Green program, we are striving for net zero emission logistics for the group by 2050. We aim to do this by finding lower emission transport solutions for our customer.
Our People
Our key asset is considered to be our staff and we continue to invest in training programmes to ensure all team members are operating at the correct level. Productivity of staff remained stable despite new flexible ways of working introduced due to COVID-19. During 2023 we took the opportunity to engage with our employees via regular town hall presentations / discussions. We also conduct our annual Employee Opinion Survey with the Management Team continuing to be committed to taking action to address opportunities identified through feedback from a group and local level to ensure we remain the Employer of Choice.
Exemplary internal KPI performance, including Data Quality, Invoicing accuracy and on time and Workload, remains a key driver and focus within our business, with a clear comprehension of service excellence within our business unit has also reinforced our strong professional integrity.
Investor
Our cash management remains strong and continues to be a particular focus moving forward to 2024.
As the leading beverage specialist, Hillebrand Gori is extremely proud to invest within the UK beverage sector and without doubt we will continue to lead with innovative solutions, brand awareness and shipping intelligence programs to our growing customer base within 2024.
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HILLEBRAND GORI SCOTLAND LIMITED (FORMERLY J F HILLEBRAND SCOTLAND LIMITED)
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Principal risks and uncertainties
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The key operational risk is the threat of competition within the market, equipment constraints, increased cost of sales and the driving down of margins in the sector. To address these, Hillebrand Gori ensures that the service provided acts as a differentiator and as such, we position ourselves in the marketplace appropriately.
Our finances remain strong and having taken that into consideration along with the expected performance over the foreseeable future, the Directors consider that the company has sufficient resources to continue to operational existence for that time.
At the end of 2023 and heading into 2024, the inflation and interest rates in the United Kingdom are forecast to be on a downward trend. As any short term debt would be managed via group treasury, the interest rate fluctuation is deemed an insignificant risk.
The Company has no investing, factoring or reverse factoring arrangements in place.
The Company has no current covenants.
There are also continuous cost saving initiatives looked at within the company.
Customer insolvencies are considered to be at a normal low level, with good collection results. All new customers are assessed through our credit management programme and existing customers are reviewed periodically.
Retaining talent is a key focus, as this ensures we provide expert customer service. Our employees are able to enrol in many in house training courses to ensure continuous learning.
Information Technology risks are mitigate by DHL on IT security. We use firewall systems, virus scanners and access controls to ensure data security.
In the current economic climate, the company always is aware of the risks posed by the non-payment of receivable amounts. Average debtor payment days are kept below 70 days and procedures are in place to monitor / improve this. However, the company has sufficient reserves to cover substantial risk in this regard.
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HILLEBRAND GORI SCOTLAND LIMITED (FORMERLY J F HILLEBRAND SCOTLAND LIMITED)
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Key Performance Indicators
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Hillebrand Gori Scotland Limited continues to monitor volumes and gross profit margin as it considers this to be a key performance indicator. The directors are happy with the level of gross profit margin as this reflects the efforts the company has put in to managing cost of sales in a challenging economic environment.
As well as financial KPI’s there are several additional non-financial KPI’s linked to Data Quality / On-time Performance / Productivity which allow measurement of customer service.
The entity has performed well on a Gross profit level, which is indicated in the KPI's below, and is in line with expectations and market rate performance. Debtors days show an improvement.
The organisation also considers the operational efficiency of its key asset, its employees, to be a key performance indicator.
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Turnover by staff numbers
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Turnover per £1 labour & Turnover by staff numbers, impacted by increase in staff numbers 66 (2022) versus 77 (2023).
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This report was approved by the board and signed on its behalf.
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C L Baker
Secretary
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HILLEBRAND GORI SCOTLAND LIMITED (FORMERLY J F HILLEBRAND SCOTLAND LIMITED)
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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 profit for the year, after taxation, amounted to £1,058,078 (2022 - £1,716,956).
The directors do not recommend a final dividend (2022: £433,481)
The directors who held office during the year and up to the date of approval of the financial statements were:
J C Kelly (resigned 31 January 2024)
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G Herman (resigned 31 January 2024)
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C L Baker (appointed 1 February 2024)
S W Ansell (appointed 1 February 2024)
Qualifying third party indemnity provisions
The Deutsche Post AG group maintains liability insurance for directors and officers of all subsidiary companies. The company provided an indemnity for its directors, which is a qualifying third-party indemnity provision for the purpose of the Companies Act 2006. The indemnity was in force throughout the financial year and is currently in force.
The directors have carried out a going concern assessment using forecasts which incorporate market conditions for a period to the end of 2024.
The Company participates in the DHL Group’s centralised treasury arrangements and so shares banking arrangements with its parent and other group undertakings. The Company can draw on these arrangements for funds should the need to access a short term working capital facility arise. The forecasts describe above demonstrated that the company can continue to operate within the limit of the facilities available throughout the forecast period. A letter of support from Deutsche Post AG has been issued. The company has a net current liability of £1,117,661 (2022 a net current asset £2,787,575), there is a has a net assets/liability of negative £1,075,777 (2022: positive £2,844,159). This is due to the payment of the acquisition of the BWS (Beer, Wine and Spirits) business from DHL Global Forwarding UK Ltd
On the basis of their assessment of the company’s financial position and resources, the directors believe that the company is well placed to manage its business risks. The company remains profitable, has no external borrowings, and has a positive cash balance. Therefore, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the next 12 months from signing. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements
The directors present the future developments of the Company in the Strategic report.
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HILLEBRAND GORI SCOTLAND LIMITED (FORMERLY J F HILLEBRAND SCOTLAND LIMITED)
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The Company, as a whole, places considerable value on the involvement of its employees, who are considered our greatest asset. The Company continues to hold formal and informal meetings, either in person or over Teams, to update Employees on key factors affecting the company. An annual Employee Opinion survey is held, and all management ensure that there is continuous follow up to achieve strong Employee Engagement.
The company strongly encourages development and training of employees through the many DHL Programs
The number of Employees during 2023 was 77, compared to 2022 66. Employee costs for 2023 amount to £3,306,801 (2022: £2,374,904).
Political Contributions
No political donations were made in the year (2022: £0)
Financial risk management
The company has trade receivables and trade payables in a number of foreign currencies, the most significant being the US Dollar and the Euro. The company has access to its parent company’s in house banking system and cash pooling, and therefore able to meet any short term deficit in liquidity. The company continues to maintain sufficient cash balances to finance its operations.
Credit Risk
The Company has a policy that requires credit checks on all new customers and where applicable on existing customer.
The company does not hold any complex financial instruments that are material for the assessment of the financial statements.
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HILLEBRAND GORI SCOTLAND LIMITED (FORMERLY J F HILLEBRAND SCOTLAND LIMITED)
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Greenhouse gas emissions, energy consumption and energy efficiency action
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We continually review various methods to reduce emissions, for example through the review and replacement of oldtechnologies with new energy efficient methods (eg LED lighting). The company is also focused on reducing emission within our business by finding low emission methods of transport for our customers
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Emissions resulting from the purchase of the electricity by the Company for its own use, including the purposes of transport (in tonnes of CO2 equivalent)
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Energy consumed from activities for which the Company is responsible involving the combustion of gas, or the consumption of fuel for the purposes of transport, and the annual quantity of energy consumed resulting from the purchase of electricity by the Company for its own use, including for the purposes of transport, in kWh
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The Company has used the actual KwH data from the monthly invoices it receives and then applied the “Government conversion factors for company reporting” to calculate the CO2e content.
The Company has not made any additional energy saving measures during FY23 however will continue to look into possible future entrancements.
Intensity Ratio
Average tonnes CO2e per employee calculated at 230 (2022: 272)
This calculation uses Gas and Electricity consumption / Average employees
Matters covered in the Strategic Report
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The company has chosen in accordance with Section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out within the company's Strategic Report the Company's Strategic Report Information Required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation 2008. This includes information that would have been included in the business review and details of the principal risks and uncertainties.
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HILLEBRAND GORI SCOTLAND LIMITED (FORMERLY J F HILLEBRAND SCOTLAND LIMITED)
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Disclosure of information to auditor
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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 auditor is 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 auditor is aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.
Post balance sheet events
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Post year end, as at January 2025, the change in profit share mechanism for the Hillebrand Gori Group has changed and will negatively affect the results in 2024.
The auditor, Deloitte LLP, will 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.
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C L Baker
Secretary
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HILLEBRAND GORI SCOTLAND LIMITED (FORMERLY J F HILLEBRAND SCOTLAND LIMITED)
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DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards, comprising FRS 102 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 2006. They 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the
Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements
and other information included in Directors' Reports may differ from legislation in other jurisdictions.
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HILLEBRAND GORI SCOTLAND LIMITED (FORMERLY J F HILLEBRAND SCOTLAND LIMITED)
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HILLEBRAND GORI SCOTLAND LIMITED (FORMERLY J F HILLEBRAND SCOTLAND LIMITED)
In our opinion, the financial statements of Hillebrand Gori Scotland Limited (the ‘company’):
∙give a true and fair view of the state of the company’s affairs as at 31st December 2023 and of its profit for the year then ended;
∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements which comprise:
∙the statement of comprehensive income;
∙the statement of financial position;
∙the statement of changes in equity; and
∙the related notes 1 to 27.
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’’.
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 auditor's 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 UK, including the Financial Reporting Council's (the 'FRC'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
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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.
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HILLEBRAND GORI SCOTLAND LIMITED (FORMERLY J F HILLEBRAND SCOTLAND LIMITED)
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HILLEBRAND GORI SCOTLAND LIMITED (FORMERLY J F HILLEBRAND SCOTLAND LIMITED) (CONTINUED)
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Responsibilities of directors
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As explained more fully in the directors' responsibilities statement, 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 auditor's 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.
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Extent to which the audit was considered capable of detecting irregularities, including fraud
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 considered the nature of the company’s industry and its control environment, and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management and the directors about their own identification and assessment of the risks of irregularities, including those that are specific to the company’s business sector.
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HILLEBRAND GORI SCOTLAND LIMITED (FORMERLY J F HILLEBRAND SCOTLAND LIMITED)
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HILLEBRAND GORI SCOTLAND LIMITED (FORMERLY J F HILLEBRAND SCOTLAND LIMITED) (CONTINUED)
We obtained an understanding of the legal and regulatory framework that the company operates in, and identified the key laws and regulations that:
∙had a direct effect on the determination of material amounts and disclosures in the financial statements. This included the UK Companies Act, pensions legislation and tax legislation; and
∙do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty. These included employment law and GDPR.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
As a result of performing the above, we identified the greatest potential for fraud in the following areas, and our procedures performed to address are described below:
∙We presume a risk of material misstatement due to fraud relating to freight accruals. This has been pinpointed to the valuation and completeness assertion of the accruals. In order to address the risks identified, we have performed test of details on sample basis and matched the accruals with third party invoices.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
∙reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
∙performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
∙enquiring of management concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and
∙reading minutes of meetings of those charged with governance, and reviewing internal audit reports.
Report on other legal and regulatory requirements
Opinions 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.
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 any material misstatements in the strategic report or the directors’ report.
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HILLEBRAND GORI SCOTLAND LIMITED (FORMERLY J F HILLEBRAND SCOTLAND LIMITED)
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HILLEBRAND GORI SCOTLAND LIMITED (FORMERLY J F HILLEBRAND SCOTLAND LIMITED) (CONTINUED)
Matters on which we are required to report by exception
Under the Companies Act 2006 we are required to report in respect of the following matters 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.
We have nothing to report in respect of these matters.
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 auditor's 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.
Tom Murray (Senior Statutory Auditor)
for and on behalf of
Deloitte LLP
Chartered Accountants
Statutory Auditor
Abbotts House
Abbey Street
Reading
RG1 3BD
7 March 2025
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HILLEBRAND GORI SCOTLAND LIMITED (FORMERLY J F HILLEBRAND SCOTLAND LIMITED)
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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Interest receivable and similar income
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Interest payable and similar expenses
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Profit for the financial year
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All results shown in the Statement of Comprehensive Income are from continuing operations.
All (loss) / profit and total comprehensive (expense) / income is attributable to the equity holders of the
Company.
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There was no other comprehensive income for 2023 (2022:£NIL).
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The notes on pages 20 to 37 form part of these financial statements.
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HILLEBRAND GORI SCOTLAND LIMITED (FORMERLY J F HILLEBRAND SCOTLAND LIMITED)
REGISTERED NUMBER:SC070599
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STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current (liabilities)/assets
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Total assets less current liabilities
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The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................
S W Ansell
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The notes on pages 20 to 37 form part of these financial statements.
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HILLEBRAND GORI SCOTLAND LIMITED (FORMERLY J F HILLEBRAND SCOTLAND LIMITED)
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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Comprehensive income for the year
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Total transactions with owners
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The notes on pages 20 to 37 form part of these financial statements.
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HILLEBRAND GORI SCOTLAND LIMITED (FORMERLY J F HILLEBRAND SCOTLAND LIMITED)
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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Comprehensive income for the year
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Dividends: Equity capital
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Total transactions with owners
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The notes on pages 20 to 37 form part of these financial statements.
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HILLEBRAND GORI SCOTLAND LIMITED (FORMERLY J F HILLEBRAND SCOTLAND LIMITED)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Hillebrand Gori Scotland Ltd (formerly J F Hillebrand Scotland Limited) is a private company, limited by shares, which is incorporated in Scotland.
The address of its registered office and principal place of business are disclosed on the Company Information page.
2.Accounting policies
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Basis of preparation of financial statements
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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 following principal accounting policies have been applied:
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Financial Reporting Standard 102 - reduced disclosure exemptions
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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 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7;
∙the requirements of Pillar Two legislation and disclosures.
This information is included in the consolidated financial statements of Deutsche Post AG as at 31 December 2023 and these financial statements may be obtained from www.deutschepost.de.
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HILLEBRAND GORI SCOTLAND LIMITED (FORMERLY J F HILLEBRAND SCOTLAND LIMITED)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
The directors have carried out a going concern assessment using forecasts which incorporate market conditions for a period to the end of 2024.
The Company participates in the DHL Group’s centralised treasury arrangements and so shares banking arrangements with its parent and other group undertakings. The Company can draw on these arrangements for funds should the need to access a short term working capital facility arise. The forecasts describe above demonstrated that the company can continue to operate within the limit of the facilities available throughout the forecast period. A letter of support from Deutsche Post AG has been issued. The company has a net current liability of £1,117,661 (2022 a net current asset £2,787,575), there is a has a net assets/liability of negative £1,075,777 (2022: positive £2,844,159). This is due to the payment of the acquisition of the BWS (Beer, Wine and Spirits) business from DHL Global Forwarding UK Ltd. On the basis of their assessment of the company’s financial position and resources, the directors believe that the company is well placed to manage its business risks. The company remains profitable, has no external borrowings, and has a positive cash balance.
Therefore, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the next 12 months from signing. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
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. The company, which trades globally, has a client base within the European Union in one class of business, namely that of shipping and forwarding agents. Turnover represents handling and other charges to clients in respect of freight and ancillary importing and exporting costs, excluding Value Added Tax and Customs Duties.
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 job has been contracted for;
∙final instructions have been received; and
∙for import shipments the container arrival date or for export shipments the container departure date.
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.
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HILLEBRAND GORI SCOTLAND LIMITED (FORMERLY J F HILLEBRAND SCOTLAND LIMITED)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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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:
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.
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 costs of conversion and other costs incurred in bringing the stock to its present location and condition basis. Work in progress and finished goods include labour and attributable overheads.
At each reporting 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.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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.
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HILLEBRAND GORI SCOTLAND LIMITED (FORMERLY J F HILLEBRAND SCOTLAND LIMITED)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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Financial instruments (continued)
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Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
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.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to
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HILLEBRAND GORI SCOTLAND LIMITED (FORMERLY J F HILLEBRAND SCOTLAND LIMITED)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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Financial instruments (continued)
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financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial instruments
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.
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.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss 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 profit or loss within 'other operating income'.
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.
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HILLEBRAND GORI SCOTLAND LIMITED (FORMERLY J F HILLEBRAND SCOTLAND LIMITED)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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.
Interest income is recognised in profit or loss using the effective interest method.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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Current and deferred taxation
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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.
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HILLEBRAND GORI SCOTLAND LIMITED (FORMERLY J F HILLEBRAND SCOTLAND LIMITED)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Judgements in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of the accounting policies and the reported amounts of assets and liabilities, revenue and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are continually evaluated are based on historical experience and other factors, including expectations of future events that are reasonable under the circumstances. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected.
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below, however there were no significant judgement in this accounting period.
Release of accruals
In accordance with Hillebrand Gori group policy, freight accruals for third parties are held for a number of years before being release. Included within this accrual balance is a provision which has been estimated by management and is calculated using historical data to cover the potential of any over-accruals.
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Accruals as at 31 December 2023
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An analysis of turnover by class of business is as follows:
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Analysis of turnover by country of destination:
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HILLEBRAND GORI SCOTLAND LIMITED (FORMERLY J F HILLEBRAND SCOTLAND LIMITED)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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The operating profit is stated after charging:
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Other operating lease rentals
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During the year, the Company obtained the following services from the Company's auditor:
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Fees payable to the Company's auditor for the audit of the Company's financial statements
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HILLEBRAND GORI SCOTLAND LIMITED (FORMERLY J F HILLEBRAND SCOTLAND LIMITED)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Staff costs, including directors' remuneration, were as follows:
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Cost of defined contribution scheme
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The average monthly number of employees, including the directors, during the year was as follows:
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Company contributions to defined contribution pension schemes
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During the year retirement benefits were accruing to 1 directors (2022 - 1) in respect of defined contribution pension schemes.
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The highest paid director received remuneration of £213,991 (2022 - £137,210).
The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest
paid director amounted to £19,395 (2022 - £16,916).
During the year apart from the highest paid director for the year ended 31 December 2023, the directors were remunerated by another entity within the group. None of these costs were recharged to this entity during the year (year ended 31 December 2023).
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HILLEBRAND GORI SCOTLAND LIMITED (FORMERLY J F HILLEBRAND SCOTLAND LIMITED)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Interest receivable from group companies
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Other interest receivable
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IHB (In House Bank) accounts are interest bearing accounts and are calculated at the end of each month on a daily basis of actual/360 days per year according to market base rates +/- margin. DPAG is entitled to adjust the margin in cas external finance costs are changing. In addition, interest rate is depending on the country risk category defined by Corporate Treasury.
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Interest payable and similar expenses
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Finance leases and hire purchase contracts
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Included in administrative expenses is the amortisation cost of £1,244,503 on the Merger reserve created from the purchase of BWS (Beer, Wines & Spirits) business during the year.
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HILLEBRAND GORI SCOTLAND LIMITED (FORMERLY J F HILLEBRAND SCOTLAND LIMITED)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Current tax on profits for the year
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Adjustments in respect of previous periods
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Origination and reversal of timing differences
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Impact of changes in tax rates
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Movement of UK deferred tax not recognised
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HILLEBRAND GORI SCOTLAND LIMITED (FORMERLY J F HILLEBRAND SCOTLAND LIMITED)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
13.Taxation (continued)
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Factors affecting tax charge for the year
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The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:
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Profit on ordinary activities before tax
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
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Expenses not deductible for tax purposes
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Income not subject to UK tax
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Adjustments to tax charge in respect of prior periods
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Deferred tax asset not recognised
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Total tax charge for the year
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The Company falls within the scope of Pillar Two legislation and disclosures are included within the consolidated financial statements of Deutsche Post AG (see note 26).
Finance Act 2021 increased the main rate of corporation tax from 19% to 25% with effect from 1 April 2023. No corporation tax rate changes were announced during the 2024 Spring Budget and subsequently enacted.
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Equity dividends on ordinary shares
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HILLEBRAND GORI SCOTLAND LIMITED (FORMERLY J F HILLEBRAND SCOTLAND LIMITED)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Long-term leasehold property
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Charge for the year on owned assets
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HILLEBRAND GORI SCOTLAND LIMITED (FORMERLY J F HILLEBRAND SCOTLAND LIMITED)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Raw materials and consumables
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Due after more than one year
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Amounts owed by group undertakings
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Prepayments and accrued income
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The amount owed by other group undertakings includes an amount of £2,655,276 owed by parent, relating to cash pooling, which is interest bearing at a rate of 4.25%. The balance of £291,914 is owed by other group entities, which is not interest bearing.
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HILLEBRAND GORI SCOTLAND LIMITED (FORMERLY J F HILLEBRAND SCOTLAND LIMITED)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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The amount owed to group entities does not include any amount owed to the parent and no amounts are interest bearing.
Included in the movement of accruals is a release of £107,331.
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HILLEBRAND GORI SCOTLAND LIMITED (FORMERLY J F HILLEBRAND SCOTLAND LIMITED)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Charged to the profit or loss
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The deferred tax asset is made up as follows:
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Accelerated capital allowances
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Allotted, called up and fully paid
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6,000 (2022 - 6,000) Ordinary shares of £1.00 each
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Each ordinary share has equal voting and dividend rights.
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Merger Reserve
Merger reserve created for the acquisition of the BWS business from DHL Global Forwarding UK Limited.
Profit and loss account
This reserve records retained earnings and accumulated losses.
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HILLEBRAND GORI SCOTLAND LIMITED (FORMERLY J F HILLEBRAND SCOTLAND LIMITED)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
A prior year adjustment has been recognised in relation to the reclassification of the intercompany pooling position.
The impact of this prior year adjustment is shown below:
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2022 as previously reported
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Debtors: amounts falling due within one year
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At the balance sheet date, amounts due to defined contribution pension schemes amounted to £30,273 (2022 - £30,951).
The amount recognised in the Statement of Income and Retained Earnings as an expense in relation to defined contribution plans was £146,817 (2022 - £104,006).
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Commitments under operating leases
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At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Lease payments recognised as an expense in the year amounted to £127,814 (2022: £182,113).
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Related party transactions
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The company has taken advantage of the exemption permitted by Section 33 of FRS 102 not to provide details of transactions entered into with other wholly owned members of the group.
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HILLEBRAND GORI SCOTLAND LIMITED (FORMERLY J F HILLEBRAND SCOTLAND LIMITED)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Parent undertaking and controlling party
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The company's parent undertaking is Hillebrand Bulk Logistics Limited, a company incorporated in England & Wales.
The ultimate parent undertaking of the company is Deutsche Post AG, a company incorporated in Germany.
The largest and smallest company which prepares group accounts in the Group is Deutsche Post AG.
The company has not prepared group accounts as it is exempt from the requirement to do so by section 401 of the Companies Act 2006 as it is a subsidiary undertaking of Deutsche Post AG, a company incorporated in Germany, and is included in the consolidated accounts of the company.
Copies of the Deutsche Post AG financial statements are available from the registered office at Deutsche Post AG,Platz der Deutsche Post, CharlesdeGaulle Strasse 20, 53250 Bonn, Germany.
In the opinion of the Directors there is no one ultimate controlling party.
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Post balance sheet events
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Post year end, as at January 2025, the change in profit share mechanism for the Hillebrand Gori Group has changed and will negatively affect the results in 2024.
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