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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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C.H. ROBINSON WORLDWIDE (UK) LIMITED
CONTENTS
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C.H. ROBINSON WORLDWIDE (UK) LIMITED
COMPANY INFORMATION
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C.H. ROBINSON WORLDWIDE (UK) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
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.
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C.H. ROBINSON WORLDWIDE (UK) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
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.
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C.H. ROBINSON WORLDWIDE (UK) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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..
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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.
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.
The directors who served during the year were:
C J Mills
Subsequent to the year end, C J Mills resigned as director on 1 February 2025.
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.
This report was approved by the board and signed on its behalf.
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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 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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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
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 policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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.
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.
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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
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 report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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.
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.
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.
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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
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
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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.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
16 Great Queen Street
Covent Garden
WC2B 5AH
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C.H. ROBINSON WORLDWIDE (UK) LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
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C.H. ROBINSON WORLDWIDE (UK) LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 28 form part of these financial statements.
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C.H. ROBINSON WORLDWIDE (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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C.H. ROBINSON WORLDWIDE (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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
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:
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).
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.
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C.H. ROBINSON WORLDWIDE (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Turnover is recognised as costs are incurred with an arm's-length percentage of markup on said costs.
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C.H. ROBINSON WORLDWIDE (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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C.H. ROBINSON WORLDWIDE (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (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:
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.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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.
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.
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C.H. ROBINSON WORLDWIDE (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (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.
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C.H. ROBINSON WORLDWIDE (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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:
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C.H. ROBINSON WORLDWIDE (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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C.H. ROBINSON WORLDWIDE (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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C.H. ROBINSON WORLDWIDE (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
11.Taxation (continued)
There were no factors that may affect future tax charges.
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