Uneek Forwarding Limited

	Page
Strategic Report	1
Directors' Report	2—3
Independent Auditor's Report	4—6
Consolidated Profit and Loss Account	7
Consolidated Statement of Comprehensive Income	8
Consolidated Balance Sheet	9—10
Company Balance Sheet	11—12
Consolidated Statement of Changes in Equity	13
Company Statement of Changes in Equity	15
Consolidated Statement of Cash Flows	16
Notes to the Consolidated Statement of Cash Flows	17
Company Statement of Cash Flows	18
Notes to the Company Statement of Cash Flows	19
Notes to the Financial Statements	20—29

The directors present their strategic report for the year ended 31 March 2024.

Principal Activity

The group's principal activity continues to be that of clearing and forwarding agents, processing customer orders and acting as consolidators.

Review of the Business

The company’s key performance indicators during the year were as follows:

Turnover of current year £13,758,241 compared to previous year £20,621,991, decreased by 33.28%
Operating profit of current year £628,292 compared to previous year £1,040,285, decreased by 39.60%
Profit after tax of current year £729,126 compared to previous year £832,259, decreased by 12.39%
Average number of staff in current year 47 compared to previous year 49, change of -4.08%
Current assets as a % of current liabilities of curent year 126.47 compared to previous year 121.20, change of 5.05%

Operating profit has decreased by 39.60% and turnover by 33.28%.

Principal Risks and Uncertainties

The principal risks and uncertainties facing the company are broadly grouped as competitive, legislative and financial risk.

Competitive risk

The primary risk being an increase in the volume of competition in the freight forwarding industry resulting in lower margins. The company has a well established position in the market place in terms of customer loyalty which affords the company repeat business. The directors and the management together continually aim and have successfully managed robust and healthy business relationships with their customers, suppliers and all other stakeholders in the business.

Legislative risk

The directors and management have taken a comprehensive review of any legislative changes that may hamper the ability of the company in its day to day trading. Their findings indicate that at present there is no major impact.

Financial risk

The management has a policy that requires group companies to manage their foreign exchange risk against their functional currency. The group companies hedge their foreign exchange risk as and when necessary and appropriate. The group does not have any assets or long term liabilities in foreign currency but only in the functional currency that is Pound Sterling. The company has firm policies and procedures to manage its exposure to foreign currency transactions risk.

Other risk

The management has analysed the global downturn in the market and has implemented policies to sustain the business growth.

Post Balance Sheet Events

Refer to section 25 of notes to financial statements.

On behalf of the board

Mr Amit Patel

Director

31 March 2025

Page 1

Page 2

Uneek Forwarding Limited

Company No. 01559151

Directors' Report For The Year Ended 31 March 2024

Directors' Report

The directors present their report and the financial statements for the year ended 31 March 2024.

Dividends

The value of dividends paid amounted to £222,000 .

The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year were as follows:

Mrs Varsha Patel	Resigned	28/10/2024
Mr Rajesh Patel	Resigned	28/10/2024
Mr Prakash Patel	Resigned	28/10/2024
Mr Avinashkumar Patel	Resigned	28/10/2024
Mr Amar Patel	Appointed	28/10/2024
Mr Sandeep Patel	Appointed	28/10/2024
Mr Amit Patel	Appointed	28/10/2024

Matters covered in the Strategic Report

Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Page 2

Page 3

Uneek Forwarding Limited

Directors' Report (continued)

For The Year Ended 31 March 2024

Independent Auditors

The auditors, Affinity Associates (Flemmings) Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

Mr Amit Patel

Director

31 March 2025

Page 3

Page 4

Independent Auditor's Report

to the Members of

Uneek Forwarding Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Uneek Forwarding Limited for the year ended 31 March 2024 which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement, Company Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit/(loss) 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the 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 entity's ability to continue as a going concern for a period of at least 12 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.

Other Information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, 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 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.

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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Page 4

Page 5

Independent Auditor's Report (continued)

to the Members of

Uneek Forwarding Limited

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 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 or 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.

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 2—3, 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As part of our audit, we have assessed the extent to which our procedures were capable of detecting irregularities, including fraud.

We designed our audit procedures to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error.

However, due to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements may not be detected, particularly those arising from fraud, which may involve deliberate concealment, forgery, or collusion.

To address the risk of irregularities, including fraud, we performed the following procedures:

Discussions with Management and Governance:

We engaged with management and those charged with governance to understand the company’s approach to fraud prevention, risk assessment, and ethical compliance.
We considered the effectiveness of the internal controls designed to prevent and detect fraud.

Identification of Relevant Laws and Regulations:

We identified laws and regulations that have a direct impact on the financial statements, including:

UK Financial Reporting Standards (FRS 102);
The Companies Act 2006;
Corporation Tax, VAT, and payroll legislation;
Pensions legislation;
Distributable profits legislation.

We also considered laws and regulations that are fundamental to the business operations, including:

...CONTINUED

Page 5

Page 6

Independent Auditor's Report (continued)

to the Members of

Uneek Forwarding Limited

Auditor's Responsibilities for the Audit of the Financial Statements - continued

Health and Safety Regulations;
Environmental and sustainability compliance;
Employment and data protection laws (GDPR);
Import/export and product safety regulations relevant to the company’s cleaning and hygiene distribution operations.
Audit Procedures Undertaken to Detect Irregularities, Including Fraud:
Review of board minutes and correspondence with regulatory authorities for indications of non-compliance.
Enquiries with management regarding any actual or potential litigation or regulatory matters.
Testing of journal entries, particularly those involving unusual, significant, or unexpected transactions.
Analytical procedures to identify unexpected trends or fluctuations in financial data.
Assessment of management’s controls over compliance, fraud detection, and financial reporting.

Consideration of Management Override of Controls:

We specifically evaluated the risk of management override of controls, including assessing the segregation of duties and reviewing manual adjustments to financial records.
We reviewed the reasonableness of key accounting estimates, including inventory valuation, provisions, and asset impairments.

Outcome and Limitations:

No material instances of fraud or non-compliance with laws and regulations were identified during our audit.
However, as with all audits, there remains an inherent risk that fraud or irregularities may go undetected due to collusion, misrepresentation, or the complexity of fraud schemes.

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

Use Of Our Report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters that 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.

Mukund Amin (Senior Statutory Auditor)

for and on behalf of Affinity Associates (Flemmings) Limited , Statutory Auditor

31 March 2025

Affinity Associates (Flemmings) Limited

76 Canterbury Road

Croydon

Surrey

CR0 3HA

Page 6

Page 7

Uneek Forwarding Limited

Consolidated Profit and Loss Account

For The Year Ended 31 March 2024

Consolidated Profit and Loss Account

		2024	2023 as restated
	Notes	£	£
TURNOVER	3	13,758,241	20,621,991
Cost of sales		(10,743,280 )	(17,065,993 )

GROSS PROFIT		3,014,961	3,555,998

Administrative expenses		(2,789,163 )	(2,864,688 )
Other operating income		406,482	348,975

OPERATING PROFIT	5	632,280	1,040,285
Fair value gains on investment properties		344,985	-
Income from Shares in group undertakings		38,487	30,175
Profit on disposal of fixed assets		5,584	-
Other interest receivable and similar income	10	13,242	5,216
Interest payable and similar charges	11	777	(18,686 )

PROFIT BEFORE TAXATION		1,035,355	1,056,990
Tax on Profit	12	(302,241 )	(224,731 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR		733,114	832,259


Profit attributable to:
Owners of the parent		730,534	826,841
Non-controlling interest		2,580	5,418

		733,114	832,259

The notes on pages 17 to 29 form part of these financial statements.

Page 7

Page 8

Uneek Forwarding Limited

Consolidated Statement of Comprehensive Income

For The Year Ended 31 March 2024

Consolidated Statement of Comprehensive Income

	2024	2023 as restated
	£	£
PROFIT FOR THE FINANCIAL YEAR	733,114	832,259
OTHER COMPREHENSIVE INCOME:
Other equity movements	(555,037 )	31,131

Prior year adjustment	-	(31,131)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR	178,077	832,259


Total comprehensive income attributable to:
Owners of the parent	175,497	826,841
Non-controlling interest	2,580	5,418

	178,077	832,259

Page 8

Page 9

Uneek Forwarding Limited

Consolidated Balance Sheet

As At 31 March 2024

Consolidated Balance Sheet

Registered number: 01559151

		2024		2023 as restated
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	13		249,457		311,821
Tangible Assets	14		7,044,158		7,141,906
Investment Properties	15		1,561,750		1,216,765
Investments	16		546,008		542,387

			9,401,373		9,212,879
CURRENT ASSETS
Debtors	17	4,335,163		3,053,381
Cash at bank and in hand		721,426		1,137,934

		5,056,589		4,191,315
Creditors: Amounts Falling Due Within One Year	18	(3,998,251 )		(3,458,164 )

NET CURRENT ASSETS (LIABILITIES)			1,058,338		733,151

TOTAL ASSETS LESS CURRENT LIABILITIES			10,459,711		9,946,030

Creditors: Amounts Falling Due After More Than One Year	19		(291,745 )		(364,214 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	21		(704,273 )		(38,201 )

NET ASSETS			9,463,693		9,543,615

CAPITAL AND RESERVES
Called up share capital	22		1,000,000		1,000,000
Revaluation reserve			4,589,359		4,589,359
Other reserves			(485,677 )		69,360
Profit and Loss Account			4,304,149		3,804,974

Equity attributable to owners of the parent			9,407,831		9,463,693
Non-controlling interest			55,862		79,922

TOTAL EQUITY			9,463,693		9,543,615

Page 9

Page 10

Uneek Forwarding Limited

Consolidated Balance Sheet (continued)

As At 31 March 2024

The financial statements were approved by the board of directors on 31 March 2025 and were signed on its behalf by:

Mr Amit Patel

Director

The notes on pages 17 to 29 form part of these financial statements.

Page 10

Page 11

Uneek Forwarding Limited

Company Balance Sheet

As At 31 March 2024

Company Balance Sheet

Registered number: 01559151

		2024		2023 as restated
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	14		7,261,787		7,001,414
Investments	16		1,821,269		1,785,269

			9,083,056		8,786,683
CURRENT ASSETS
Debtors	17	3,646,194		2,382,321
Cash at bank and in hand		628,665		991,878

		4,274,859		3,374,199
Creditors: Amounts Falling Due Within One Year	18	(3,085,780 )		(2,414,718 )

NET CURRENT ASSETS (LIABILITIES)			1,189,079		959,481

TOTAL ASSETS LESS CURRENT LIABILITIES			10,272,135		9,746,164

Creditors: Amounts Falling Due After More Than One Year	19		(291,745 )		(364,214 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	21		(684,356 )		(32,227 )

NET ASSETS			9,296,034		9,349,723

CAPITAL AND RESERVES
Called up share capital	22		1,000,000		1,000,000
Revaluation reserve			4,078,222		4,078,222
Other reserves			(485,676 )		69,361
Profit and Loss Account			4,703,488		4,202,140

SHAREHOLDERS' FUNDS			9,296,034		9,349,723

Page 11

Page 12

Uneek Forwarding Limited

Company Balance Sheet (continued)

As At 31 March 2024

In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit for the year was £ 723,348 (2023: £ 780,524 profit).

The financial statements were approved by the board of directors on 31 March 2025 and were signed on its behalf by:

Mr Amit Patel

Director

The notes on pages 17 to 29 form part of these financial statements.

Page 12

Page 13

Uneek Forwarding Limited

Consolidated Statement of Changes in Equity

For The Year Ended 31 March 2024

Consolidated Statement of Changes in Equity

	Share Capital	Revaluation reserve	Other reserves	Profit and Loss Account
	£	£	£	£
As at 1 April 2022 as previously stated	1,000,700	4,589,359	74,043	3,344,844
Prior year adjustment	-	-	-	(31,131 )

As at 1 April 2022 as restated	1,000,700	4,589,359	74,043	3,313,713

Profit for the year and total comprehensive income	-	-	-	826,841

Dividends paid	-	-	-	(327,000)
Share capital reduction	(700 )	-	-	-
Acquisition of shares in subsidiary from non-controlling interest	-	-	-	(8,580 )
Movements in other reserves	-	-	(4,683)	-

As at 31 March 2023 and 1 April 2023 as restated	1,000,000	4,589,359	69,360	3,804,974


Profit for year	-	-	-	730,534

Other comprehensive income (expense) type A	-	-	(555,037)	-

Other comprehensive income for the year	-	-	(555,037 )	-

Total comprehensive income for the year	-	-	(555,037)	730,534

Dividends paid	-	-	-	(222,000)
Acquisition of shares in subsidiary from non-controlling interest	-	-	-	(9,359 )

As at 31 March 2024	1,000,000	4,589,359	(485,677 )	4,304,149

	Total Attributable to Parent	Non-controlling interest	Total
	£	£	£
As at 1 April 2022 as previously stated	9,008,946	-	9,008,946
Prior year adjustment	(31,131 )	137,924	106,793

As at 1 April 2022 as restated	8,977,815	137,924	9,115,739

Profit for the year and total comprehensive income	826,841	5,418	832,259

Dividends paid	(327,000)	-	(327,000)

...CONTINUED

Page 13

Page 14

Uneek Forwarding Limited

Consolidated Statement of Changes in Equity (continued)

For The Year Ended 31 March 2024

Share capital reduction	(700)	-	(700)
Acquisition of shares in subsidiary from non-controlling interest	(8,580 )	(63,420 )	(72,000 )
Movements in other reserves	(4,683)	-	(4,683)

As at 31 March 2023 and 1 April 2023 as restated	9,463,693	79,922	9,543,615


Profit for year	730,534	2,580	733,114

Other comprehensive income (expense) type A	(555,037)	-	(555,037)

Other comprehensive income for the year	(555,037 )	-	(555,037 )

Total comprehensive income for the year	175,497	2,580	178,077

Dividends paid	(222,000)	-	(222,000)
Acquisition of shares in subsidiary from non-controlling interest	(9,359 )	(26,640 )	(35,999 )

As at 31 March 2024	9,407,831	55,862	9,463,693

Page 14

Page 15

Uneek Forwarding Limited

Company Statement of Changes in Equity

For The Year Ended 31 March 2024

Company Statement of Changes in Equity

	Share Capital	Revaluation reserve	Other reserves	Profit and Loss Account	Total
	£	£	£	£	£
As at 1 April 2022	1,000,000	4,078,222	74,043	3,643,616	8,795,881
Profit for the year and total comprehensive income	-	-	-	780,524	780,524

Dividends paid	-	-	-	(222,000)	(222,000)
Movements in other reserves	-	-	(4,682)	-	(4,682)

As at 31 March 2023 and 1 April 2023 as restated	1,000,000	4,078,222	69,361	4,202,140	9,349,723


Profit for year	-	-	-	723,348	723,348

Other comprehensive income (expense) type A	-	-	(555,037)	-	(555,037)

Other comprehensive income for the year	-	-	(555,037 )	-	(555,037 )

Total comprehensive income for the year	-	-	(555,037)	723,348	168,311

Dividends paid	-	-	-	(222,000)	(222,000)

As at 31 March 2024	1,000,000	4,078,222	(485,676 )	4,703,488	9,296,034

Page 15

Page 16

Uneek Forwarding Limited

Consolidated Statement of Cash Flows

For The Year Ended 31 March 2024

Consolidated Statement of Cash Flows

		2024	2023 as restated
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	16,492	2,258,960
Interest refunded/(paid)		777	(18,688 )
Tax paid		(136,249 )	(361,558 )

Net cash (used in)/generated from operating activities		(118,980 )	1,878,714

Cash flows from investing activities
Purchase of tangible assets		(11,990 )	(212,917 )
Proceeds from disposal of tangible assets		7,000	-
Purchase of investment in subsidiary undertaking		(36,000 )	(36,000 )
Purchase of investment in associated undertakings and joint ventures		(3,621 )	-
Proceeds from disposal of investment in associated undertakings and joint ventures		-	6,370
Purchase of other fixed asset investments		-	(53,021 )
Proceeds from disposal of other fixed asset investments		-	700
Interest received		51,729	5,216

Net cash generated from/(used in) investing activities		7,118	(289,652 )

Cash flows from financing activities
Purchase/redemption of own shares		-	(700 )
Equity dividends paid		(222,000 )	(327,000 )
Repayment of bank borrowings		-	(1,426,686 )
Proceeds from new other loans		-	61,625
Repayment of other loans		(72,469)	-
Amount withdrawn by directors		(9,174)	-

Net cash used in financing activities		(303,643 )	(1,692,761 )



Decrease in cash and cash equivalents		(415,505 )	(103,699 )
Cash and cash equivalents at beginning of year	2	1,137,934	1,241,633
Foreign exchange losses on cash and cash equivalents		(1,003 )	-

Cash and cash equivalents at end of year	2	721,426	1,137,934

Page 16

Page 17

Uneek Forwarding Limited

Notes to the Consolidated Statement of Cash Flows

For The Year Ended 31 March 2024

Notes to the Consolidated Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash generated from operations

	2024	2023 as restated
	£	£
Profit for the financial year	733,114	832,259
Adjustments for:
Tax on profit	302,241	224,731
Interest expense	(777 )	18,687
Interest income	(13,242 )	(5,216 )
Income from shares in group undertakings	(38,487)	(30,175)
Amortisation of intangible assets	62,364	62,364
Depreciation of tangible assets	108,322	105,790
Profit on disposal of tangible assets	(5,584)	-
Net fair value gains recognised in profit or loss	(344,985)	-
Foreign exchange losses	1,003	-
Movements in working capital:
(Increase)/decrease in trade and other debtors	(1,281,782 )	2,574,391
Increase/(decrease) in trade and other creditors	494,305	(1,523,871 )

Net cash generated from operations	16,492	2,258,960

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2024	2023 as restated
	£	£
Cash at bank and in hand	721,426	1,137,934

3. Analysis of changes in net funds

	As at 1 April 2023	Cash flows	As at 31 March 2024
	£	£	£
Cash at bank and in hand	1,137,934	(416,508)	721,426
Debts falling due after more than one year	(364,214)	72,469	(291,745)

	773,720	(344,039)	429,681

Page 17

Page 18

Uneek Forwarding Limited

Company Statement of Cash Flows

For The Year Ended 31 March 2024

Company Statement of Cash Flows

		2024	2023 as restated
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	34,551	1,601,704
Interest refunded/(paid)		858	(10,594 )
Tax paid		(101,152 )	(318,194 )

Net cash (used in)/generated from operating activities		(65,743 )	1,272,916

Cash flows from investing activities
Purchase of tangible assets		-	(212,917 )
Purchase of investment in subsidiary undertaking		(36,000 )	(36,000 )
Purchase of other fixed asset investments		-	(53,021 )
Interest received		13,197	5,216
Dividends received		27,000	-

Net cash generated from/(used in) investing activities		4,197	(296,722 )

Cash flows from financing activities
Equity dividends paid		(222,000 )	(222,000 )
Repayment of bank borrowings		-	(1,003,949 )
Repayment of other loans		(72,469)	-
Amount withdrawn by directors		(9,176)	-

Net cash used in financing activities		(303,645 )	(1,225,949 )



Decrease in cash and cash equivalents		(365,191 )	(249,755 )
Cash and cash equivalents at beginning of year	2	991,878	1,241,633
Foreign exchange gains on cash and cash equivalents		1,978	-

Cash and cash equivalents at end of year	2	628,665	991,878

Page 18

Page 19

Uneek Forwarding Limited

Notes to the Company Statement of Cash Flows

For The Year Ended 31 March 2024

Notes to the Company Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash generated from operations

	2024	2023 as restated
	£	£
Profit for the financial year	723,348	780,524
Adjustments for:
Tax on profit	251,430	191,526
Interest expense	(858 )	10,594
Interest income	(13,197 )	(5,216 )
Income from shares in group undertakings	(27,000)	-
Depreciation of tangible assets	84,612	76,753
Net fair value gains recognised in profit or loss	(344,985)	-
Foreign exchange (gains)/losses	(1,978)	41,429
Movements in working capital:
(Increase)/decrease in trade and other debtors	(1,263,873 )	2,294,824
Increase/(decrease) in trade and other creditors	627,052	(1,788,730 )

Net cash generated from operations	34,551	1,601,704

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2024	2023 as restated
	£	£
Cash at bank and in hand	628,665	991,878

3. Analysis of changes in net funds

	As at 1 April 2023	Cash flows	As at 31 March 2024
	£	£	£
Cash at bank and in hand	991,878	(363,213)	628,665
Debts falling due after more than one year	(364,214)	72,469	(291,745)

	627,664	(290,744)	336,920

Page 19

Page 20

Uneek Forwarding Limited

Notes to the Financial Statements

For The Year Ended 31 March 2024

Notes to the Financial Statements

1. General Information

Uneek Forwarding Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01559151 . The registered office is Unit 1 & 2 Renwick Industrial Estate, Renwick Road, Barking, Essex, IG11 0SD.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.

2.2. Basis Of Consolidation

The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 March 2024.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.

Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.

Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.

Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.

Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.

2.3. Business Combinations

Business combinations are accounted for by applying the purchase method.

The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.

Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measurable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination.

On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.

Page 20

Page 21

Uneek Forwarding Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2024

2.4. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.5. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.

2.6. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	33 years straight line on building cost
Motor Vehicles	15% reducing balance
Fixtures & Fittings	15% reducing balance
Computer Equipment	10% reducing balance

2.7. Investment Properties

All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.

2.8. Investments

Fixed asset 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 profit or loss.

2.9. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.10. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

Page 21

Page 22

Uneek Forwarding Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2024

2.11. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Turnover

Analysis of turnover by geographical market is as follows:

	2024	2023 as restated
	£	£
United Kingdom	13,758,241	16,831,947

	13,758,241	16,831,947

4. Other Operating Income

	2024	2023 as restated
	£	£
Rental income	106,820	63,450
Other operating income	299,662	285,525

	406,482	348,975

5. Operating Profit

The operating profit is stated after charging:

	2024	2023 as restated
	£	£
Bad debts	9,786	-
Operating lease rentals	-	69,413
Exchange differences	-	41,429
Depreciation of tangible fixed assets	108,322	105,790
Amortisation of intangible fixed assets	62,364	62,364

Page 22

Page 23

Uneek Forwarding Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2024

6. Auditor's Remuneration

Remuneration received by the company's auditors and their associates during the year was as follows:

	2024	2023 as restated
	£	£
Audit Services
Audit of the group and company's financial statements	6,000	6,000

7. Staff Costs

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

	Group		Company
	2024	2023 as restated	2024	2023 as restated
	£	£	£	£
Wages and salaries	1,320,097	1,368,907	963,114	1,013,892
Social security costs	122,401	136,224	86,430	100,589
Other pension costs	234,810	230,410	226,542	221,975

	1,677,308	1,735,541	1,276,086	1,336,456

8. Average Number of Employees

Group

Average number of employees, including directors, during the year was: 47 (2023: 49)

Company

Average number of employees, including directors, during the year was as follows: 36 (2023: 39)

9. Directors' remuneration

	2024	2023 as restated
	£	£
Emoluments	32,635	32,635

10. Interest Receivable and Similar Income

	2024	2023 as restated
	£	£
Bank interest receivable	13,197	5,216
Interest from shares in associates	38,487	30,175
Other interest receivable type A	45	-

	51,729	35,391

Page 23

Page 24

Uneek Forwarding Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2024

11. Interest Payable and Similar Charges

	2024	2023 as restated
	£	£
Bank loans and overdrafts	294	8,109
Interest payable on other loans	-	2,441
Late payment tax charges	(1,071 )	2,884
Other finance charges	-	5,252

	(777)	18,686

12. Tax on Profit

	Tax Rate		2024	2023 as restated
The tax charge on the profit for the year was as follows:
	2024	2023	£	£
Current tax
UK Corporation Tax	25.0%	19.0%	191,205	190,586
Deferred Tax
Deferred taxation			111,036	34,145


Total tax charge for the period			302,241	224,731


The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
			2024	2023
			£	£
Profit before tax			1,035,355	1,056,990

Tax on profit at 25% (UK standard rate)			257,842	200,828
Goodwill/depreciation not allowed for tax			45,125	34,258
Expenses not deductible for tax purposes			1,890	-
Tax losses utilised			(19,313 )	-
Capital allowances			4,755	(45,138 )
Short term timing differences			24,790	34,145
Difference in tax rates			(4,982 )	-
Joint ventures and associates results reported net of tax			(7,866 )	638

Total tax charge for the period			302,241	224,731

Page 24

Page 25

Uneek Forwarding Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2024

13. Intangible Assets

Group

	Goodwill
	£
Cost
As at 1 April 2023	1,247,281

As at 31 March 2024	1,247,281

Amortisation
As at 1 April 2023	935,460
Provided during the period	62,364

As at 31 March 2024	997,824

Net Book Value
As at 31 March 2024	249,457

As at 1 April 2023	311,821

Company

The company had no intangible fixed assets as at 31 March 2024 or 31 March 2023.

14. Tangible Assets

Group

	Land & Property
	Freehold	Motor Vehicles	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£	£
Cost or Valuation
As at 1 April 2023	7,148,848	305,019	824,792	13,724	8,292,383
Additions	-	11,990	-	-	11,990
Disposals	-	(5,400 )	-	-	(5,400 )

As at 31 March 2024	7,148,848	311,609	824,792	13,724	8,298,973

Depreciation
As at 1 April 2023	313,322	60,170	767,263	9,722	1,150,477
Provided during the period	63,493	37,820	6,609	400	108,322
Disposals	-	(3,984 )	-	-	(3,984 )

As at 31 March 2024	376,815	94,006	773,872	10,122	1,254,815

Net Book Value
As at 31 March 2024	6,772,033	217,603	50,920	3,602	7,044,158

As at 1 April 2023	6,835,526	244,849	57,529	4,002	7,141,906

Page 25

Page 26

Uneek Forwarding Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2024

Company

	Land & Property
	Freehold	Investment Properties	Motor Vehicles	Fixtures & Fittings	Total
	£	£	£	£	£
Cost or Valuation
As at 1 April 2023	5,848,848	1,216,765	204,967	363,048	7,633,628
Revaluation	-	344,985	-	-	344,985

As at 31 March 2024	5,848,848	1,561,750	204,967	363,048	7,978,613

Depreciation
As at 1 April 2023	266,893	-	19,378	345,943	632,214
Provided during the period	54,208	-	27,838	2,566	84,612

As at 31 March 2024	321,101	-	47,216	348,509	716,826

Net Book Value
As at 31 March 2024	5,527,747	1,561,750	157,751	14,539	7,261,787

As at 1 April 2023	5,581,955	1,216,765	185,589	17,105	7,001,414

15. Investment Property

Group

	2024
	£
Fair Value
As at 1 April 2023	1,216,765
Revaluations	344,985

As at 31 March 2024	1,561,750

If investment property had been accounted for under historical cost accounting rules, the amounts would be:

	2024	2023 as restated
	£	£
Cost	1,216,765	1,216,765

Company

	2024
	£
Fair Value
As at 1 April 2023	1,216,765
Revaluations	344,985

As at 31 March 2024	1,561,750

If investment property had been accounted for under historical cost accounting rules, the amounts would be:

	2024	2023 as restated
	£	£
Cost	1,216,765	1,216,765

Page 26

Page 27

Uneek Forwarding Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2024

The directors consider that given the current economic climate, an up to date market valuation of the properties has not been undertaken recently however, the market value of the investment properties as at 31 March 2024 will not be significantly different to the cost shown.

Further, as permitted by FRS 102, the directors have performed yield calculations on the investment property on the basis of the current rental receivable by the company. Their findings indicate that in accordance with the annual yield, the cost of the investment property as disclosed in the financial statements, will not differ significantly with the current market value.

16. Investments

Group

	Associates	Unlisted	Other	Total
	£	£	£	£
Cost
As at 1 April 2023	197,182	250,000	95,205	542,387
Additions	3,621	-	-	3,621

As at 31 March 2024	200,803	250,000	95,205	546,008

Provision
As at 1 April 2023	-	-	-	-

As at 31 March 2024	-	-	-	-

Net Book Value
As at 31 March 2024	200,803	250,000	95,205	546,008

As at 1 April 2023	197,182	250,000	95,205	542,387

Company

	Subsidiaries	Unlisted	Other	Total
	£	£	£	£
Cost
As at 1 April 2023	1,440,064	250,000	95,205	1,785,269
Additions	36,000	-	-	36,000

As at 31 March 2024	1,476,064	250,000	95,205	1,821,269

Provision
As at 1 April 2023	-	-	-	-

As at 31 March 2024	-	-	-	-

Net Book Value
As at 31 March 2024	1,476,064	250,000	95,205	1,821,269

As at 1 April 2023	1,440,064	250,000	95,205	1,785,269

The directors have performed an evaluation and thorough assessment of investments in subsidiaries and associates. In their opinion, the investments as stated do not need any adjustments for impairment.

Page 27

Page 28

Uneek Forwarding Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2024

17. Debtors

	Group		Company
	2024	2023 as restated	2024	2023 as restated
	£	£	£	£
Due within one year
Trade debtors	2,840,229	2,390,002	2,197,765	1,803,604
Amounts owed by group undertakings	208,830	-	208,830	-
Amounts owed by participating interests	1,138,299	474,417	1,138,299	474,417
Other debtors	147,805	188,962	101,300	104,300

	4,335,163	3,053,381	3,646,194	2,382,321

18. Creditors: Amounts Falling Due Within One Year

	Group		Company
	2024	2023 as restated	2024	2023 as restated
	£	£	£	£
Trade creditors	3,164,239	2,941,486	2,384,404	2,022,369
Amounts owed to participating interests	99,664	70,000	29,664	-
Other creditors	200,599	236,307	194,039	223,760
Corporation tax	154,171	99,215	125,171	71,985
Taxation and social security	52,915	33,190	46,955	39,754
Accruals and deferred income	326,663	77,966	305,547	56,850

	3,998,251	3,458,164	3,085,780	2,414,718

19. Creditors: Amounts Falling Due After More Than One Year

	Group		Company
	2024	2023 as restated	2024	2023 as restated
	£	£	£	£
Other loans	291,745	364,214	291,745	364,214

20. Loans

An analysis of the maturity of loans is given below:

	Group		Company
	2024	2023 as restated	2024	2023 as restated
	£	£	£	£
Amounts falling due between one and five years:
Other loans	291,745	364,214	291,745	364,214

Page 28

Page 29

Uneek Forwarding Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2024

21. Deferred Taxation

The provision for deferred tax is made up as follows:

	Group		Company
	2024	2023 as restated	2024	2023 as restated
	£	£	£	£
Revaluation of property, plant and equipment	555,037	-	555,037	-
Revaluation of investment properties	86,246	-	86,246	-
Other timing differences	62,990	38,201	43,073	32,227

	704,273	38,201	684,356	32,227

22. Share Capital

	2024	2023 as restated
Allotted, called up and fully paid	£	£
1,000,000 Ordinary Shares of £ 1.00 each	1,000,000	1,000,000

23. Pension Commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.

During the year the charge to profit or loss in respect of defined contribution schemes was £234,810 (2023: £230,410).

At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.

24. Dividends

	2024	2023 as restated
	£	£
On equity shares:
Final dividend paid	222,000	327,000

25. Post Balance Sheet Events

Change in ownership structure

Subsequent to the reporting date, there has been a change in the ownership structure of the company. This event occurred after the year end and does not affect the recognition or measurement of any amounts in the financial statements. As such, it is considered a non-adjusting event after the reporting period.

Page 29