Company registration number 01416235 (England and Wales)
WEXCO AIRFREIGHT (UK) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
WEXCO AIRFREIGHT (UK) LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
Notes to the financial statements
2 - 6
WEXCO AIRFREIGHT (UK) LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
11,644
19,044
Current assets
Debtors
4
2,074,852
2,334,581
Cash at bank and in hand
21,292
14,325
2,096,144
2,348,906
Creditors: amounts falling due within one year
5
(846,474)
(651,091)
Net current assets
1,249,670
1,697,815
Net assets
1,261,314
1,716,859
Capital and reserves
Called up share capital
25,000
25,000
Profit and loss reserves
1,236,314
1,691,859
Total equity
1,261,314
1,716,859
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 27 May 2025 and are signed on its behalf by:
Mr Sebastiaan Scholte
Director
Company registration number 01416235 (England and Wales)
WEXCO AIRFREIGHT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information
Wexco Airfreight (UK) limited is a private company limited by shares incorporated in England and Wales. The registered office is Lancaster House, Northumberland Close, Stanwell, Staines Upon Thames, England, TW197LN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
The financial statements of the company are consolidated in the financial statements of World Freight Company International S.A.S. These consolidated financial statements are available from its registered office, Zone de Fret 4, 3 Rue de Cercel Bat 3313, Roissy CDG Aeroport, France, F95705.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
33% straight line
Fixtures and fittings
15% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
WEXCO AIRFREIGHT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Recoverable amount is the higher of fair value less costs to sell and value in use.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and all company bank accounts.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. They are subsequently measured as the fair value of future cash flows receivable. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price, and are subsequently measured at the fair value of future cash flows payable by the company. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
1.8
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
WEXCO AIRFREIGHT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.11
Leases
Rentals payable under operating leases are charged to income on a straight line basis over the term of the relevant lease.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was as follows:
2024
2023
Number
Number
Total
16
17
3
Tangible fixed assets
Computers
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2024
87,017
101,829
188,846
Additions
2,198
2,198
At 31 December 2024
87,017
104,027
191,044
Depreciation and impairment
At 1 January 2024
84,296
85,506
169,802
Depreciation charged in the year
1,282
8,316
9,598
At 31 December 2024
85,578
93,822
179,400
Carrying amount
At 31 December 2024
1,439
10,205
11,644
At 31 December 2023
2,721
16,323
19,044
WEXCO AIRFREIGHT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,757,521
1,533,418
Corporation tax recoverable
67,377
65,529
Amounts owed by group undertakings
186,877
668,694
Other debtors
63,077
66,940
2,074,852
2,334,581
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
500,571
529,631
Taxation and social security
19,546
22,468
Other creditors
326,357
98,992
846,474
651,091
6
Audit report information
As the audit report has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report is unqualified and includes the following:
The senior statutory auditor was Andrew Brooker FCA on behalf of Begbies Chartered Accountants
7
Operating lease commitments
As lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Total commitments
100,000
150,000
8
Related party transactions
The company has taken advantage of the provision within FRS 102 to not disclose details of transactions with other group members in these accounts.
WEXCO AIRFREIGHT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
9
Parent company
Wexco Airfreight (UK) ltd is a subsidiary undertaking of Kales Group BV, a company incorporated in the Netherlands, Consolidated financial statements can be obtained from Kales Group B.V., Triport Building 1, 6th Floor, Evert van de Beekstraat 46, Schipol, NL-118 CL, Netherlands. The ultimate parent company is World Freight Company International SAS.