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Registration number: 00278815

CLdN Ports Killingholme 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 Killingholme Limited

Contents

Company Information

1

Strategic Report

2 to 6

Directors' Report

7 to 11

Statement of Directors' Responsibilities

12

Independent Auditor's Report

13 to 16

Statement of Income and Retained Earnings

17

Statement of Financial Position

18

Statement of Changes in Equity

19

Notes to the Financial Statements

20 to 29

 

CLdN Ports Killingholme Limited

Company Information

Directors

J M E Rubens

F S Maes

S M Hammond

P J van Malderen

G J Walker

B D Dove-Seymour

Registered office

130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

Auditor

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

 

CLdN Ports Killingholme 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.218 acre six berth RoRo terminal at Killingholme on the south bank of the River Humber, handling EU-UK unaccompanied unitised freight: containers, trailers and automotive units and general cargo. The company’s customers include related group shipping lines.

The company sold the real estate and assets comprising the terminal estate to its parent company, CLdN Ports Humber Limited, in December 2024.

The Company is a member of the CLdN Links group, which provides transportation services through its network of ports and shipping lines and door-to-door operations. These links remained robust during the year and the CLdN Links group has a significant market share in EU-UK Trade.

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

The directors report an increase in turnover from £50,340,517 in 2023 to £57,708,245 in 2024. The company’s cost of sales increased from £39,783,883 in 2023 to £45,802,281 in 2024. Profit before tax increased from £5,727,527 in 2023 to £43,837,087 in 2024 as a result of the gain on the terminal estate of £36,961,048. Even without this gain the profit before tax would have increased from 2023.

The directors assessed in their strategic report for the year ended 31 December 2022 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’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 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.
 

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

£

57,708,245

50,340,517

Operating profit

£

41,284,815

3,413,935

Gross profit margin

%

21

21

Profit before tax

£

43,837,087

5,727,527

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 Killingholme 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.

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.

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 Killingholme 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 Killingholme 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 very competitive markets. On the departure of the third part customer in May 2025, the company will principally serve affiliated group shipping line operators. The Company benefits from the strength of its intra-group ties with other businesses within the group and the directors seek to further mitigate these risks with long-term contracts and maintaining the competitiveness of the port for customers. The directors look to opportunities to offer stevedoring services to new customers to maintain diversity of 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.

Section 172(1) statement

The directors confirm that in compliance with Section 172 of the Companies Act 2006, during 2024 they have acted in good faith and in the way they consider would be most likely to promote the success of the company for the benefit of its members as a whole. In doing so the directors have regard, amongst other matters, to the following:

(a) the likely consequences of any decision in the long term

The directors’ strategy and investment decisions are designed to have a long term beneficial interest on the company and contribute to its success in delivering a high quality service to its customers. The company and its parent therefore continue to invest in the facilities in Killingholme.
 

 

CLdN Ports Killingholme Limited

Strategic Report for the Year Ended 31 December 2024

(b) the interests of the Company’s employees

The company’s employees are fundamental to delivery of the stevedoring, storage and other services provided by the company to its customers. The health, safety and welfare of port staff is a priority for the directors and the company maintains policies and procedures that reflect the particular operating environment and risks associated with a RoRo port. The company has a dedicated HS&E department, which manages these risks through risk assessment, safe systems of work, policies, training and reporting.

The company prioritises training for employees and has an ongoing apprenticeship programme in place. The company engages with employees directly and also under the terms of trade union affiliation agreements for relevant employees.
 

(c) the need to foster the Company’s business relationships with suppliers, customers and others

A significant portion of the company’s business relates to stevedoring its affiliated shipping lines, and handling freight units for businesses that are customers of the whole CLdN Links group. The need to foster and maintain these business relationships for the benefit of the wider group is a significant consideration for the directors, including the maintenance of equipment to handle vessels and freight, port operatives and support staff, and port storage space. This also involves maintaining dialogue with customers and suppliers to ensure the company can respond to current and future needs.

The company also maintains its own suppliers, many of whom are local and who have been doing business with company over many years, representing the value of long-standing relationships.
 

(d) the impact of the Company’s operations on the community and the environment

The Company is fully committed to its responsibility towards the environment and will benefit from the measures being implemented by the wider CLdN Links group to effectively manage and reduce energy consumption going forward. Environmental consents including permits and planning consents are obtained and maintained as required.

The company has carried out Streamlined Energy Use and Carbon Reporting for the year ending 31st December 2024, summarised in the director’s report at page 8. The company’s principal use of fossil fuels is for terminal equipment and this accounts for nearly all of the company’s fossil fuel use and emissions. Although suitable battery powered heavy terminal equipment is not currently available, the directors have instigated measures to reduce carbon emissions and energy consumption, including switching to green energy supply for electricity, installation of LED lighting on terminal, purchasing electric terminal equipment where feasible (such as forklift trucks) and replacing the company car fleet with electric vehicles. These measures necessitate increasing available HV electrical supply to the company’s premises. The company is securing this supply and undertaking works to deliver it from the nearest available substation. The company has complied with reporting requirements under the Energy Savings and Opportunity Scheme for the period ending 2023.
 

(e) the desirability of the Company maintaining a reputation of high standards for business conduct

The directors maintain high standards of business conduct and good governance, in accordance with the specific legal requirements of the Companies Act, good practice and wider legal requirements incumbent on the directors and the company. In doing so, they look to reflect the high corporate and governance standards of the CLdN Links group and the role of the company in maintain the reputation of the standards of the group. These include the group’s employee and supplier codes of conduct, which were introduced in 2023.
 

(f) the need to act fairly as between members of the Company

The company is a wholly-owned subsidiary of CLdN Ports Humber Limited, within the CLdN Links group. Nonetheless, the directors manage the interests of the company as a legal entity in the interests of its members. The Board consists of executive and independent directors. Board meetings are held regularly to discuss and review strategic direction and objectives. The shareholders are updated on business performance and future plans.
 

 

CLdN Ports Killingholme 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 £40,757,343 and had net current assets at that date amounting to £28,590,645. These results compared to the year ended 31 December 2023 reflect the sale of the terminal estate to the company’s parent.

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 by other co-borrowers but not the company or its parent.

The company is a participating employer in the hybrid scheme Simon Group Pension Fund. The company is a subsidiary of the sponsoring employer, CLdN Ports Humber Limited, with whom the principal liabilities for the Fund sit. The directors have had sight of the latest FRS102 report. The directors’ assessment is that the potential liabilities of the Company to the Fund do not impact on the position of the company as a going concern, in particular now that the Simon Group Pension Fund is match funded.

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 Killingholme 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:

J M E Rubens

F S Maes

S M Hammond

P J van Malderen

G J Walker

B D Dove-Seymour


Dividends

Interim dividends of £90,000,000 were declared and paid in the year (2023: £Nil). No final dividend is proposed.

Employment of disabled persons

The directors' report on their compliance with Regulation 10 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 concerning the employment of disabled persons. The company employed an average of more than 250 employees during the year ending 31 December 2024.

The company has an equal opportunities and diversity policy in addition to complying with legal requirements for the employment of disabled persons including under disability discrimination legislation. The company gives full and fair consideration to job applications made by disabled persons, having regard to aptitude and abilities including by making reasonable adjustments to enable the employment of disabled persons to ensure they have access to the company’s services and employment opportunities. The company has a commitment to ensuring that employees of the company who have become disabled persons during the period of their employment may continue in employment subject to reasonable adjustments and other measures including training. The policy also provides a clear statement that the company will work to challenge discriminatory assumptions about disabled people.

Directors' 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.

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.

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 future developments and financial instruments.

 

CLdN Ports Killingholme Limited

Directors' Report for the Year Ended 31 December 2024

Streamlined Energy and Carbon Report

The UK Government's Streamlined Energy and Carbon Reporting (SECR) policy was implemented on 1 April 2019. The disclosures below represent the company's energy use and associated greenhouse gas (GHG) emissions from electricity and fuel in the UK for the year ended 31 December 2024.

The SECR submission has been compiled using the 2019 HM Government Environmental Reporting Guidelines and using the financial control approach for the purposes of establishing the organisational boundary.

Emissions have been grouped accordingly to the GHG Protocol Corporate Standard.

Comparison with prior year figures

As this is the fourth year that the company falls under the scope of SECR, comparisons for consumption and emissions are included for the year ended 2021 as the baseline year as there was no significant organisational change from 2021. The baseline year will be reviewed in future as necessary on that basis.

Emissions and energy consumption

The report measures Scope 1 (fossil fuel consumption and associated GHG emissions) and Scope 2 (electricity and associated GHG emissions). Activities within the scope of the report include:

- operations on terminal
- operations in workshops and maintenance
- lighting on terminal
- heating of buildings
- administration and canteens
- transport for business purposes (fuel)
 

 

CLdN Ports Killingholme Limited

Directors' Report for the Year Ended 31 December 2024

Scope 1: Fossil fuel consumption and associated GHG emissions

2024

Fuel Type

Energy produced (kWh)

Proportion of port energy (%)

CO2e emissions (tonnes)

Proportion of port emissions (%)

Petrol

1,629,804

5.50

381

5.90

Diesel (white)

23,313,918

78.60

5,921

91.80

Propane

610,577

2.10

142

2.20

Kerosene

14,670

Nil

4

0.10

Total scope 1

25,568,969

86.20

6,448

100.00

2023

Fuel Type

Energy produced (kWh)

Proportion of port energy (%)

CO2e emissions (tonnes)

Proportion of port emissions (%)

Petrol

1,260,437

4.00

295

4.10

Diesel (white)

26,337,864

83.40

6,693

94.00

Propane

466,931

1.50

109

1.50

Kerosene

58,716

0.20

15

0.20

Total scope 1

28,137,258

88.80

7,112

100.00

The majority of the energy CLdN Ports Killingholme (CLdN) uses stems from fossil fuel consumption; consequentially, fossil fuels are responsible for the majority of GHG emissions.

The vast majority of energy consumed (78.6%) and emissions created (91.8%) is produced by consumption of diesel. The majority of diesel used was consumed by reachstackers and tugmasters, accounting for 21% and 59% of diesel usage respectively. Fueling of generators and lighting towers accounted for a further 11% of the company’s annual diesel usage. Diesel is also used for hired and owned terminal vehicles, forklifts, and refueling terminal minibuses.

All other fossil fuels contribute little to the total energy consumption and greenhouse gas emissions figures. Petrol is used to fuel company cars, pool cars and terminal vehicles and accounts only for 5.9% of the energy consumption and CO2 emission. Propane is used to heat the main office and workshop buildings and forms approximately 2.2 percent of CLdN’s emissions and provides the same relative amount of energy used on-site. Kerosene was used to heat the port’s access control centre, this has now been changed to electric heating. It contributes 0.1% to both energy use and CO2 emission.
 

Scope 1

The total diesel usage figure was obtained form invoices. Details on the amount of fuel consumed by each type of vehicle was obtained from the badge registration report. This report broke down fuel consumption into various equipment/vehicle codes, which drivers/operators have to input when taking fuel out of the tank to show which specific vehicle the fuel has been used for.

White diesel and petrol usage by company cars, pool cars and terminal vehicles at fueling stations were obtained from the invoices.

Kerosene usage and propane figures were taken directly from invoices.

Emissions conversion factors (stating grams of CO2e released per litre of fuel used) and all energy conversion factors (stating kWh produced per litre of fuel) in this report came from the HMG emissions conversion factors.

 

CLdN Ports Killingholme Limited

Directors' Report for the Year Ended 31 December 2024

Scope 2: Electricity use and associated GHG emissions
 

2024

Energy source

Energy produced (kWh)

Proportion of terminal energy (%)

CO2e emissions (tonnes)

Proportion of terminal emissions (%)

Electricity (brown)

-

-

-

-

Electricity (green)

4,078,154

13.80

-

-

Total scope 2

4,078,154

13.80

-

-

2023

Energy source

Energy produced (kWh)

Proportion of terminal energy (%)

CO2e emissions (tonnes)

Proportion of terminal emissions (%)

Electricity (brown)

5,172

-

1

-

Electricity (green)

3,400,784

10.90

-

-

Total scope 2

3,405,956

10.90

1

-

Electricity constitutes the second-largest source of energy to the port. In 2024, approximately 13.8% of the energy used by the port (approximately 4 million kWh) came from electricity.

Electricity is required to power lighting and various operational equipment throughout the port, including some plant equipment such as forklift trucks. Electricity also powers overhead heaters in the Vehicle Enhancement Centre, electric heating and air conditioning units at the Border Control Post, and various electric oil-filled heaters distributed throughout the port.
 

Scope 2 Methodology

The electricity usage figure was taken from digital meter readings. A definitive breakdown of the port’s electricity usage by process, location, etc. was not possible.

Electricity suppliers until October were Bryt Energy and E.ON. In October, all contracts were transferred to Eneco. The emissions factor of the electricity (stating how many grams CO2e released per kWh) used by the port came from the supplier, Bryt Energy. This zero-carbon, zero-emissions figure has been verified by independent third party EcoAct. E.ON cannot guarantee that we pay for green electricity. We applied the precautionary principle and assumed it was brown electricity. Eneco delivers green and locally produced energy. We therefore also used a zero-emission approach.
 

Intensity ratio

The intensity ratio is expressed as emission (CO2e) per unit. This was calculated based on the total number of containers and trailers (full and empty) handled by the terminal and the total amount of fuel consumed by the tugmasters and reachstackers respectively as recorded by the badging system at the fuel stations. All emissions from the reachstackers are allocated to the containers; emissions from tugmasters are divided over containers and trailers based on the registered time spent on each type of unit.

CLdN Ports selected emission per unit handled on terminal as intensity ratio. Due to the different way of handling trailers and containers, both are reported separately. Containers are transferred by both reachstackers and a tugmasters, whereas a trailer is only moved with a tugmaster.

kg CO2e per unit

2021

2022

2023

2024

Container

15.65

17.27

16.27

16.88

Trailer

7.94

8.89

7.70

9.19

 

CLdN Ports Killingholme Limited

Directors' Report for the Year Ended 31 December 2024


Energy efficiency action taken

The directors have taken a number of initiatives to effect energy efficiency. This includes:

• Ordering 700kWp of PV-panels to install on buildings on the terminal
• The kerosene heating has been changed to electric heating
• A relighting project to change to LED
 

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



 

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

 

CLdN Ports Killingholme 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 Killingholme Limited

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

Opinion

We have audited the financial statements of CLdN Ports Killingholme Limited (the 'company') for the year ended 31 December 2024, which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, Statement of Changes in Equity, 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 Killingholme Limited

Independent Auditor's Report to the Members of CLdN Ports Killingholme 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 12), 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 Killingholme Limited

Independent Auditor's Report to the Members of CLdN Ports Killingholme 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 environmental legislation, health and safety legislation, data protection legislation and international maritime regulations. 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. 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.

 

CLdN Ports Killingholme Limited

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

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
London
W1D 5AR

11 June 2025

 

CLdN Ports Killingholme Limited

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

Note

2024
£

2023
£

Turnover

3

57,708,245

50,340,517

Cost of sales

 

(45,802,281)

(39,783,883)

Gross profit

 

11,905,964

10,556,634

Administrative expenses

 

27,617,703

(9,394,984)

Other operating income

4

1,761,148

2,252,285

Operating profit

6

41,284,815

3,413,935

Other interest receivable and similar income

7

2,552,272

2,313,592

 

2,552,272

2,313,592

Profit before tax

 

43,837,087

5,727,527

Taxation

10

(3,079,744)

(1,839,480)

Profit for the financial year

 

40,757,343

3,888,047

 

CLdN Ports Killingholme Limited

Statement of Financial Position as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

11

42,727,248

70,531,934

Current assets

 

Stocks

12

531,006

500,630

Debtors

13

51,463,586

58,313,167

Cash at bank and in hand

 

8,399

17,901

 

52,002,991

58,831,698

Creditors: Amounts falling due within one year

15

(23,412,346)

(8,064,417)

Net current assets

 

28,590,645

50,767,281

Total assets less current liabilities

 

71,317,893

121,299,215

Creditors: Amounts falling due after more than one year

15

(18,558,421)

(19,981,984)

Provisions for liabilities

16

(1,362,018)

(677,120)

Net assets

 

51,397,454

100,640,111

Capital and reserves

 

Called up share capital

20,947

20,947

Share premium reserve

5,146,973

5,146,973

Revaluation reserve

-

2,186,055

Other reserves

6,000

6,000

Retained earnings

46,223,534

93,280,136

Shareholders' funds

 

51,397,454

100,640,111

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

 

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

P J van Malderen

Director

Company registration number: 00278815

 

CLdN Ports Killingholme Limited

Statement of Changes in Equity for the Year Ended 31 December 2024

Share capital
£

Share premium
£

Revaluation reserve
£

Other reserves
£

Retained earnings
£

Total
£

At 1 January 2024

20,947

5,146,973

2,186,055

6,000

93,280,136

100,640,111

Profit for the year

-

-

-

-

40,757,343

40,757,343

Other comprehensive income

-

-

(2,186,055)

-

2,186,055

-

Total comprehensive income

-

-

(2,186,055)

-

42,943,398

40,757,343

Dividends

-

-

-

-

(90,000,000)

(90,000,000)

At 31 December 2024

20,947

5,146,973

-

6,000

46,223,534

51,397,454

Share capital
£

Share premium
£

Revaluation reserve
£

Other reserves
£

Retained earnings
£

Total
£

At 1 January 2023

20,947

5,146,973

2,186,055

6,000

89,392,089

96,752,064

Profit for the year

-

-

-

-

3,888,047

3,888,047

At 31 December 2023

20,947

5,146,973

2,186,055

6,000

93,280,136

100,640,111

 

CLdN Ports Killingholme 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:
Clough Lane
North Killingholme
North Lincolnshire
DN40 3LX

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.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

The company exercises judgement to determine useful lives and residual values of tangible assets. The assets are depreciated to their estimated residual values over their estimated useful lives.

 

CLdN Ports Killingholme Limited

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

Going concern

The company made a profit for the year ending 31 December 2024 and had net assets at that date amounting to £51,397,454. The company finances its operations with loans from group undertakings, as required.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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:

 

CLdN Ports Killingholme Limited

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

Asset class

Depreciation method and rate

Freehold buildings

10-30 years straight line

Plant, machinery and motor vehicles

5-50% straight line

Government Grants

Government grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met, usually on submission of a valid claim for payment.

Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Grants of a capital nature are credited to income over the useful economic lives of the assets to which they relate.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

 

CLdN Ports Killingholme Limited

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

3

Turnover

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

2024
£

2023
£

Rendering of services - UK

57,708,245

50,340,517

4

Other operating income

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

2024
 £

2023
 £

Insurance proceeds

(65,028)

(67,056)

Government grants

1,423,563

1,506,202

Rental income

402,613

582,248

Other income

-

230,891

1,761,148

2,252,285

5

Other gains and losses

The analysis of the company's other gains and losses for the year is as follows:

2024
 £

2023
 £

Gain/loss on disposal of property, plant and equipment

36,961,048

10,298

6

Operating profit

Arrived at after charging/(crediting)

2024
 £

2023
 £

Depreciation expense

10,180,449

7,740,131

Foreign exchange (gains)/losses

(55,819)

15,636

7

Other interest receivable and similar income

2024
£

2023
£

Interest receivable

2,552,272

2,313,592

 

CLdN Ports Killingholme Limited

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

8

Staff costs

The aggregate payroll costs were as follows:

2024
 £

2023
 £

Wages and salaries

11,076,371

10,792,806

Social security costs

1,057,425

1,047,566

Other short-term employee benefits

24,635

28,012

Pension costs, defined contribution scheme

601,372

565,830

Other employee expense

96,911

88,800

12,856,714

12,523,014

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

99

97

Terminal operations

203

207

302

304

9

Auditor's remuneration

2024
 £

2023
 £

Audit of the financial statements

29,500

27,700

Other remuneration payable to auditors

Taxation compliance services

8,887

9,994


 

10

Taxation

Tax charged/(credited) in the income statement

2024
£

2023
£

Current taxation

UK corporation tax

2,835,188

2,213,953

UK corporation tax adjustment to prior periods

(440,342)

(360,699)

2,394,846

1,853,254

Deferred taxation

Arising from origination and reversal of timing differences

684,898

(13,774)

Tax expense in the income statement

3,079,744

1,839,480

 

CLdN Ports Killingholme Limited

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

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - higher 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

43,837,087

5,727,527

Corporation tax at standard rate

10,959,272

1,347,114

Effect of non-taxable income

(9,596,153)

(356,687)

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

60,609

5,392

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

(440,342)

(360,700)

Tax increase from effect of capital allowances and depreciation

886,833

1,218,135

Tax increase/(decrease) from other short-term timing differences

684,898

(13,774)

Other tax effects for reconciliation between accounting profit and tax expense (income)

524,627

-

Total tax charge

3,079,744

1,839,480

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Accelerated capital allowances

1,374,947

Pension contributions

(12,929)

1,362,018

2023

Liability
£

Accelerated capital allowances

677,247

Pension contributions

(127)

677,120

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.

At 31 December 2024 the company has capital losses of £3,543,739 to carry forward which have not been reflected as a deferred tax asset in the statement of financial position.

 

CLdN Ports Killingholme Limited

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

11

Tangible assets

Freehold Land and buildings
£

Leasehold buildings
 £

Assets under construction
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 January 2024

135,794,312

-

4,705,965

24,055,873

164,556,150

Additions

1,329,388

-

2,048,693

4,462,914

7,840,995

Disposals

(66,249,826)

-

(1,551,680)

(2,100,270)

(69,901,776)

Transfers

(12,017,208)

14,679,164

(3,131,666)

469,710

-

At 31 December 2024

58,856,666

14,679,164

2,071,312

26,888,227

102,495,369

Depreciation

At 1 January 2024

76,299,538

-

-

17,724,678

94,024,216

Charge for the year

5,627,132

-

-

2,454,808

8,081,940

Eliminated on disposal

(43,399,208)

-

-

(1,037,337)

(44,436,545)

Impairment

2,098,510

-

-

-

2,098,510

Transfers

(2,138,527)

2,138,527

-

-

-

At 31 December 2024

38,487,445

2,138,527

-

19,142,149

59,768,121

Carrying amount

At 31 December 2024

20,369,221

12,540,637

2,071,312

7,746,078

42,727,248

At 31 December 2023

59,494,774

-

4,705,965

6,331,195

70,531,934

The assets under construction relate to development projects commenced at Killingholme. As the company no longer owns the freehold land and infrastructure at Killingholme, it is envisaged that as these projects are completed the costs incurred will be transferred to another group undertaking.
 

Analysis of land and buildings valued at the date of transition to FRS 102 using the deemed cost exemption.

2024
£

2023
£

Historical Cost

-

5,232,188

Depreciation to date

-

(2,598,807)

Revaluation

-

2,186,055

Carrying value

-

4,819,436

On 31 December 1996 certain land and buildings were revalued based upon professional advice of an amount of £7,000,000.

12

Stocks

2024
£

2023
£

Other inventories

531,006

500,630

 

CLdN Ports Killingholme Limited

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

13

Debtors

2024
 £

2023
 £

Trade debtors

7,971,155

1,043,334

Amounts owed by group undertakings

24,248,689

43,609,754

Other debtors

600,259

906,826

Prepayments and accrued income

18,215,687

11,065,945

Corporation tax asset

427,796

1,687,308

Total current trade and other debtors

51,463,586

58,313,167

14

Cash and cash equivalents

2024
£

2023
£

Cash on hand

8,399

17,901

15

Creditors

2024
 £

2023
 £

Due within one year

Trade creditors

1,960,536

3,456,205

Amounts due to group undertakings

1,222,967

1,788,748

Social security and other taxes

303,829

304,262

Other creditors

71,691

69,569

Accrued expenses and deferred income

19,853,323

2,445,633

23,412,346

8,064,417

Due after one year

Deferred income

18,558,421

19,981,984

16

Provisions for liabilities

Deferred tax
£

Total
£

At 1 January 2024

677,120

677,120

Increase (decrease) in existing provisions

684,898

684,898

At 31 December 2024

1,362,018

1,362,018

 

CLdN Ports Killingholme Limited

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

17

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 £601,372 (2023 - £565,830).

Defined benefit plans

The company participates in a group wide funded scheme providing benefits based on final pensionable pay. There is no contracted agreement or policy for charging the net defined benefit cost to individual companies within the group. Therefore in accordance with FRS 102 paragraph 28.38 the net defined benefit cost for the year ended 31 December 2024 and the net benefit obligation at that date is recognised in the financial statements of the sponsoring employer, CLdN Ports Humber Limited.

18

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

20,947

20,947

20,947

20,947

       

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

19

Commitments under operating leases

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

2,752,886

301,095

Later than one year and not later than five years

10,774,046

1,124,380

Later than five years

9,778,330

5,100,843

23,305,262

6,526,318

The amount of non-cancellable operating lease payments recognised as an expense during the year was £283,819 (2023 - £255,850).

 

CLdN Ports Killingholme Limited

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

20

Dividends

2024

2023

£

£

Interim dividend of £4,296.558 (2023 - £Nil) per ordinary share

90,000,000

-

 

 

21

Commitments

Capital commitments

The total amount contracted for but not provided in the financial statements was £3,162,828 (2023 - £102,335).

22

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.

23

Related party transactions

In accordance with FRS102 paragraph 33.1A exemption is taken not to disclose transactions or amounts due between wholly owned group undertakings.

During the year an amount of £134,675 (2023: £147,640) was paid in respect of legal and professional fees to a company under common control.

24

Parent and ultimate parent undertaking

The company's immediate parent is CLdN Ports Humber 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.

25

Non adjusting events after the financial period

Subsequent to 31 December 2024 a sales contract with a significant customer ended. As a result, the turnover for the forthcoming year is expected to reduce from previous levels although the directors are seeking to increase activity with other existing customers and to obtain new customer opportunities.