Company registration number 03446540 (England and Wales)
EXPRESS HANDLING SERVICES LIMITED
(FORMERLY BRIDGES WORLDWIDE (UK) LIMITED)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
EXPRESS HANDLING SERVICES LIMITED
(FORMERLY BRIDGES WORLDWIDE (UK) LIMITED)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
EXPRESS HANDLING SERVICES LIMITED
(FORMERLY BRIDGES WORLDWIDE (UK) LIMITED)
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
42,892
2,278
Current assets
Debtors
5
1,847,891
742,560
Cash at bank and in hand
342,306
694,073
2,190,197
1,436,633
Creditors: amounts falling due within one year
6
(2,858,075)
(1,327,115)
Net current (liabilities)/assets
(667,878)
109,518
Net (liabilities)/assets
(624,986)
111,796
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(625,086)
111,696
Total equity
(624,986)
111,796
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 4 August 2025 and are signed on its behalf by:
Mr P T Brady
Director
Company registration number 03446540 (England and Wales)
EXPRESS HANDLING SERVICES LIMITED
(FORMERLY BRIDGES WORLDWIDE (UK) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information
Express Handling Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2-4 Packhorse Road, Gerrards Cross, Buckinghamshire, SL9 7QE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company incurred a net loss of £(736,782) during the year ended 30 June 2024 and, as of that date, the company's current liabilities exceeded its total assets by £(624,986).The financial statements have been prepared on a going concern basis, which the directors consider to be appropriate based on their expectations of future trading results. The directors are exploring all opportunities to improve financial performance. However, the parent company, Bridges Worldwide Plc, has not confirmed its continued support of the company for a period of at least twelve months from the date of approval of these financial statements. Whilst the parent company is not requesting settlement of balances that the company owes to it, which are repayable to the parent company on demand, it has not confirmed its continued support and, consequently, the directors of the company assess that these matters indicate that there is a material uncertainty regarding the company's ability to continue as a going concern. These financial statements do not include the necessary adjustments and disclosures that would be required if the financial statements were to be prepared on a basis other than a going concern basis.
1.3
Turnover
Turnover represents net invoiced sales of services provided attaching to the movement of goods and associated customs brokerage for air freight. The income is, therefore, recognised on the day the goods are transported. Revenue is measured at the fair value of consideration received, excluding discounts and VAT.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
Over the term of the lease
Leasehold improvements
Over the term of the lease
Computers
33% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
EXPRESS HANDLING SERVICES LIMITED
(FORMERLY BRIDGES WORLDWIDE (UK) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including 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. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
EXPRESS HANDLING SERVICES LIMITED
(FORMERLY BRIDGES WORLDWIDE (UK) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease,
1.12
The company has taken advantage of exemptions available in Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
EXPRESS HANDLING SERVICES LIMITED
(FORMERLY BRIDGES WORLDWIDE (UK) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
2
Judgements 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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Accruals
The company participates in the Cargo Accounts Settlement System (CASS). Included within accruals at the balance sheet date are £70,565 (2023: £40,678) which have been reflected by the CASS system and have been recognised as costs of sale by the company with the associated revenues being recognised, but where there are outstanding airway bill charges from airlines (suppliers). The accrual reflects the cost to the company of settling these charges and are based on the contractual rates with those suppliers.
The most significant source of estimation uncertainty arises from determining the likelihood and timing of any subsequent bill charges and from that, if and when the accruals should be released.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
20
15
4
Tangible fixed assets
Leasehold land and buildings
Leasehold improvements
Computers
Total
£
£
£
£
Cost
At 1 July 2023
9,482
9,482
Additions
17,831
22,476
7,291
47,598
At 30 June 2024
17,831
22,476
16,773
57,080
Depreciation and impairment
At 1 July 2023
7,204
7,204
Depreciation charged in the year
1,779
2,250
2,955
6,984
At 30 June 2024
1,779
2,250
10,159
14,188
EXPRESS HANDLING SERVICES LIMITED
(FORMERLY BRIDGES WORLDWIDE (UK) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
4
Tangible fixed assets
Leasehold land and buildings
Leasehold improvements
Computers
Total
£
£
£
£
(Continued)
- 6 -
Carrying amount
At 30 June 2024
16,052
20,226
6,614
42,892
At 30 June 2023
2,278
2,278
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
652,360
583,887
Other debtors
118,955
130,068
Prepayments and accrued income
1,076,576
28,605
1,847,891
742,560
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,167,115
132,896
Amounts owed to group undertakings
1,497,079
991,615
Corporation tax
14,775
Other taxation and social security
19,003
29,551
Other creditors
84,801
69,024
Accruals and deferred income
90,077
89,254
2,858,075
1,327,115
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its loss 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.
EXPRESS HANDLING SERVICES LIMITED
(FORMERLY BRIDGES WORLDWIDE (UK) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
7
Audit report information
(Continued)
- 7 -
Senior Statutory Auditor:
Daniel Palmer FCA
Statutory Auditor:
Nunn Hayward LLP
Date of audit report:
4 August 2025
8
Operating lease commitments
As lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Total commitments
449,052
9
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Sales
Sales
2024
2023
£
£
Transactions with joint venture of group company
999,570
1,507,514
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Amounts owed by joint venture of group company
46,710
130,068
10
Parent company
The ultimate controlling party is G A C I Bridges.
The parent company of the smallest group to which the company belongs and for which group financial
statements are prepared is Bridges Worldwide plc, a company registered in England and Wales. Its registered office is 2-4 Packhorse Road, Gerrard's Cross, Buckinghamshire SL9 7QE.
The ultimate holding company is Bridges Worldwide Limited (incorporated in Hong Kong) which is also the
parent company of the largest group to which the company belongs and for which group financial statements are
prepared.