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VIA GLOBAL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
VIA GLOBAL LIMITED
 
 
COMPANY INFORMATION


Directors
S M T Lam 
A Lee 
C Lee 
M Royden 
C C K Lee (resigned 16 November 2024)
C W So (appointed 16 November 2024)




Registered number
05875867



Registered office
5 Elstree Gate,
 Elstree Way

Borehamwood

Hertfordshire

WD6 1JD




Independent auditors
Sopher + Co LLP
Chartered Accountants & Statutory Auditors

5 Elstree Gate

Elstree Way

Borehamwood

Hertfordshire

WD6 1JD





 
VIA GLOBAL LIMITED
 

CONTENTS



Page
Group strategic report
 
1
Directors' report
 
2 - 7
Independent auditors' report
 
8 - 12
Consolidated statement of comprehensive income
 
13
Consolidated statement of financial position
 
14 - 15
Company statement of financial position
 
16
Consolidated statement of changes in equity
 
17 - 19
Company statement of changes in equity
 
20
Consolidated statement of cash flows
 
21 - 22
Notes to the financial statements
 
23 - 39


 
VIA GLOBAL LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The Group offers a worldwide sea, land and air freight service from offices in North America, Europe and Asia.
As part of the Hong Kong based Hecny Group, we have access to over 270 logistics partners (through owned offices and agents) enabling us to reach most parts of all major markets, and negotiate very competitive rates.

Business review
 
 The principal activity of the Group continued to be that of a freight forwarder.
The Directors found that the Group's performance had significantly declined, with a decrease in both turnover and profit compared to the previous year. Specifically, the Group's turnover decreased by £39m compared to last year, which was attributed to lower volumes and ocean rates from China to the USA and UK. Freight rates on all services also fell in response to consumer demand. This was an industry wide situation on the back of huge demand over the Covid period and as such we have seen reduced buying patterns in all our main markets.
The Group is committed to diversifying the business in sea, air, and 3PL handling, which has been successful so far. We have secured a significant 5PL contract and expect this side of the business to increase in 2025. We have expanded our global reach to cover seven major trade lanes and markets, making us less susceptible to economic downturns. Despite facing competition from other freight forwarders and ocean carriers, we have managed to maintain a healthy GP Margin.

Principal risks and uncertainties
 
We believe 2025 will be a very challenging year for the logistics industry. Change of carrier consortiums in the east-west trades will mean more tonnage coming into the trades and will undoubtedly result in lower freight rates, which in turn means a lower returns industry wide. Add to this, the uncertainty in global trades due to US potential tariffs, ex China and EU to the US, two of our biggest markets.
The Group trades in the major currencies; Sterling, US dollars and Euros. It minimises any currency risk by settling in cost price currency.
The Group is well structured and resilient. "Management decision-making and control mechanisms" are robust. It continues to enter into new markets and new areas of revenue, specifically warehousing, control tower opportunities, customs, European trucking and project cargo allowing diversification away from pure play container movements.

Financial key performance indicators
 
Key performance indicators are measured on a monthly basis. These cover customer performance, turnover, gross profit, overheads, cash flow and accounts receivable. Each of these are measured against budgets and KPIs by senior management in London and Hong Kong.

 

This report was approved by the board on 19 March 2025 and signed on its behalf.




M Royden
Director

Page 1

 
VIA GLOBAL LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The Directors present their report and the financial statements for the year ended 31 December 2023.

Directors

The Directors who served during the year were:

S M T Lam 
A Lee 
C Lee 
M Royden 
C C K Lee (resigned 16 November 2024)

Directors' responsibilities statement

The Directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £1,741,753 (2022 - £3,058,474).

During the year the company declared dividends of £2,202,423 (2022 - £4,505,608). 

Page 2

 
VIA GLOBAL LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Future developments

The Directors see continued growth of business, especially from Asia to USA, where the USA economy remains strong.  Hecny, our parent company, are able to lever their large volume in the Trans Pacific market and, coupled with the Asian agency set up, places Global in a very competitive position in this market. We also see opportunities in new markets, specifically the Middle East where we have engaged new agents.
We believe Asia to UK will see a slight downturn as the U.K economy reduces and additional space coming into the market will result on freight rate pressure. Trans Atlantic space will be stable, freight rates will depend on USA tariffs implemented and the potential effect on exports into the USA.

Engagement with employees

The Group has continued throughout the year to provide employees with relevant information and to seek their views on matters of common concern. Priority is given to ensuring that employees are aware of all significant matters affecting the Group's performance and of any significant organisational changes.

Engagement with suppliers, customers and others

The Group does not confirm to any code or standard regarding payment practice. However, it is the Group's policy to settle the terms of payment with suppliers when business is agreed, to ensure that suppliers are made aware of them and to pay invoices in accordance with these terms.

Page 3

 
VIA GLOBAL LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Streamlined Energy and Carbon Reporting (SECR)

Introduction
Purpose: This report provides a transparent overview of the Group's energy use, carbon emissions, and greenhouse gas (GHG) impacts, reflecting our commitment to environmental responsibility and regulatory compliance. The report aligns with Streamlined Energy and Carbon Reporting (SECR) requirements and guidelines from the GHG Protocol.
Scope: This report covers the period from January to December 2023, focusing on the Group's UK-based locations, specifically the Hayes, London, and Manchester offices.
The primary emphasis is on Scope 1 and Scope 3 emissions:
• Scope 1: Direct emissions from company-owned assets, including fleet vehicles and facility operations.
• Scope 2: Indirect emissions from purchased electricity, heating and cooling used in company operations. 
• Scope 3: Selected indirect emissions, such as employee commuting and business travel. While Scope 3 reporting is voluntary, Global Forwarding Ltd recognises its importance and has begun measuring some third-party emissions.
However, emissions related to third-party logistics activities are excluded from this report due to current data collection limitations. As data collection processes improve, we anticipate including these emissions in future reports to provide a more comprehensive overview of our environmental impact.
Objective: To track, manage, and communicate our environmental impact transparently, supporting the sustainability goals of the Group.
Greenhouse Gas (GHG) Emissions
Scope 1 Emissions (Direct Emissions)
Scope 1 emissions refer to direct greenhouse gas emissions from company-controlled sources, including fleet vehicles (trucks) used by Global Forwarding Ltd.
• Data Collection: Fleet emissions are calculated based on fuel consumption data from company-owned trucks. This data is tracked monthly, and emissions are calculated using Business, Energy and Industrial Strategy (BEIS) conversion factors for fuel types.
Total Fleet Emissions (2023):
- Fuel Consumption: 73,773.57 gallons
- Emissions Factor (CO2 per unit of fuel): 656,446.64kg CO2e
- Total Scope 1 Emissions: 657103.1 CO2e
Scope 2 Emissions (Indirect Emissions from Electricity)
Scope 2 emissions refer to indirect emissions from purchased electricity used in office operations, primarily for lighting, heating, and office equipment.
• Total Scope 2 Emissions: 12.6 tonnes of CO2 equivalent (tCO2e). 
• Electricity Consumption (2023): 54,077.1 kWh
Scope 3 Emissions (Other Indirect Emissions)
Scope 3 emissions include all other indirect emissions, such as business travel, waste, and water usage.
• Business Travel: 
o Rail: 76.43 tCO2e
o Taxi: 78.56 tCO2e
o Flights: 34,441 tCO2e
o Mileage: 20,848.88 tCO2e
o Employees' Commute: 31,553.31 tCO2e
Water Usage (Total Water Supplied):
• Sewage Water: 212.45 cubic meters
• Treatment Water: 229.61 cubic meters
• Waste Recycling: 
o 50% recyclable waste collected in 1,200-litre waste wheeled bins.
 
Page 4

 
VIA GLOBAL LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


GHG Reduction Initiatives and Targets
Global Forwarding Ltd has set ambitious goals for reducing greenhouse gas emissions, with the target of achieving Net Zero by 2050. Specific initiatives include:
• Fleet Emissions Reduction: Transition to electric vehicles (EVs) for 20% of the fleet by 2027.
• Energy Efficiency: Implement LED lighting and energy-saving practices, targeting a 5% reduction in electricity consumption by 2024.
• Employee Engagement: Promote business travel alternatives such as virtual meetings and use of public transportation.
Intensity Metrics
The emissions intensity is approximately 1,841.82 CO2e per employee.
Energy Efficiency Activities
Over the financial year, Global Forwarding Ltd has implemented several energy efficiency initiatives:
• LED Lighting: 100% of office spaces in Hayes and Manchester have been upgraded.
• Energy-efficient equipment: Introduced energy-efficient printers and HVAC systems.
• EV Charging Stations: Installed in each office location to encourage employee use of electric vehicles.
Greenhouse Gas Emissions - Qualitative Targets and Quantitative Objectives
The following section provides qualitative targets and quantitative objectives to support emissions reductions in various operational areas.
1. Electricity Consumption (kWh - Split between Global and OGL Divisions)
   - Qualitative Target: Ensure accurate energy tracking and allocation between divisions for a fair representation of environmental impact.
   - Quantitative Objective: Split electricity usage data monthly by department, aiming for a 5% reduction in annual energy consumption across all divisions by year-end.
2. Business Travel by Rail (Business Development Manager Start and End Destinations)
   - Qualitative Target: Improve emissions tracking by capturing full journey details for rail travel.
   - Quantitative Objective: Record start and end points for all rail journeys, enabling accurate CO2 emissions calculations. Aim for a 10% annual reduction in rail-related emissions by promoting virtual meetings.
3. Electric EV Charger Usage (Promotion)
   - Qualitative Target: Increase staff awareness and use of EV chargers to reduce emissions.
   - Quantitative Objective: Achieve a 25% increase in EV charger usage through incentives like priority parking by the end of the fiscal year.
4. Cycle to Work Incentive
   - Qualitative Target: Promote cycling to work by providing safe storage and participation incentives.
   - Quantitative Objective: Increase participation in the cycle-to-work scheme by 10%, and expand bike storage capacity to accommodate at least 10 bikes by the end of 2025.
5. Waste Reduction and Recycling
   - Qualitative Target: Reduce waste generated on-site and improve recycling rates.
   - Quantitative Objective: Reduce overall waste output by 15% and increase recycling by 20% through separate recycling bins and awareness campaigns.
6. London Underground Travel (Promote as a Low-Carbon Alternative)
   - Qualitative Target: Encourage employees to use the London Underground for travel within Greater London as a low-carbon alternative.
   - Quantitative Objective: Increase London Underground travel for business purposes by 15% by 2025.
7. Business Travel by Train
   - Qualitative Target: Promote train travel over taxis for short-distance business travel as an eco-friendly option.
 
Page 5

 
VIA GLOBAL LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

   - Quantitative Objective: Achieve a 30% shift from taxi to train travel for journeys under 3 hours by 2025.
8. Uber Journeys (Emissions Tracking)
   - Qualitative Target: Capture accurate emissions data for Uber journeys by tracking mileage from receipts.
   - Quantitative Objective: Capture 100% of Uber receipts by the end of 2025 to track mileage and emissions data accurately.
9. Business Travel by Taxi
   - Qualitative Target: Reduce taxi reliance by promoting train travel for short intra-city trips.
   - Quantitative Objective: Decrease taxi usage by 20% by encouraging train travel by 2025.






2023
Fuel (gallons)

73,774

Electricity (kWh)

54,077

Water (cubic meters)

442



2023
      tCO2e
Emissions from

Scope 1

657,103

Scope 2

54,077

Scope 3

86,998


798,178


Disclosure of information to auditors

Each of the persons who are Directors at the time when this Directors' report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Page 6

 
VIA GLOBAL LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Auditors

Under section 487(2) of the Companies Act 2006Sopher + Co LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 19 March 2025 and signed on its behalf.
 





M Royden
Director

Page 7

 
VIA GLOBAL LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VIA GLOBAL LIMITED
 

Opinion


We have audited the financial statements of Via Global Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Group Statement of comprehensive income, the Group and Company Statements of financial position, the Group Statement of cash flows, the Group and Company Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


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 Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.


Page 8

 
VIA GLOBAL LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VIA GLOBAL LIMITED (CONTINUED)

Other information


The Directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statementsour responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion 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 Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 9

 
VIA GLOBAL LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VIA GLOBAL LIMITED (CONTINUED)

Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the Directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 10

 
VIA GLOBAL LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VIA GLOBAL LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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:

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; 
we identified the laws and regulations applicable to the Group through discussions with directors and other management, and from our commercial knowledge and experience of similar businesses; 
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Group, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and 
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 

We assessed the susceptibility of the Group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: 
 
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; 
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and 
understanding the design of the Group’s remuneration policies. 

To address the risk of fraud through management bias and override of controls, we: 
 
performed analytical procedures to identify any unusual or unexpected relationships; 
tested journal entries to identify unusual transactions; 
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and 
investigated the rationale behind significant or unusual transactions. 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 
 
agreeing financial statement disclosures to underlying supporting documentation; 
reading the minutes of meetings of those charged with governance; 
enquiring of management as to actual and potential litigation and claims; and 
reviewing correspondence with HMRC. 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations
Page 11

 
VIA GLOBAL LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VIA GLOBAL LIMITED (CONTINUED)

to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. 
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Use of our report
 

This report is made solely to the Company's members in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our 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 for our audit work, for this report, or for the opinions we have formed.





Sean Brennan FCCA (Senior statutory auditor)
  
for and on behalf of
Sopher + Co LLP
 
Chartered Accountants
Statutory Auditors
  
5 Elstree Gate
Elstree Way
Borehamwood
Hertfordshire
WD6 1JD

19 March 2025
Page 12

 
VIA GLOBAL LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
40,607,478
79,567,541

Cost of sales
  
(32,494,005)
(66,251,656)

Gross profit
  
8,113,473
13,315,885

Administrative expenses
  
(7,630,374)
(9,675,889)

Other operating income
 5 
27,355
93,117

Fair value movements
  
1,828,538
215,224

Other operating charges
  
-
(78,973)

Operating profit
 6 
2,338,992
3,869,364

Interest receivable and similar income
 10 
2,228
-

Interest payable and similar expenses
 11 
(5,446)
(16,047)

Profit before taxation
  
2,335,774
3,853,317

Tax on profit
 12 
(622,861)
(781,711)

Profit for the financial year
  
1,712,913
3,071,606

Profit for the year attributable to:
  

Non-controlling interests
  
(28,840)
13,132

Owners of the parent Company
  
1,741,753
3,058,474

  
1,712,913
3,071,606

Total comprehensive income for the year attributable to:
  

Non-controlling interest
  
(28,840)
13,132

Owners of the parent Company
  
1,741,753
3,058,474

  
1,712,913
3,071,606

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 23 to 39 form part of these financial statements.

Page 13

 
VIA GLOBAL LIMITED
REGISTERED NUMBER:05875867

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
As restated 2022
Note
£
£

Fixed assets
  

Intangible assets
 15 
11,585
15,447

Tangible assets
 16 
8,316,794
6,571,195

  
8,328,379
6,586,642

Current assets
  

Debtors: amounts falling due after more than one year
 18 
47,102
47,731

Debtors: amounts falling due within one year
 18 
9,585,199
11,606,266

Bank and cash balances
  
4,104,407
11,761,781

  
13,736,708
23,415,778

Current liabilities
  

Creditors: amounts falling due within one year
 19 
(19,028,336)
(26,910,982)

Net current liabilities
  
 
 
(5,291,628)
 
 
(3,495,204)

Provisions for liabilities
  

Deferred taxation
 20 
(647,995)
(192,016)

Net assets
  
2,388,756
2,899,422


Capital and reserves
  

Called up share capital 
 21 
140
140

Revaluation reserve
 22 
1,898,519
527,116

Capital redemption reserve
 22 
100
100

Profit and loss account
 22 
204,313
2,057,542

Equity attributable to owners of the parent Company
  
2,103,072
2,584,898

Non-controlling interests
  
285,684
314,524

  
2,388,756
2,899,422


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 March 2025.




M Royden
Director

The notes on pages 23 to 39 form part of these financial statements.
Page 14

 
VIA GLOBAL LIMITED
REGISTERED NUMBER:05875867
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023


Page 15

 
VIA GLOBAL LIMITED
REGISTERED NUMBER:05875867

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
As restated 2022
Note
£
£

Fixed assets
  

Investments
 17 
529,165
529,165

Current assets
  

Debtors: amounts falling due within one year
 18 
2,189,730
4,163,231

Bank and cash balances
  
304
304

Current liabilities
  

Creditors: amounts falling due within one year
 19 
(2,205,457)
(4,173,074)

Net current liabilities
  
 
 
(15,423)
 
 
(9,539)

  

  

Net assets
  
513,742
519,626


Capital and reserves
  

Called up share capital 
 21 
140
140

Capital redemption reserve
 22 
100
100

Profit and loss account
 22 
513,502
519,386

  
513,742
519,626


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 March 2025.






M Royden
Director


The notes on pages 23 to 39 form part of these financial statements.

Page 16

 
VIA GLOBAL LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Capital redemption reserve
Revaluation reserve
Profit and loss account
Equity attributable to owners of parent Company

£
£
£
£
£

At 1 January 2023
140
100
527,116
2,057,542
2,584,898



Profit for the year
-
-
-
1,741,753
1,741,753

Dividends: Equity capital
-
-
-
(2,223,579)
(2,223,579)

Fair value gain on investment
-
-
1,828,538
(1,828,538)
-

Deferred movements on investment
-
-
(457,135)
457,135
-


At 31 December 2023
140
100
1,898,519
204,313
2,103,072


Non-controlling interests
Total equity

£
£

At 1 January 2023
314,524
2,899,422



Profit for the year
(28,840)
1,712,913

Dividends: Equity capital
-
(2,223,579)

Fair value gain on investment
-
-

Deferred movements on investment
-
-


At 31 December 2023
285,684
2,388,756

Page 17

 
VIA GLOBAL LIMITED
 


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


Page 18

 
VIA GLOBAL LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Capital redemption reserve
Revaluation reserve
Profit and loss account
Equity attributable to owners of parent Company

£
£
£
£
£

At 1 January 2022
140
100
365,698
3,816,314
4,182,252



Profit for the year
-
-
-
3,058,474
3,058,474

Dividends: Equity capital
-
-
-
(4,655,828)
(4,655,828)

Fair value gain on investment
-
-
215,224
(215,224)
-

Deferred movement on investment
-
-
(53,806)
53,806
-


At 31 December 2022
140
100
527,116
2,057,542
2,584,898


Non-controlling interests
Total equity

£
£

At 1 January 2022
301,392
4,483,644



Profit for the year
13,132
3,071,606

Dividends: Equity capital
-
(4,655,828)

Fair value gain on investment
-
-

Deferred movement on investment
-
-


At 31 December 2022
314,524
2,899,422


The notes on pages 23 to 39 form part of these financial statements.

Page 19

 
VIA GLOBAL LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2023
140
100
519,386
519,626



Profit for the year
-
-
2,196,539
2,196,539


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(2,202,423)
(2,202,423)


At 31 December 2023
140
100
513,502
513,742



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Capital redemption reserve
Profit and loss account restated
Total equity restated

£
£
£
£

At 1 January 2022
140
100
522,111
522,351



Profit for the year
-
-
4,502,883
4,502,883

Dividends: Equity capital
-
-
(4,505,608)
(4,505,608)


At 31 December 2022
140
100
519,386
519,626


The notes on pages 23 to 39 form part of these financial statements.

Page 20

 
VIA GLOBAL LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
1,712,913
3,071,606

Adjustments for:

Amortisation of intangible assets
3,862
-

Depreciation of tangible assets
73,282
69,897

Loss on disposal of tangible assets
20,117
58

Interest paid
5,446
16,047

Interest received
(2,228)
-

Taxation charge
622,861
781,711

Decrease in debtors
1,430,527
18,424,382

Decrease in amounts owed by groups
591,169
166,785

(Decrease) in creditors
(2,009,631)
(9,458,345)

(Decrease) in amounts owed to groups
(5,634,405)
(5,263,830)

Increase in amounts owed to associates
-
70,323

Net fair value (gains) recognised in P&L
(1,828,538)
(215,224)

Corporation tax (paid)
(405,492)
(723,289)

NCI movement
13,132
-

Other movement
1,869
-

Net cash generated from operating activities

(5,405,116)
6,940,121


Cash flows from investing activities

Purchase of intangible fixed assets
-
(229,184)

Purchase of tangible fixed assets
(25,461)
-

Interest received
2,228
-

Net cash from investing activities

(23,233)
(229,184)

Cash flows from financing activities

Dividends paid
(2,223,579)
(4,655,828)

Interest paid
(5,446)
(16,047)

Net cash used in financing activities
(2,229,025)
(4,671,875)

Net (decrease)/increase in cash and cash equivalents
(7,657,374)
2,039,062

Cash and cash equivalents at beginning of year
11,761,781
9,722,719

Cash and cash equivalents at the end of year
4,104,407
11,761,781


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
4,104,407
11,761,781
Page 21

 
VIA GLOBAL LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


2023
2022

£
£


4,104,407
11,761,781


The notes on pages 23 to 39 form part of these financial statements.

Page 22

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

1.


General information

Via Global Limited is a limited company incorporated and domiciled in England & Wales, with its registered office address at 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, United Kingdom, WD6 1JD.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with 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 judgment in applying the Group's accounting policies (see note 3).

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:

 
2.2

Basis of consolidation

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 Statement of financial position, 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.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 
Sea and Air Freight: Revenue is recognised on the date of dispatch, as this is the point at which the Grop  has fulfilled its performance obligation and transferred the risks and rewards of transport.
UK-Based Fulfillment Services: Revenue is recognised on the date of arrival, reflecting the completion of the service when goods reach their final destination.

Page 23

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

2.Accounting policies (continued)

 
2.4

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 24

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

2.Accounting policies (continued)


2.5
Tangible fixed assets (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 and the reducing balance method.

Depreciation is provided on the following basis:

Freehold property
-
Not depreciated. Refer to note 2.6
Short-term leasehold property
-
Straight line of the term of the lease
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
15% reducing balance
Office equipment
-
50% reduced balance
Computer equipment
-
50% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.8

Financial instruments

The Group only enters into transactions that result in basic financial instruments such as trade and other debtors, trade and other creditors, cash at bank and in hand, loans to/from related parties.
Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors, and loans to related parties.
Interest bearing borrowings, such as bank loans, classified as basic financial instruments are recognised initially at the present value of future payments discounted at a market rate of interest. Thereafter they are stated at amortised cost using the effective interest method.
 
Page 25

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

2.Accounting policies (continued)


2.8
Financial instruments (continued)


Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
The Group only enters into transactions that result in basic financial instruments such as trade and other debtors, trade and other creditors, cash at bank and in hand, loans to/from related parties.
Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors, and loans to related parties.
Interest bearing borrowings, such bank loans, classified as basic financial instruments are recognised
initially at the present value of future payments discounted at a market rate of interest. Thereafterthey are stated at amortised cost using the effective interest method.
Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.9

Foreign currency translation

The Group's functional and presentational currency is £ Sterling.
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Exchange gains and losses are recognised in the Statement of Comprehensive Income.

 
2.10

Finance costs

Finance costs are charged to the Consolidated Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

 
2.12

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to the Consolidated statement of comprehensive income on a straight line basis over the lease term.

Page 26

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

2.Accounting policies (continued)

 
2.13

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.14

Interest income

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

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 27

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

2.Accounting policies (continued)

 
2.16

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.



3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires the directors to make judgements, estimates, and
assumptions that affect the amounts reported for assets and liabilities, income, and expenses. Actual
results may differ from these estimates.
One of the critical areas where judgements and estimates have been applied is the valuation of freehold property.
Valuation of Freehold Property: The freehold property is measured at fair value in accordance with
the requirements of FRS 102. An external valuation expert was engaged to determine the fair value at the
reporting date. The valuation involves significant assumptions and judgements, including market
conditions, rental yields, and comparable property transactions, which are inherently subject to estimation
uncertainty. Changes in these assumptions may significantly affect the reported fair value of the property.

Page 28

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

4.


Turnover

Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
12,201,818
22,690,755

Rest of Europe
2,405,048
2,223,561

Rest of the world
26,000,612
54,653,225

40,607,478
79,567,541



5.


Other operating income

2023
2022
£
£

Ground rent receivable
27,355
93,117



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
79,525
69,897

Exchange differences
265,557
(528,918)

Other operating lease rentals
50,042
41,898

Defined contribution pension cost
121,375
96,513


7.


Auditors' remuneration

2023
2022
£
£


Fees payable to the Group's auditor and its associates for the audit of the Group's annual accounts
67,181
47,450

Page 29

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

8.


Employees

Staff costs, including Directors' remuneration, were as follows:


Group
Group
2023
2022
£
£


Wages and salaries
4,423,265
4,823,872

Social security costs
295,697
289,841

Cost of defined contribution scheme
123,914
96,782


The average monthly number of employees, including the Directors, during the year was as follows:


        2023
        2022
            No.
            No.







Sales, administration and support
88
92


9.


Directors' and key management remuneration

The total remuneration paid to key management personnel, including directors, during the year was £126,409 (2022: £123,615). There are no other key management personnel other than the directors.





10.


Interest receivable

2023
2022
£
£


Other interest receivable
2,228
-


11.


Interest payable and similar expenses

2023
2022
£
£


Other interest payable
5,446
16,047

Page 30

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

12.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
166,882
723,289


Deferred tax


Origination and reversal of timing differences
455,979
58,422


Tax on profit
622,861
781,711

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
2,335,774
3,853,317


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
549,374
732,130


Non-tax deductible amortisation of goodwill and impairment
734
367

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
(256,725)
23,524

Capital allowances for year in excess of depreciation
14,020
(34,233)

Utilisation of tax losses
-
605

Other timing differences leading to an increase (decrease) in taxation
455,979
58,422

Non-taxable income
(59,517)
-

Book profit on non-taxable share issues
4,367
-

Unrelieved tax losses carried forward
10,710
-

Other differences leading to an increase (decrease) in the tax charge
-
12,679

Group relief
-
(11,783)

Differences in rates of corporation tax
(96,081)
-

Total tax charge for the year
622,861
781,711


Factors that may affect future tax charges

At the balance sheet date the company has estimated tax losses of £5,884 available to carry forward against future taxable profits.

Page 31

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

13.


Dividends

2023
2022
£
£


Dividends
2,223,579
4,655,828


14.


Parent company profit for the year

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 profit after tax of the parent Company for the year was £2,196,539 (2022 - £4,502,883).


15.


Intangible assets

Group and Company





Goodwill

£



Cost


At 1 January 2023
88,619



At 31 December 2023

88,619



Amortisation


At 1 January 2023
73,172


Charge for the year on owned assets
3,862



At 31 December 2023

77,034



Net book value



At 31 December 2023
11,585



At 31 December 2022
15,447



Page 32

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

16.


Tangible fixed assets

Group






Freehold property
Short-term leasehold property
Plant and machinery
Fixtures and fittings
Office equipment

£
£
£
£
£



Cost or valuation


At 1 January 2023
6,271,462
70,338
160,236
144,868
14,182


Additions
-
-
-
57,059
5,584


Disposals
-
(70,338)
(47,500)
-
-


Revaluations
1,828,538
-
-
-
-



At 31 December 2023

8,100,000
-
112,736
201,927
19,766



Depreciation


At 1 January 2023
-
28,983
24,304
54,816
10,484


Charge for the year on owned assets
-
3,091
32,384
27,255
3,595


Disposals
-
(32,074)
(17,120)
-
-



At 31 December 2023

-
-
39,568
82,071
14,079



Net book value



At 31 December 2023
8,100,000
-
73,168
119,856
5,687



At 31 December 2022
6,271,462
41,355
135,932
90,052
3,698
Page 33

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

           16.Tangible fixed assets (continued)


Computer equipment
Total

£
£



Cost or valuation


At 1 January 2023
122,841
6,783,927


Additions
5,771
68,414


Disposals
(5,601)
(123,439)


Revaluations
-
1,828,538



At 31 December 2023

123,011
8,557,440



Depreciation


At 1 January 2023
94,144
212,731


Charge for the year on owned assets
13,200
79,525


Disposals
(2,416)
(51,610)



At 31 December 2023

104,928
240,646



Net book value



At 31 December 2023
18,083
8,316,794



At 31 December 2022
28,697
6,571,196

Prior year adjustment
During the year ended 31 December 2023, it was identified that a property owned by one of the entities within the group that is correctly classified as investment property in the entity’s individual financial statements was also classified as investment property in the consolidated financial statements. However, as the property is being used operationally by other entities within the group, it should have been classified as a Tangible fixed asset under FRS 102 Section 17 in the consolidated financial statements.
The comparative figures for the year ended 31 December 2022 have been restated to correct this classification. The impact of the restatement is as follows:
.    A reclassification of £6,271,462 from Investment property to Tangible fixed assets.
.   No impact on total net assets or profit for the year ended 31 December 2022 as the property continues   to be carried at fair value.

Page 34

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

17.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
529,165



At 31 December 2023
529,165






Net book value



At 31 December 2023
529,165



At 31 December 2022
529,165


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Global Forwarding Limited
United Kingdom
Freight forwarder
Ordinary
100%
Oriental Global Logistics Limited
United Kingdom
Freight forwarder
Ordinary
51%
Hecny Properties Limited
United Kingdom
Holding investment property
Ordinary
100%
Global Forwarding Trucking Limited
United Kingdom
Trucking services
Ordinary
85%

The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Global Forwarding Limited
565,876
543,820

Oriental Global Logistics Limited
(31,081)
(61,518)

Hecny Properties Limited
1,883,725
1,367,283

Global Forwarding Trucking Limited
(3,477)
61,974

Page 35

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

18.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Due after more than one year

Other debtors
47,102
47,731
-
-


Group
Group
Company
Company
2023
As restated 2022
2023
As restated 2022
£
£
£
£

Due within one year

Trade debtors
4,921,665
6,946,052
-
-

Amounts owed by group undertakings
195,402
786,571
2,189,730
4,163,231

Other debtors
218,828
262,962
-
-

Called up share capital not paid
100
100
-
-

Prepayments and accrued income
4,249,204
3,610,581
-
-

9,585,199
11,606,266
2,189,730
4,163,231



19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
As restated 2022
2023
As restated 2022
£
£
£
£

Trade creditors
3,028,498
4,235,757
-
-

Amounts owed to group undertakings
12,019,136
17,653,541
1,982,181
3,753,517

Other taxation and social security
121,516
388,390
-
-

Other creditors
499,308
855,522
220,242
417,057

Accruals and deferred income
3,359,878
3,777,772
3,034
2,500

19,028,336
26,910,982
2,205,457
4,173,074


Page 36

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

20.


Deferred taxation


Group



2023


£






At beginning of year
(192,016)


Charged to profit or loss
(455,979)



At end of year
(647,995)

Company


2023






At end of year
-
Group
Group
2023
2022
£
£

Accelerated capital allowances
(15,155)
(138,210)

Fair value gain on investment
(632,840)
(53,806)

(647,995)
(192,016)


21.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



126 (2022 - 126) Hecny Ordinary shares of £1.00 each
126
126
14 (2022 - 14) Roydon Ordinary shares of £1.00 each
14
14

140

140


Page 37

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

22.


Reserves

Revaluation reserve

Revaluation reserve is a non distributable reserve. 

Profit and loss account

The profit and loss reserve contains the cumulative balance of retained profit and losses since the company started trading. It is a distributable reserve.


23.


Prior year adjustment

IIn addition to the prior year adjustment relating to freehold property (Note 16), the following prior year adjustment has also been made.
During this reporting period, it was identified that in the financial statements for the year ended 31 December 2022, dividends receivable by Via Global Limited from its subsidiary, and the corresponding dividends declared by Via Global Limited to its shareholders, were not reflected in the individual company financial statements.
The comparative figures for the year ended 31 December 2022 have been restated to correct this omission. The impact of the restatement is as follows:
 - Recognition of a £4,505,608 dividend receivable from the subsidiary and a corresponding £4,505,608 dividend declared to shareholders.
Impact: No effect on retained earnings for either the group or the parent company.
- Recognition of an amount due from group undertakings of £4,163,231, representing the unpaid portion of the dividend at year-end. A corresponding liability of £4,163,231 has been recorded under amounts due to group undertakings and other creditors, representing the unpaid dividend due to shareholders.
Impact: No effect on net assets for either the group or the parent company.
The restatement affects the presentation of balance sheet only, with no impact on the consolidated income statement or tax payable.


24.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group  in an independently administered fund. The pension cost charge represents contributions payable by the Group  to the fund and amounted to £123,914 (2022 - £96,783). 

Page 38

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

25.


Commitments under operating leases

At 31 December 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
36,926
160,502

Later than 1 year and not later than 5 years
34,685
37,928

71,611
198,430

26.


Related party transactions

Group
At the balance sheet date, the Group owed £11,925,821 (2022: £17,410,603) to the parent Company, Hecny Transportation Ltd (Hong Kong) and its subsidiaries, and was owed £102,242 (2022 - £543,633) from Via Global Forwarding Ireland Limited, a company under common control.
During the year, the Group made sales of £1,100,277 (2022: £627,465) and purchases of £8,872,311 (2022: £19,385.757) to entities under common control. 
Company
Included with amounts due to group undertakings is £1,982,181 (2022 - £3,753,516) due to the parent company, Hecny Transportation Ltd (Hong Kong). 
Included within other creditors for both the Company and the Group is an amount of £227,804 (2023: £418,439) owed to a director.
The Company and the Group has taken advantage of the exemptions conferred by Section 33 of Financial Reporting Standard 102 from the requirement to not make disclosures concerning transactions with other wholly group companies.

 
Page 39