ACCOUNTS - Final Accounts preparation

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:

Company registration number: 03110237

	FINANCIAL STATEMENTS
	FOR THE PERIOD ENDED 31 DECEMBER 2024

	ACP WORLDWIDE LTD


ACP WORLDWIDE LTD

COMPANY INFORMATION

Directors	V Singh
	C White
	R Entwistle


Registered number	03110237


Registered office	Donington Court
	Pegasus Business Park Herald Way
	East Midlands Airport
	Castle Donington
	Derby
	DE74 2UZ


Independent auditors	Menzies LLP
	Chartered Accountants & Statutory Auditor
	Magna House
	18-32 London Road
	Staines-Upon-Thames
	TW18 4BP


ACP WORLDWIDE LTD

CONTENTS

	Page
Statement of Financial Position	1
Statement of Changes in Equity	2
Notes to the Financial Statements	3 - 11


ACP WORLDWIDE LTD REGISTERED NUMBER:03110237

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

	31 December	31 August
	2024	2023
Note	£	£

Fixed assets
Tangible assets	5		36,203		77,676
Investments	6		559		49,119
			36,762		126,795
Current assets
Debtors: amounts falling due within one year	7	3,217,287		1,848,169
Bank and cash balances		739,833		1,689,479
		3,957,120		3,537,648
Creditors: amounts falling due within one year	8	(1,346,195)		(1,360,512)
Net current assets			2,610,925		2,177,136
Total assets less current liabilities			2,647,687		2,303,931
Creditors: amounts falling due after more than one year	9		-		(58,074)

Net assets			2,647,687		2,245,857

Capital and reserves
Called up share capital	10,000	10,000
Foreign exchange reserve	(36,760)	(65,234)
Profit and loss account	2,674,447	2,301,091
	2,647,687	2,245,857

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

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

C White

Director

Date: 20 June 2025

The notes on pages 3 to 11 form part of these financial statements.

Page 1


ACP WORLDWIDE LTD

STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 31 DECEMBER 2024

	Called up share capital	Foreign exchange reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 September 2022	10,000	37,658	2,282,546	2,330,204
Comprehensive income for the year
Profit for the year	-	-	18,545	18,545
Foreign exchange on translation of branches	-	(102,892)	-	(102,892)

At 1 September 2023	10,000	(65,234)	2,301,091	2,245,857
Comprehensive income for the period
Profit for the period	-	-	373,356	373,356
Foreign exchange on translation of branches	-	28,474	-	28,474
At 31 December 2024	10,000	(36,760)	2,674,447	2,647,687

The notes on pages 3 to 11 form part of these financial statements.

Page 2


ACP WORLDWIDE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

1.	General information

ACP Worldwide Ltd is a private company, limited by shares, registered in England and Wales. The address of the registered office is disclosed on the company information page.
The reporting period is longer than a year being 16 month period from 1 September 2023 to 31 December 2024. The change in the reporting period was made to align the year end with the wider group. The comparative amounts presented in the financial statements are not directly comparable as they are for a 12 month period ended 31 August 2023.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements present the results of all the branches of the Company as if they form a single entity. Interbranch transactions and balances between branches are therefore eliminated.

The following principal accounting policies have been applied:

2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

2.3

Foreign currency translation

Functional and presentation currency

The Company's primary functional currency is Australian Dollars $ which is where the majority of the trade takes place. This differs from the presentational currency which is GBP.

Transactions and balances

Foreign currency transactions are translated into the local branches functional currency using the spot exchange rates at the dates of the transactions.

At each year end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

The results of overseas operations are maintained in their own local currency which is the country the trade takes place and are translated into Sterling at the average yearly rate. All monetary assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the net assets and the results of overseas operations are recognised in other comprehensive income.

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ACP WORLDWIDE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.4

Turnover

Turnover represents income earned from the principal activity of the business, being rendering of freight management services for Air Cargo, security & handling.
Revenues are assessed on a contract-by-contract basis to determine whether the company is acting as either the principal or agent.
Where the company have a discretion in establishing the end price and carry a credit risk, these contracts are accounted for on the principal basis. Where the company acts as a principal for the airlines, revenue represents the fee charged for the services and clearance of the goods on the airlines behalf by selling the airlines cargo space to customers and revenue is recognised when the transportation is provided.
Where the company provides services as an agent, they earn a commission based on an agreed rate per KG exported per the airline's cargo reports which is invoiced at the end of the month.
All revenue generated is net of VAT or any such overseas tax equivalents.

2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.6

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

2.7

Interest income

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

2.8

Pensions

Defined contribution pension plan

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

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

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ACP WORLDWIDE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.9

Current and deferred taxation

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 and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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

2.10

Tangible fixed assets

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

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows:

Depreciation is provided on the following basis:

Motor vehicles	-	25%	reducing balance
Fixtures and fittings	-	25%	using the straight-line method
Office equipment	-	25%	using the straight-line method
Computer equipment	-	50%	using the straight-line method

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

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

2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

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ACP WORLDWIDE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.12

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial
assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans
to related parties and investments in ordinary shares.

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

When preparing the financial statements, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.
A key judgement applied is for assessing whether the company is acting as an agent or principal depending on the contractual agreements in place with customers.
Where the contract doesn't make it clear, the directors take into account the following key considerations:

∙Where the significant risks and rewards lie;

∙if the amount earned is predetermined or does the company have latitude in establishing prices;

∙where the overall credit and inventory risks lies.

The impact of whether the company acts as an agent or principal could have a significant effect on the presentation of turnover and gross profit margin; however, there would be no impact on the overall profit for the year.

Employees

The average monthly number of employees, including directors, during the period was 36 (2023 - 39).

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ACP WORLDWIDE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

5.	Tangible fixed assets

	Motor vehicles	Fixtures and fittings	Office equipment	Computer equipment	Total
	£	£	£	£	£
Cost or valuation
At 1 September 2023	162,850	78,988	14,677	60,281	316,796
Additions	17,833	2,921	-	8,609	29,363
Disposals	(117,020)	(14,651)	(14,363)	(24,882)	(170,916)
Exchange adjustments	(1,189)	4,910	188	(5,597)	(1,688)
At 31 December 2024	62,474	72,168	502	38,411	173,555
Depreciation
At 1 September 2023	101,932	69,470	14,667	53,051	239,120
Charge for the period on owned assets	11,205	6,018	10	9,111	26,344
Disposals	(73,073)	(14,651)	(14,363)	(24,882)	(126,969)
Exchange adjustments	(703)	4,984	188	(5,612)	(1,143)
At 31 December 2024	39,361	65,821	502	31,668	137,352
Net book value
At 31 December 2024	23,113	6,347	-	6,743	36,203
At 31 August 2023	60,918	9,518	10	7,230	77,676


Motor vehicles	-	60,918
	-	60,918

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ACP WORLDWIDE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

6.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 September 2023	95,794
	Additions	274,313
	Disposals	(47,899)
	Foreign exchange movement	(968)
	At 31 December 2024	321,240
	Impairment
	At 1 September 2023	46,675
	Charge for the period	321,865
	Impairment on disposals	(47,859)
	At 31 December 2024	320,681
	Net book value
	At 31 December 2024	559
	At 31 August 2023	49,119

Investments are reviewed for impairment annually, including review of internal and external indicators. As per the review conducted at 31 December 2024, the investments were impaired in full for the intercompany debt waiver of £321,865 in fiscal period 2024 (31 August 2023: £nil).
On 1 November 2023, the company sold their entire shareholding of 90% in ACP Caribbean Limited and 100% shareholding in Aviation Services International Pty Ltd at their nominal value of BBD$90 and AUD$1 respectively.
Also during the year, GSA Worldwide Limited was dissolved on 27 August 2024.

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ACP WORLDWIDE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

Debtors

					31 December	31 August
					2024	2023
					£	£


Trade debtors	1,382,834	775,016
Amounts owed by group undertakings	1,558,113	290,239
Other debtors	61,904	588,959
Prepayments and accrued income	70,384	54,311
Tax recoverable	67,500	67,500
Deferred taxation	76,552	72,144
	3,217,287	1,848,169

Bank loans	-	60,415
Trade creditors	778,081	386,127
Amounts owed to group undertakings	52,055	73,981
Corporation tax	57,867	142,043
Other taxation and social security	43,884	55,032
Obligations under finance lease and hire purchase contracts	-	58,847
Other creditors	103,727	55,553
Accruals and deferred income	310,581	528,514
	1,346,195	1,360,512

Amounts due to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

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ACP WORLDWIDE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

Bank loans	-	58,074
	-	58,074

Not later than 1 year	81,626	81,781
Later than 1 year and not later than 5 years	97,582	96,001
	179,208	177,782

11.

Transactions with directors

At 31 August 2023, G Howard owed the company £228,480. During the year further advances were made of £66,936 and repayments of £335,545. At 31 December 2024, an amount of £40,129 was owed to G Howard from the company which is shown within other creditors. No interest was charged on these amounts.
At 31 August 2023, R Entwistle owed the company £7,321. During the year further advances were made of £16,581 and repayments of £20,081. At 31 December 2024, an amount of £3,821 was owed to the company from R Entwistle which is shown within other debtors. No interest was charged on these amounts.

12.	Parent Company

ACP Worldwide Holdings Ltd, a company incorporated in the United Kingdom, is the immediate parent company of the smallest group for which consolidated accounts are drawn up of which the company is a member. Their registered office is Donington Court, Pegasus Business Park Herald Way, East Midlands Airport, Castle Donington, Derby, DE74 2UZ.
The ultimate parent company is World Freight Company International S.A.S., a company registered in France.
The company is by majority controlled by funds managed by PAI Partners and Baring Private Equity Asia.

Page 10


ACP WORLDWIDE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

13.	Auditors' information

The auditors' report on the financial statements for the period ended 31 December 2024 was qualified.

The qualification in the audit report was as follows:

Included within the comparative income statement and statement of financial position is an amount relating to accrued bonuses totalling £259,006 which were payable subject to a future event taking place. It is our opinion that given the bonuses were subject to a future event, that there was no legal or contractual obligation at the year ended 31 August 2023 and therefore the bonuses should not have been accrued in the year in accordance with FRS 102. The overall impact onthe financial statement is that the profit for the year and the net asset position for the ended 31 August 2023 is understated by £259,006 and the profit for the year for the ended 31 December 2024 overstated by £259,006.

The audit report was signed on 20 June 2025 by Sophie Said FCA (Senior Statutory Auditor) on behalf of Menzies LLP.

Page 11