Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-31true2024-01-01false127falseis to provide business and support services to the Company's intermediate parent, C.H. Robinson Europe B.V.140falsefalse 01383545 2024-01-01 2024-12-31 01383545 2023-01-01 2023-12-31 01383545 2024-12-31 01383545 2023-12-31 01383545 2023-01-01 01383545 c:PriorPeriodIncreaseDecrease 2023-01-01 2023-12-31 01383545 1 2024-01-01 2024-12-31 01383545 1 2023-01-01 2023-12-31 01383545 6 2024-01-01 2024-12-31 01383545 6 2023-01-01 2023-12-31 01383545 1 2024-01-01 2024-12-31 01383545 e:CompanySecretary1 2024-01-01 2024-12-31 01383545 e:Director1 2024-01-01 2024-12-31 01383545 e:Director1 2024-12-31 01383545 e:Director2 2024-01-01 2024-12-31 01383545 e:Director2 2024-12-31 01383545 e:Director4 2024-01-01 2024-12-31 01383545 e:RegisteredOffice 2024-01-01 2024-12-31 01383545 c:Buildings c:LongLeaseholdAssets 2024-01-01 2024-12-31 01383545 c:Buildings c:LongLeaseholdAssets 2024-12-31 01383545 c:Buildings c:LongLeaseholdAssets 2023-12-31 01383545 c:LandBuildings 2024-12-31 01383545 c:LandBuildings 2023-12-31 01383545 c:PlantMachinery 2024-01-01 2024-12-31 01383545 c:PlantMachinery 2024-12-31 01383545 c:PlantMachinery 2023-12-31 01383545 c:PlantMachinery c:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 01383545 c:MotorVehicles 2024-01-01 2024-12-31 01383545 c:MotorVehicles 2024-12-31 01383545 c:MotorVehicles 2023-12-31 01383545 c:MotorVehicles c:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 01383545 c:FurnitureFittings 2024-01-01 2024-12-31 01383545 c:FurnitureFittings 2024-12-31 01383545 c:FurnitureFittings 2023-12-31 01383545 c:FurnitureFittings c:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 01383545 c:OfficeEquipment 2024-01-01 2024-12-31 01383545 c:OfficeEquipment 2024-12-31 01383545 c:OfficeEquipment 2023-12-31 01383545 c:OfficeEquipment c:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 01383545 c:ComputerEquipment 2024-01-01 2024-12-31 01383545 c:ComputerEquipment 2024-12-31 01383545 c:ComputerEquipment 2023-12-31 01383545 c:ComputerEquipment c:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 01383545 c:OtherPropertyPlantEquipment 2024-01-01 2024-12-31 01383545 c:OtherPropertyPlantEquipment 2024-12-31 01383545 c:OtherPropertyPlantEquipment 2023-12-31 01383545 c:OtherPropertyPlantEquipment c:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 01383545 c:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 01383545 c:CurrentFinancialInstruments 2024-12-31 01383545 c:CurrentFinancialInstruments 2023-12-31 01383545 c:CurrentFinancialInstruments c:WithinOneYear 2024-12-31 01383545 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 01383545 c:ReportableOperatingSegment7 2024-01-01 2024-12-31 01383545 c:ReportableOperatingSegment7 2023-01-01 2023-12-31 01383545 c:UKTax 2024-01-01 2024-12-31 01383545 c:UKTax 2023-01-01 2023-12-31 01383545 c:ShareCapital 2024-12-31 01383545 c:ShareCapital 2023-12-31 01383545 c:ShareCapital 2023-01-01 01383545 c:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 01383545 c:RetainedEarningsAccumulatedLosses 2024-12-31 01383545 c:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 01383545 c:RetainedEarningsAccumulatedLosses 2023-12-31 01383545 c:RetainedEarningsAccumulatedLosses c:PriorPeriodIncreaseDecrease 2023-01-01 2023-12-31 01383545 c:RetainedEarningsAccumulatedLosses 2023-01-01 01383545 c:AcceleratedTaxDepreciationDeferredTax 2024-12-31 01383545 c:AcceleratedTaxDepreciationDeferredTax 2023-12-31 01383545 c:TaxLossesCarry-forwardsDeferredTax 2024-12-31 01383545 c:TaxLossesCarry-forwardsDeferredTax 2023-12-31 01383545 c:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-01-01 2024-12-31 01383545 c:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-12-31 01383545 c:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-12-31 01383545 e:OrdinaryShareClass1 2024-01-01 2024-12-31 01383545 e:OrdinaryShareClass1 2024-12-31 01383545 e:OrdinaryShareClass1 2023-12-31 01383545 e:FRS102 2024-01-01 2024-12-31 01383545 e:Audited 2024-01-01 2024-12-31 01383545 e:FullAccounts 2024-01-01 2024-12-31 01383545 e:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 01383545 c:WithinOneYear 2024-12-31 01383545 c:WithinOneYear 2023-12-31 01383545 c:BetweenOneFiveYears 2024-12-31 01383545 c:BetweenOneFiveYears 2023-12-31 01383545 c:MoreThanFiveYears 2024-12-31 01383545 c:MoreThanFiveYears 2023-12-31 01383545 2 2024-01-01 2024-12-31 01383545 f:PoundSterling 2024-01-01 2024-12-31 01383545 c:ShareCapital c:PriorPeriodErrorIncreaseDecrease 2023-01-01 2023-12-31 01383545 c:RetainedEarningsAccumulatedLosses c:PreviouslyStatedAmount 2023-01-01 01383545 c:PreviouslyStatedAmount 2023-12-31 01383545 c:PreviouslyStatedAmount 2023-01-01 01383545 c:Buildings c:LongLeaseholdAssets c:PreviouslyStatedAmount 2023-12-31 01383545 c:Buildings c:LongLeaseholdAssets c:PriorPeriodIncreaseDecrease 2023-12-31 01383545 c:PlantMachinery c:PriorPeriodIncreaseDecrease 2023-12-31 01383545 c:MotorVehicles c:PriorPeriodIncreaseDecrease 2023-12-31 01383545 c:FurnitureFittings c:PriorPeriodIncreaseDecrease 2023-12-31 01383545 c:OfficeEquipment c:PriorPeriodIncreaseDecrease 2023-12-31 01383545 c:ComputerEquipment c:PriorPeriodIncreaseDecrease 2023-12-31 01383545 c:OtherPropertyPlantEquipment c:PriorPeriodErrorIncreaseDecrease 2023-12-31 01383545 c:PriorPeriodIncreaseDecrease 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure


Registered number: 01383545












C.H. ROBINSON WORLDWIDE (UK) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

 

C.H. ROBINSON WORLDWIDE (UK) LIMITED

CONTENTS



Page
Company information
 
1
Strategic report
 
2 - 4
Directors' report
 
5
Directors' responsibilities statement
 
6
Independent auditor's report
 
7 - 10
Profit and loss account
 
11
Balance sheet
 
12
Statement of changes in equity
 
13
Notes to the financial statements
 
14 - 28

 

C.H. ROBINSON WORLDWIDE (UK) LIMITED
 
COMPANY INFORMATION


Directors
B Bleeker 
C E Gerst 
R J A Steigerwald 




Company secretary
C E Gerst



Registered number
01383545



Registered office
2 Millbrook Way
Colnbrook

Slough

SL3 0HN




Independent auditor
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1

 

C.H. ROBINSON WORLDWIDE (UK) LIMITED
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The directors, in preparing this Strategic report for C.H. Robinson Worldwide (UK) Limited ("the Company") for the year ended 31 December 2024 have complied with section 414C of the Companies Act 2006.

Principal activities

The C.H. Robinson Europe group is active in the market of the multimodal transportation services, acting as a third-party logistics provider for its customers. The C.H Robinson Europe group has two main business units, the road transportation services ("Road Transportation division") and the forwarding services ("Air & Ocean division") and is actively trading in 16 countries through European group entities. C.H. Robinson Europe B.V serves as the European headquarters for the European business.
C.H Robinson Europe B.V. is a subsidiary of C.H Robinson Worldwide Inc., a publicly listed company on the stock exchange, NASDAQ GS, ticker CHRW. C.H. Robinson Europe B.V. acts as an intermediate holding and financing company for its subsidiaries in Europe.
C.H. Robinson Europe B.V. acts as a central purchasing and selling company for transportation and forwarding services by concluding agreements with customers and suppliers, and by performing financial management activities. Furthermore, C.H. Robinson Europe B.V. performs corporate client relationship and pricing co-ordination activities for transportation services only to Pan-European clients.
The Company provides intercompany business and support services for transportation and forwarding services, which include sales, pricing, sourcing, transport planning & control activities and client relationship activities for transportation and forwarding services. These functions are performed by the Company in accordance with the guidelines provided by the C.H. Robinson Europe B.V. and C.H. Robinson Worldwide Inc.

Business review
 
The Company generates turnover by providing intercompany services to C.H. Robinson Europe B.V.
On a monthly basis the Company issues an invoice to C.H Robinson Europe B.V. corresponding to all its costs in carrying out the intercompany services (hereinafter also "Cost Basis") plus a reasonable mark-up based on the most recent benchmarking analysis available to guarantee a certain compensation to the Company.
The Cost Basis includes SG&A expenses, i.e. expenses of the following type: payroll, staff costs, occupancy costs, travel costs, professional fees, communication costs, print costs, depreciation and amortization.
The compensation of the Company is tested at year-end by calculating the most appropriate PLI (Profit level indicator), based on the circumstances and local requirements, and by comparing it to the arm's length return of the most recent benchmarking analysis.
The Company's turnover increased and net profit decreased by £928,562 (9%) and £94,792 (8%) respectively. As the company recognises revenue based on cost-plus on SG&A expenditures, the increase in revenue as a direct result of increased expenditures.
 

KPI's

We consider our key performance indicators are those that communicate the financial performance and strength of the Company as a whole, these being net (loss)/profit and net assets. The movements driving these have been considered directly above as part of the business review.
 

Page 2

 

C.H. ROBINSON WORLDWIDE (UK) LIMITED

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Net assets

 As of 31 December 2024, the Company's total net assets increased from £13,571,288 to £14,253,175.
The Company continues to have no external financial debts.

ole7e58.png
 
Principal risks and uncertainties
 
The principal risks to the C.H. Robinson Group are customer and supplier concentration risk and the risk of fuel cost variances for transportation services to local and Pan-European clients and forwarding services.
Because of the structure explained in the Business review on the previous page, the Company's parent company, C.H. Robinson Worldwide Inc., receives the majority of credit risk, risk of claims and foreign exchange risks on receivables and payables for transportation services and forwarding services provided by the Company.
Further assessment of the risks faced by the Company is provided below.
Interest rate risk
The Company finances its operations through intercompany accounts. The Company's exposure to interest rate fluctuations is considered to be minimal as no interest is charged on intercompany accounts and the Company has no external borrowings.
Liquidity risk
The Company seeks to manage liquidity risk by ensuring sufficient liquidity is available to meet foreseeable needs. Liquidity needs are primarily met through intercompany accounts with assistance from C.H. Robinson Europe B.V.
Currency risk
As a service provider to the parent company, the Company receives remuneration and issues invoices in GBP, reducing the currency risk. The current currency risk is with any historical non-GBP balances in the Balance sheet.
Credit risk
The Company's principal financial assets are intercompany debtors. Credit risk is considered to be minimal over such balances as the C.H. Robinson Group remains profitable and a going concern. The majority of balances are with the immediate parent company. The Company has no trade debtors from companies outside of the C.H Robinson Group.
Market risk
The Company continues to work on automating the document data for import, export and transit documents. This is easier in use and a more attractive offer to clients and carriers. The Company will continue to invest in IT systems to improve the client interaction.

Page 3

 

C.H. ROBINSON WORLDWIDE (UK) LIMITED

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Future developments and post balance sheet events
 
In January 2025 C.H. Robinson Europe has sold the European Surface Transportation division to Sennder Technologies GmbH. The impact of this sale of the surface transportation division will decrease both the administrative expenses as well as the revenue generated by means of the cost-plus revenue model.
The directors of the Company anticipate no changes to the principal activities in the future.


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



R J A Steigerwald
Director

Date: 1 July 2025
Page 4

 

C.H. ROBINSON WORLDWIDE (UK) 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.

Results and dividends

The profit for the year, after taxation, amounted to £681,887 (2023 - £694,865).

The directors do not recommend the payment of a dividend for the year (2023: £Nil). No future dividends have been proposed.


Directors

The directors who served during the year were:

B Bleeker (appointed 9 December 2024)
C E Gerst (appointed 9 December 2024)
R J A Steigerwald 
C J Mills
Subsequent to the year end, C J Mills resigned as director on 1 February 2025.

Matters covered in the Strategic Report

As permitted by s414c(11) of the Companies Act 2006, the directors have elected to disclose information,
required to be in the directors' report by Schedule 7 of the 'Large and Medium-sized Companies and Groups
(Accounts and Reports) Regulations 2008', in the strategic report.

Disclosure of information to auditor

Each of the persons who are directors at the time when this directors' 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.

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





R J A Steigerwald
Director

Date: 1 July 2025
Page 5

 

C.H. ROBINSON WORLDWIDE (UK) LIMITED
 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors are responsible for preparing the strategic report, the directors' 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 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 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 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 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Page 6

 

C.H. ROBINSON WORLDWIDE (UK) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF C.H. ROBINSON WORLDWIDE (UK) LIMITED
 FOR THE YEAR ENDED 31 DECEMBER 2024

Opinion


We have audited the financial statements of C.H. Robinson Worldwide (UK) Limited (the 'company') for the year ended 31 December 2024, which comprise the profit and loss account, the balance sheet, 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 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 financial statements are 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.


Page 7

 

C.H. ROBINSON WORLDWIDE (UK) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF C.H. ROBINSON WORLDWIDE (UK) LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

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 directors are 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.


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 strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the 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 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 strategic report or the directors' 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 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 directors' responsibilities statement set out on page 6, 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.


Page 8

 

C.H. ROBINSON WORLDWIDE (UK) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF C.H. ROBINSON WORLDWIDE (UK) LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

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 engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company's sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud, and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;
tested a sample of journal entries to identify any unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance;
enquiring of management as to actual and potential litigation and claims, and
reviewing correspondence with HM Revenue and Customers.

There are inherent limitations to our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limited the audit procedures required to identify non-compliance with laws and regulations to  enquiry of the directors and other management and the inspection of regulatory and legal
Page 9

 

C.H. ROBINSON WORLDWIDE (UK) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF C.H. ROBINSON WORLDWIDE (UK) LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


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.


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.





Mahmood Ramji (senior statutory auditor)
  
for and on behalf of
Blick Rothenberg Audit LLP
 
Chartered Accountants
Statutory Auditor
  
16 Great Queen Street
Covent Garden
London
WC2B 5AH

11 July 2025
Page 10

 

C.H. ROBINSON WORLDWIDE (UK) LIMITED
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024

As restated
2024
2023
Note
£
£

  

Turnover
 4 
11,119,713
10,191,151

Gross profit
  
11,119,713
10,191,151

Administrative expenses
  
(10,189,334)
(9,064,237)

Other operating income
 5 
119,574
-

Operating profit
  
1,049,953
1,126,914

Interest receivable and similar income
  
59,965
17,678

Interest payable and similar expenses
  
(60,593)
(475)

Profit before tax
  
1,049,325
1,144,117

Tax on profit
 11 
(367,438)
(449,252)

Profit for the financial year
  
681,887
694,865

There are no items of other comprehensive income for either the year or the prior year other than the profit for the year. Accordingly no statement of other comprehensive income has been presented.

The notes on pages 14 to 28 form part of these financial statements.

Page 11


 
REGISTERED NUMBER:01383545
C.H. ROBINSON WORLDWIDE (UK) LIMITED

BALANCE SHEET
AS AT 31 DECEMBER 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
2,070,143
844,589

Debtors: amounts falling due within one year
 13 
17,433,435
22,264,271

Creditors: amounts falling due within one year
 14 
(4,262,718)
(8,792,612)

Net current assets
  
 
 
13,170,717
 
 
13,471,659

Total assets less current liabilities
  
15,240,860
14,316,248

Provisions for liabilities
  

Deferred tax
 15 
(6,589)
-

Other provisions
 16 
(981,096)
(744,960)

  
 
 
(987,685)
 
 
(744,960)

Net assets
  
14,253,175
13,571,288


Capital and reserves
  

Called up share capital 
 17 
25,000
25,000

Profit and loss account
  
14,228,175
13,546,288

  
14,253,175
13,571,288


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 July 2025.




R J A Steigerwald
Director

The notes on pages 14 to 28 form part of these financial statements.
Page 12

 

C.H. ROBINSON WORLDWIDE (UK) 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 (as previously stated)
25,000
13,031,232
13,056,232

Prior year adjustment - correction of error
-
(179,809)
(179,809)


At 1 January 2023 (as restated)
25,000
12,851,423
12,876,423



Profit for the year
-
694,865
694,865



At 1 January 2024
25,000
13,546,288
13,571,288



Profit for the year
-
681,887
681,887


At 31 December 2024
25,000
14,228,175
14,253,175


The notes on pages 14 to 28 form part of these financial statements.
Page 13

 

C.H. ROBINSON WORLDWIDE (UK) LIMITED

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

1.


General information

C.H. Robinson Worldwide (UK) Limited is a private company limited by shares. It is incorporated in the United Kingdom under the Companies Act 2006 and registered in England and Wales.
The financial statements are presented in Sterling (£), which is the functional currency of the company.
Monetary amounts in these financial statements are rounded to the nearest £.

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


FRS 102 allows a qualifying entity certain disclosure exemptions. The company has taken the following exemptions in preparing these financial statements, as permitted by FRS 102:
 
Section 3 Financial Statement Presentation paragraph 3.17(d) (inclusion of statement of cash flows);
Section 7 Statement of Cash Flows (inclusions of statement of cash flows);
Section 11 Financial Instruments paragraphs 11.42,11.44,11.45,11.47,11.48(a)(iii),11.48(a)(iv), 11.48(b) and 11.48(c)(disclosures relating to financial statements);
Section 33 Related Party Disclosures paragraph 33.7 (disclosures of key management personnel compensation).

 
2.3

Going concern

The directors have reviewed current performance to date, and future forecasts, in addition to consideration of the potential risks listed in the Strategic report. The directors have considered a period of at least 12 months from the date of approval of these financial statements. The Company has received a letter of support from it's parent company that ensures the parent will provide support for the next 12 months following signing of the financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Page 14

 

C.H. ROBINSON WORLDWIDE (UK) 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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.5

Turnover

Turnover represents intercompany business and support services for transportation and forwarding services, which include sales, pricing, sourcing, transport planning & control activities and client relationship activities for transportation and forwarding services.
Turnover is recognised as costs are incurred with an arm's-length percentage of markup on said costs.

 
2.6

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. Lease incentives are recognised over the lease term on a straight line basis.

 
2.7

Interest income

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

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 15

 

C.H. ROBINSON WORLDWIDE (UK) LIMITED

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

2.Accounting policies (continued)

 
2.9

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 balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the year 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 balance sheet 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 balance sheet 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 balance sheet date.


 
2.11

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.

Page 16

 

C.H. ROBINSON WORLDWIDE (UK) LIMITED

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

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
20% on a straight-line basis
Plant and machinery
-
20%-33% on a straight-line basis
Cabling
-
20%-33% on a straight-line basis
Fixtures and fittings
-
14.28% - 20% on a straight-line basis
Office equipment
-
14.28% - 20% on a straight-line basis
Computer equipment
-
20%-33% on a straight-line basis
Purchased software
-
20%-33% on a straight-line basis

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.

 
2.12

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.

  
2.13

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.


2.14

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. 
 
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 

Page 17

 

C.H. ROBINSON WORLDWIDE (UK) LIMITED

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

2.Accounting policies (continued)




Financial instruments (continued)

Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 18

 

C.H. ROBINSON WORLDWIDE (UK) 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The estimates and assumptions which have significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:
Provision for dilapidation
A provision has been made for potential dilapidation claims. These claims generally arise from obligations to restore leased premises to their original condition at the end of a lease term. Estimating the amount of any dilapidation liability requires judgement regarding both the extent of the dilapidations and the cost of the required repairs. The directors have made their assessment of the potential liability based on available information, including:
 
The lease terms and any specific requirements outlined in lease agreements;
Current market rates for the type of restoration of repair services that may be required; and
Historical data on dilapidation claims in similar premises, where relevant.


4.


Turnover

An analysis of turnover by country of destination: 


2024
2023
£
£

United Kingdom
11,119,713
10,191,151


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Net rents receivable
119,574
-


Page 19

 

C.H. ROBINSON WORLDWIDE (UK) LIMITED

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

6.


Operating profit

The operating profit is stated after charging:

As restated
2024
2023
£
£

Depreciation of tangible fixed assets
308,092
239,500

Exchange differences
(169,592)
(103,107)

Other operating lease rentals
1,499,615
642,149


7.


Auditor's remuneration

During the year, the company obtained the following services from the company's auditor:


2024
2023
£
£

Fees payable to the company's auditor for the audit of the company's financial statements
31,000
33,400

Fees payable to the company's auditor in respect of:

All non-audit services not included above
4,750
-


8.


Employees

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
6,142,483
6,066,796

Social security costs
706,860
686,295

Cost of defined contribution scheme
282,555
285,573

7,131,898
7,038,664


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


        2024
        2023
            No.
            No.







Sales & freight forwarding
129
116



Administration, HR, Management and IT
11
11

140
127

Page 20

 

C.H. ROBINSON WORLDWIDE (UK) LIMITED

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

9.


Interest receivable

2024
2023
£
£


Bank interest receivable
59,965
17,678


10.


Interest payable and similar expenses

2024
2023
£
£


Loans from group undertakings
-
475

Other interest payable
60,593
-

60,593
475


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
296,144
290,696

Adjustments in respect of previous periods
41,020
(7,574)


337,164
283,122


Total current tax
337,164
283,122

Deferred tax


Origination and reversal of timing differences
30,274
5,562

Effect of changes in tax rates
-
350

Adjustment in respect of prior years
-
160,218

Total deferred tax
30,274
166,130


Tax on profit
367,438
449,252
Page 21

 

C.H. ROBINSON WORLDWIDE (UK) LIMITED

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


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher 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
1,049,955
1,144,117


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 -  23.52  %)
262,489
269,096

Effects of:


Non-tax deductible amortisation of goodwill and impairment
46,123
18,348

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
2,813
7,342

Non-taxable income
-
(10,222)

Other differences leading to an increase in the tax charge
14,993
-

Tax rate adjustments
-
350

Adjustments to tax charge in respect of prior years
41,020
164,338

Total tax charge for the year
367,438
449,252


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 22

 

 
C.H. ROBINSON WORLDWIDE (UK) LIMITED

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


12.


Tangible fixed assets






Long-term leasehold property
Plant and machinery
Cabling
Fixtures and fittings
Office equipment
Purchased software
Computer
Total

£
£
£
£
£
£
£
£



Cost or valuation


At 1 January 2024 (as previously stated)
527,970
568,452
-
929,390
-
1,476
-
2,027,288


Prior Year Adjustment
744,960
-
-
-
-
-
-
744,960


At 1 January 2024 (as restated)
1,272,930
568,452
-
929,390
-
1,476
-
2,772,248


Additions
1,402,586
-
18,334
60,415
43,170
-
30,914
1,555,419


Disposals
-
-
(42,983)
(527,123)
-
-
(312,177)
(882,283)


Transfers between classes
116,653
(568,452)
42,983
(226,081)
126,513
2,527
505,857
-



At 31 December 2024

2,792,169
-
18,334
236,601
169,683
4,003
224,594
3,445,384



Depreciation


At 1 January 2024 (as previously stated)
473,939
430,361
-
792,283
-
1,476
-
1,698,059


Prior Year Adjustment
229,600
-
-
-
-
-
-
229,600


At 1 January 2024 (as restated)
703,539
430,361
-
792,283
-
1,476
-
1,927,659


Charge for the year on owned assets
167,283
-
3,056
29,566
36,314
-
72,771
308,990


Disposals
-
-
(42,983)
(593,772)
-
-
(224,653)
(861,408)


Transfers between classes
138,962
(430,361)
42,983
(105,867)
45,653
2,527
306,103
-



At 31 December 2024

1,009,784
-
3,056
122,210
81,967
4,003
154,221
1,375,241
Page 23


 

 
C.H. ROBINSON WORLDWIDE (UK) LIMITED

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

           12.Tangible fixed assets (continued)




Net book value



At 31 December 2024
1,782,385
-
15,278
114,391
87,716
-
70,373
2,070,143



At 31 December 2023 (as restated)
569,391
138,091
-
137,107
-
-
-
844,589




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Long leasehold
1,782,385
569,393

1,782,385
569,393


Page 24
 

C.H. ROBINSON WORLDWIDE (UK) LIMITED

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

13.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
16,747,009
21,641,091

Other debtors
77,242
60,232

Prepayments and accrued income
491,552
429,671

Tax recoverable
117,632
109,592

Deferred taxation
-
23,685

17,433,435
22,264,271



14.


Creditors: Amounts falling due within one year

As restated
2024
2023
£
£

Amounts owed to group undertakings
1,870,268
7,501,910

Corporation tax
296,144
258,980

Other taxation and social security
218,791
225,616

Other creditors
41,259
40,208

Accruals and deferred income
1,836,256
765,898

4,262,718
8,792,612


Amounts due to fellow group undertakings are due to parent and fellow group subsidiaries and are unsecured, interest free and have no fixed terms of repayment.


15.


Deferred taxation




2024


£






At beginning of year
23,685


Charged to profit or loss
(30,274)



At end of year
(6,589)

Page 25

 

C.H. ROBINSON WORLDWIDE (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
15.Deferred taxation (continued)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(10,255)
19,825

Tax losses carried forward
3,666
3,860

(6,589)
23,685


16.


Provisions




Dilapidation

£





At 1 January 2024
744,960


Additions
236,136



At 31 December 2024
981,096


17.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



25,000 (2023 - 25,000) Ordinary  shares of £1.00 each
25,000
25,000


Page 26

 

C.H. ROBINSON WORLDWIDE (UK) LIMITED

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

18.


Prior year adjustment

Dilapidation provision
It has been identified that a provision in relation to dilapidations was omitted in error in the fixed assets for the year ended 31 December 2023. A prior year period adjustment has been made to recognise a dilapidation provision of £744,960 and a corresponding fixed asset of £744,960 as at 1 January 2023.
The fixed asset is being depreciated over the lease term, and as of 1 January 2023, accumulated depreciation of £179,809 should also have been recognised, and a depreciation charge of £49,791 for the year ended 31 December 2023. The net effect of these adjustments is an increase to fixed assets of £515,360 at 31 December 2023 and a reduction in net assets of £229,595. The impact on the profit recognised in the year ended 31 December 2023 is £49,791.
Intercompany creditors
It has been identified that a liability had been incorrectly classified as a trade creditor amounting to £523,740 as at 31 December 2023. A prior year adjustment has been made to recognise this balance as amounts owed to group undertakings. The net effect of these adjustments is Nil on net assets and profit for the year.


19.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge for the year represents contributions payable by the Company to the fund and amounted to £282,555 (2023: £285,573). Contributions totalling £30,149 (2023: £30,914) were payable to the fund at the reporting date.


20.


Commitments under operating leases

At 31 December 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
1,580,373
776,617

Later than 1 year and not later than 5 years
6,173,164
2,651,070

Later than 5 years
6,214,008
2,710,601

13,967,545
6,138,288


21.


Post balance sheet events

In January 2025 C.H. Robinson Europe has sold the European Surface Transportation division to Sennder Technologies GmbH. The impact of this sale of the surface transportation division will decrease both the administrative expenses as well as the revenue generated by means of the cost-plus revenue model.

Page 27

 

C.H. ROBINSON WORLDWIDE (UK) LIMITED

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

22.


Parent and ultimate parent undertaking

C.H. Robinson Worldwide Inc. (incorporated in the United States of America) is regarded by the directors as being the Company's ultimate parent company and the ultimate controlling party. The Company's immediate parent company is C.H.Robinson Europe B.V., a company registered in the Netherlands.
 
The Company is consolidated at the smallest level in the financial statements of its immediate parent company, C.H. Robinson Europe B.V. which may be obtained at Teleportboulevard 120, 1043 EJ Amsterdam, The Netherlands. The largest consolidated is with it's ultimate parent company, C.H. Robsinson Worldwide Inc., whose financials may be obtained at 14701 Charlson Road, Eden Prairie, Minnesota, United States of America.

Page 28