Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-31false2024-01-0105truetruefalse 02060689 2024-01-01 2024-12-31 02060689 2024-12-31 02060689 2023-01-01 2023-12-31 02060689 2023-12-31 02060689 2023-01-01 02060689 1 2024-01-01 2024-12-31 02060689 1 2023-01-01 2023-12-31 02060689 2 2024-01-01 2024-12-31 02060689 2 2023-01-01 2023-12-31 02060689 d:Director1 2024-01-01 2024-12-31 02060689 d:Director2 2024-01-01 2024-12-31 02060689 d:Director2 2024-12-31 02060689 d:Director4 2024-01-01 2024-12-31 02060689 d:RegisteredOffice 2024-01-01 2024-12-31 02060689 e:CurrentFinancialInstruments 2024-12-31 02060689 e:CurrentFinancialInstruments 2023-12-31 02060689 e:CurrentFinancialInstruments e:WithinOneYear 2024-12-31 02060689 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 02060689 e:ReportableOperatingSegment1 2024-01-01 2024-12-31 02060689 e:ReportableOperatingSegment1 2023-01-01 2023-12-31 02060689 e:ShareCapital 2024-01-01 2024-12-31 02060689 e:ShareCapital 2024-12-31 02060689 e:ShareCapital 2023-01-01 2023-12-31 02060689 e:ShareCapital 2023-12-31 02060689 e:ShareCapital 2023-01-01 02060689 e:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 02060689 e:RetainedEarningsAccumulatedLosses 2024-12-31 02060689 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 02060689 e:RetainedEarningsAccumulatedLosses 2023-12-31 02060689 e:RetainedEarningsAccumulatedLosses 2023-01-01 02060689 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-01-01 2024-12-31 02060689 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-12-31 02060689 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-12-31 02060689 d:OrdinaryShareClass1 2024-01-01 2024-12-31 02060689 d:OrdinaryShareClass1 2024-12-31 02060689 d:OrdinaryShareClass1 2023-12-31 02060689 d:FRS102 2024-01-01 2024-12-31 02060689 d:Audited 2024-01-01 2024-12-31 02060689 d:FullAccounts 2024-01-01 2024-12-31 02060689 d:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 02060689 e:Subsidiary1 2024-01-01 2024-12-31 02060689 e:Subsidiary1 1 2024-01-01 2024-12-31 02060689 e:Subsidiary2 2024-01-01 2024-12-31 02060689 e:Subsidiary2 1 2024-01-01 2024-12-31 02060689 d:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 02060689 6 2024-01-01 2024-12-31 02060689 f:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure
Company registration number: 02060689







DIRECTOR'S REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024


DHL MANAGEMENT SERVICES LIMITED






































img7279.png                        

 


DHL MANAGEMENT SERVICES LIMITED
 


 
COMPANY INFORMATION


Directors
S Fink 
P Trawny 




Registered number
02060689



Registered office
Southern Hub
Unit 1 Horton Road

Colnbrook

Slough

Berkshire

SL3 0BB




Independent auditor
Menzies LLP
Chartered Accountants & Statutory Auditor

Magna House

18-32 London Road

Staines-Upon-Thames

TW18 4BP





 


DHL MANAGEMENT SERVICES LIMITED
 



CONTENTS



Page
Director's report
1 - 2
Independent auditor's report
3 - 6
Statement of comprehensive income
7
Statement of financial position
8
Statement of changes in equity
9
Notes to the financial statements
10 - 19


 


DHL MANAGEMENT SERVICES LIMITED
 


 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The director presents his report and the financial statements for the year ended 31 December 2024.

Director's responsibilities statement

The director is responsible for preparing the Director's report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

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

The director is 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 to enable him to ensure that the financial statements comply with the Companies Act 2006He is 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.

Principal activity

The principal activity of the Company continues to be the provision of administrative and support services to the DHL group.

Directors

The directors who served during the year were:

S Fink 
Dr T Kuberka (resigned 1 July 2024)
P Trawny 

Disclosure of information to auditor

The director at the time when this Director's report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Auditor

Under section 487(2) of the Companies Act 2006Menzies LLP will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

Page 1

 


DHL MANAGEMENT SERVICES LIMITED
 


 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Small companies note

In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





P Trawny
Director
Date: 26 June 2025

Page 2

 


DHL MANAGEMENT SERVICES LIMITED
 


 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DHL MANAGEMENT SERVICES LIMITED

Opinion


We have audited the financial statements of DHL Management Services Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 United Kingdom, including the Financial Reporting Council'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 director's 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 financial statements are authorised for issue.


Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The director is responsible for the other information contained within the Annual ReportOur 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. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 3

 


DHL MANAGEMENT SERVICES LIMITED



 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DHL MANAGEMENT SERVICES LIMITED (CONTINUED)

Opinion 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 Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Director's report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Director's report.


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


adequate accounting records have not been kept, 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 director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Director's report and from the requirement to prepare a Strategic report.


Responsibilities of directors
 

As explained more fully in the Director's responsibilities statement set out on page 1, the director is 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 director determines 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 director is 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 director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 4

 


DHL MANAGEMENT SERVICES LIMITED



 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DHL MANAGEMENT SERVICES LIMITED (CONTINUED)

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.


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:

The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including UK Companies Act, employment law and tax legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

We understood how the Company is complying with those legal and regulatory frameworks by, making inquiries to
management, those responsible for legal and compliance procedures and the company secretary.

The engagement partner assessed whether the engagement team collectively had the appropriate competence and
capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any
issues in this area.

We assessed the susceptibility of the Companys financial statements to material misstatement, including how fraud
might occur. Audit procedures performed by the engagement team included:

°Identifying and assessing the design effectiveness of controls management has in place to prevent and detect
fraud;

°Understanding how those charged with governance considered and addressed the potential for override of
controls or other inappropriate influence over the financial reporting process; and

°Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

As a result of the above procedures, we considered the opportunities and incentives that may exist within the
organisation for fraud and identified the greatest potential for fraud in the following areas:

°Posting of unusual journals and complex transactions; and,

°The application of inappropriate judgement or estimation in relation to provisions


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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


Page 5

 


DHL MANAGEMENT SERVICES LIMITED



 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DHL MANAGEMENT SERVICES LIMITED (CONTINUED)

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 2006Our 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.





Sophie Said FCA (Senior statutory auditor)
  
for and on behalf of
Menzies LLP
 
Chartered Accountants
Statutory Auditor
  
Magna House
18-32 London Road
Staines-Upon-Thames
TW18 4BP

26 June 2025
Page 6

 


DHL MANAGEMENT SERVICES LIMITED
 


 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
188,992
360,283

Gross profit
  
188,992
360,283

Administrative expenses
  
(990,837)
(433,222)

Other operating income
  
715,034
-

Operating loss
 5 
(86,811)
(72,939)

Interest receivable and similar income
  
87,894
73,237

Profit before tax
  
1,083
298

Profit for the financial year
  
1,083
298

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 10 to 19 form part of these financial statements.

Page 7

 


DHL MANAGEMENT SERVICES LIMITED
REGISTERED NUMBER:02060689



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 9 
2,003
2,003

  
2,003
2,003

Current assets
  

Debtors: amounts falling due within one year
 10 
638,041
1,813,620

  
638,041
1,813,620

Creditors: amounts falling due within one year
 11 
(160,385)
(650,672)

Net current assets
  
 
 
477,656
 
 
1,162,948

Total assets less current liabilities
  
479,659
1,164,951

Provisions for liabilities
  

Other provisions
 13 
(466,882)
(1,158,097)

  
 
 
(466,882)
 
 
(1,158,097)

Net assets
  
12,777
6,854


Capital and reserves
  

Called up share capital 
 14 
100
100

Profit and loss account
 15 
12,677
6,754

  
12,777
6,854


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the 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: 




P Trawny
Director

Date: 26 June 2025

The notes on pages 10 to 19 form part of these financial statements.

Page 8

 


DHL MANAGEMENT SERVICES LIMITED
 



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2023
100
5,511
5,611


Comprehensive income for the year

Profit for the year
-
298
298

Payout performance share plan
-
945
945
Total comprehensive income for the year
-
1,243
1,243



At 1 January 2024
100
6,754
6,854


Comprehensive income for the year

Profit for the year
-
1,083
1,083

Payout performance share plan
-
4,840
4,840
Total comprehensive income for the year
-
5,923
5,923


At 31 December 2024
100
12,677
12,777


The notes on pages 10 to 19 form part of these financial statements.

Page 9

 


DHL MANAGEMENT SERVICES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

DHL Management Services Limited is a private company, limited by shares, domiciled and incorporated in England and Wales. The registered office address is the same as the principal place of business and can be found on the Company Information page. 

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

the requirements of Section 7 Statement of Cash Flows;

the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47,
11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b)
and 12.29A;

the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;

the requirements of Section 29 Income Tax paragraphs 29.28(b) and 29.29;

the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Deutsche Post A.G. as at 31 December 2024 and these financial statements may be obtained from Platz der Deutsche Post, Charles-de-Gaulle Strasse 20, 53113 Bonn, Germany.

 
2.3

Going concern

The Company has a formally agreed Office Support and Service agreement with DHL International GmbH to enable it to operate and deliver its services. Furthermore, the directors have received a letter of support from DHL International GmbH confirming its intention to provide financial support to the Company for the period of at least 12 months from the date of approval of these financial statements, to enable the Company to meet its financial commitments as they fall due. 
The directors have concluded that there are no material uncertainties that may cast doubt on the Company's ability to continue as a going concern. Consequently, the directors have prepared these financial statements on the going concern basis. 

Page 10

 


DHL MANAGEMENT SERVICES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

At each period 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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.5

Revenue

Revenue is recognised to the extent to which office support and other services have been provided to group undertakings during the year, based on the terms of the related contracts and excluding Value Added Tax. 

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less provision for impairment as there is no material difference in fair value.

 
2.7

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.

 
2.8

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.

Page 11

 


DHL MANAGEMENT SERVICES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

  
2.10

Performance share plan share options

A performance share unit (PSU) is a right that grants a remuneration amount equal to the stock exchange price of one share in the parent entity as well as a subscription right. The subscription right is the right to subscribe to one registered share in the parent against the remuneration amount attributable to one PSU as a non-cash contribution. The PSU’s are granted effective as of the grant date and have a vesting period of four years. The PSU’s are to be settled by the parent entity and therefore treated as equity settled share based payment transactions. Equity-settled share based payment transactions are measured at fair value at the grant date. The fair value of the obligation is recognised in staff costs over the vesting period. 
Where the parent levies an intragroup recharge on the subsidiary, the amount of that recharge is offset against the capital contribution arising for the share-based payment in the Company. If the amount of recharge exceeds the capital contribution, that excess is accounted for as a distribution to the parent. 

  
2.11

Share matching scheme share options

Under the share matching scheme, eligible employees will receive an allocation of deferred incentive shares. At the end of the four year vesting period one matching share will be granted for each deferred incentive share allocated. The Employer reserves the right to pay to the participant cash compensation in lieu of matching shares. These are to be treated as cash settled share based payments and as such the fair value of each right and it’s matching share is re-measured at each reporting date. Changes in value due to share price movements occurring after the grant date are recognised in the profit and loss. 

Page 12

 


DHL MANAGEMENT SERVICES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.12

Taxation

(i) Current tax
Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the year end.
Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

(ii) Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date where transactions or events that resulted in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the reporting date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements.
Deferred tax is measured at the tax rates that are expected to apply in the years in which the timing differences are expected to reverse based on tax rates and laws that have been enacted or substantively enacted by the reporting date. Deferred tax is measured on a non-discounted basis. 
The Company has entered into an agreement regarding UK corporation tax payments and refunds with Exel Limited, a fellow group undertaking. Under the terms of this agreement Exel Limited has undertaken to discharge the current and future corporation tax liabilities on behalf of and benefit from any tax recoverable due to the Company. 
The indemnity provided by Exel Limited is accounted for as a capital contribution within reserves.  

Page 13

 


DHL MANAGEMENT SERVICES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The directors consider that the following key sources of estimation uncertainty have had the most significant effect on amounts recognised in the financial statements:
Other Provisions
Other provisions are reviewed by the directors at the end of the year. These provisions relate to ongoing legal cases with former employees and, at the statement of financial position date, amounted to £466,882 (2023: £1,158,097). Whilst every attempt is made to ensure that the provisions are as accurate as possible, there remains a risk that the provisions do not match the level of liability which ultimately proves to be payable. Uncertainty exists in regard to the final amount required to settle the cases as decided by the court. 


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Office support and other service fees
188,992
360,283

188,992
360,283


All turnover arose within the United Kingdom.


5.


Operating loss

The operating loss is stated after charging:

2024
2023
£
£

Fees payable to the Company's auditor and its associates for the audit of the Company's annual financial statements
20,500
21,500

Exchange differences
57,381
24,320

Defined contribution costs
-
9,873

Page 14

 


DHL MANAGEMENT SERVICES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Employees

2024
2023
£
£

Wages and salaries
-
305,653

Social security costs
-
6,692

Cost of defined contribution scheme
-
9,873

-
322,218


The average monthly number of employees, including the director, during the year was as follows:


        2024
        2023
            No.
            No.







Staff
-
5


7.


Director's remuneration

2024
2023
£
£

Director's emoluments
-
7,500

-
7,500



8.


Taxation


2024
2023
£
£



Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
227,802
(34,380)

Changes to tax rates
-
(21,549)

Adjustments in respect of prior years
-
14,788

Movement on deferred tax not recognised
(227,802)
41,141

Total deferred tax
-
-


Tax on profit
-
-
Page 15

 


DHL MANAGEMENT SERVICES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
8.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,083
298


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)
271
70

Effects of:


Group relief (claimed from)/surrendered to other group companies
(21,973)
(34,450)

Movement on deferred tax not recognised
(227,802)
41,141

Expenses not allowable for UK tax
249,504
-

Adjustment in respect of prior years
-
14,788

Effect of changes in tax rates
-
(21,549)

Total tax charge for the year
-
-

Pillar Two legislation has been enacted in the UK and is effective from 1 January 2024. The company is within the scope of this legislation, however, no additional tax liability is currently expected to arise. Accordingly, no accrual has been recorded in the 2024 Financial Statements.


9.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
2,003



At 31 December 2024
2,003




At 31 December 2024, the Company held shares with an equity interest and also a number of holdings on a nominee basis. These held on a nominee basis are without any beneficial rights and as such are not classified as fixed asset investments. 

Page 16

 


DHL MANAGEMENT SERVICES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

DHL International Malta
Equity interest
5%
DHL Regional Services Limited Nigeria
Equity interest
0.1%


10.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
638,041
1,813,539

Other debtors
-
81

638,041
1,813,620



11.


Creditors: Amounts falling due within one year

2024
2023
£
£

Amounts owed to group undertakings
-
92,834

Accruals and deferred income
160,385
557,838

160,385
650,672


Page 17

 


DHL MANAGEMENT SERVICES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Deferred taxation


The Company had a net deferred tax asset at 31 December 2024 of £136,709 (2023: £364,511) which has not been recognised in the financial statements because the company is unlikely to benefit from the reversal of deferred tax assets. 


13.


Provisions


Other provision

£





At 1 January 2024
1,158,097


Charged to the profit or loss
(28,722)


Released in the year
(662,493)



At 31 December 2024
466,882

The provision relates to legal proceedings brought by former employees who carry out services for other DHL group companies and will be reimbursed by a fellow group company. 


14.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



15.


Reserves

           Profit and loss account

This reserve relates to cumulative retained earnings less amounts distributed to shareholders.


16.


Contingent liabilities

The company has been engaged in litigation with a former employee regarding termination of an employment contract since 2012. A provision of £462,857 (XAF350,000,000) had been recognised in prior years in respect of potential claims. At 31 December 2024 the directors consider that the likelihood of any appeal by the litigant is now less than probable though not remote. This is the reason why it has been classified as a contingent liability in these financial statements with the figure used being an estimate using all available information.


17.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £Nil (2023 - £9,873). No contributions (2023: £Nil) were payable to the fund at the reporting date.

Page 18

 


DHL MANAGEMENT SERVICES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

18.


Controlling party

The Company's immediate parent undertaking is DHL Distribution Holdings (UK) Limited, a company registered in England and Wales.
The ultimate parent undertaking isDeutsche Post A.G,  a company incorporated in Germany.
The largest and smallest group of undertakings for which group accounts for the year ending 31 December 2024 have been drawn up, is that headed by Deutsche Post A.G.. Copies of the group accounts are available from  Deutsche Post A.G., Platz der Deutsche Post, Charles-de-Gaulle Strasse 20, 53113, Bonn, Germany.
The directors do not consider there to be an ultimate controlling party.
Page 19