Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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GB EUROPE HOLDINGS LIMITED
COMPANY INFORMATION
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GB EUROPE HOLDINGS LIMITED
CONTENTS
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GB EUROPE HOLDINGS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The Directors presents the strategic report for the year ended 31 December 2023.
The main activities of the group are provisioning global supply chain management services and international freight services by sea, air, and land to manufacturers, retailers and other customers around the world. Activities are rendered through various group entities the group is able to satisfy the demand of customer for integrated and highly specialized logistics solutions.
The strategy of the group is to constantly extend and improve its service offering - also by making acquisitions or setting up joint ventures. By constantly extending and improving the service offering the group is aiming to provide first class service and flexible solutions for complex problems of customers to build long term business relationships and partnerships. The steep drop-in sea freight rates in 2022 for the Asia to UK / Europe trade continued during the start of 2023 - stabilising at a very low level. Also, at the beginning of 2023 freight rates on the UK / Europe to US trade started to drop. At the end of 2023, the Huthi started attacking vessels on their passage through the Red Sea and heading towards Suez Canal. This finally led to a situation where most of the main shipping lines decided to "play safe" and to re-route their vessels around the Cape of Good Hope, Africa's most southeastern point which does significantly increase the transit time for goods and again led to a situation where freight rates and lead times increased significantly, and customers had to start thinking how to protect their supply chains. While it is still to be seen how long this situation will persist the group finds itself in a good position to offer solutions to its customers - utilising the knowledge and network created in previous years. Looking at the overall market situation, interest rates in the UK / Europe and many other countries of the world increased: as well inflation rates remaining high most of the time in 2023 and only started dropping around the end of 2023. This together with political uncertainties (like the Ukraine Crisis, the Hamas attacks on Israel at the end of 2023 and the Red Sea situation) does have a negative impact on demand and led to a decrease in cargo volumes. Even in this challenging market environment the group was able to demonstrate its positions as one of the largest private owned UK based Supply Chain management and International Logistics groups: While turnover has decreased to £435,023,000 for the year ended 31 December 2023 from £931,179,000 for the year ended 31 December 2022. Profit before tax has decreased to £54,929,000 for the year ended December 2023 from £101,898 for the year ended 31 December 2022. Based on the good performance the group was able to further increase its net asset position to £524,143,000 (2022: £481,479,000). The strong capitalisation allows the group to operate without any third party financing whilst at the same time being able to organically grow from a strong balance sheet position. The group also looks for opportunities to invest in or acquire other businesses to grow and / or extend its product offering. The group is aiming to deliver flexible and reliable supply chain solutions to its customers by not only focussing on transportation and logistics services but fully intergrated supply chain management solutions - becoming a valued partner rather than just a supplier for its customer. To achieve this the group can provide additional services and create additional value for the customer - with services ranging from customs consultancy over training for staff to software development. By building these services the group will continue extending its portfolio of one-stop shop solutions. The group continues to extend its network of strategic partners around the world. By building these long-term relationships with partners the group can ensure a high level of operational excellence and standardized quality of services for its customers. Based on the above the group in 2023 has attracted additional business from Commercial and Government clients with significant volumes due to the market struggling to provide comparable solutions and has achieved
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GB EUROPE HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
good customer loyalty (with many customers being partners for many years). All services across sea, air, road, rail, warehousing, and distribution have seen a significant increase in volumes in 2023 as the group's comprehensive supply chain solutions are unique.
Overall, the speed the business has been able to adjust to the changing demands by the pandemic and subsequent global supply chaing disruptions and capacity issues has made the group's services even more attractive to customers. By having proven that the group can provide solutions and minimize the impact of supply chain challenges for its customers the directors consider that the group is in a good position to strengthen its position in the market. Future developments Extending the portfolio of supply chain related services, focusing on customer satisfaction to achieve an even higher customer loyalty and to win additional business (both in terms of quantity and regional coverage) are the key strategic aims for 2024 and beyond. The consequence of the ongoing Huthi/Red Sea situation is that shipping lines continue to route vessels around the Cape of Good Hope which led to freight rates increasing significantly during the first half of 2024 before again dropping significantly in the second half of the year. Price volatility together with space availability is expected to remain a challenge for the foreseeable future. While it is still to be seen how long this situation will persist the group finds itself in a good position to offer solutions to its customers - utilising the knowledge and network created in previous years. Looking at the overall market situation, although interest and inflation rates have dropped, ongoing economic challenges together with political uncertainty are continuing to have a negative effect on demand and this is having a detrimental effect on volumes. This together with political uncertainties (like the Ukraine Crisis, the Hamas attacks on Israel at the end of 2023 and the Red Sea situation) does have a negative impact on demand and led to a decrease in cargo volumes. Despite the drop in volumes but based on being able to provide specialised solutions to its customers the group still expects a strong performance in the future.
The director has considered the principal risks and uncertainties the group is facing and which continue to be actively monitored.
Foreign currency risk The group has both customers and supplier payments respectively being made in currencies other than GBP. Where appropriate the group controls its foreign currency risk by trying to first align correction and paying (e.g. freight revenue collected in USD and sea freight paid in USD). Beyond this the group aims to agree on transactions in GBP where possible. On a group level the overall situation for all group companies is reviewed on a regular basis and corrective measures are taken, if required. Credit risks Various customers of the group have credit terms. To avoid any bad debt, the group has a credit worthiness and credit limit check process. When a customer passes the check, credit can be granted and a credit limit is agreed. Credit worthiness and credit limits are reviewed on a regular basis. Accounts receivable overdue are monitored on a regular basis and reports are also provided to the directors. Liquidity risk The liquidity of the individual group companies and on group level is monitored by the Group Treasury Function on a regular basis. Given the financial strength of the group the risk is considered low. The group does not have any material long term financing in place with third parties which does not mean that changes in interest rates on the market would not have any material impact on the group.
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GB EUROPE HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Trading risk Markets have become very volatile. On the one hand rates and volumes have fluctuated, on the other hand costs have increased above inflation (including e.g. utility bills, fuel / energy prices and wages). The group has taken actions to limit or reduce its trading risks. The group takes care that it serves multiple industry sectors (foodstuff, automotive, healthcare etc.) and that the customer base is a mix of small, medium and large customers without creating too much dependencies from a single customer or industry sector. By offering full supply chain solutions the company achieves a customer loyalty above average, reducing the risk of a loss of customer. The group offers a wide range of services. Such diversification does help to further reduce the trading risk. The group also ensures that its costs are covered and that contracts are adjusted, when needed. The COVID Crisis has shown that freight rates can become very volatile and go up and down very quickly. The Group has considered this in its contract with customers. Russia - Ukraine Crisis The group does not and did not have any major business related to Russia and / or Ukraine. However the Russia / Ukraine conflict does have an indirect impact on the business. The most obvious is the increase in energy prices that led to an increase in freight rates. This has been covered as part of the "trading risk" described above. Another aspect of the Russia - Ukraine Crisis is the shock it generated for the global economy - for example with food prices going up and consumers being reluctant to buy respectively shifting their buying power to more "essential" goods. This has led to a general reduction in volumes in the market and a shift of cargo flows. While the general drop in volumes can have an impact on the business of the group, the group is confident that the shift in cargo flows does also consitute an opportunity to provide dedicated solutions to its customers (and to build new customer relationships). The directors will continue to monitor the situation and will take corrective measures, if required. Red Sea - Huthi Attacks The Red Sea situation is impacting various aspects and it is difficult to predict the overall effect this will have on the economy long term. The group has major cargo streams that went through the Red Sea and are now re-routed around Africa - obviously at much higher freight rates. Short term this situation has created a demand for solutions to secure the supply chains since there is an interruption of some weeks between cargo arriving on the last vessel taking the "normal" route and the arrival of the first vessel taking the longer route. With its experience and network the group can offer solutions to its customers to limit the impact during the transition period.
The group's key performance indicators are turnover, gross margin and profit before tax, details of which are set out above in the strategy and business model of the group. These indicators and performance are monitored both against budget / forecast and past performance to identify and analyse trends.
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GB EUROPE HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The group's main objective is to provide best of class service to its customers in a highly competitive market. In particular with some big customers, certain KPIs are agreed and reviewed on a regular basis (like quality of service or punctuality).
On a global basis the group monitors new / lost customers, customer satisfaction, customer loyalty and analyses customer feedback on demand for new service offerings. Also, performance of suppliers is monitored (e.g. reliability). Besides the above, specific KPIs exist for certain areas of the business (e.g. warehousing pick accuracy). Other information and explanations The group considers its staff as one of its key assets and strengths. In this context the group monitors staff turnover, reasons for departures and encourages staff to participate in trainings. Operating in an international environment and embracing diversity in the workplace are considered key factors for success. The director considers that being one of the largest private owned UK based Supply Chain management and International Logistics groups the group comes with social responsibility. The group has implemented a group charity committee to identify projects that are supported by the group. International trade causes emissions. The group considers itself to be in a good position to develop tailor made solutions for customer to reduce emissions. Emissions caused by operations of group entities are monitored and measures to reduce emissions are taken where possible.
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GB EUROPE HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Section 172 (1) of the Companies Act 2006 requires every director of a group to act in a manner they consider, in good faith, that will be most likely to promote the success of the group for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:
• The likely consequences of any decision in the long term • The interest of the group’s employees • The need to foster the group’s business relationships with suppliers, customers, and others • The impact of the group’s operations on the community and the environment • The desirability of the group maintaining a reputation for high standards of business, and • The need to act fairly as between members of the group. It is important for the business to engage with its various stakeholders in a manner that gives us a better understanding of their interest and concerns in a manner that promotes strong sustainable successful business. The group recognises the importance of retention and development of talented employees to the ongoing success of the business. Employees are encouraged to develop their skills and we have regular training available to all levels of staff. We consider our supplier relationships as critical to our overall success. We continue to build strong relationships with both existing and new suppliers allowing us to react quickly to the constantly changing market and to supply market leading solutions to our customers. We aim to build long term relationships with our customers by providing them with solutions that ensure the smooth running of their supply chain, our scope of services across sea, air, road, rail, warehousing, distribution, customs, and technology offer a unique and comprehensive supply chain solution. The directors and various senior management boards have acted to maximise profit and cash flow in order to create shareholder value. The group is committed to minimising its effect on the environment through the efficient use of resources, the reduction of waste and carbon emissions, recycling, and transport planning.
This report was approved by the board and signed on its behalf.
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GB EUROPE HOLDINGS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The director presents his report and the financial statements for the year ended 31 December 2023.
Information regarding business review, future developments and risk management can be found in the strategic report on pages 1 to 5.
No ordinary dividends were paid. The director does not recommend payment of a further dividend.
The director who served during the year was:
The group's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London, WC1A 1DU).
The group's current policy concerning the payment of trade creditors is to: • Settle the terms of payment with suppliers when agreeing the terms of each transaction; • Ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in the contracts; and • Pay in accordance with the group’s contractual and other legal obligations Trade creditors of the group at the year end were equivalent to 55 (2022: 46) day's purchases, based on the average daily amount invoiced by suppliers during the year. Employee involvement The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests. Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance. There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.
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GB EUROPE HOLDINGS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Since the balance sheet date, the group has acquired interests in three businesses for a total consideration of approximately £17,000,000 and land for a consideration of £10,000,000.
The auditors, MHA, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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GB EUROPE HOLDINGS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
In line with the Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 our energy use and greenhouse gas (GHG) emissions are set out below.
This data relates to UK emissions for the 12 month period from 1 January 2023 to 31 December 2023. This disclosure includes emissions in relation to Uniserve Limited, Metro Shipping and 50% of DG International Group Limited (a joint venture) being the significant components of the group.
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GB EUROPE HOLDINGS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
This report was approved by the board and signed on its behalf.
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GB EUROPE HOLDINGS LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
The director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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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GB EUROPE HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GB EUROPE HOLDINGS LIMITED
We have audited the financial statements of GB Europe Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the 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).
We were appointed as the auditors of GB Europe Holdings Limited for the year ended 31 December 2023 on 8 July 2024. As described below, we were unable to obtain sufficient appropriate audit evidence regarding certain balances and transactions relating to an overseas subsidiary.
Uniserve Netherlands B.V is a subsidiary undertaking of the group for whose audit local audit firms were appointed. As part of our scoping of the group audit, we identified the subsidiary’s revenue of £10,856,540 (2022 : £12,469,562) and accumulated profit and loss reserves of £10,175,913 (2022 : £7,401,042) as being material to the group financial statements. To date, the component auditors have been unable to complete their work on either the 2023 or the 2022 financial statements of this component and we have been unable to obtain sufficient appropriate audit evidence over the related balances by other means. Consequently we were unable to determine whether any adjustments to the related balances within the consolidated primary statements is necessary for either of the two years. Time restrictions are being imposed by the regulators in Singapore, where the ultimate parent company is based, as the financial statements are so overdue that striking off procedures are being commenced.
In assessing the implications of this issue we have concluded that the issue is not pervasive and have therefore determined that a qualified opinion is appropriate.
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 qualified opinion.
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GB EUROPE HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GB EUROPE HOLDINGS LIMITED (CONTINUED)
In auditing the financial statements, we have concluded that the director's 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 director with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is 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.
As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the subsidiary’s revenue of £10,856,540 (2022: £12,469,562) and accumulated profit and loss reserves of £10,175,913 (2022: £7,401,042). We have concluded that where the other information refers to the above related balances such as Group Revenue and Group accumulated profit and loss reserves, it may be materially misstated for the same reason.
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Director's 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 Director's Report have been prepared in accordance with applicable legal requirements.
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GB EUROPE HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GB EUROPE HOLDINGS LIMITED (CONTINUED)
Except for the matter described in the basis for qualified opinion section in our report, 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 Director's Report.
Arising solely from the limitation on the scope of our work relating to revenue and accumulated profit and loss reserves , referred to above:
-we have not obtained all the information and explanations that we considered necessary for the purpose of our audit.
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:
· 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.
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GB EUROPE HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GB EUROPE HOLDINGS LIMITED (CONTINUED)
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:
• Enquiry of management and those charged with governance around actual and potential litigation and claims; • Performing audit work over the risk of management override of controls, including testing of journal and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; • Reviewing minutes of meetings of those charged with governance; and • Reviewing financial statement disclosures and testing to supporting documentation to access compliance with applicable laws and regulations
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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.
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GB EUROPE HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GB EUROPE HOLDINGS LIMITED (CONTINUED)
for and on behalf of
Chartered Accountants
Statutory Auditors
Milton Keynes
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GB EUROPE HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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GB EUROPE HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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GB EUROPE HOLDINGS LIMITED
REGISTERED NUMBER: 13411913
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023
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GB EUROPE HOLDINGS LIMITED
REGISTERED NUMBER: 13411913
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 March 2025.
The notes on pages 26 to 51 form part of these financial statements.
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GB EUROPE HOLDINGS LIMITED
REGISTERED NUMBER: 13411913
COMPANY BALANCE SHEET
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 26 to 51 form part of these financial statements.
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GB EUROPE HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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GB EUROPE HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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GB EUROPE HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
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GB EUROPE HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 24
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GB EUROPE HOLDINGS LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023
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GB EUROPE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
GB Europe Holdings Limited is a private limited company domiciled and incorporated in England and Wales. The registered office is 8 Lloyd's Avenue, London, England, EC3N 3EL.
The group consists of GB Europe Holdings Limited and all its subsidiaries. The financial statements are prepared in sterling, which is the functional currency of the group and company. Monetary amounts in these financial statements are rounded to the nearest £'000.
1.Accounting policies
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 Group management to exercise judgement in applying the Group's accounting policies (see note 2).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
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GB EUROPE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
1.Accounting policies (continued)
The provision for freight forwarding services include land, sea and air freight. Revenue is earned when goods arrive for imports and when they deport for exports. In both cases, revenue is recognised when the services are rendered, which coincide with the date of arrival or departure of shipments. Revenue from warehousing Revenue from warehousing is recognised over the period of time that the goods are held at Uniserve Limited sites.
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GB EUROPE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
1.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Amortisation is provided on the following bases:
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GB EUROPE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
1.Accounting policies (continued)
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.
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GB EUROPE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
1.Accounting policies (continued)
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated Statement of Comprehensive Income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated Balance Sheet, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition. Any premium on acquisition is dealt with in accordance with the goodwill policy.
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalue amount, in which case the impairment loss is treated as a revaluation decrease. Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
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GB EUROPE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
1.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
The Group 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 Group's Balance Sheet when the Group 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.
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GB EUROPE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
1.Accounting policies (continued)
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 Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
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 Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies 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.
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GB EUROPE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
1.Accounting policies (continued)
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.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group 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 Group 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 Group's contractual obligations expire or are discharged or cancelled.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Critical judgements The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. Container depreciation policy Management has made a judgement on the appropriate container depreciation policy and has decided to apply deprecation rates of 50%, 30% and 20% over 3 years to reflect the consumption of the asset. The need for an impairment was investigated but it was concluded that no impairment is required. Claims Claims provisions represent claims against the company in respect of services and goods provided. The amount provided represents management's best estimate of the amount required to settle the obligation at the reporting date. The group has not disclosed all of the information required by paragraphs 21.14 to 21.15 of FRS 102 on the grounds that it could be expected to seriously prejudice the position of the entity. Provisions are measured at the present value of the expenditure expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation.
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GB EUROPE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Judgements in applying accounting policies (continued)
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows. Impairment of group loans The Company makes an estimate of the recoverable value of group loans. When assessing the impairment of group loans management considers whether there is objective evidence of impairment including: . economic or legal reasons which could suggest the debtor is suffering financial difficulties; and . observable data indicating that there has been a measurable decrease in the estimated future cash flows from a group of financial assets since the initial recognition of those assets.
The whole of the turnover is attributable to the group's principle activities.
Analysis of turnover by country of destination:
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GB EUROPE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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GB EUROPE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 36
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GB EUROPE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 37
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GB EUROPE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
13.Taxation (continued)
Page 38
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GB EUROPE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 39
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GB EUROPE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 40
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GB EUROPE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
15.Tangible fixed assets (continued)
Page 41
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GB EUROPE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 42
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GB EUROPE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 43
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GB EUROPE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Subsidiary undertakings (continued)
Page 44
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GB EUROPE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 45
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GB EUROPE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 46
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GB EUROPE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 47
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GB EUROPE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 48
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GB EUROPE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 49
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GB EUROPE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
During the current financial year, it was identified that an error was made in the corporation tax liability in the financial statements for the year ended 31 December 2022. The provision for corporation tax liability was incorrectly calculated in an understatement of £3,448,805 and the corresponding tax expense was understated by the same amount.
In accordance with section 10 of FRS 102, the financial statements for the prior year have been restated to reflect the correction of this error. The impact of the adjustment is as follows: Statement of Income and Retained Earnings: • The tax expense for the prior year has been increased by £3,448,805. Balance sheet; • The tax liability as at 31 December 2022 has been increased by £3,448,805. • The retained earnings as at 31 December 2022 have been reduced by £3,448,805 to reflect the additional tax liability.
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 £1,096,000 (2022 - £1,054,000). Contributions totalling £167,130 (2022 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.
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GB EUROPE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The immediate and ultimate parent company is
The ultimate controlling party is
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