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Registration number: 02535265

CLdN Ports London Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2024

Brebners
Chartered Accountants & Statutory Auditor
130 Shaftesbury Avenue
London
W1D 5AR

 

CLdN Ports London Limited

Contents

Company Information

1

Strategic Report

2 to 6

Directors' Report

7

Statement of Directors' Responsibilities

8

Independent Auditor's Report

9 to 11

Statement of Income and Retained Earnings

12

Statement of Financial Position

13

Notes to the Financial Statements

14 to 21

 

CLdN Ports London Limited

Company Information

Directors

B D Dove-Seymour

S M Hammond

F S Maes

P J van Malderen

G J Walker

J M E Rubens

Registered office

130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

Auditor

Brebners
Chartered Accountants & Statutory Auditor
130 Shaftesbury Avenue
W1D 5AR

 

CLdN Ports London Limited

Strategic Report for the Year Ended 31 December 2024

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

Principal activity

The principal activity of the company is a port operator.

Fair review of the business

The company operates a c.40 hectare two berth RoRo terminal at Purfleet on the north bank of the River Thames, within the Port of London. The terminal handles unaccompanied EU-UK unitised freight: containers, trailers and automotive units and general cargo. The company’s customers include related shipping lines.

A significant portion of the business is related to automotive business, both in stevedoring handling and storage.

Development and performance of the company's business during the financial year

The directors report a slight increase in turnover to £31,234,894 from £30,209,262 in 2023 and an increase in profits before tax to £2,254,049 from £1,869,494 in 2023. Cost of sales has decreased slightly to £16,114,084 from £16,280,236 in 2023. This reflects broadly similar performance of the company during 2024 to the year ended 31 December 2023. Net current assets have increased from £7,447,475 in 2023 to £8,943,728, principally related to higher debtors.

The directors assessed in their strategic report for the year ended 31 December 2023 that the global economic outlook and geo-political landscape would continue to present challenges for the performance of the Company, including impacts on trade volumes and higher operating costs related to wage and energy cost inflation. These challenges subsist. The import/export of automotive units remains suppressed compared with pre-COVID levels.

Notwithstanding this, the directors consider that the company’s performance in 2024 was positive despite these challenges and freight volumes handled continue to demonstrate the essential role of the UK’s short sea RoRo ferry ports in the UK’s freight capacity needs and supply chain.

The company is supported in the provision of its port operating services by investments in the enhancement of the terminal made by its parent. A new roundabout and access for the terminal was completed in August 2024, which will improve access to the terminal and ameliorate traffic impacts on local residents. The redevelopment of the former Esso Lubes site completed in Q1 2025, providing additional storage space and an extended operating area for the existing rubber-tyred gantry container stack.

The Government formally began carrying out physical sanitary and phytosanitary inspections on imported consignments as of 30 April 2024 with a phased introduction. The necessary facilities are completed and available. At present the number of physical inspections is below the government’s own previous assessments and it remains to be seen if this will change over time. The facilities are over-sized for projected numbers of inspections.

The company’s operating costs continue to be affected by higher energy and wage costs.

Stevedoring services that are provided to related parties are priced based on the Transactional Net Margin Method (TNMM). A new pricing framework was implemented with effect for the year 2024 as a result of the routine benchmark analysis carried out by the CLdN Links group. This was approved by the directors. The results reported in this statement reflect that framework and adjustments made under it.
 

 

CLdN Ports London Limited

Strategic Report for the Year Ended 31 December 2024

Financial Key Performance Indicators

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2024

2023

Turnover

£

31,234,894

30,209,262

Operating profit/(loss)

£

1,998,610

1,809,557

Gross profit margin

%

48

46

Profit/(loss) before tax

£

2,254,049

1,869,494

The impact of TNMM transfer pricing means that the value of measuring the performance of the Company purely on financial performance is limited. The directors therefore also measure the performance of the company on other factors including throughput/freight units handled.

 

CLdN Ports London Limited

Strategic Report for the Year Ended 31 December 2024

Future developments and prospects

The directors consider that the company’s operations will continue to be influenced by the impacts of global economic and geo-political factors, particularly relating to economic uncertainty. As the company operates in the sphere of EU-UK trade the impacts of potential trade barriers between the Europe and the US will be limited.

However, the UK-EU market may be impacted by the uncertainties that this issue creates, in addition the direct impact of Brexit on trade volumes alongside lower consumer confidence and depressed economic performance. The import/export of automotive units remains suppressed compared with pre-COVID levels.

Operating costs are expected to remain higher than previous years. Additional costs for labour will result from increases in national insurance contributions by the company.

Notwithstanding these challenges, the directors consider that the prospects for the company remain positive. The UK is reliant on short sea ports to service its freight transport needs with continental Europe, and the directors consider that the company remains well-placed to secure its position in this market as part of an integrated shipping and ports group that provides these essential services in the UK and EU; and that the CLdN Links group’s wider performance during 2024 and its established market position demonstrates that this is a reasonable assessment by the directors.

The company and its parent continue to enhance the facilities at Purfleet and the company is focused on delivering a long-term strategy that enables it to continue to offer efficient and cost-effective services to its customers.
 

 

CLdN Ports London Limited

Strategic Report for the Year Ended 31 December 2024

Risk Management

The board of directors assess that the key risks to the company are related to its operations, as follows:

Customers: The company’s revenue is generated by a limited number of shipping line customers in a very competitive market. The company is therefore exposed to the potential loss of one or more of these clients for commercial reasons, or insolvency. The directors seek to mitigate these risks with long-term contracts and maintaining the competitiveness of the port for customers.

Labour: higher than previous costs and restricted availability of labour are operational risks. The directors have taken steps to respond to the employment market, although labour availability continues to be constrained in the geographical area in which the company operates, particularly in certain skilled roles. The company’s costs for labour will also increase with the introduction of higher national insurance contributions for employees following the government’s announcement in 2024.

Energy: operational costs have increased further during 2024. Although inflation has eased prices have not returned to levels seen prior to recent inflationary pressures and are not expected to correct.

Development risks and costs: until December 2024 the company was responsible for the provision of port land and facilities for the operation of its subsidiaries and the enhancement of those facilities through capital expenditure and development of land. These are now the responsibility of the terminal owner. The directors are satisfied that the directors of the terminal owning company will continue to manage the enhancement and optimization of the terminal they now own in a proactive way to support the company’s business.

EU-UK trade: trade volumes have been impacted by Brexit. The introduction by the UK of SPS inspections from 30 April 2024 went smoothly and the number of physical inspections are below anticipated levels. However, the company relies on government agencies to conduct inspections efficiently to maintain efficient throughput of cargo. It remains to be seen whether discussions between the UK government and EU ease current barriers to trade.

Health, safety and environment (HSE): the company’s stevedoring and storage operations carry inherent HSE risks, including berthing of vessels and operation of heavy terminal equipment. The company has a dedicated HSE team to manage these risks through risk assessment, policy, training and reporting. Insurance is maintained to cover these risks.

Economic conditions: the directors expect the outlook for 2025 to remain uncertain given continuing depressed economic activity in the UK and wider economic conditions, including as a result of geopolitical events.
 

 

CLdN Ports London Limited

Strategic Report for the Year Ended 31 December 2024

Going concern

The company made a profit after tax for the year ended 31 December 2024 of £1,694,945 and had net assets at that date of £13,711,500.

The company finances its operations on a group basis from a combined treasury function.

The company is a co-borrower and co-obligor under a €200 million revolving credit facility (reducing by €20 million annually from April 2027) together with a term loan of €20 million with other members of its group. As at the date these financial statements were approved by the directors, a combined amount of €211 million was drawn under this facility but not by the company.

The directors consider that although challenges to trading volumes and revenue persist from global, EU-UK, and other geopolitical factors, this should not result in issues for the company as a going concern.

Having made sufficient enquiries, and based upon the above, the directors have a reasonable expectation that the company has adequate resources to continue operating in the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.
 

Approved by the Board on 11 June 2025 and signed on its behalf by:

.........................................
P J van Malderen
Director

 

CLdN Ports London Limited

Directors' Report for the Year Ended 31 December 2024

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

Directors of the company

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

B D Dove-Seymour

S M Hammond

F S Maes

P J van Malderen

G J Walker

J M E Rubens

Dividends

No interim dividends were paid during the year (2023: £Nil). No final dividend is proposed.

Disclosure of information in the Strategic Report

The company has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of financial instruments and future developments.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Director's liabilities

As permitted by the Articles of Association, the Directors have the benefit of an indemnity which is a qualifying third party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the last financial year and is currently in force.

Approved by the director on 11 June 2025 and signed by:



 

.........................................
P J van Malderen
Director

 

CLdN Ports London Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

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

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

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

 

CLdN Ports London Limited

Independent Auditor's Report to the Members of CLdN Ports London Limited
for the Year Ended 31 December 2024

Opinion

We have audited the financial statements of CLdN Ports London Limited (the 'company') for the year ended 31 December 2024, which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; 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 company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 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 auditor’s 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 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 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.

 

CLdN Ports London Limited

Independent Auditor's Report to the Members of CLdN Ports London Limited
for the Year Ended 31 December 2024

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.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

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

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of 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 Statement of Directors' Responsibilities (set out on page 8), 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.

 

CLdN Ports London Limited

Independent Auditor's Report to the Members of CLdN Ports London Limited
for the Year Ended 31 December 2024

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:

Based on our understanding of the company and the industry in which it operates, we determined that the principal risks of non-compliance with laws and regulations related to the reporting framework (FRS 102 and the Companies Act 2006) and UK corporate taxation laws and health and safety legislation. These risks were communicated to our audit team and we remained alert to any indications of non-compliance throughout our audit.

We understood how the company is complying with relevant legislation by making enquiries of management and those responsible for legal and compliance procedures. We also considered the results of our audit procedures and to what extent these corroborate this understanding and assessed the susceptibility of the company’s financial statements to material misstatement. This included consideration of how fraud might occur and evaluation of management’s incentives and opportunities for fraudulent manipulation of the financial statements.

We designed our audit procedures to identify any non-compliance with laws and regulations. Such procedures included, but were not limited to, inspection of any regulatory or legal correspondence; challenging assumptions and judgements made by management; identifying and testing journal entries with a focus on large or unusual transactions as determined based on our understanding of the business; and identifying and assessing the effectiveness of controls in place to prevent and detect fraud.

Owing to the inherent limitations of an audit, there remains a risk that a material misstatement may not have been detected, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance with laws and regulations and cannot be expected to detect all instances of non-compliance.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

The primary responsibility for the detection and prevention of fraud rests with those responsible for governance and management. The further removed non-compliance with laws and regulations is from the events reflected in the financial statements, the less likely the auditor will become aware of it.

The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission, misrepresentation or forgery.

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 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.

......................................
Martin Widdowson (Senior Statutory Auditor)
For and on behalf of

Brebners, Statutory Auditor
130 Shaftesbury Avenue
W1D 5AR

11 June 2025

 

CLdN Ports London Limited

Statement of Income and Retained Earnings for the Year Ended 31 December 2024

Note

2024
£

2023
£

Turnover

3

31,234,894

30,209,262

Cost of sales

 

(16,114,084)

(16,280,236)

Gross profit

 

15,120,810

13,929,026

Administrative expenses

 

(13,326,825)

(12,261,467)

Other operating income

4

204,625

141,998

Operating profit

5

1,998,610

1,809,557

Other interest receivable and similar income

6

255,459

59,937

Interest payable and similar charges

(20)

-

 

255,439

59,937

Profit before tax

 

2,254,049

1,869,494

Taxation

9

(559,104)

(393,013)

Profit for the financial year

 

1,694,945

1,476,481

Retained earnings brought forward

 

3,538,555

2,062,074

Retained earnings carried forward

 

5,233,500

3,538,555

 

CLdN Ports London Limited

Statement of Financial Position as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

10

5,572,145

5,186,109

Current assets

 

Stocks

11

285,228

260,184

Debtors

12

12,256,739

11,237,671

Cash at bank and in hand

 

101,799

99,958

 

12,643,766

11,597,813

Creditors: Amounts falling due within one year

14

(3,700,038)

(4,150,338)

Net current assets

 

8,943,728

7,447,475

Total assets less current liabilities

 

14,515,873

12,633,584

Provisions for liabilities

15

(804,373)

(617,029)

Net assets

 

13,711,500

12,016,555

Capital and reserves

 

Called up share capital

8,478,000

8,478,000

Retained earnings

5,233,500

3,538,555

Shareholders' funds

 

13,711,500

12,016,555

Approved and authorised by the Board on 11 June 2025 and signed on its behalf by:

 

......................................................................

P J van Malderen

Director

Company registration number: 02535265

 

CLdN Ports London Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activity of the company is a port operator.

The principal place of business is:
Long Reach House
London Road
Purfleet
Essex
RM19 1PD

2

Accounting policies

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Summary of disclosure exemptions

Advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:

(a) No cash flow statement has been presented for the company
(b) Disclosures in respect of financial instruments have not been presented
(c) No disclosure has been given for the aggregate remuneration of key management personnel..

Going concern

The company made a profit for the year ended 31 December 2024 and had net assets amounting to £13,711,500 at that date.

The company's cashflow forecasts show that the company has sufficient working capital for a period of at least 12 months from the date of approval of these financial statements.

Having made sufficient enquiries, and based upon the above, the directors have a reasonable expectation that the company has adequate resources to continue operating in the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

 

CLdN Ports London Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Revenue recognition

Turnover represents the amounts receivable in respect of services supplied in the normal course of activities.

The company recognises turnover from Ro-Ro stevedoring and other terminal operations on the date the services are provided. Turnover in respect of storage and warehousing and commission is recognised over the period to which they relate.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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

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 operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and assets under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Portable Buildings

15 years straight line

Plant and machinery

5-33% straight line

Motor vehicles

4-6 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

CLdN Ports London Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Revenue

The analysis of the company's revenue for the year from continuing operations is as follows:

2024
 £

2023
 £

Rendering of services - UK

31,234,894

30,209,262

4

Other operating income

The analysis of the company's other operating income for the year is as follows:

2024
 £

2023
 £

Rent receivable

204,625

141,998

 

204,625

141,998

5

Operating profit

Arrived at after charging/(crediting)

2024
 £

2023
 £

Depreciation expense

1,348,786

1,441,569

Bad debts

(791)

(6,260)

Foreign exchange (gains)/losses

(22,453)

10,290

Profit on disposal of fixed assets

(135,186)

(81,708)

 

CLdN Ports London Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

6

Other interest receivable and similar income

2024
£

2023
£

Other finance income

255,459

59,937

7

Staff costs

The aggregate payroll costs were as follows:

2024
£

2023
£

Wages and salaries

7,420,425

7,405,704

Social security costs

768,668

763,507

Pension costs, defined contribution scheme

400,420

384,210

Other employee expense

279,266

237,713

8,868,779

8,791,134

The average number of persons employed by the company during the year, analysed by category was as follows:

 

2024
No.

2023
No.

Administration and support

49

51

Operations

134

137

183

188

8

Auditor's remuneration

2024
 £

2023
 £

Audit of the financial statements

29,500

28,830

Other fees to auditors

Corporation tax compliance services

4,200

4,528

Other services

-

215

4,200

4,743


 

 

CLdN Ports London Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

9

Taxation

Tax charged/(credited) in the income statement

2024
£

2023
£

Current taxation

UK corporation tax

353,827

41,865

UK corporation tax adjustment to prior periods

17,940

-

371,767

41,865

Deferred taxation

Arising from origination and reversal of timing differences

187,337

351,148

Tax expense in the income statement

559,104

393,013

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 23.52%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

2,254,049

1,869,494

Corporation tax at standard rate

563,512

439,705

Effect of income exempt from taxation

-

(607)

Effect of expense not deductible in determining taxable profit (tax loss)

46,959

1,319

Increase in UK and foreign current tax from adjustment for prior periods

17,940

-

Tax decrease from effect of capital allowances and depreciation

(256,644)

(12,624)

Tax increase from other short-term timing differences

187,337

351,148

Tax decrease arising from group relief

-

(385,928)

Total tax charge

559,104

393,013

 

CLdN Ports London Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Accelerated capital allowances

812,816

Other timing differences

(8,443)

804,373

2023

Liability
£

Accelerated capital allowances

624,896

Other timing differences

(7,867)

617,029

Pillar Two legislation

The company is within the scope of PILLAR Two legislation. The PILLAR Two legislation has been enacted in the UK. Since the profit before tax for the company is liable to corporation tax at the prevailing rate of 25%, the directors do not expect that the legislation will have any material impact on the company.

10

Tangible assets

Portable Buildings
£

Motor vehicles
 £

Plant and equipment
 £

Total
£

Cost or valuation

At 1 January 2024

133,662

493,826

14,083,779

14,711,267

Additions

47,161

97,840

1,865,025

2,010,026

Disposals

(24,844)

(4,850)

(1,157,634)

(1,187,328)

At 31 December 2024

155,979

586,816

14,791,170

15,533,965

Depreciation

At 1 January 2024

88,054

298,747

9,138,357

9,525,158

Charge for the year

5,896

65,908

1,276,982

1,348,786

Eliminated on disposal

(24,841)

(4,848)

(882,435)

(912,124)

At 31 December 2024

69,109

359,807

9,532,904

9,961,820

Carrying amount

At 31 December 2024

86,870

227,009

5,258,266

5,572,145

At 31 December 2023

45,608

195,079

4,945,422

5,186,109


 

11

Stocks

2024
£

2023
£

Other inventories

285,228

260,184

 

CLdN Ports London Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

12

Debtors

2024
 £

2023
 £

Trade debtors

849,926

777,836

Amounts owed by group undertakings

7,307,884

4,357,899

Other debtors

361,144

164,965

Prepayments

860,045

877,014

Accrued income

2,877,740

5,059,957

Total current trade and other debtors

12,256,739

11,237,671

Trade debtors are stated net of provisions for diminution in value of £21,479 (2023: £130,840).

13

Cash and cash equivalents

2024
£

2023
£

Cash at bank

101,799

99,958

14

Creditors

2024
 £

2023
 £

Due within one year

Trade creditors

1,753,461

1,649,332

Amounts due to group undertakings

445,733

427,792

Social security and other taxes

176,968

177,615

Other payables

318,964

314,993

Accrued expenses

1,004,912

1,580,606

3,700,038

4,150,338

15

Provisions for liabilities

Deferred tax
£

Total
£

At 1 January 2024

617,029

617,029

Increase (decrease) in existing provisions

187,344

187,344

At 31 December 2024

804,373

804,373

16

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £400,420 (2023: £384,210).

 

CLdN Ports London Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

17

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

8,478,000

8,478,000

8,478,000

8,478,000

       

There are no restrictions on the repayment of capital or the distribution of dividends.

18

Commitments and Guarantees

The total of future minimum lease payments not reflected in the statement of financial position is as follows:

2024
£

2023
£

Not later than one year

379,372

-

Later than one year and not later than five years

1,591,414

-

Later than five years

842,069

-

2,812,855

-

The amount of non-cancellable operating lease payments recognised as an expense during the year was £354,058 (2023 - £0).

19

Contingencies

The company has given an unlimited guarantee in respect a Groupwide revolving credit facility of €200,000,000 together with a term loan of €20,000,000. At 31 December 2024 a combined amount of €210,720,000 (2023: €200,000,000) was outstanding, however no liability is expected to arise. This guarantee is secured by fixed and floating charges over the assets and undertakings of the company.

20

Related party transactions

In accordance with FRS 102 paragraph 33.1A, exemption is taken not to disclose transactions in the year or amounts falling due between wholly owned undertakings.

During the year an amount of £58,387 (2023: £106,003) was paid in respect of legal and professional fees to a company under common control.

21

Parent and ultimate parent undertaking

The company's immediate parent is Purfleet Real Estate Limited.

The ultimate parent is CLdN Links SA, incorporated in Luxembourg.

The parent of the smallest and largest group preparing group accounts incorporating the results of the company is CLdN Links SA, whose financial statements are available online from the Luxembourg Business Registers. The registered address of CLdN Links SA is 3-7 rue Schiller L-2519, Luxembourg