Company Registration No. 01598313 (England and Wales)
DHL GBS (UK) Limited
Annual report and financial statements
for the year ended 31 December 2024
DHL GBS (UK) Limited
Company information
Directors
Bridget Baxter
Daniel Cavaciuti
Helen Robertson
Michael Trimm
Tejinder Pawar
Blair Parker
John Baird
(Appointed 1 September 2024)
Nicola Harrington
(Appointed 1 July 2024)
Company number
01598313
Registered office
Solstice House
251 Midsummer Boulevard
Milton Keynes
England
MK9 1EA
Independent auditor
Saffery LLP
St Catherine's Court
Berkeley Place
Clifton
Bristol
BS8 1BQ
DHL GBS (UK) Limited
Contents
Page
Strategic report
1
Directors' report
2 - 5
Independent auditor's report
6 - 9
Statement of comprehensive income
10
Statement of financial position
11 - 12
Statement of changes in equity
13
Notes to the financial statements
14 - 32
DHL GBS (UK) Limited
Strategic report
For the year ended 31 December 2024
1
The directors present the strategic report for the year ended 31 December 2024.
Fair review of the business
The company's performance in 2024 was in line with expectations and with 2023 achievements, with revenue of £43.0m vs. £39.3m in 2023.
From the perspective of the company, the principal risks and uncertainties are integrated with the principal risks of the group and are not managed separately. The directors of Deutsche Post AG manage the group's operations on a divisional basis. For this reason, the company's directors believe that analysis using key performance indicators for the company is not necessary or appropriate to understand the development, performance or position of the company's business. Accordingly, the principal risks and uncertainties and the development, performance and position of Deutsche Post AG, which include those of the company, are disclosed in the "Opportunities and Risks" section of the group's annual report which does not form part of this report.
For future developments of the group as a whole, see Deutsche Post AG's annual report for the year ended 31 December 2024.
Development and performance
Section 172 statement
The directors have had due regard for their duties under section 172 of the UK Companies Act 2006 and consider the interests of the company's main stakeholders, being employees, suppliers, customers and the wider DPDHL Group, in their decisions. Regular dialogue is held with these parties to understand their needs and all decisions are taken with the view that they will result in long term benefits.
The company is very much part of the wider DPDHL Group and more details of specific actions and decisions taken to benefit the environment, employees, business partners and all other stakeholders can be found in the "Non-Financial Statement" section of Deutsche Post AG's annual report.
Tejinder Pawar
Director
10 March 2025
DHL GBS (UK) Limited
Directors' report
For the year ended 31 December 2024
2
The directors present their annual report and financial statements for the year ended 31 December 2024.
Principal activities
The principal activity of the company is the supply of legal, procurement, IT, pension, insurance, tax, real estate, HR, finance and other administrative services to group companies.
Results and dividends
The results for the year are set out on page 10. Dividends of £8,410,400 (2023: £nil) were paid in the year. As of the date of approval of these financial statements, the directors have not proposed any further dividends.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Bridget Baxter
Daniel Cavaciuti
Helen Robertson
Kevin Sey
(Resigned 30 September 2024)
Michael Trimm
Jane Wiltshire
(Resigned 29 February 2024)
Tejinder Pawar
Blair Parker
John Baird
(Appointed 1 September 2024)
Nicola Harrington
(Appointed 1 July 2024)
Directors' insurance
The company maintains insurance policies on behalf of all the directors against liability arising from negligence, breach of duty and breach of trust in relation to the company.
Supplier payment policy
The DPDHL Group, and company, recognise the importance of fostering relationships with their suppliers and customers, who are principally other entities within the DPDHL Group. As mentioned in the Strategic Report, regular dialogue is maintained with both these stakeholders, including the conduct of customer satisfaction surveys. Full details of how the Group build long term relationships is available in Deutsche Post AG's annual report.
Financial risk management
The company's operations expose it to a variety of financial risks. None of these risks are considered material to the company. The company has no requirement for debt finance but maintains sufficient cash funds for operations, thus mitigating liquidity risk. The company substantially makes all its revenue from related parties, minimising credit risk. Interest rate risk is reduced by virtue of the fact that its only interest bearing assets are in the form of cash balances, placed primarily with related parties.
The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company by monitoring the cash flow requirements of the company as part of the wider DPDHL Group. The company does not use derivative financial instruments to manage commodity and foreign currency costs and as such, no hedge accounting is applied.
Given the size of the company, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the company's finance department.
DHL GBS (UK) Limited
Directors' report (continued)
For the year ended 31 December 2024
3
Disabled persons
The company is also committed to employment policies, which follow best practice, based on equal opportunities for all employees, irrespective of sex, race, colour, disability or marital status and offers appropriate training and career development for disabled staff. If members of staff become disabled the company continues employment wherever possible and arranges retraining.
Employee involvement
The company is committed to providing employees with information on matters of concern to them on a regular basis, so that the views of employees can be taken into account when making decisions that are likely to affect their interests.
As part of the wider DPDHL Group, an annual employee survey is conducted to help monitor employee satisfaction. These results, published in both the annual report and sustainability report of Deutsche Post AG, are used by the board to shape HR policy.
Future developments
The company will continue to operate in line with its principal activities.
Auditor
Saffery LLP have expressed their willingness to remain in office as auditors of the company.
DHL GBS (UK) Limited
Directors' report (continued)
For the year ended 31 December 2024
4
Energy and carbon report
The firm is committed to making careful assessments of its levels of energy consumption and to reducing the impact of carbon dioxide emissions on the environment.
Energy usage covered in this disclosure covers all services consumed in the UK, and is primarily the fuel used for business mileage, and the electricity consumption within our office buildings. Energy usage has been calculated by reference to fuel used in either vehicles leased by the company or claimed as business mileage by employees, and electricity supplier energy statements.
2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
Renewable sources
Non-renewable sources
Renewable Sources
Non-renewable sources
- Fuel consumed for transport
-
1,180,096
-
1,197,310
- Electricity purchased
57,533
23,721
88,033
40,582
57,533
1,203,817
88,033
1,237,892
Emissions of CO2e equivalent
Metric tonnes
Metric tonnes
Renewable sources
Non-renewable sources
Renewable sources
Non-renewable sources
Scope 1 - direct emissions
- Fuel consumed for owned transport
-
267.36
-
269.55
-
267.36
-
269.55
Scope 2 - indirect emissions
- Electricity purchased
-
4.91
-
9.04
Total gross emissions
-
272.27
-
278.59
Intensity ratio
Tonnes of CO2e per £1,000 of revenue
-
0.00632
-
0.00709
Quantification and reporting methodology
The Directors have followed the 2019 HM Government Environmental Reporting Guidelines. The Directors have also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Greenhouse Gas Conversion Factors for Company Reporting.
Intensity measurement
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £1,000 of revenue, the recommended ratio for the sector.
Measures taken to improve energy efficiency
The Company is part of the DPDHL Group. Full details of energy saving measures are included in Deutsche Post AG's annual report.
DHL GBS (UK) Limited
Directors' report (continued)
For the year ended 31 December 2024
5
Statement of directors' responsibilities
The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 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; and
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 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.
Statement of disclosure to auditor
So far as the directors are aware, there is no relevant audit information of which the company's auditor are unaware. Additionally, the directors have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company's auditors are aware of that information.
On behalf of the board
Tejinder Pawar
Director
10 March 2025
DHL GBS (UK) Limited
Independent auditor's report
To the members of DHL GBS (UK) Limited
6
Opinion
We have audited the financial statements of DHL GBS (UK) Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including 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 101 Reduced Disclosure Framework (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice including FRS 101; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 United Kingdom, including 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
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.
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. 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.
DHL GBS (UK) Limited
Independent auditor's report (continued)
To the members of DHL GBS (UK) Limited
7
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.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the statement of directors' responsibilities, 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.
Auditor's 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.
DHL GBS (UK) Limited
Independent auditor's report (continued)
To the members of DHL GBS (UK) Limited
8
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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.
Identifying and assessing risks related to irregularities:
We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and by updating our understanding of the sector in which the company operates.
Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation.
Audit response to risks identified:
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.
During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
DHL GBS (UK) Limited
Independent auditor's report (continued)
To the members of DHL GBS (UK) Limited
9
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.
Michael Strong (Senior Statutory Auditor)
For and on behalf of Saffery LLP
11 March 2025
Accountants
Statutory Auditors
St Catherine's Court
Berkeley Place
Clifton
Bristol
BS8 1BQ
DHL GBS (UK) Limited
Statement of comprehensive income
For the year ended 31 December 2024
10
2024
2023
Notes
£
£
Revenue
3
42,964,246
39,285,970
Administrative expenses
(42,291,259)
(38,606,067)
Operating profit
4
672,987
679,903
Investment income
8
1,141,872
1,026,989
Finance costs
9
(63,441)
(48,080)
Profit before taxation
1,751,418
1,658,812
Taxation
10
(1,757)
(9,434)
Profit and total comprehensive income for the financial year
1,749,661
1,649,378
This statement of comprehensive income has been prepared on the basis that all operations are continuing operations.
DHL GBS (UK) Limited
Statement of financial position
As at 31 December 2024
11
2024
2023
Notes
£
£
Non-current assets
Property, plant and equipment
12
1,782,251
1,051,415
Investments
13
74
74
1,782,325
1,051,489
Current assets
Trade and other receivables
15
20,696,415
24,742,745
Current liabilities
Trade and other payables
16
(8,893,658)
(6,418,845)
Lease liabilities
18
(462,499)
(547,048)
(9,356,157)
(6,965,893)
Net current assets
11,340,258
17,776,852
Total assets less current liabilities
13,122,583
18,828,341
Non-current liabilities
Lease liabilities
18
(1,057,633)
(479,778)
Provisions for liabilities
Other provisions
19
(3,354,127)
(2,977,001)
Net assets
8,710,823
15,371,562
Equity
Called up share capital
21
100
100
Retained earnings
8,710,723
15,371,462
Total equity
8,710,823
15,371,562
DHL GBS (UK) Limited
Statement of financial position (continued)
As at 31 December 2024
12
The financial statements were approved by the board of directors and authorised for issue on 10 March 2025 and are signed on its behalf by:
Tejinder Pawar
Director
Company Registration No. 01598313
DHL GBS (UK) Limited
Statement of changes in equity
For the year ended 31 December 2024
13
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 January 2023
100
13,722,084
13,722,184
Year ended 31 December 2023:
Profit and total comprehensive income
-
1,649,378
1,649,378
Balance at 31 December 2023
100
15,371,462
15,371,562
Year ended 31 December 2024:
Profit and total comprehensive income
-
1,749,661
1,749,661
Transactions with owners:
Dividends
11
-
(8,410,400)
(8,410,400)
Balance at 31 December 2024
100
8,710,723
8,710,823
DHL GBS (UK) Limited
Notes to the financial statements
For the year ended 31 December 2024
14
1
Accounting policies
Company information
DHL GBS (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Solstice House, 251 Midsummer Boulevard, Milton Keynes, England, MK9 1EA. The company's principal activities and nature of its operations are disclosed in the directors' report.
1.1
Accounting convention
The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound sterling.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of paragraph 91 to 99 of IFRS 13 Fair Value Measurement;
the requirements of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers;
the requirements of paragraph 52, 58 and 89 of IFRS 16 Leases;
the requirements of paragraphs 45(b) and 46 to 52 of IFRS 2 Share Based Payment;
the requirements of IFRS 7 Financial Instruments: Disclosures;
the requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present comparative information in respect of paragraph 79(a) (iv) of IAS 1 and paragraph 73(e) of IAS 16 Property Plant and Equipment.
the requirements of paragraphs 10(d), 10(f), 16, 38A to 38D, 40A to 40D, 111 and 134 to 136 of IAS 1 Presentation of Financial Statements;
the requirements of IAS 7 Statement of Cash Flows;
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors;
the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures,
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member. and;
the company falls within the scope of Pillar Two legislation and disclosures are included within the consolidated financial statements of Deutsche Post AG.
As permitted by FRS 101, the company has taken advantage of the disclosure exemptions available under that standard in relation to share based payments, financial instruments, capital management, presentation of a cash flow statement, presentation of comparative information in respect of certain assets, standards not yet effective, impairment of assets, business combinations, discontinued operations and related party transactions.
The company is a wholly owned subsidiary of Deutsche Post AG, Bonn, and its results are included in the consolidated financial statements of Deutsche Post AG which are available from the Deutsche Post AG website; as well as its registered office in Bonn, Germany.
DHL GBS (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
15
Where required, equivalent disclosures are given in the consolidated financial statements of Deutsche Post AG.
The company has taken advantage of the exemption under section 401 of the Companies Act 2006 not to prepare consolidated financial statements. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
The directors have at the time of approving the financial statements, a reasonable expectation that the truecompany has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Revenue
Revenue is measured based on the consideration specified in contracts with customers in return for services supplied. The services supplied encompass legal, procurement, IT, pension, insurance, tax, real estate, HR, finance and administration.
Revenue is recognised on the basis of meeting performance obligations, which occurs as and when the customer receives and consumes the benefit of such services. Revenue with group affiliated customers and third party customers are recognised on the same basis.
Revenue is presented net of value added tax (VAT), rebates and discounts.
1.4
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings (usage rights)
2 - 10 years
Leasehold improvements
2 - 10 years
Office equipment, fixtures, furniture and fittings
5 - 10 years
Computer equipment
4 years
Computer software
3 years
Motor vehicles (usage rights)
3 - 4 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of comprehensive income.
1.5
Non-current investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the statement of comprehensive income.
DHL GBS (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
16
1.6
Impairment of tangible and intangible assets
At each reporting end date, the company reviews the carrying amounts of its tangible 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.
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 the statement of comprehensive income, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.7
Fair value measurement
IFRS 13 establishes a single source of guidance for all fair value measurements. IFRS 13 does not change when an entity is required to use fair value, but rather provides guidance on how to measure fair value under IFRS when fair value is required or permitted. The company is exempt under FRS 101 from the disclosure requirements of IFRS 13. There was no impact on the company from the adoption of IFRS 13.
1.8
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of twelve months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial assets
Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.
Financial assets at fair value
At initial recognition, financial assets classified as 'fair value through profit and loss' (FVTPL) are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.
Financial assets at amortised cost
The company classifies its financial assets as at amortised cost only if both of the following criteria are met (and are not designated as FVTPL):
The asset is held within a business model whose objective is to collect the contractual cash flows, and
T payments of principal and interest.
Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.
DHL GBS (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
17
Impairment of financial assets
Financial assets, other than those measured at fair value through profit or loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.
1.10
Financial liabilities
The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.
Financial liabilities at fair value
At initial recognition, financial liabilities classified as 'fair value through profit or loss' (FVTPL) are measured at fair value and any transaction costs are recognised in profit or loss.
Other financial liabilities
Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. These are subsequently measured at amortised cost using the effective interest method. The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated cash payments through the expected life of the financial liability to the net carrying amount on initial recognition. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.
Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
DHL GBS (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
18
Current tax
Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the year end.
Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that resulted in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements.
Deferred tax is measured at the tax rates that are expected to apply in the years in which the timing differences are expected to reverse based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.
The company has entered into an agreement regarding UK corporation tax payments and refunds with Exel Limited, a fellow group undertaking. Under the terms of this agreement Exel Limited has undertaken to discharge the current and future UK corporation tax liabilities on behalf of and benefit from any tax recoverable due to, the company.
The indemnity provided by Exel Limited is accounted for as a capital contribution within reserves.
1.13
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event and it is probable that the company will be required to settle that obligation, and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows.
1.14
Employee benefits
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 inventories or non-current assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
A termination benefit liability is recognised at the earlier of when the company can no longer withdraw the offer of the termination benefit and when the company recognises any related restructuring costs.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense when employees have rendered the service entitling them to the contributions.
DHL GBS (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
19
Certain employees are members of a defined benefit pension arrangement (closed to future employees) operated by the group of which the company was a participating employer. In the year 2023 the company left the arrangement as a participating employer.
The group has a policy for the charging of net defined benefit costs such that this scheme is accounted for in these accounts on the basis of contributions paid as the ultimate liability for the scheme is borne by another member of the group. Any pension contribution paid by the company is equal to that required in respect of its employees, in line with the terms of the pension plan. In both the current and previous years no contributions were made to these defined benefit pension arrangements.
1.16
Share-based payments
For cash-settled share-based payments, a liability is recognised for the goods and services acquired, measured initially at the fair value of the liability. At the balance sheet date until the liability is settled, and at the date of settlement, the fair value of the liability is remeasured, with any changes in fair value recognised in the statement of comprehensive income for the year.
All share schemes are required to be accounted for as cash-settled share-based transactions pursuant to IFRS 2 as the obligation to settle the payment rests with the company. The fair value of the shares are measured on the basis of a scenario-based pricing model in accordance with IFRS 13. The liability is recognised pro rata under staff costs to reflect the services rendered as consideration during the vesting period (lock up period). Further information on the share based payments is included in note 19.
1.17
Leases
All leases, unless these run for a period of under 12 months or hold a low value, are capitalised as usage rights assets in the statement of financial position and depreciated over the tenure of the individual leases.
The usage rights assets are initially valued at cost. Usage rights assets recognised after the date of adoption comprises the lease liability and lease payments made at or prior to delivery less lease incentives received, initial direct costs and restoration obligations. For usage rights assets recognised on the date of adoption, this comprises the value of the liability adjusted for any payments, either prepaid or accrued, in the statement of financial position.
The corresponding lease commitment is shown as a liability. Lease payments are analysed between capital and interest. The interest element of leasing payments represents a constant proportion of the capital balance outstanding and is charged to the statement of comprehensive income over the period of the lease. The capital element reduces the balance owed to the lessor.
1.18
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the statement of comprehensive income for the period.
1.19
Income received in respect of future accounting periods is deferred and released to the statement of comprehensive income in the year to which it relates.
DHL GBS (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
20
2
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
2.1
Critical accounting judgements
Provisions
Potential liabilities which the company has provided for are detailed in note 19. Management regularly analyses the information currently available about these provisions and recognises provisions for any probable obligations. Where deemed appropriate, internal or external experts are also consulted in making such assessments. In deciding on the necessity for a provision, management takes into account the probability of an unfavourable outcome and whether the amount of the obligation can be estimated with sufficient reliability.
Recoverability of trade receivables
Trade receivable balances are stated after providing for amounts not expected to be recovered. The provision is estimated based on historic data, trend analysis, and future payment forecasting, as well as in consideration of the ageing of debts.
Tangible fixed assets
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of assets. The useful economic lives and residual values are assessed annually. These are amended when necessary to reflect current estimates, based on technological advancements, future investments, economic utilisation and the physical condition of the assets. See note 12 for the carrying amount of tangible fixed assets and note 1.4 for the useful economic lives for each class of asset.
Bonus accrual
The bonus accrual is estimated based on the realistic potential bonus that may be due. Management have taken a prudent position based on their experience.
2.2
Key sources of estimation uncertainty
Economic uncertainty
All assumptions and estimates are based on the circumstances prevailing and assessments made at the reporting date. For the purpose of estimating the future development of the business, a realistic assessment was also made at that date of the economic environment likely to apply in the future to the different sectors and regions in which the company operates. In the event of developments in this general environment that diverge from the assumptions made, the actual amounts may differ from the estimated amounts. In such cases, the assumptions made and, where necessary, the carrying amounts of the relevant assets and liabilities are adjusted accordingly.
At the date of preparation of these financial statements, there is no indication that any significant change in the assumptions and estimates made will be required, so that on the basis of the information currently available it is not expected that there will be significant adjustments in the current financial year to the carrying amounts of the assets and liabilities recognised in the financial statements.
DHL GBS (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
21
3
Revenue
2024
2023
£
£
Revenue analysed by class of business
Service revenue
42,964,246
39,285,970
Revenue analysed by geographical destination market
United Kingdom
18,425,218
16,868,371
Europe
24,240,308
22,291,765
Rest of the world
298,720
125,834
42,964,246
39,285,970
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
492
2,745
Depreciation of property, plant and equipment
676,144
580,315
(Profit)/loss on disposal of property, plant and equipment
-
11,741
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
54,210
52,630
For other services
Tax services
1,735
1,685
Other services
5,015
4,870
Total non-audit fees
6,750
6,555
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Management and administration support services
282
276
DHL GBS (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
6
Employees (continued)
22
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
26,093,541
25,319,729
Social security costs
3,241,480
3,215,863
Pension costs
1,687,271
1,561,672
Redundancy costs
83,000
166,714
31,105,292
30,263,978
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
1,493,292
1,960,892
Company pension contributions to defined contribution schemes
115,722
97,046
Compensation for loss of office
188,421
-
1,797,435
2,057,938
Remuneration disclosed above include the following amounts paid to the highest paid director:
Remuneration for qualifying services
296,876
378,073
The number of directors who received the following benefits in respect of qualifying services was:
2024
2023
Number
Number
Defined contribution schemes
7
7
Parent entity shares awarded under executive bonus schemes (SMS) - cash settled
1
3
Parent entity shares awarded under executive long term incentive scheme (PSP) - cash settled
1
6
SMS, PSP and ESP above are all awarded at the end of the lock-in vesting periods. Further details are in note 19.
8
Investment income
2024
2023
£
£
Interest income
Other interest income
1,141,872
1,026,989
DHL GBS (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
23
9
Finance costs
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
-
101
Interest expense on lease liabilities
63,441
47,979
63,441
48,080
DHL GBS (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
24
10
Taxation
2024
2023
£
£
Current tax
Foreign taxes and reliefs
1,757
9,434
1,757
9,434
The tax assessed for the year differs from the standard rate of corporation tax in the UK of 25% (2023: 23.52%). The differences are explained below:
2024
2023
£
£
Profit before taxation
1,751,418
1,658,812
Expected tax charge based on a corporation tax rate of 25.00% (2023: 23.52%)
437,855
390,162
Effect of expenses not deductible in determining taxable profit
9,190
9,979
Change in unrecognised deferred tax assets
34,642
74,962
Adjustment in respect of prior years
2,609
Effect of change in UK corporation tax rate
(11,419)
Group relief
(481,687)
(466,293)
Excess of foreign tax over double tax relief
1,757
9,434
Taxation charge for the year
1,757
9,434
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 22).
11
Dividends
2024
2023
2024
2023
Amounts recognised as distributions:
per share
per share
Total
Total
£
£
£
£
Ordinary shares
Final dividend paid
84,104.00
-
8,410,400
-
DHL GBS (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
25
12
Property, plant and equipment
Leasehold improvements
Office equipment, fixtures, furniture and fittings
Computer equipment and computer software
Land and buildings (usage rights)
Motor vehicles (usage rights)
Total
£
£
£
£
£
£
Cost
At 1 January 2024
56,719
450,989
220,447
1,881,546
979,935
3,589,636
Additions
84,706
32,634
67,139
849,430
265,938
1,299,847
Disposals
-
(1,157,969)
(158,973)
(1,316,942)
Transfer of assets from related parties
150,435
150,435
At 31 December 2024
291,860
483,623
287,586
1,573,007
1,086,900
3,722,976
Accumulated depreciation and impairment
At 1 January 2024
37,959
446,256
121,668
1,541,955
390,383
2,538,221
Charge for the year
19,659
11,438
49,846
290,007
305,194
676,144
Eliminated on disposal
(1,157,969)
(115,671)
(1,273,640)
At 31 December 2024
57,618
457,694
171,514
673,993
579,906
1,940,725
Carrying amount
At 31 December 2024
234,242
25,929
116,072
899,014
506,994
1,782,251
At 1 January 2024
18,760
4,733
98,779
339,591
589,552
1,051,415
DHL GBS (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
26
13
Investments
Current
Non-current
2024
2023
2024
2023
£
£
£
£
Investments in subsidiaries
74
74
Fair value of financial assets carried at amortised cost
The directors consider that the carrying amounts of financial assets carried at amortised cost in the financial statements approximate to their fair values.
Movements in non-current investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2024 & 31 December 2024
74
Carrying amount
At 31 December 2024
74
At 31 December 2023
74
14
Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
Name of undertaking
Registered office
Ownership interest (%)
Voting power held (%)
Nature of business
DHL Trustees Limited
Howard House, 40 - 64 St Johns Street, Bedford, MK42 0DJ
74
74
Pension schemes' trustees
DHL GBS (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
27
15
Trade and other receivables
2024
2023
£
£
Trade receivables
58,487
102,959
Other receivables
463,205
9,887
VAT recoverable
170,980
12,438
Amounts owed by fellow group undertakings
19,314,622
23,875,077
Prepayments and accrued income
689,121
742,384
20,696,415
24,742,745
Trade receivables, other receivables, amounts owed by fellow group undertakings and prepayments disclosed above measured at amortised cost.
Included within amounts owed by fellow group undertakings is £11,738,390 (2023: £16,120,691), in relation to the bank account which is swept in entirety to a group undertaking overnight and attracts interest at variable rates.
An amount of £5,000,000 (2023: £5,000,000), is included in respect of a current intercompany loan to a group undertaking which expires on 6 February 2025. The loan attracts interest at a rate of 5.4123% per annum (2023: 6.4474%).
All other amounts owed by fellow group undertakings are unsecured, interest free and have no fixed date of repayment, and so are repayable on demand.
16
Trade and other payables
2024
2023
£
£
Trade payables
549,466
184,618
Amounts owed to fellow group undertakings
1,014,639
-
Accruals and deferred income
7,167,786
6,173,276
Other payables
161,767
60,951
8,893,658
6,418,845
Trade payables, amounts owed to fellow group undertakings and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. The company has financial risk management policies in place to ensure that all payables are paid within the pre-agreed credit terms.
All amounts are unsecured.
DHL GBS (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
28
17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
1,687,271
1,561,672
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
18
Lease liabilities
2024
2023
Maturity analysis
£
£
Within one year
503,365
485,814
In two to five years
1,215,948
616,012
Total undiscounted liabilities
1,719,313
1,101,826
Future finance charges and other adjustments
(199,180)
(75,000)
Lease liabilities in the financial statements
1,520,133
1,026,826
Lease obligations are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:
2024
2023
£
£
Current liabilities
462,499
547,048
Non-current liabilities
1,057,633
479,778
1,520,132
1,026,826
2024
2023
Amounts recognised in profit or loss include the following:
£
£
Interest on lease liabilities
63,441
47,979
The company leases several assets under lease arrangements including buildings and vehicles to enable the company to perform its principal objectives. All amounts outstanding relating to such leases are discounted at the incremental cost of borrowing, being between 2.00% and 4.00% (2023: between 2.00% and 4.00%) per annum.
The company does account for certain lease arrangements as short-term leases. The expenses related to these totalled £626,517 (2023: £753,321) during the year.
The total cash outflow for leases, including short leases, totalled £1,074,556 (2023: £1,365,364).
DHL GBS (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
29
19
Provisions for liabilities
2024
2023
£
£
Other provisions
631,071
607,591
Provision for SMS
1,701,523
1,465,042
Provision for PSP scheme
1,004,770
889,778
Provision for ESP scheme
16,763
14,590
3,354,127
2,977,001
Movements on provisions:
Other provisions
Provision for SMS
Provision for PSP scheme
Provision for ESP scheme
Total
£
£
£
£
£
Provision
At 1 January 2024
607,591
1,267,887
770,037
14,043
2,659,558
Addition
100,815
634,957
422,627
70,913
1,229,312
Utilisation
(77,335)
(414,196)
(313,477)
(68,773)
(873,781)
At 31 December 2024
631,071
1,488,648
879,187
16,183
3,015,089
National insurance contributions
At 1 January 2024
-
197,155
119,741
547
317,443
Addition
-
74,950
50,563
2,553
128,066
Utilisation
-
(59,230)
(44,721)
(2,520)
(106,471)
At 31 December 2024
-
212,875
125,583
580
339,038
Total provision
At 31 December 2024
631,071
1,701,523
1,004,770
16,763
3,354,127
At 31 December 2023
607,591
1,465,042
889,778
14,590
2,977,001
Provision for property dilapidations
The provision for property dilapidations represents the estimated costs of the renovation work required under the terms of the property leases to return the properties to their original condition at the end of the leases.
The provision is expected to reverse in line with the ending of related lease contracts. At present no decision has been taken as to the potential renewal of said leases and therefore the exact timing of the reversal of property dilapidation provisions cannot be estimated reliably.
The provision is not discounted since the passing of time at the implicit rate of borrowing is deemed highly immaterial.
DHL GBS (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
19
Provisions for liabilities (continued)
30
Provision for Share Matching Scheme (SMS)
The provision for the Share Matching Scheme (SMS) has arisen as a result of the share based payments accounted for as cash settled. The utilisation in the year reflects the settlement of outstanding shares that have vested in the period. The provision has been valued by reference to market share price of the ultimate parent company and is inclusive of Employers National Insurance.
The provision is expected to reverse in line with the SMS incentive scheme rules, albeit the scheme remains open and therefore further additions are expected to reflect shares granted in the period.
The provision is not discounted since the passing of time at the implicit rate of borrowing is deemed highly immaterial.
This scheme is open to executives with a 4 year lock-in vesting period.
Provision for Performance Share Plan (PSP) Scheme
The provision for the Performance Share Plan (PSP) scheme has arisen as a result of the share based payments accounted for as cash settled. The utilisation in the year reflects the settlement of outstanding shares that have vested in the period. The provision has been valued by reference to the Black-Scholes model and is stated inclusive of Employers National Insurance.
The provision is expected to reverse in line with the PSP incentive scheme rules, albeit the scheme remains open and therefore further additions are expected to reflect shares granted in the period.
The provision is not discounted since the passing of time at the implicit rate of borrowing is deemed highly immaterial.
This scheme is open to executives with a 4 year lock-in vesting period.
Provision for Employee Share Plan (ESP) Scheme
The provision for the Employee Share Plan (ESP) scheme has arisen as a result of the share based payments accounted for as cash settled. The utilisation in the year reflects the settlement of outstanding shares that have vested in the period. The provision has been valued by reference to the Black-Scholes model and is stated inclusive of Employers National Insurance.
The provision is expected to reverse in line with the ESP incentive scheme rules, albeit the scheme remains open and therefore further additions are expected to reflect shares granted in the period.
The provision is not discounted since the passing of time at the implicit rate of borrowing is deemed highly immaterial.
This scheme is not open to executives, but to certain employee grades with a 1-to-3 month lock-in vesting period.
DHL GBS (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
31
20
Deferred tax
A summary of the company's deferred tax asset is as follows:
Recognised
Unrecognised
Recognised
Unrecognised
2024
2024
2023
2023
Balances:
£
£
£
£
Decelerated capital allowances
-
90,695
-
138,305
Other timing differences
-
65,402
-
72,607
Share schemes
-
616,864
527,407
Net deferred tax asset
-
772,961
-
738,319
Deferred tax is calculated at 25% (2023: 25%)
The company had a net deferred tax asset at 31 December 2024 of £772,961 (2023: £738,319) which has not been recognised in the financial statements because the company will not benefit from the reversal of deferred tax assets as a result of an agreement entered into with Exel Limited.
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 Autumn Budget and subsequently enacted.
21
Share capital
2024
2023
£
£
Ordinary share capital
Authorised, issued and fully paid
100 Ordinary shares of £1 each
100
100
The company only has one class of share being Ordinary shares. Each Ordinary share is entitled to the same rights being one voting right per share and equal entitlement to dividends declared and amounts distributed on winding up.
22
Controlling party
The immediate parent undertaking is Exel Investments Limited, Solstice House, 251 Midsummer Boulevard, Milton Keynes, England, MK9 1EA, a company registered in England and Wales.
The ultimate parent undertaking and controlling party is Deutsche Post AG, a company incorporated in Germany, which is the parent undertaking of the smallest group to consolidate these financial statements. Copies of the consolidated financial statements within the annual report of Deutsche Post AG may be obtained from the Deutsche Post AG website or at its registered office in Bonn, Germany.
DHL GBS (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
32
23
Related party transactions
The company has taken advantage of the exemption available under FRS 101 paragraph 8 (j) (k) and has not disclosed transactions with other members of the group as required under IAS 24.
Amounts owed at the year end by members of the group are disclosed in Note 15. Amounts owed at the year end to members of the group are disclosed in Note 16.
During the year, the company received income totalling £7,199,861 (2023: £6,150,644) from DHL Trustees Limited, a subsidiary which is not wholly owed. No amounts were owed to, or due from, DHL Trustees Limited at either of the reporting dates.
During the year, a payment of £163,761 (2023: £154,595) was made into the DHL Group Retirement Plan, a defined benefit scheme in which the risks are held by another group entity.
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